Slide 1: Fact Book – 2018 Full Year Results
TULLOW OIL PLC FACT BOOK – 2018 FULL YEAR RESULTS
Slide 2: Business Delivery Teams; Production & Reserves and Resources
TULLOW OIL PLC BUSINESS DELIVERY TEAMS WEST AFRICA (inc. UK) 1 Côte d'Ivoire 2 D P Ghana E D P Equatorial Guinea D P UK 3 Gabon E D P EAST AFRICA Kenya E D Uganda D NEW VENTURES Comoros E Pakistan E Côte d'Ivoire 2 E Peru E Guyana E Suriname E Jamaica E Uruguay E Mauritania E Zambia E Namibia E Note
Slide 3: Summary of 2018 Year End Results
TULLOW OIL PLC SUMMARY OF 2018 YEAR END RESULTS 2018 2017 Sales revenue ($m) 1,859 1,723 Gross profit ($m) 1,082 815 Operating profit ($m) 528 22 Profit/(loss) before tax ($m) 261 (286) Profit/(loss) after tax ($m) 85 (175) Basic profit/(loss) per share (cents) 6.1 (13.7) Free cash flow 411 543 1 Ne
Slide 4: Working Interest Production
TULLOW OIL PLC WORKING INTEREST PRODUCTION 1 2018 Actual FY 2019 Forecast Oil production (bopd) (bopd) Ghana Jubilee 27,700 34,000 TEN 30,400 39,000 Total Ghana 58,100 73,000 Equatorial Guinea Ceiba 2,400 2,000 Okume 3,900 4,000 Total Equatorial Guinea 6,300 6,000 Gabon Tchatamba 4,100 4,500 Limande
Slide 5: Capital Expenditure (Capex)
TULLOW OIL PLC CAPITAL EXPENDITURE (CAPEX) 2018 CAPEX – ACTUALS ($M) Exploration & Business Delivery Teams Appraisal Development 2018 Total West Africa 8 288 296 (inc. Europe) East Africa - 115 115 New Ventures 62 - 62 TOTAL 70 403 473 Uganda1 - 50 50 TOTAL (excl. Uganda) 70 353 423 2019 CAPEX – FOR
Slide 6: Costs, Depreciation and Tax
TULLOW OIL PLC COSTS, DEPRECIATION AND TAX OPERATING DATA 2018 2019 Forecast OPERATING COSTS 1 $/boe $/boe Equatorial Guinea 11.6 14.5 Côte d’lvoire 12.5 15.5 Gabon 2 25.8 23.5 Ghana3 7.3 7.3 UK SNS4 39.6 n/a DEPRECIATION 1 Equatorial Guinea 11.6 11.0 Côte d’lvoire 10.7 15.0 Gabon 11.3 7.5 Ghana 20.
Slide 7: Liquidity and Hedging
TULLOW OIL PLC LIQUIDITY AND HEDGING LIQUIDITY POSITION $m 31 Dec 2018 Cash and cash equivalents 179 Debt drawings RBL Facilities ($2,464m) 1 1,490 Senior Notes ($1,450m) 2 1,450 Convertible Bond ($300m) 300 Total debt 3,240 Net debt 3,060 Facility headroom plus free cash 1,043 1 Reserves Based Lend
Slide 8: 2018 Reserves and Resources Summary
TULLOW OIL PLC 2018 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 245.7 268.9 - - - - 245.7 268.9 290.5 Revisions 16.6 8.1 - - - - 16.6 8.1 18.0 Tran
Slide 9: Net Daily Entitlement as % Production
TULLOW OIL PLC NET DAILY ENTITLEMENT AS % PRODUCTION WEST AFRICA PRODUCTION Contract Type 2019 ($65/bbl) CÔTE D’IVOIRE Espoir PSC 97 EQUATORIAL GUINEA Ceiba PSC 82 Okume Complex PSC 77 GABON Echira Corp Tax 100 Etame PSC 0 Limande Corp Tax 100 Niungo Corp Tax 100 Oba Corp Tax 100 Ezanga PSC 83 Tchat
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 – 2018 FULL YEAR RESULTS