Tullow Oil Plc · LSE:TLW
Tullow Oil — H1 2023 Earnings Presentation
9 slides from Tullow Oil's earnings presentation, Sep 13, 2023
Slide 1: Fact Book: Tullow Oil plc 2023 Half Year Results
• Fact Book • Tullow Oil plc | 2023 Half Year Results • 13 September 2022
Slide 2: Where we operate
Where we operate Africa Cote d’Ivoire E D P Ghana E D P UK Kenya E D Gabon E D P 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 Group 1H 20
Slide 3: Summary of 2023 Half Year Results
Summary of 2023 Half Year Results 1H 2023 1H 2022(Restated)1 Sales revenue ($m) 777 859 Gross profit ($m) 351 633 Operating profit ($m) 288 709 Profit before tax ($m) 217 561 Profit after tax ($m) 70 264 Basic earnings per share (cents) 4.9 18.4 Underlying operating cash flow ($m) 188 165 Pre-financ
Slide 4: Production and capital expenditure
Production and capital expenditure 1H 2023 Actual FY 2023 Range Working interest production1 (kboepd) (kboepd) Jubilee 28.2 35 TEN 11.0 11 Total Ghana 39.2 46 Non-operated portfolio2 14.3 14 PRODUCTION OIL TOTAL 53.5 58-60 Ghana gas production2 7.3 7 PRODUCTION TOTAL 60.8 65-67 1. Includes condensat
Slide 5: Operating expenditure and depreciation
Operating expenditure and depreciation Operating Data 1H 2023 2023 Forecast OPERATING COSTS 1 $/boe $/boe Côte d’lvoire 30.9 40.0 Gabon 2 22.8 25.0 Ghana 3 10.0 10.0 1H 2023 2023 Forecast DEPRECIATION 1 $/boe $/boe Côte d’lvoire 22.9 25.0 Gabon 7.2 7.0 Ghana 3 16.7 16.0 1. Working interest basis. 2.
Slide 6: Liquidity, net debt and hedging
Liquidity, net debt and hedging Liquidity headroom $m 30 Jun 2023 Revolving Credit Facility (SSRCF) 500 Free cash balance 237 Total facility headroom plus free cash 737 Net debt $m 30 Jun 2023 Total debt1 2,233 Total cash on balance sheet2 (295) Total net debt 1,938 1. $633m high yield bonds due 202
Slide 7: 1H23 reserves and resources summary
1H23 reserves and resources summary Ghana Non Op Kenya Exploration TOTAL Petroleu Oil Gas Oil Gas Oil Gas Oil Gas Oil Gas m mmbbl Bcf mmbbl Bcf mmbbl Bcf mmbbl Bcf mmbbl Bcf mmboe COMMERCIAL RESERVES1 1 Jan 2023 164.3 157.3 37.8 5.1 - - - - 202.1 162.4 229.1 Production3 (7.1) (6.7) (2.5) (0.5) - - -
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 PSC 0 Limande Corp Tax 97 Niungo Corp Tax 100 Oba Corp Tax 100 Ezanga PSC 78 Tchatamba Corp Tax 100 Turnix Corp Tax 97 Middle Oba Corp Tax 100 Simba C
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