Tullow Oil Plc · LSE:TLW
Tullow Oil — Shareholder Meeting (May 2013)
19 slides from Tullow Oil's shareholder meeting presentation, May 8, 2013
Slide 1: Annual General Meeting
2013 Annual General Meeting Tullow Oil plc ANNUAL GENERAL MEETING 8 May 2013
Slide 2: Disclaimer
2013 Annual General Meeting 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 reason
Slide 3: Business Overview
2013 Annual General Meeting Tullow Oil plc Business Overview Aidan Heavey – 8 May 2013
Slide 4: Substantially strengthened the business in 2012
2013 Annual General Meeting Substantially strengthened the business in 2012 • Basin-opening exploration success in Kenya • Five new country entries (4 x Atlantic Margin, 1 x East Africa) • Successful and cost-effective remediation of Jubilee • Development plans presented in Ghana and Uganda • $2.9bn
Slide 5: 2012 financial summary
2013 Annual General Meeting 2012 financial summary 2012 2011 Change Sales revenue $2,344m $2,304m +2% Operating profit $1,185m $1,132m +5% Profit after tax $666m $689m -3% Basic earnings per share 68.8c 72.5c -5% Full year dividend per share 12.0p 12.0p 0% Capital investment1 $1,870m $1,432m +31% Ca
Slide 6: Reserves and Resources
2013 Annual General Meeting Reserves and Resources Group Reserves and Resources Reserves and Resources 1,203 mmboe 2,000 • Commercial Reserves - 388 mmboe 1,800 1,600 - TEN transferred to Reserves - 112 mmbo 1,400 • Contingent Resources - 815 mmboe 1,200 mmboe 1,000 - Uganda Resources commercialised
Slide 7: Tullow's exploration-led strategy
2013 Annual General Meeting Tullow’s exploration-led strategy Additional cash flow from new production ~$4bn debt facilities Exploration and High Margin Monetisation Production Appraisal Options & Selective Cash flow $1bn + p.a. Portfolio Development Management Fully Funded Costs & Dividends Additio
Slide 8: Exploration strategy is focused on Africa & Atlantic Margins
2013 Annual General Meeting Exploration strategy is focused on Africa & Atlantic Margins Norwegian North Atlantic Continental Shelf Exploration & Business Development Central Atlantic Central Atlantic Major Exploration Margin East African Campaign Launched Rift Basins Guyanas East African Transform
Slide 9: Capital expenditure for 2013
2013 Annual General Meeting Capital expenditure for 2013 $2,000m for full year 2013 2013 $800m $270m $580m $350 • Ghana: Jubilee phase 1A & TEN development $2,000m • Uganda: Continuing appraisal and development • Other Africa: Maintaining mature production & high-impact exploration 2012 $756m $378m
Slide 10: West & North Africa
2013 Annual General Meeting West & North Africa Strong production & high-impact West & North Africa (WNA) exploration & development • 57,850 boepd production - Exceptional performance from Jubilee - Jubilee well issues resolved • 647 mmboe total reserves and resources • Major exploration campaigns i
Slide 11: South & East Africa
2013 Annual General Meeting South & East Africa South & East Significant milestones reached & new Africa (SEA) basin opened • 441.6 mmboe total reserves and resources (post-Uganda sale) • $433 million investment in 2012 - E&A in Kenya, Uganda and Ethiopia Uganda • $2.9 billion Uganda farm-down deal
Slide 12: Europe, South America & Asia
2013 Annual General Meeting Europe, South America & Asia 2 Europe, South New ventures & asset sales America & Asia (ESAA) • 21, 350 boepd production 1 • On-going French Guiana exploration campaign 4 3 7 2 6 - Limited success this year, but oil in all three wells • Acquisition of Spring Energy in Nor
Slide 13: Corporate Responsibility
2013 Annual General Meeting Tullow Oil plc – 2013 Annual General Meeting Corporate Responsibility
Slide 14: How we do business
2013 Annual General Meeting How we do business • We manage our business in a responsible Creating Shared Prosperity way to maximise sustainable development opportunities for host nations. • We are committed to ensuring long-term benefits to local people and economies where we operate. • The foundati
Slide 15: Open, transparent disclosure
2013 Annual General Meeting Open, transparent disclosure • We are committed to transparent disclosure of payments to governments and other stakeholders in the countries in which we operate • Revenue transparency and disclosure enables a country’s citizens to hold their government and Tullow to accou
Slide 16: Conclusions
2013 Annual General Meeting Tullow Oil plc – 2013 Annual General Meeting Conclusions
Slide 17: Conclusions
2013 Annual General Meeting Conclusions • Strong production base to fund industry-leading exploration • Major developments making good progress securing revenue over the medium-term • Strong and well-balanced financial position • Major exploration campaigns throughout 2013 in Kenya, Ethiopia, Mozamb
Slide 18: Questions and Answers
2013 Annual General Meeting Tullow Oil plc – 2013 Annual General Meeting Questions and Answers
Slide 19: Tullow Oil plc
2013 Annual General Meeting Tullow Oil plc 9 Chiswick Park 566 Chiswick High Road London, W4 5XT United Kingdom Tel: +44 (0)20 3249 9000 Follow Tullow on: Fax: +44 (0)20 3249 8801 Email: chris.perry@tullowoil.com