Tullow Oil Plc · LSE:TLW
Tullow Oil — FY2017 Earnings Presentation
10 slides from Tullow Oil's earnings presentation, 2018
Slide 1: Fact Book – 2017 Full Year Results
TULLOW OIL PLC FACT BOOK – 2017 FULL YEAR RESULTS
Slide 2: Our Asset Base / 2017 Full Year Summary
TULLOW OIL PLC OUR ASSET BASE WEST AFRICA (inc. UK) 1 Côte d'Ivoire E2DP Ghana EDP Equatorial Guinea DP UK P Gabon EDP EAST AFRICA Kenya ED Uganda D NEW VENTURES Guyana E Peru E Jamaica E Suriname E Mauritania EP3 Uruguay E Namibia E Zambia E Pakistan E Note 1: Production operations in the UK are ma
Slide 3: Summary of 2017 Year End Results
TULLOW OIL PLC SUMMARY OF 2017 YEAR END RESULTS 2017 2016 Sales revenue ($m) 1,723 1,270 Gross profit ($m) 815 547 Operating profit/(loss) ($m) 22 (755) Loss before tax ($m) (299) (908) Loss after tax ($m) (189) (597) Basic loss per share (cents) (14.7) (55.8) Free cash flow 543 (792) 1 Net debt ($m
Slide 4: Working Interest Production
TULLOW OIL PLC WORKING INTEREST PRODUCTION 1 FY 2017 Actuals 2018 FY Forecast Oil Production (bopd) (bopd) Ghana Jubilee 31,800 26,900 TEN Oil 26,400 30,200 Total Ghana Oil 58,200 57,100 Equatorial Guinea Ceiba 2,000 1,600 Okume 4,200 3,200 Total Equatorial Guinea 6,200 4,800 Gabon Tchatamba 4,300 3
Slide 5: Capital Expenditure (Capex)
TULLOW OIL PLC CAPITAL EXPENDITURE (CAPEX) 2017 CAPEX – ACTUALS ($M) Business Delivery Teams Exploration & Appraisal Development 2017 Total West Africa 5 41 1 46 (inc. Europe) East Africa 31 145 176 New Ventures 62 - 62 TOTAL 98 186 283 Uganda2 - 58 58 TOTAL (excl. Uganda) 98 127 225 FY 2018 CAPEX –
Slide 6: Costs, Depreciation and Tax
TULLOW OIL PLC COSTS, DEPRECIATION AND TAX OPERATING DATA 2017 2018 Forecast OPERATING COSTS 1 $/boe $/boe Equatorial Guinea, Côte d’lvoire, Congo (Brazzaville) 2 14.4 15.0 Gabon 3 21.4 24.0 Ghana 4 7.0 7.0 Mauritania – Chinguetti 2 59.4 - Netherlands 2 24.6 - UK SNS 32.0 38.0 DEPRECIATION 1 Equator
Slide 7: Liquidity and Hedging
TULLOW OIL PLC LIQUIDITY AND HEDGING LIQUIDITY POSITION $m 31 Dec 2017 Cash and cash equivalents 284 Debt drawings RBL Facilities ($2,500m) 1 2,155 Corporate Facility ($600m) 2 0 Senior Notes ($1,300m) 3 1,300 Convertible Bond ($300m) 300 Total debt 3,755 Net debt 3,471 Facility headroom plus free c
Slide 8: 2017 Reserves and Resources Summary
TULLOW OIL PLC 2017 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 2017 272.0 189.7 - - - - 272.1 189.7 303.7 Revisions 3.2 14.3 - - - - 3.2 14.3 5.5 Trans
Slide 9: Net Daily Entitlement as % Production
TULLOW OIL PLC NET DAILY ENTITLEMENT AS % PRODUCTION WEST AFRICA Contract Type 2018 ($50/bbl) 2018 ($60/bbl) CÔTE D’IVOIRE Espoir PSC 80 76 EQUATORIAL GUINEA Ceiba PSC 87 86 Okume Complex PSC 80 79 GABON Echira Corp Tax 100 100 Etame PSC 0 0 Limande Corp Tax 100 100 Niungo Corp Tax 100 100 Oba Corp
Slide 10: 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 Web: www.tullowoil.com FACT BOOK – 2017 FULL YEAR RESULTS