Tullow Oil Plc · LSE:TLW
Tullow Oil — H1 2018 Earnings Presentation
10 slides from Tullow Oil's earnings presentation, 2018
Slide 1: Fact Book – 2018 Half Year Results
TULLOW OIL PLC FACT BOOK – 2018 HALF YEAR RESULTS
Slide 2: Business Delivery Teams; Production and 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 P Gabon E D P EAST AFRICA Kenya E D Uganda D NEW VENTURES Côte d'Ivoire 2 E Pakistan E Guyana E Peru E Jamaica E Suriname E Mauritania E Uruguay E Namibia E Zambia E Note 1: Produc
Slide 3: Summary of 2018 Half Year Results
TULLOW OIL PLC SUMMARY OF 2018 HALF YEAR RESULTS 1H 2018 1H 2017 Sales revenue ($m) 905 788 Gross profit ($m) 521 303 Operating profit/(loss) ($m) 300 (395) Profit/(loss) before tax ($m) 150 (558) Profit/(loss) after tax ($m) 55 (348) Basic earnings/(loss) per share (cents) 3.9 (28.3) Free cash flow
Slide 4: Working Interest Production
TULLOW OIL PLC WORKING INTEREST PRODUCTION 1 1H 2018 Actual FY 2018 Forecast Oil production (bopd) (bopd) Ghana Jubilee (2) 23,400 27,700 TEN 30,700 30,900 Total Ghana (2) 54,100 58,600 Equatorial Guinea Ceiba 2,600 2,400 Okume 4,100 4,000 Total Equatorial Guinea 6,700 6,400 Gabon Tchatamba 4,300 4,
Slide 5: Capital Expenditure (Capex)
TULLOW OIL PLC CAPITAL EXPENDITURE (CAPEX) 1H 2018 CAPEX – ACTUALS ($M) Business Delivery Teams Exploration & Appraisal Development 1H Total West Africa 1 88 89 (inc. Europe) East Africa (1) 52 51 New Ventures 28 - 28 TOTAL 28 140 168 Uganda1 - 23 23 TOTAL (excl. Uganda) 28 117 145 FY 2018 CAPEX – F
Slide 6: Costs, Depreciation and Tax
TULLOW OIL PLC COSTS, DEPRECIATION AND TAX OPERATING DATA 1H 2018 2018 Forecast OPERATING COSTS 1 $/boe $/boe Equatorial Guinea 10.2 12.0 Côte d’lvoire 11.3 10.0 Gabon 2 20.5 24.0 Ghana 3 7.9 8.0 UK SNS 4 42.0 38.0 DEPRECIATION 1 Equatorial Guinea 17.9 19.0 Côte d’lvoire 14.0 15.0 Gabon 10.1 11.0 Gh
Slide 7: Liquidity and Hedging
TULLOW OIL PLC LIQUIDITY AND HEDGING LIQUIDITY POSITION $m 30 June 2018 Cash and cash equivalents 393 Debt drawings RBL Facility ($2,482m) 1 1,725 Corporate Facility ($350m) 2 - Senior Notes ($1,450m) 3 1,450 Convertible Bond ($300m) 300 Total debt 3,475 Net debt 3,082 Facility headroom plus free ca
Slide 8: 1H 2018 Reserves and Resources Summary
TULLOW OIL PLC 1H 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 245.7 268.9 - - - - 245.7 268.9 290.5 2018 Revisions 0.9 2.8 - - - - 0.9 2.8 1.4 Disp
Slide 9: Net Daily Entitlement as % Production
TULLOW OIL PLC NET DAILY ENTITLEMENT AS % PRODUCTION WEST AFRICA Contract Type 2018 ($60/bbl) 2018 ($70/bbl) CÔTE D’IVOIRE Espoir PSC 75 72 EQUATORIAL GUINEA Ceiba PSC 85 84 Okume Complex PSC 76 75 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 – 2018 HALF YEAR RESULTS