Investor Presentaiton
Resilient Balance Sheet
Capital Structure
Net Debt at December 31, 2021 ($ Bn)
2.6
0.2
2.8
1.5x
1.5
(1.3)
Tullow
Bonds
Capricorn Debt
Facilities
Total
Total Cash 1
Debt
Net
Debt
Pro Forma Leverage Ratio²
Notes:
1. Total cash adjusted for Capricorn's tax refund proceeds from Government of India of $1.06 Bn, $0.5 Bn Share Tender Offer and share repurchases
2. Pro forma net debt divided by pro forma EBITDAX
3. Includes Tullow undrawn facilities of $0.5 Bn
•
Pro form a 2021A leverage of 1.5x and $1.8 Bn³ of
liquidity
Expected leverage <1x at year end 20222
Combined group well positioned to optimise its capital
structure and cost of capital
Prudent management of balance sheet with flexibility
to accelerate growth
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