DOCSLIB.ORG

Africa's Leading Independent Oil Company

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Africa's Leading Independent Oil Company TULLOW OIL PLC PLC OIL TULLOW TULLOW OIL PLC 2014 ANNUAL REPORT & ACCOUNTS 2014 ANNUAL REPORT & ACCOUNTS & REPORT ANNUAL 2014 AFRICA’S LEADING INDEPENDENT OIL COMPANY 2014 IN SUMMARY CASH FLOW DEVELOPMENT $1.5 BILLION TEN pre-tax operating cash flow Project on track and on budget > page 58 TEN SPECIAL FEATURE EXPLORATION REALISING OUR 4/7 WILDCAT POTENTIAL commercial discoveries in Kenya Our special feature focuses on Tullow’s > page 32 development of the Tweneboa, Enyenra and Ntomme (TEN) fields offshore Ghana. PORTFOLIO MANAGEMENT The project is on target to deliver first oil in mid-2016 on time and on budget and our special feature tracks the project’s progress SALES COMPLETED so far and milestones to come. of non-core gas assets in UK & Norway > page 20 > page 36 About the report Each year, Tullow Oil aims to produce an open, transparent and balanced Annual Report which gives an honest portrayal of our performance, strategy and impacts. We also publish, approximately one month after this Annual Report, our Sustainability Report which gives greater detail on our sustainability performance and objectives. Each year we try to improve our reporting and we welcome feedback on how well we are doing. Please give us your feedback: [email protected] You can find this report and additional information about Tullow Oil on our website www.tullowoil.com Cover: TEN Project FPSO Turret head lift at Keppel shipyard, Singapore PRODUCTION EHS SCORECARD 75,200 BOEPD 41/48 Group working interest production score against 16 performance indicators > page 34 > page 38 FUNDING SHARED PROSPERITY $650 MILLION $1,395 MILLION second corporate bond issue strengthens the socio-economic investment Group’s balance sheet > page 48 > page 36 OUR PEOPLE EXPLORATION WRITE-OFF 72% $1.7 BILLION engagement score across the Group write-off of unsuccessful exploration activities > page 46 in 2014 and prior years > page 36 Group 2014 2013 Sales revenue ($m) 2,213 2,647 Operating (loss)/profit ($m) (1,965) 381 Net (loss)/profit after tax ($m) (1,640) 216 Basic earnings per share (cents) (170.9) 18.6 Pre-tax operating cash flow ($m) 1,545 1,901 Dividend per share (pence) 4.0 12.0 TULLOW OIL PLC 2014 ANNUAL REPORT & ACCOUNTS AFRICA’S LEADING INDEPENDENT OIL COMPANY Tullow Oil is a leading independent oil and gas exploration and production company. Our focus is on finding and monetising oil in Africa and the Atlantic Margins. Our key activities include core exploration campaigns, selective development projects and growing our high-margin production. We have a prudent financial strategy with diverse sources of debt and funding. Our portfolio of over 130 licences spans 22 countries and is organised into three regions. At the end of 2014, we had a total workforce of approximately 2,000 people, with 50% of these working in our African operations. We are headquartered in London and our shares are listed on the London, Irish and Ghanaian Stock Exchanges. STRATEGIC REPORT CORPORATE GOVERNANCE Chairman’s statement 4 Corporate governance compliance 70 The oil life cycle 6 Audit Committee report 79 Our business model 8 Nominations Committee report 84 Market review 10 EHS Committee report 86 Chief Executive’s review 12 Directors’ remuneration report 88 Our strategy & business plans 14 Other statutory information 105 Key Performance Indicators (KPIs) 16 Special feature 20 FINANCIAL STATEMENTS Strategic summaries Statement of Directors’ responsibilities 112 How we create value Independent auditor’s report for the Exploration & Appraisal 32 Group Financial Statements 113 Development & Production 34 Group Financial Statements 118 Finance & Portfolio Management 36 Company Financial Statements 152 Five year financial summary 160 How we run our business Responsible Operations 38 Supplementary information Governance & Risk Management 40 Shareholder information 161 Organisation & Culture 46 Licence interests 162 Shared Prosperity 48 Commercial reserves and resources 168 Transparency disclosure 169 DIRECTORS’ REPORT Glossary 