2019 Half Year Results

Published on: 24 July 2019

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.

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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

24 July 2019 – 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.

Open the full Results Statement 

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.”

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

Open the full Results Statement 

For further information contact

  • Tullow Oil plc

    • Julia RossInvestor Relations
    • Nicola RogersInvestor Relations
    • George CazenoveMedia Relations
    • London

  • Murray Consultants

    • Pat Walsh
    • Joe Heron
    • Dublin

Notes to editors

Tullow is a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW). The Group has interests in over 80 exploration and production licences across 15 countries which are managed as three Business Teams: West Africa, East Africa and New Ventures.