Company Report
Tullow Oil corporate profile
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Tullow’s long-term outlook is not clear. The company had just about recovered from the 2014 downturn, before production downgrades and impairments at its key assets in Ghana were followed by the covid pandemic. Resultant asset sales in Uganda and Equatorial Guinea, dictated by deleveraging requirements, have left Tullow with little strategic flexibility.
Table of contents
- Ghana accounts for over 90% of company value
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Strategic options remain limited until debt reduction targets are reached
- Overview
- Key targets
- Strengths
- Weaknesses
- Outlook
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Balance sheet strengthening remains primary near-term focus
- Current financial position
- Financial outlook
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Tullow's portfolio is characterised by a high degree of geographical and resource theme concentration
- Current portfolio
- Future portfolio evolution
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Tullow plans to allocate 90% of capex to existing production assets across its West African portfolio
- New project returns
- Primary focus is maintaining production plateau in Ghana
- Long-term reserve replacement set to challenge Tullow
- Ghana flaring reduction to underpin decarbonisation target
- Base long-term price assumption of US$65/bbl Brent
Tables and charts
This report includes the following images and tables:
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Upstream NPV10 by countryUpstream portfolio sensitivitiesBenchmark: share price performance
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Benchmark: upstream market premium/discount to WoodMac NPVBenchmark: capex per boeTullow production outlookBenchmark: indexed production outlookBenchmark: production CAGRBenchmark: resource weightingWM commercial and sub-commercial reserves
- 13 more item(s)...
What's included
This report contains:
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