Tullow Oil Plc · LSE:TLW
Tullow Oil — FY2024 Earnings Presentation
17 slides from Tullow Oil's earnings presentation, Mar 25, 2025
Slide 1: 2024 Full Year Results
2024 Full Year Results 25 March 2025
Slide 2: Disclaimer
Disclaimer This presentation contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil and gas exploration and production business. Whilst Tullow believes the expectations reflected herein to be reasonable in light of the informa
Slide 3: Overview
Overview 2024 Full Year Results
Slide 4: Delivering our plans and realising our potential
Delivering our plans and realising our potential Maintaining operational performance and strengthening our balance sheet 2024 performance 2025 catalysts Financial Continued deleveraging Successful outcome of Ghana BPRT arbitration Extension of $250 million RCF Repayment of 2025 Notes at maturity Fin
Slide 5: Financial
Financial 2024 Full Year Results
Slide 6: Free cash flow delivery, net debt reduction and capital discipline
2024 Full Year Results Free cash flow delivery, net debt reduction and capital discipline 2024 Actual 2025 Guidance Production 61.2 kboepd 50-55 kboepd Oil price $ 76 /bbl realised $ 70 / bbl scenario Capital expenditure $ 230 million $ 250 million Decommissioning $ 60million $ 30 million Free cash
Slide 7: Pathway to a sustainable capital structure
Pathway to a sustainable capital structure Material deleveraging set to continue Net debt projected to be c.$1.0 billion by YE 2025 at $70/bbl Accelerated deleveraging through $ 2.6 billion monetisation of Gabon business 2P NPV1 $2.8 billion Material cash generation to reduce net debt c.$ 1.8 billio
Slide 8: Driving operational and financial efficiency
Driving operational and financial efficiency Optimising our cost base and maintaining disciplined capital allocation Ghana c.$160m Exploration 2025 capital expenditure Net G&A c.$250m >$ 100m >60% Drillex Non-op Ghana $ 52m with >90% allocation to 4D seismic c.$ 40m existing producing assets Other T
Slide 9: Operations
Operations 2024 Full Year Results
Slide 10: Operational improvement in Ghana
Operational improvement in Ghana Power generation and water injection reliability issues resolved Drilling Water Facility performance injection uptime 2021-24 drill campaign Jubilee water injection capacity FPSO uptime performance completed $88m under budget increased to 300 kbwpd increase since O&M
Slide 11: Growing our reserve base at Jubilee
Growing our reserve base at Jubilee Supported by artificial lift, 4D seismic, infill drilling and potential for life of field extension Near-term resource maturation Artificial gas lift installation to 143 15 stabilise and boost production mmboe 26 from maturing well base 103 Jubilee infill drilling
Slide 12: Promising outlook for TEN
Promising outlook for TEN Stable production and improved economics drive additional value Production optimisation stabilising decline Outlook and catalysts Net TEN (kboepd) 16 Consistent production performance 13 10 10 2021 2022 2023 2024 4D seismic expected to support future Ntomme infill drilling
Slide 13: Incremental value opportunities in the near and medium term
Incremental value opportunities in the near and medium term Value accretive sales, contingent payments and value options Gabon business sale • $300 million sale (net of tax) of Gabonese assets to Gabon Oil Company • Completion and receipt of funds expected around middle of the year, subject to final
Slide 14: Delivering on our purpose to build a better future
Delivering on our purpose to build a better future Key milestones achieved to reach net zero and support job creation in Ghana Care for Achieve Respect the people net zero environment 0.21 total recordable Majority of engineering injury frequency (top quartile) upgrades completed to No net loss elim
Slide 15: Conclusion
Conclusion 2024 Full Year Results
Slide 16: Clear plan to unlock material value
Clear plan to unlock material value A unique Pan-African platform Significant Accelerated Disciplined Laying the reserves value deleveraging operational and foundations for with strategy to grow potential financial performance further value creation Cash generative $2.6 billion c.$1 billion Over 20%
Slide 17: Tullow Oil plc
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