Tullow Oil Plc · LSE:TLW
Tullow Oil — FY2023 Earnings Presentation
9 slides from Tullow Oil's earnings presentation, Mar 6, 2024
Slide 1: Fact Book: 2023 Full Year Results
Fact Book Tullow Oil plc | 2023 Full Year Results 6 March 2024
Slide 2: Where we operate
Where we operate Africa Cote d’Ivoire E D P UK Gabon E D P Ghana E D P Kenya E D South America Argentina E Mauritania Côte d'Ivoire Ghana Decommissioning Kenya United Kingdom DC Gabon Mauritania DC Key: Argentina E Exploration D Development P Production DC Decommissioning 2023 Group working interest
Slide 3: Summary of 2023 Full Year Results
Summary of 2023 Full Year Results 2023 2022 Sales revenue ($m) 1,634 1,783 Gross profit ($m) 765 1,086 Operating profit/ (loss) ($m) 296 734 Profit before tax ($m) 96 442 (Loss)/ Profit after tax ($m) (110) 49 Basic (loss)/ earnings per share (cents) (7.6) 3.4 Underlying operating cash flow ($m) 813
Slide 4: Production and capital expenditure
Production and capital expenditure Group production (kboepd) 2023 Actual FY 2024 Range Jubilee oil 32.5 39 TEN oil 10.1 9 Total Ghana oil 42.6 48 Gabon 12.2 10 Côte d’Ivoire 1.0 1 Non-operated portfolio oil 13.2 11 Gas production 6.9 7 GROUP PRODUCTION TOTAL 62.7 62-68 2023 Capital expenditure – Act
Slide 5: Operating expenditure and depreciation
Operating expenditure and depreciation Operating Data 2023 2024 Forecast OPERATING COSTS 1 $/boe $/boe Côte d’lvoire 40.2 40 Gabon 2 24.6 25 Ghana 10.0 8 2023 2024 Forecast DEPRECIATION 1 $/boe $/boe Côte d’lvoire 27.5 30 Gabon 6.4 7 Ghana 21.6 14 1. Working interest basis. 2. Includes royalties. Pa
Slide 6: Liquidity, net debt and hedging
Liquidity, net debt and hedging Liquidity headroom $m 31 Dec 2023 Revolving Credit Facility (SSRCF) 500 Free cash balance 458 Total facility headroom plus free cash 958 Net debt $m 31 Dec 2023 Total debt 1 2,107 Total cash on balance sheet 2 (499) Total net debt 1,608 1. $493m notes due 2025, $1,485
Slide 7: 2023 reserves and resources summary
2023 reserves and resources summary Ghana Non-Operated Kenya6 Exploration TOTAL Oil Gas Oil Gas Oil Gas Oil Gas Oil Gas8 Petroleum mmbbl Bcf mmbbl Bcf mmbbl Bcf mmbbl Bcf mmbbl Bcf mmboe COMMERCIAL RESERVES1 31-Dec-22 164.3 157.3 37.8 5.1 - - - - 202.1 162.4 229.1 Revisions3,4 (4.9) 8.4 7.0 2.8 - -
Slide 8: Net daily entitlement as % production
Net daily entitlement as % production West Africa fields Contract Type 2024 ($80/bbl) CÔTE D’IVOIRE Espoir PSC 70 GABON Echira Corp Tax 100 Etame 1 PSC 0 Limande Corp Tax 95 Niungo Corp Tax 100 Oba Corp Tax 100 Ezanga PSC 79 Tchatamba Corp Tax 100 Turnix Corp Tax 95 Middle Oba Corp Tax 100 Simba Cor
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