Tullow announce Trading Statement and Operational Update
Tullow Oil plc (Tullow) issues the following statement in advance of the Group’s 2022 Full Year Results scheduled for 8 March 2023. The information contained herein has not been audited and may be subject to further review and amendment
• Revenue of c.$1.7 billion (including hedge costs of c.$313 million) at an average realised oil price (post hedging) of $87/bbl.
• Underlying operating cash flow1 of c.$1.0 billion and free cash flow2 (FCF) of c.$267 million, ahead of guidance; based on the increased equity interest in Ghana ($126 million) and excluding the impact of the Norwegian arbitration payment ($76 million), free cash flow would have been c.$469 million in 2022.
• Year-end net debt reduced to c.$1.9 billion (2021: $2.1 billion), with expected cash gearing of net debt to EBITDAX of 1.3 times and liquidity headroom of c.$1.1 billion.
• Capital and decommissioning expenditure were c.$354 million and c.$72 million respectively.
• Group working interest production averaged 61.1 kboepd, in line with guidance following pre-emption of the Deep Water Tano component of the Kosmos Energy/Occidental Petroleum Ghana transaction.
• Strong operating, drilling and completion performance in Ghana, with facilities uptime of c.97% and four Jubilee wells and two Enyenra wells brought online.
• An Interim Gas Sales Agreement for 19 bcf of Jubilee gas was executed in December, representing the first commercialisation of Jubilee gas.
• A Letter of Intent was signed with the Ghana Forestry Commission in December for a nature-based carbon offset project. Final Investment Decision (FID) is expected in 2023.
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