Global Leader in International Oil and Gas Industry News

posted in:

Tullow Oil releases 2009 Full year results

Thursday, Mar 11, 2010

Tullow Oil plc (Tullow), the independent oil and gas exploration and production group, announces its results for the year ended 31 December 2009.

Results summary

The reported financial results for 2009 are in line with market expectations and down compared with 2008. The successful completion of new debt facilities and equity placings, coupled with the proposed Uganda farmdown, are major steps in ensuring that the Group remains well funded to continue to execute its medium term exploration, appraisal and development programmes.

  2009 2008 Change
Sales revenue (£m) 582 692 -16%
Operating profit (£m) 95 300 -68%
Profit before tax (£m) 20 299 -93%
Profit after tax (£m) 19 226 -92%
Basic earnings per share (pence) 1.9 30.9 -94%
Final dividend per share (pence) 4.0 4.0 +0%
Operating cash flow before working capital (£m) 374 519 -28%
Production (boepd, working interest basis) 58,300 66,600 -12%
Realised oil price (US$ per bbl) 60.0 73.6 -18%
Realised gas price (pence per therm) 39.3 52.4 -25%

Download Tullow Oil plc 2009 Full year Results (PDF, 665KB, opens in a new window)

Key highlights

  • Outstanding exploration performance: 13 discoveries from 15 wells
  • Major discoveries: Jobi-Rii (previously Buffalo-Giraffe) in Uganda; Tweneboa in Ghana
  • Venus wildcat result extends the Jubilee play to the Equatorial Atlantic Liberian and Guyana Basins
  • Total and Shell farm in to French Guiana supporting Jubilee play extension to South America
  • Exercised pre-emption over Heritage Oil's Ugandan sale in Jan 2010 for up to US$1.5 billion; CNOOC and Total proposed as new joint venture partners in Uganda to facilitate aligned and accelerated basin development
  • Jubilee project remains on schedule and on budget; first oil expected Q4 2010
  • US$2.25 billion debt facilities secured; £1.33 billion raised through equity placings in 2009 and 2010

Commenting today, Aidan Heavey, Chief Executive, said:

"A strong performance in 2009 and an excellent start to 2010 has enabled the Group to continue to create material exploration and development opportunities. Although our 2009 reported results still reflect a period of financial transition, first oil in Ghana from the Jubilee field later this year will result in considerable production growth and increased cash flow. Our transformational exploration programme continues apace with up to 30 wells planned for 2010. In Uganda we are working closely with the government and two potential new partners to accelerate development. Our future growth is well underpinned by a significantly strengthened capital structure and overall the performance prospects for the Group are very strong."

Presentation, Webcast and Conference Calls:

In conjunction with these results, Tullow will conduct a presentation in London and a number of events for the financial community. Details are available on page 26 of this announcement (view the full press release in PDF) and in the Results Centre.

Source: Tullow Oil

posted in:

Other Oil & Gas News

AVEVA provides Integrated Engineering & Design solutions to TOTAL E&P Nigeria Limited 18-04-2014
Oando Energy Resources increases deposit for acquisition of Nigerian Upstream Oil and Gas Business of ConocoPhillips 18-04-2014
Linde will be exclusive hydrogen supplier for the Shell Eco-marathon in Houston 18-04-2014
Technip wins Umbilical contract for Kaombo project in Angola 18-04-2014
Forest Oil announces first quarter 2014 earnings release date and teleconference 18-04-2014
Saipem announces awarded FPSO contracts in Angola worth more than $4 billion 18-04-2014
Endeavour announces settlement of SM Energy litigation 18-04-2014
Drilling and production update 18-04-2014
Shell announces Malaysia deep-water gas discovery 18-04-2014
Meeting between the Ukrainian Minister of Energy, Yuri Prodan, and Eni's CEO Paolo Scaroni 18-04-2014