Tullow Oil Plc · LSE:TLW
Tullow Oil — FY2020 Earnings Presentation
10 slides from Tullow Oil's earnings presentation, Mar 10, 2021
Slide 1: Fact Book: 2020 Full Year Results
• Fact Book • Tullow Oil plc | 2020 Full Year Results • 10 March 2021
Slide 2: Where we operate; 2020 Production, Reserves and Resources
Where we operate Africa Cote d’Ivoire E D P Ghana E D P UK Equatorial Guinea D P Kenya E D Gabon E D P Namibia E South America Mauritania Argentina E Peru E Guyana Ghana Côte d'Ivoire Suriname Guyana E Suriname E Equatorial Guinea Kenya Gabon Peru Decommissioning Namibia United Kingdom DC Mauritania
Slide 3: Summary of 2020 Full Year Results
Summary of 2020 Full Year Results 2020 2019 Sales revenue ($m) 1,396 1,683 Gross profit ($m) 403 759 Operating loss ($m) (1,018) (1,385) Loss before tax ($m) (1,273) (1,653) Loss after tax ($m) (1,222) (1,694) Basic (loss) per share (cents) (86.6) (120.8) Free cash flow ($m) 432 355 Net debt ($m) 1
Slide 4: Working Interest Production
Working Interest Production1 2020 Actual FY 2021 Forecast Oil production (kboepd) (kboepd) GHANA Jubilee 29.5 24.3 TEN 23.0 16.2 Total Ghana 52.5 40.5 Ceiba 1.8 1.6 Okume 3.0 3.2 Total Equatorial Guinea 4.8 4.8 Tchatamba 3.2 3.1 Limande 1.0 0.8 Etame Complex 1.3 1.1 Other Gabon 10.0 10.4 Total Gabon
Slide 5: Capital Expenditure (Capex)
Capital Expenditure (Capex) 2020 CAPEX – Actuals ($m) Exploration & Appraisal Development 2020 Total Ghana - 123 123 Non-Op - 58 58 Kenya - 25 25 Exploration 81 - 81 TOTAL 81 206 288 2021 CAPEX – Forecast ($m) Exploration & Appraisal Development 2021 Total Ghana - 140 140 Non-Op - 60 60 Kenya - 5 5
Slide 6: Costs, Depreciation and Tax
Costs, Depreciation and Tax Operating Data 2020 2021 Forecast OPERATING COSTS 1 $/boe $/boe Equatorial Guinea 17.9 20.0 Côte d’lvoire 21.1 21.0 Gabon 2 18.1 19.0 Ghana 3 9.8 8.0 2020 2021 Forecast DEPRECIATION 1 $/boe $/boe Equatorial Guinea 8.3 7.0 Côte d’lvoire 13.2 18.0 Gabon 6.2 5.0 Ghana 3 20.1
Slide 7: Liquidity and Hedging
Liquidity and Hedging Liquidity Position $m 31 Dec 2020 Cash and cash equivalents 805 Debt drawings RBL Facility ($1,808m) 1 1,430 Senior Notes ($1,450m) 2 1,450 Convertible Bond ($300m) 300 Total debt 3,180 Net debt 2,376 Facility headroom plus free cash 1,051 1 Reserves Based Lending facility; nex
Slide 8: 2020 Reserves and Resources Summary
2020 Reserves and Resources Summary Ghana Non Op Kenya Exploration TOTAL Oil Gas Oil Gas Oil Gas Oil Gas Oil Gas Petroleum mmbbl Bcf mmbbl Bcf mmbbl Bcf mmbbl Bcf mmbbl Bcf mmboe COMMERCIAL RESERVES 1 Jan 2020 170.4 136.6 48.3 10.1 - - - - 218.7 146.7 243.1 Revisions 28.9 42.6 8.1 2.8 - - - - 37.0 4
Slide 9: Net Daily Entitlement as % Production
Net Daily Entitlement as % Production West Africa Production Contract Type 2021 ($50/bbl) CÔTE D’IVOIRE Espoir PSC 95 EQUATORIAL GUINEA Ceiba PSC 84 Okume Complex PSC 83 GABON Echira Corp Tax 100 Etame PSC 0 Limande Corp Tax 100 Niungo Corp Tax 100 Oba Corp Tax 100 Ezanga PSC 87 Tchatamba Corp Tax 1
Slide 10: 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 Fax: +44 (0)20 3249 8801 Email: ir@tullowoil.com Web: www.tullowoil.com