Directors' Report: Business review
Our vision is to be the leading global independent exploration and production company
Tullow pursues a consistent and repeatable strategy which seeks to deliver sustainable long-term growth with a balance between funding, exploration and production spend, and major activities in core areas
To deliver top quintile Total Shareholder Returns versus our industry peer group
Executing selective, high-impact exploration programmes funded by surplus cash flow or equity
Delivering major projects, with a significant focus on increasing bankable reserves
Managing our assets to high-grade the portfolio, replenish upside and assist funding needs
Ensuring safe people, procedures and operations, and minimising environmental impacts
Building long-term relationships with local governments, communities and key stakeholders
Continuing to develop a strong team with excellent commercial, technical and financial skills
Strategic responsibility for executing prioritised high-impact exploration campaigns, and managing the Group’s portfolio of licences to continually replenish upside potential and assist with funding needs. E&A identify core plays, prioritise prospective exploration options and execute E&A programmes with material follow-on campaigns.
Strategic responsibility for funding sustainable long-term growth through an appropriate capital structure that achieves a balance between the funding requirements of E&A activities, P&D activities and the capital needs of developing major projects.
Strategic responsibility for delivery of major projects with a strong focus on the management of production and increasing bankable reserves, which are critical to revenue and cash flow generation. P&D also has responsibility for ensuring safe people, procedures and operations and minimising environmental impacts.
Strategic responsibility for maintaining the highest corporate and ethical standards and building a strong global team with excellent legal and commercial skills. Responsibility includes all governance and legal issues including full regulatory compliance.
