Tullow Oil Plc · LSE:TLW
Tullow Oil — H1 2019 Earnings Presentation
10 slides from Tullow Oil's earnings presentation, 2019
Slide 1: Fact Book – 2019 Half Year Results
TULLOW OIL PLC FACT BOOK – 2019 HALF YEAR RESULTS
Slide 2: Business Delivery Teams; Production & Reserves and Resources
TULLOW OIL PLC BUSINESS DELIVERY TEAMS WEST AFRICA (inc. UK) 1 Côte d'Ivoire 2 D P Ghana E D P Equatorial Guinea D P UK 3 Gabon E D P EAST AFRICA Kenya E D Uganda D NEW VENTURES Argentian E Mauritania E Comoros E Namibia E Côte d'Ivoire 2 E Peru E Guyana E Suriname E Jamaica E Note 1: Operations in
Slide 3: Summary of 2019 Half Year Results
TULLOW OIL PLC SUMMARY OF 2019 HALF YEAR RESULTS 1H 2019 1H 2018 Sales revenue ($m) 872 905 Gross profit ($m) 527 521 Operating profit/(loss) ($m) 388 300 Profit/(loss) before tax ($m) 268 150 Profit/(loss) after tax ($m) 103 55 Basic earnings/(loss) per share (cents) 7.4 3.9 Free cash flow 181 390
Slide 4: Working Interest Production
TULLOW OIL PLC WORKING INTEREST PRODUCTION 1 1H 2019 Actual FY 2019 Forecast Oil production (bopd) (bopd) Ghana Jubilee 31,400 34,000 TEN 29,000 30,000 Total Ghana 60,400 64,000 Equatorial Guinea Ceiba 2,100 2,000 Okume 3,600 4,000 Total Equatorial Guinea 5,700 6,000 Gabon Tchatamba 4,000 4,000 Lima
Slide 5: Capital Expenditure (Capex)
TULLOW OIL PLC CAPITAL EXPENDITURE (CAPEX) 1H 2019 CAPEX – ACTUALS ($M) Business Delivery Teams Exploration & Appraisal Development 1H Total West Africa 1 172 173 (inc. Europe) East Africa - 56 56 New Ventures 35 - 34 TOTAL 36 228 264 Uganda1 - 16 16 TOTAL (excl. Uganda) 36 212 248 FY 2019 CAPEX – F
Slide 6: Costs, Depreciation and Tax
TULLOW OIL PLC COSTS, DEPRECIATION AND TAX OPERATING DATA 1H 2019 2019 Forecast OPERATING COSTS 1 $/boe $/boe Equatorial Guinea 14.9 15 Côte d’lvoire 15.2 17 Gabon 2 17.8 20 Ghana 3 7.7 9 DEPRECIATION 1 Equatorial Guinea 7.3 7 Côte d’lvoire 16.0 17 Gabon 9.5 13 Ghana 3 23.7 25 OTHER INFORMATION TAX
Slide 7: Liquidity and Hedging
TULLOW OIL PLC LIQUIDITY AND HEDGING LIQUIDITY POSITION $m 30 June 2019 Cash and cash equivalents 362 Debt drawings RBL Facility ($2,450m) 1 1,560 Senior Notes ($1,450m) 2 1,450 Convertible Bond ($300m) 300 Total debt 3,310 Net debt 2,948 Facility headroom plus free cash 990 1 Reserves Based Lending
Slide 8: 1H 2019 Reserves and Resources Summary
TULLOW OIL PLC 1H 2019 RESERVES AND RESOURCES SUMMARY WEST AFRICA EAST AFRICA NEW VENTURES TOTAL Oil Gas Oil Gas Oil Gas Oil Gas Petroleum mmbbl bcf mmbbl bcf mmbbl Bcf mmbbl bcf mmboe COMMERCIAL RESERVES 1 January 236.2 259.9 - - - - 236.2 259.9 279.5 2019 Revisions 3.1 (19.9) - - - - 3.1 (19.9) (0
Slide 9: Net Daily Entitlement as % Production
TULLOW OIL PLC NET DAILY ENTITLEMENT AS % PRODUCTION WEST AFRICA PRODUCTION Contract Type 2019 ($65/bbl) CÔTE D’IVOIRE Espoir PSC 97 EQUATORIAL GUINEA Ceiba PSC 82 Okume Complex PSC 77 GABON Echira Corp Tax 100 Etame PSC 0 Limande Corp Tax 100 Niungo Corp Tax 100 Oba Corp Tax 100 Ezanga PSC 83 Tchat
Slide 10: Tullow Oil plc
TULLOW OIL PLC Tullow Oil plc 9 Chiswick Park 566 Chiswick High Road London, W4 5XT United Kingdom Follow Tullow on: Tel: +44 (0)20 3249 9000 Fax: +44 (0)20 3249 8801 Email: ir@tullowoil.com Web: www.tullowoil.com FACT BOOK – 2019 HALF YEAR RESULTS