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Tullow Oil corporate report

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24 June 2019

Tullow Oil corporate report

Report summary

Tullow has delivered on its objective of resetting the business. Net debt is down 12% y-o-y. But with gearing at 51%, it is not out of the woods. East Africa will underpin the next phase of growth. Tullow also plans to up the exploration ante in 2019. Three exploration wells will be drilled offshore Guyana before the end of the year. It stands to benefit from attractive exploration returns, but continuing exploration failure will dampen investor interest in this strategy.

Table of contents

    • Financial framework
    • Ghana is key to future performance
    • Creating value from Kenya will improve the financial framework
    • Strong near-term outlook; what are the options for surplus cash?
    • 1. Optimising the base business
    • 2. East Africa drives the next growth phase
    • 3. High-impact exploration – key growth catalyst
  • Wood Mackenzie base case valuation metrics
  • Wood Mackenzie base case investment and cost metrics
  • Wood Mackenzie base case production metrics
  • Economic assumptions

Tables and charts

This report includes 40 images and tables including:

  • Benchmark: share price performance
  • Tullow: market premium/discount
  • Upstream EV vs. Upstream NPV,10
  • Upstream portfolio sensitivities vs. NPV,10
  • Current NPV,10 vs. Future NPV,10
  • Base case upstream NPV,10
  • Forecast development expenditure (nominal)
  • Forecast operating expenditure (nominal)
  • New project returns
  • Reported development costs
  • Reported and WM forecasted production
  • Oil vs. Gas
  • Liquid production
  • Gas production
  • Total reserves; Wood Mackenzie commercial
  • Total reserves: reported vs. Wood Mackenzie
  • Total reserves: reported vs Wood Mackenzie
  • Reserve life: reported vs Wood Mackenzie
  • Base price assumptions (nominal terms)
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Value assumptions
  • Foreign exchange rate assumptions
  • Net debt outlook
  • WM Brent base price cash flow breakeven
  • Tullow cashflow outlook: 2019 – 2025
  • Average cash flow/boe: 2019 – 2023
  • Net debt: Kenya farm-down scenario
  • Capital spend outlook
  • Tullow production outlook: 2019 -2030
  • Benchmarking: Production CAGR
  • East Africa production outlook 2018-2030
  • Benchmarking: Pre-FID post-tax returns
  • Acreage capture by water depth (2013-2018)
  • Development field breakevens*
  • Map of Guyana/Suriname Blocks
  • Exploration portfolio
  • Key assets

What's included

This report contains:

  • Document

    Tullow Oil_Corporate_report.xlsx

    XLSX 1.10 MB

  • Document

    Tullow Oil corporate report

    PDF 1.42 MB

  • Document

    Tullow Oil corporate report

    ZIP 1.95 MB

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