2019 Half Year Results

Group delivers $0.9bn revenue; $0.1bn profit after tax; $0.2bn free cash flow

Kenya oil development Heads of Terms signed; FID targeted for second half of 2020

Three-well Guyana exploration campaign under way; Jethro result expected in August

Tullow Oil plc (Tullow), the independent oil and gas exploration and production group, announces its Half Year results for the six months ended 30 June 2019. Details of a presentation in London, webcast and conference calls are available here.

COMMENTING TODAY, PAUL McDADE, CHIEF EXECUTIVE OFFICER, SAID:

“Today’s results demonstrate strong financial delivery in the first half of 2019 with robust profits and free cash flow. We are disappointed that a mechanical issue at our latest TEN well has caused us to reduce our 2019 production outlook; however, our overall portfolio of low-cost West African production continues to provide a solid financial base for the business, allowing the Group to invest for future growth, continue to reduce debt and pay dividends to shareholders. Elsewhere, our exciting three-well Guyana exploration campaign is now under way and I am particularly pleased to see the good progress being made in Kenya with the first ever lifting of East Africa crude expected in the coming months.”

CLICK HERE TO READ THE FULL RESULTS STATEMENT

2019 HALF YEAR RESULTS SUMMARY

• Revenue of $872 million; gross profit of $527 million; post tax profit of $103 million; free cash flow of $181 million
• Board confirms interim dividend of 2.35 cents/share (c. $33 million) in line with the Group’s Capital Returns Policy
• Net debt and gearing reduced to $2.9 billion and 1.8x; no near-term debt maturities
• First half 2019 capex of $248 million; 2019 capex forecast remains unchanged at $570 million
• West Africa first half 2019 working interest oil production averaged 88,700 bopd¹
• Full year 2019 oil production guidance revised down to 89-93,000 bopd reflecting delays in TEN well completion
• Kenya oil development progressing well; Heads of Terms signed with the Government; FID targeted for second half of 2020
• Uganda farm-down continues to make limited progress; discussions between JV Partners and Government continue
• Three-well Guyana exploration campaign under way; Jethro result expected in first half of August
• New exploration acreage accessed in Argentina, Peru and Namibia; withdrawn from Zambia and Mauritania C-18 licence