Report tools
-
Print
-
-
Notes for this page
-
Download
-
Glossary
A
B
- bll
-
Barrel
- bcf
-
Billion cubic feet
- boe
-
Barrels of oil equivalent
- boepd
-
Barrels of oil equivalent per day
- bopd
-
Barrels of oil per day
C
- CMS
-
Caister Murdoch System
- CMS III
-
A group development of five satellite fields linked to CMS
- CR
-
Corporate Responsibility
- CSO
-
Civil Society Organisation
- CNOOC
-
China National Offshore Oil Corporation
D
- DLT
-
Development Leadership Team
- DoA
-
Delegation of Authority
- DRC
-
Democratic Republic of Congo
- DSBP
-
Deferred Share Bonus Plan
E
- EA
-
Exploration Area
- E&E
-
Exploration and evaluation
- E&A
-
Exploration and Appraisal
- E&P
-
Exploration and Production
- EBITDA
-
Earnings Before Interest, Tax, Depreciation and Amortisation
- EHS
-
Environment, Health and Safety
- EMS
-
Environmental Management System
- ERC
-
Energy Resource Consultants
- ESOS
-
Executive Share Option Scheme
F
- FEED
-
Front End Engineering and Design
- FPSO
-
Floating Production Storage and Offloading vessel
- FRC
-
Financial Reporting Council
- FRS
-
Financial Reporting Standard
- FTG
-
Full Tensor Gravity Gradiometry
- FTSE 100
-
Equity index whose constituents are the 100 largest UK listed companies by market capitalisation
- FVTPL
-
Fair Value Through Profit or Loss
G
- GELT
-
Global Exploration Leadership Team
- GNPC
-
Ghana National Petroleum Corporation
- GoU
-
Government of Uganda
- Group
-
Company and its subsidiary undertakings
H
I
- IAS
-
International Accounting Standard
- IASB
-
International Accounting Standards Board
- IFRIC
-
International Financial Reporting Interpretations Committee
- IFRS
-
International Financial Reporting Standards
- IMS
-
Information Management System
- ISO
-
International Organization for Standardization
K
L
- LIBOR
-
London Interbank Offered Rate
- LTI
-
Lost Time Incident
- LTIFR
-
LTI Frequency Rate measured in LTIs per million hours worked
M
- mmbbl
-
Million barrels
- mmbo
-
Million barrels of oil
- mmboe
-
Million barrels of oil equivalent
- mmscfd
-
Million standard cubic feet per day
- MoU
-
Memorandum of Understanding
- MTM
-
Mark To Market
N
- NGO
-
Non-Governmental Organisation
O
- OR&A
-
Operational Readiness and Assurance
P
- p
-
pence
- P10
-
Reserves and/or resources estimates that have a 10 per cent probability of being met or exceeded
- P50
-
Reserves and/or resources estimates that have a 50 per cent probability of being met or exceeded
- P&D
-
Production and Development
- PAYE
-
Pay As You Earn
- PRT
-
Petroleum Revenue Tax
- PSC
-
Production Sharing Contract
- PSP
-
Performance Share Plan
S
- SCT
-
Supplementary Corporation Tax
- SIP
-
Share Incentive Plan
- SMC
-
Senior Management Committee
- SPA
-
Sale and Purchase Agreement
- sq km
-
Square kilometres
- SRI
-
Socially Responsible Investment
T
U
- UK GAAP
-
UK Generally Accepted Accounting Principles
V
- VAT
-
Value Added Tax
W
-
My Report
You do not have any pages or notes saved.
You can create your own list of important report pages and accompanying notes here. You can then print your selected pages and notes, download them as a PDF, or email a list of the pages you've saved.
To save a page, click the "Add+" button at the top of any report page.
To add a note to a page, click on the 'Notes' tab and fill out the form. If you want to add another note to the page, simply add it to the same form.
Your list of saved pages and notes will appear in this window.
Operating profit, costs, taxation and dividends
Operating profit
Operating profit amounted to $234.6 million (2009: $151.0 million), an increase of 56%. The increase was principally due to higher commodity prices, partly offset by higher exploration costs written-off during 2010 together with higher staff related general and administrative costs.
Gearing, financing costs and interest cover
The net interest charge for the period was $55.0 million (2009: $58.7 million) and reflects the increase in net debt levels during 2010 offset by an increase in interest capitalised during the year on qualifying assets, principally associated with the Jubilee phase 1 development in Ghana.
At 31 December 2010, Tullow had net debt of $1,943 million (2009: $1,144 million), with unutilised debt capacity of approximately $685 million. The Group’s gearing was 50% (2009: 47%) and EBITDA interest cover has increased to 13.8 times (2009: 10.3 times).
Taxation
The tax charge of $79.4 million (2009: $1.9 million) relates to the Group’s North Sea, Gabon, Equatorial Guinea and Ghanaian activities. After adjusting for exploration costs and profit on disposal of subsidiaries, the Group’s underlying effective tax rate is 26% (2009: 3%). The increase in the effective tax rate is mainly due to the fact that losses were generated in fiscal regimes where uncertainty exists as to the recoverability of those losses.
Dividend
Due to the ongoing capital requirements of the Group, and in particular the opportunity to add significantly to shareholder value by continuing to invest in its exceptional portfolio of exploration assets, the Board believes that it remains appropriate to maintain the final dividend at the 2009 level. Consequently, the Board has proposed a final dividend of 4.0 pence per share (2009: 4.0 pence per share). This brings the total payout in respect of 2010 to 6.0 pence per share (2009: 6.0 pence per share). The dividend will be paid on 20 May 2011 to shareholders on the register on 15 April 2011.
Financial statements
With effect from 1 January 2010 Tullow presents its financial statements in US dollars.
