Tullow Oil Plc · LSE:TLW
Tullow Oil — H1 2016 Earnings Presentation
13 slides from Tullow Oil's earnings presentation, Jul 27, 2016
Slide 1: 2016 Half Year Results Fact Book
TULLOW OIL PLC 2016 HALF YEAR RESULTS 27 July 2016 FACT BOOK - 2016 HALF YEAR RESULTS
Slide 2: Business Delivery Teams and 2016 Half Year Summary
TULLOW OIL PLC BUSINESS DELIVERY TEAMS WEST AFRICA (inc. UK & Netherlands) 1 Congo (Brazzaville) DP Ghana DP Côte d'Ivoire DP Netherlands EP Equatorial Guinea DP UK EP Gabon E2DP EAST AFRICA Kenya ED Uganda D NEW VENTURES Ethiopia E Namibia E Guinea E Norway E Greenland E Pakistan E Guyana E Surinam
Slide 3: Summary of 2016 Half Year Results
TULLOW OIL PLC SUMMARY OF 2016 HALF YEAR RESULTS 1H 2016 1H 2015 Variance Sales revenue ($m) 541 820 -34% Gross profit ($m) 182 342 -47% Operating profit ($m) 27 97 -72% Profit/(loss) before tax ($m) 24 (10) -336% Profit/(loss) after tax ($m) 30 (68) -144% Basic earnings/(loss) per share (cents) 3.3
Slide 4: Capital Expenditure (Capex)
TULLOW OIL PLC CAPITAL EXPENDITURE (CAPEX) 2016 CAPEX In 2016, the Group is focusing the majority of its capital expenditure on high-quality, low-cost oil production in West Africa which generates important cash flows for the business. Our capital is being allocated as follows: • Ghana: Jubilee & TE
Slide 5: Costs and Depreciation
TULLOW OIL PLC COSTS AND DEPRECIATION OPERATING DATA 1H 2016 2016 OPERATING COSTS 1 $/boe $/boe Equatorial Guinea, Congo (Brazzaville), Côte d’lvoire 12.2 15.3 Gabon 2 20.1 20.4 Ghana 3 17.6 14.9 Mauritania – Chinguetti 43.9 65.4 Netherlands 18.3 23.2 UK SNS 44.4 48.9 DEPRECIATION 1 Equatorial Guine
Slide 6: Debt and Hedging
TULLOW OIL PLC DEBT AND HEDGING LIQUIDITY POSITION During 1H 2016, Tullow successfully completed its routine six-monthly Reserve Based Lending (RBL) redetermination process, securing available debt capacity of $3.5 billion. The first amortisation of the RBL is scheduled in October 2016, when commitm
Slide 7: Development Opportunities
TULLOW OIL PLC DEVELOPMENT OPPORTUNITIES WEST AFRICA Sanction First Country Developments decision production No. of wells Status Congo No drilling in 2016., with plan to potentially re- M’Boundi Field Q3 2017 3 commence drilling in mid-2017. 2018+ rig (Brazzaville) re-development programme being w
Slide 8: Development Opportunities (West Africa cont., Europe, East Africa)
TULLOW OIL PLC DEVELOPMENT OPPORTUNITIES WEST AFRICA cont EUROPE Sanction First No. of Country Developments decision production wells Status K15-FH, K15-FK, Successful well drilled and completed. Rig K7-FC-W (Infill wells) 2016 1 released. Netherlands J09-Alpha North Successful well drilled and co
Slide 9: 2H 2016 Exploration and Appraisal Programme
TULLOW OIL PLC 2H 2016 EXPLORATION AND APPRAISAL PROGRAMME EAST AFRICA Country Block Prospect/Well Interest Spud Date Four firm and four contingent well programme. Two initial Kenya Various wells confirmed – Etete and 50% (op) Commence Q4 2016 Erut in Block 13T NEW VENTURES Country Block Prospect/We
Slide 10: Working Interest Production
TULLOW OIL PLC WORKING INTEREST PRODUCTION 1 1H 2016 Actual FY 2016 Forecast Fiscal Regime Country Asset Interest (kboepd) (kboepd) Ghana Jubilee 35.48% 22.3 26.3 PSC TEN 47.18% - 11.0 PSC Total Ghana 22.3 37.3 Tchatamba 25% 4.9 4.7 PSC Limande 40% 2.0 2.0 Corp Tax Gabon Etame Complex 2 7.50% 1.4 1.
Slide 11: Mid 2016 Reserves and Resources Summary
TULLOW OIL PLC MID 2016 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 2016 287.6 205.8 - - - - 287.6 205.8 321.8 Revisions 7.6 0.4 - - - - 7.6 0.4 7.7 Dis
Slide 12: Net Daily Entitlement as % Production
TULLOW OIL PLC NET DAILY ENTITLEMENT AS % PRODUCTION WEST AFRICA Contract Type 2016 2017 2018 CONGO (Brazzaville) M’Boundi PSC 69 69 69 CÔTE D’IVOIRE Espoir PSC 81 72 90 EQUATORIAL GUINEA Ceiba PSC 87 87 85 Okume Complex PSC 82 79 84 GABON Echira Corp Tax 100 100 100 Etame PSC 86 86 86 Limande Corp
Slide 13: 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 FACT BOOK - 2016 HALF YEAR RESULTS