2021 Full Year Results

Strong financial performance in 2021 TULLOW Financial performance 2020 2021 Production (kboepd) 74.9 59.2 Realised price ($/bbl) 50.9 62.7 Strong EBITDAX and cash flow generation Revenue ($m) 1,396 1,273 Adjusted EBITDAX ($m) 804 961 Operating Cash Flow ($m) 598 711 Capital Investment ($m) 288 263 Continued deleveraging Free Cash Flow ($m) 432 245 strengthens balance sheet Loss After Tax ($m) (1,222) (81) Key year-end metrics YE20 YE21 Net Debt ($bn) 2.4 2.1 Gearing (times) 3.0 2.2 Material headroom with no near-term debt maturities Headroom ($bn) 1.0 0.9 A transformed balance sheet following comprehensive refinancing Tullow Oil plc | 2021 Full Year Results Slide 8

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