In 2018 we continued to build on the progress we made in 2017, further strengthening our balance sheet, maintaining cost and capital discipline, delivering our operational targets and continuing to build an exciting exploration portfolio.
We produced 90,000 boepd during the year and delivered significant free cash flow of over $400m, firmly establishing Tullow as a self-funding oil company, balanced across exploration, development and production. We also clearly laid out our capital allocation framework, which includes the Board’s decision to reinstate a dividend of no less than $100m from 2019 onwards.
2018 was also a year where we defined our vision for the Company into the next decade, to deliver our ambitions for growth and balance the broader interests of our three stakeholder groups: our investors, our host countries and their communities, and our people.
In 2018 we also saw changes at Board level with the retirement of our founder, Aidan Heavey and the arrival of Dorothy Thompson as our new Chair.
With the balance sheet strengthened and with financial discipline embedded in the business, it is now time for us to focus on growth.
Paul McDade, CEO