Tullow Oil Plc · LSE:TLW
Tullow Oil — Shareholder Meeting (April 2019)
17 slides from Tullow Oil's shareholder meeting presentation, Apr 25, 2019
Slide 1: Annual General Meeting
Tullow Oil – 2019 Annual General Meeting Tullow Oil plc ANNUAL GENERAL MEETING 25 April 2019
Slide 2: Disclaimer
Tullow Oil – 2019 Annual General Meeting DISCLAIMER This presentation contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil and gas exploration and production business. Whilst Tullow believes the expectations reflected herein
Slide 3: 2018 – Good Progress Across the Business
Tullow Oil – 2019 Annual General Meeting 2018 – GOOD PROGRESS ACROSS THE BUSINESS DRILLING DRIVING PROGRESSED resumed in Uganda & Kenya production Ghana developments BUILT GENERATING PROFIT exploration free cash flow after tax portfolio REDUCED PAYING gearing a sustainable dividend A year of solid f
Slide 4: Tullow's 2030 Vision
Tullow Oil – 2019 Annual General Meeting TULLOW’S 2030 VISION The pillars of our growth ambitions Positioning Tullow for the challenges and opportunities ahead Slide 4
Slide 5: Creating a Progressive and Sustainable Organisation
Tullow Oil – 2019 Annual General Meeting CREATING A PROGRESSIVE AND SUSTAINABLE ORGANISATION Driving the Business Transforming the Business Ghana Kenya New Corporate Subsurface Operations Business & Uganda Ventures & Digital Sustainability Non-op Implement Implement & Transform Functional & Transfor
Slide 6: Our Performance
Tullow Oil – 2019 Annual General Meeting Tullow Oil plc - 2019 Annual General Meeting OUR PERFORMANCE
Slide 7: 2018 Full Year Results Summary
Tullow Oil – 2019 Annual General Meeting 2018 FULL YEAR RESULTS SUMMARY Underlying cash Revenue1 Adjusted EBITDAX Profit after tax2 operating costs $1,859million $10.0/boe $1,600million $85million FY 2017: $1,723 million FY 2017: $11.1/boe FY 2017: $1,346 million FY 2017: $(189) million Capital inve
Slide 8: Following Our Capital Allocation Framework
Tullow Oil – 2019 Annual General Meeting FOLLOWING OUR CAPITAL ALLOCATION FRAMEWORK DEBT AND LIQUIDITY INVESTING IN OUR BUSINESS SHAREHOLDER RETURNS Balance sheet robust to Apply strict criteria to allocate Demonstrating financial future oil price volatility capital across the portfolio: discipline
Slide 9: Maximising Production in West Africa
Tullow Oil – 2019 Annual General Meeting MAXIMISING PRODUCTION IN WEST AFRICA Growing & sustaining our production business • Ramping up net production in 2019 West Africa oil production • Infill, near-field & exploration opportunities to 2019 guidance: 90,000 - 98,000 bopd1 sustain & grow production
Slide 10: Developing Our Discoveries: East Africa Production Hub
Tullow Oil – 2019 Annual General Meeting DEVELOPING OUR DISCOVERIES: EAST AFRICA PRODUCTION HUB Group net oil production growth 150 KENYA UGANDA MATERIAL OIL DISCOVERIES 560mmbo 1.7bbo 125 Gross 2C resource Gross 2C resource 100 PRODUCTION SCALE 60100,000 230,000 kbopd bopd gross production bopd gr
Slide 11: Finding New Oil – Executing Our Exploration Programme
Tullow Oil – 2019 Annual General Meeting FINDING NEW OIL – EXECUTING OUR EXPLORATION PROGRAMME MAURITANIA JAMAICA GUYANA 2019 FOCUS SURNAME CÔTE D’IVOIRE NAMIBIA COMOROS PERU ZAMBIA URUGUAY 2019 drilling 2020 drilling options Drilling 3-5 high-impact wildcats per year, within $150m exploration budge
Slide 12: 2019 Drilling Focus on Guyana
Tullow Oil – 2019 Annual General Meeting 2019 DRILLING FOCUS ON GUYANA Shelf-edge acreage in industry hot-spot Multiple prospects >4BBO Gross mean up-dip of giant oil un-risked resources discoveries High-quality 3D seismic processed ORINDUIK ORINDUIK KANUKU JETHRO JOE CARAPA prospect selected for 2Q
Slide 13: Our Future
Tullow Oil – 2019 Annual General Meeting Tullow Oil plc - 2019 Annual General Meeting OUR FUTURE
Slide 14: Transforming Tullow
Tullow Oil – 2019 Annual General Meeting TRANSFORMING TULLOW • Excellence in delivering • Delivering our our 2-3 year work 2030 Vision programme • Delivering new value • Growing business over through transformation short-medium term • Ensuring we meet the • Continuous challenges of the improvement t
Slide 15: A Strong Commitment to Sustainability
Tullow Oil – 2019 Annual General Meeting A STRONG COMMITMENT TO SUSTAINABILITY Local content Developing Social and capacity local skills Investment Climate resilience Ecosystems Safety and wellness Responsible production Good governance Promoting equality Slide 15
Slide 16: 2019 Outlook
Tullow Oil – 2019 Annual General Meeting 2019 OUTLOOK GENERATE DISCOVER significant free cash flow oil in Guyana COMPLETE RETURN Uganda $100m MAINTAIN minimum cost discipline farm-down dividend TARGET Uganda & DELIVER Kenya FIDs our Vision A strong foundation for growth in the years ahead Slide 16
Slide 17: Tullow Oil plc
Tullow Oil – 2019 Annual General Meeting Tullow Oil plc 9 Chiswick Park 566 Chiswick High Road London, W4 5XT Follow Tullow on: United Kingdom Tel: +44 (0)20 3249 9000 Fax: +44 (0)20 3249 8801 Email: ir@tullowoil.com Web: www.tullowoil.com Slide 17