2021 Full Year Results
Prudent commodity price risk management
2022 Hedge Portfolio Summary
c.40% exposure to upside 1
Hedged vs. Unhedged Price Realisation
$100
$90
Unhedged
Oil price ($/bbl)
Ceiling
c.$78/bbl
c.25%
sales volume
c.15%
sales volume
c.60%
sales volume
Floor
c.$51/bbl
Unhedged
Puts
c.75% floor protection
Collars
Material downside protection with
meaningful upside participation
1 Increases to c.45% following completion of the pre-emption of Kosmos' acquisition of Occidental Petroleum's assets in Ghana
Realised Price ($/bbl)
$80
$70
$60
Breakeven
$53/bbl
$50
$40
$30
$30
440
$40
50
$50
$60
50
10
$70
Oil Price ($/bbl)
$80
c.$89/bbl realised price after
hedging in January & February
Tullow Oil plc | 2021 Full Year Results
$90
Slide 10
Hedged
$100
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