Company Report
Tullow Oil corporate profile
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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
-
Strategic options remain limited until debt reduction targets are reached
- Overview
- Key targets
- Strengths
- Weaknesses
- Outlook
-
Balance sheet strengthening remains primary near-term focus
- Current financial position
- Financial outlook
-
Tullow's portfolio is characterised by a high degree of geographical and resource theme concentration
- Current portfolio
- Future portfolio evolution
-
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 25 images and tables including:
- Upstream NPV10 by country
- Upstream portfolio sensitivities
- Benchmark: share price performance
- Benchmark: upstream market premium/discount to WoodMac NPV
- Benchmark: capex per boe
- Tullow production outlook
- Benchmark: indexed production outlook
- Benchmark: production CAGR
- Benchmark: resource weighting
- WM commercial and sub-commercial reserves
- Benchmark: net equity emissions intensity
- Base price assumptions (nominal)
- Base, high, and low Brent (nominal)
- Benchmark: resilience
- Benchmark: sustainability
- Tullow cash flow breakeven
- Benchmark: gearing ratio by breakeven
- Tullow corporate free cash flow outlook
- Tullow net debt outlook (incl. operating leases)
- Strategic fit of commercial upstream regions
- Key assets NPV10
- Benchmark: new project returns
What's included
This report contains:
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