Tullow Oil

escveritas
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Tullow Oil

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Tullow Oil (Tullow) announces its Half Year results for the six months ended 30 June 2020.

Rahul Dhir, Chief Executive Officer, Tullow Oil plc, commented today:
“Despite the very tough conditions in the first half of this year, we have successfully delivered reliable production and major, sustainable reductions to our cost base. We are also close to completing the important sale of our interests in Uganda. The quality of Tullow’s assets remains robust. Since my arrival as CEO, we have been developing new plans for our business, with the support of our Joint Venture Partners and expert advisors. These plans will deliver enhanced value from our assets to benefit all our stakeholders including our host countries and investors. We will host a Capital Markets Day towards the end of 2020 at which we will update the market on these plans to deliver on Tullow’s true potential.”
2020 FIRST HALF RESULTS SUMMARY
  • Group working interest production for the first half of 2020 averaged 77,700 bopd, in line with expectations
  • Revenue of $731 million; gross profit of $164 million; loss after tax of $1.3 billion
  • Loss after tax driven by exploration write-offs and impairments totalling $1.4 billion pre-tax
  • Capital investment of $192 million; decommissioning costs of $38 million
  • Negative free cash flow in 1H due to weighting of cash taxes, cash capex, differentials, redundancy costs and working capital
  • Net debt at 30 June 2020 of $3.0 billion; Gearing of 3.0x net debt/EBITDAX; liquidity headroom and free cash of $0.5 billion
  • Strong operational performance in Ghana; both FPSOs delivering in excess of 95 per cent uptime
  • Approval from shareholders for sale of Ugandan assets for $500 million in cash on completion and $75 million in cash at FID
  • Rahul Dhir appointed Chief Executive Officer as of 1 July 2020; as of 9 September 2020, Dorothy Thompson returns to non-Executive Chair and Mitchell Ingram appointed as new Non-executive Director of Tullow (see separate announcement)
Sales Revenue: USD 731M (2020) vs USD 872M (2019)
Gross Profit: USD 164M (2020) vs USD 527M (2019)
Underlying cash operating cost per barrel: USD 11/bbl (2020) vs USD 9/bbl (2019)
Loss after tax: (USD 1327M) (2020) vs USD 103M (2019)
Free cash flow: (USD 213M) (2020) vs USD 181M (2019)
Net Debt: USD 3019M (2020) vs USD 2948M (2019)
Gearing: 3.0 (2020) vs 1.8 (2019)
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