Tullow Oil Plc · LSE:TLW
Tullow Oil — FY2022 Earnings Presentation
9 slides from Tullow Oil's earnings presentation, Mar 8, 2023
Slide 1: Fact Book: 2022 Full Year Results
• Fact Book • Tullow Oil plc | 2022 Full Year Results • 8 March 2023
Slide 2: Where we operate
Where we operate Africa Cote d’Ivoire E D P Ghana E D P UK Gabon E D P Kenya E D South America Argentina E Guyana E Mauritania Guyana Ghana Côte d'Ivoire Decommissioning Kenya Gabon United Kingdom DC Mauritania DC Key: Argentina E Exploration D Development P Production DC Decommissioning 2022 Group
Slide 3: Summary of 2022 Full Year Results
Summary of 2022 Full Year Results 2021 2022 Restated1 Sales revenue ($m) 1,783 1,285 Gross profit ($m) 1,086 647 Operating profit/ (loss) ($m) 785 527 Profit before tax ($m) 442 203 Profit/ (loss) after tax ($m) 49 (81) Basic earnings/ (loss) per share (cents) 3.4 (5.7) Underlying operating cash flo
Slide 4: Production and capital expenditure
Production and capital expenditure 2022 Actual FY 2023 Range Working interest production1 (kboepd) (kboepd) Jubilee 31.9 37 TEN 12.5 11 Total Ghana 2 44.4 48 Gabon 14.9 13 Côte d’Ivoire 1.8 1 Non-operated portfolio 16.7 14 PRODUCTION TOTAL 61.1 58-64 1. Includes condensate 2. Jubilee excludes 19 bcf
Slide 5: Operating expenditure and depreciation
Operating expenditure and depreciation Operating Data 2022 2023 Forecast OPERATING COSTS 1 $/boe $/boe Côte d’lvoire 27.2 32.0 Gabon 2 25.5 26.0 Ghana 11.2 9.0 2022 2023 Forecast DEPRECIATION 1 $/boe $/boe Côte d’lvoire 24.2 20.0 Gabon 7.1 6.0 Ghana 22.0 15.0 1. Working interest basis. 2. Includes r
Slide 6: Liquidity, net debt and hedging
Liquidity, net debt and hedging Liquidity headroom $m 31 Dec 2022 Revolving Credit Facility (SSRCF) 500 Free cash balance 555 Total facility headroom plus free cash 1,055 Net debt $m 31 Dec 2022 Total debt1 2,500 Total cash on balance sheet2 (636) Total net debt 1,864 1. $800m high yield bonds due 2
Slide 7: 2022 reserves and resources summary
2022 reserves and resources summary Ghana Non-Operated Kenya Exploration TOTAL Oil Gas Oil Gas Oil Gas Oil Gas Oil Gas Petroleum mmbbl Bcf mmbbl Bcf mmbbl Bcf mmbbl Bcf mmbbl Bcf mmboe COMMERCIAL RESERVES1 31-Dec-21 168.3 138.9 38.8 7.1 - - - - 207.1 145.9 231.4 Revisions3,4,6 - 4.5 4.3 4.8 (0.6) -
Slide 8: Net daily entitlement as % production
Net daily entitlement as % production West Africa Production Contract Type 2023 ($80/bbl) CÔTE D’IVOIRE Espoir PSC 80 GABON Echira Corp Tax 100 Etame 1 PSC 0 Limande Corp Tax 95 Niungo Corp Tax 100 Oba Corp Tax 100 Ezanga PSC 85 Tchatamba Corp Tax 100 Turnix Corp Tax 95 Middle Oba Corp Tax 100 Simba
Slide 9: Tullow Oil plc contact details
Tullow Oil plc 9 Chiswick Park, 566 Chiswick High Road London W4 5XT United Kingdom Tel: +44 (0)20 3249 9000 Email: ir@tullowoil.com Web: www.tullowoil.com