2021 Full Year Results
A transformed business positioned to deliver growth
Rich portfolio of high return opportunities
Operating performance and cost
TULLOW
On €
> c.$1.6bn capex 2022-25
> Investment in Jubilee to increase production
> Reposition TEN for future growth
> O&M transformation
> Strong drilling performance
> High EBITDAX and OCF margins
Potential to accelerate deleveraging
> At $75/bbl the deleveraging to <1.5x gearing
is accelerated to year-end 2023
> The current price environment further
accelerates debt and gearing reduction
Near term catalysts
> Realise value from Kenya
> Commercialise Ghana gas resources
> Deliver near-field exploration upside in
non-operated portfolio
> High impact exploration well in Guyana
Tullow Oil plc | 2021 Full Year Results
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