172 Operations review 52 Financial review 58 Long-term risks 62 WHERE WE OPERATE West & North Africa South & East Africa Europe, South America & Asia This region contributes the majority of Tullow considers this region to have This region consists of future Tullow’s production which comes from great potential for exploration and frontier exploration acreage as well Ghana and our non-operated assets future development. The Group is as some of Tullow’s mature non-core in West Africa, providing cash flow to focused on its Uganda and Kenya gas production assets. help fund the Group’s operations. exploration and appraisal campaigns and progressing developments. OPERATIONS IN LICENCES ACREAGE (SQ KM) TOTAL WORKFORCE 22 COUNTRIES 136 330,250 2,042 COMMITTED TO CREATING VALUE FOR SHAREHOLDERS & HOST COUNTRIES STRATEGIC REPORT Chairman’s statement 4 The oil life cycle 6 Our business model 8 Market review 10 Chief Executive’s review 12 Our strategy & business plans 14 Key Performance Indicators (KPIs) 16 Special feature 20 Strategic summaries How we create value Exploration & Appraisal 32 Development & Production 34 Finance & Portfolio Management 36 How we run our business Responsible Operations 38 Governance & Risk Management 40 Organisation & Culture 46 Shared Prosperity 48 The world-class Jubilee field is Tullow’s flagship producing asset. It produced an average of 100,000 barrels of oil per day in 2014. PRINCE AMOAKO JUBILEE FIELD PRODUCTION SUPERINTENDENT, GHANA Strategic Report CHAIRMAN’S STATEMENT SIMON THOMPSON CHAIRMAN BALANCING RISK & REWARD IN A CHALLENGING MARKET 2014 was a challenging year for the oil industry and for Tullow, which was reflected in our financial and share price performance. DEAR SHAREHOLDER For some years, cost pressures have been building across Responding to change the industry, which have depressed returns on new projects, Throughout the year, Tullow responded to the changing despite high oil prices. The industry as a whole, including landscape. At the beginning of 2014, we took the decision Tullow, has also experienced low levels of commercial to reduce our future expenditure on complex deepwater exploration success. Over the past three-to-four years, oil exploration until the costs of exploration and development production from unconventional oil shale projects in the reduced sufficiently to render the risk/reward ratio attractive USA has experienced major growth. This has come at a time once again. When the oil price started to fall in mid-2014, when demand from the developed world has been subdued we moved even more decisively to reduce our overall and demand growth from China and the other major exploration budget from $0.8 billion in 2014 to approximately emerging economies has slowed. The growing imbalance $0.2 billion in 2015, in order to conserve cash and refocus between supply and demand was brought to a head at the our exploration programme on lower-cost onshore and low OPEC meeting in November 2014 when low-cost producers, complexity offshore exploration and appraisal that have the potential to yield early production and cash flows. including Saudi Arabia, signalled that they were no longer prepared to cede market share to accommodate rising Prioritising shareholders’ interests production from the USA. As a result of these pressures, A core part of our strategy over the past few years has been the oil price collapsed from a peak of $115/bbl in mid-2014 to monetise our exploration success by selling part of our to $53/bbl at the end of the year. The combination of high equity interest to fund the development of new projects. costs and falling prices means that the whole industry As industry conditions deteriorated, and competition for faces a significant margin squeeze until operating and assets reduced, it became clear that this part of our capital costs can be reduced to more sustainable levels, strategy was no longer in the best interests of our shareholders. a process that is already under way. We therefore decided to retain our full stake in the TEN 4 Tullow Oil plc 2014 Annual Report and Accounts “Our focus is on maximising cash flow from our existing producing assets