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Record financial results; profit before tax over $1billion
Basin-opening discovery in South America; E&A success ratio 74%
Completed $2.9 billion farm down in Uganda in February 2012

Tullow Oil plc (Tullow), the independent oil and gas exploration and production Group, announces its results for the year ended 31 December 2011.


Results summary

2011 was a very good year for Tullow. Industry leading exploration success continued with the opening of a major new basin offshore French Guiana as well as further discoveries in Africa. The Group’s financial performance has also been strong with record results for the year based on a 35% increase in production and significantly higher commodity prices helping to deliver a profit after tax increase of 670% to $689 million. Since year-end, Tullow has completed the $2.9 billion farm down in Uganda. Tullow now has a strong balance sheet providing financial flexibility and a solid foundation for future growth.

   2011  2010  Change
 Working interest production (boepd)  78,200  58,100  +35%
 Realised oil price per barrel ($)  108 78   +38%
 Realised gas price per therm (pence)  57  42  +36%
 Sales revenue ($m)  2,304  1,090  +111%
 Operating profit ($m)  1,132  262  +332%
 Profit before tax ($m)  1,073  179  +499%
 Profit after tax ($m)  689  90  +670%
 Basic earnings per share (cents)  72.5  8.1  +795%
 Full year dividend per share (pence)  12  6  +100%
 Operating cash flow before working capital ($m)  1,832  789 +132%

Key Highlights

  • Record revenues of $2.3 billion and operating cash flow of $1.8 billion; full year dividend up 100%.
  • Average working interest production up 35% at 78,200 boepd.
  • Another year of industry leading E&A performance; 74% success ratio in 2011.
  • Major basin-opening discovery with the Zaedyus-1 well in French Guiana.
  • Value-adding acquisitions of $737 million in the Netherlands and Ghana.
  • Tweneboa-Enyenra-Ntomme (TEN) project appraisal & development planning progressing well; Owo-1 tested at combined rate of ~20,000 bopd.
  • 38 well campaign planned for 2012; Frontier exploration partnership with Shell announced in January.
  • $2.9 billion farm down to CNOOC and Total in Uganda completed on 21 February 2012.


“Record results in 2011 and the $2.9 billion farm down to CNOOC and Total in Uganda are further landmarks in Tullow’s evolution. In the coming year, we will continue to execute our industry-leading exploration programme, appraise major discoveries and invest in key development projects in Ghana and Uganda. Tullow now has a very strong balance sheet and increased cash flow, which gives us real financial flexibility and a firm foundation for further growth. With many opportunities for growth, 2012 promises to be another excellent year for Tullow.”  

Presentation in London, Webcast and Conference Calls:

Details are available on page 28 of the full year results PDF (0.57Mb)