2021 Full Year Results

$bn Deleveraging accelerated Sources and uses of cash 2022-25 ($75/bbl flat nominal) 4.0 3.0 2.0 1.0 Ability to adjust capital spend to respond to oil price movements 0.0 Operating cash flow Capex Decommissioning Financing costs Free cash flow TULLOW Value focused capital allocation (%) Exploration c.10% c.$1.6bn Defined projects Exploration c.10% c.60% Non-op c.20% Existing wells c.10% Infill c.20% c.$1.6bn Jubilee c.40% Material operating cash flow generated to fund the business Gearing of <1.5x by year-end 2023 at $75/bbl Current price environment further accelerates deleveraging TEN c.30% Tullow Oil plc | 2021 Full Year Results Slide 13

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