and advancing our world-class portfolio of development assets in Ghana, Kenya & Uganda.” REPORT STRATEGIC Project in Ghana. We took steps to strengthen and diversify and social performance, and our leadership position on our balance sheet by issuing a second bond in early 2014. transparency of payments to governments has been widely We also reallocated our capex to projects, such as TEN, recognised. We have also reinforced our commitment to the that will generate new production and cash flow in the safety of our workforce and the protection of the environment, short-to-medium term, and protected part of the downside and our zero tolerance approach to bribery and corruption. REPORT DIRECTORS’ risk on our existing producing assets by hedging some 60% of our 2015 entitlement oil sales with an average floor price An exceptional team of people of around $86/bbl. In these unsettled times we are more than ever reliant upon the talents, enthusiasm and commitment of our Prudent financial management people. I have been impressed by the way in which the whole Despite these steps, 2014 was still a difficult year. organisation, led by Aidan Heavey and the other members Production was down on the prior year at 75,200 boepd, of the Executive team, has moved quickly to refocus and primarily due to European gas asset sales, field performances streamline the business to deliver our revised strategy. and lower Gabon production because of licence disputes. During the year we also welcomed Mike Daly to the Board, As a result, revenues dropped from $2.6 billion in 2013 to who brings directly relevant experience of the oil industry $2.2 billion in 2014. The Board has carefully reviewed the and has already made a valuable contribution to our debates.
Load more

Recommended publications
  • To Arrive at the Total Scores, Each Company Is Marked out of 10 Across
    BRITAIN’S MOST ADMIRED COMPANIES THE RESULTS 17th last year as it continues to do well in the growing LNG business, especially in Australia and Brazil. Veteran chief executive Frank Chapman is due to step down in the new year, and in October a row about overstated reserves hit the share price. Some pundits To arrive at the total scores, each company is reckon BG could become a take over target as a result. The biggest climber in the top 10 this year is marked out of 10 across nine criteria, such as quality Petrofac, up to fifth from 68th last year. The oilfield of management, value as a long-term investment, services group may not be as well known as some, but it is doing great business all the same. Its boss, Syrian- financial soundness and capacity to innovate. Here born Ayman Asfari, is one of the growing band of are the top 10 firms by these individual measures wealthy foreign entrepreneurs who choose to make London their operating base and home, to the benefit of both the Exchequer and the employment figures. In fourth place is Rolls-Royce, one of BMAC’s most Financial value as a long-term community and environmental soundness investment responsibility consistent high performers. Hardly a year goes past that it does not feature in the upper reaches of our table, 1= Rightmove 9.00 1 Diageo 8.61 1 Co-operative Bank 8.00 and it has topped its sector – aero and defence engi- 1= Rotork 9.00 2 Berkeley Group 8.40 2 BASF (UK & Ireland) 7.61 neering – for a decade.
    [Show full text]
  • Parker Review
    Ethnic Diversity Enriching Business Leadership An update report from The Parker Review Sir John Parker The Parker Review Committee 5 February 2020 Principal Sponsor Members of the Steering Committee Chair: Sir John Parker GBE, FREng Co-Chair: David Tyler Contents Members: Dr Doyin Atewologun Sanjay Bhandari Helen Mahy CBE Foreword by Sir John Parker 2 Sir Kenneth Olisa OBE Foreword by the Secretary of State 6 Trevor Phillips OBE Message from EY 8 Tom Shropshire Vision and Mission Statement 10 Yvonne Thompson CBE Professor Susan Vinnicombe CBE Current Profile of FTSE 350 Boards 14 Matthew Percival FRC/Cranfield Research on Ethnic Diversity Reporting 36 Arun Batra OBE Parker Review Recommendations 58 Bilal Raja Kirstie Wright Company Success Stories 62 Closing Word from Sir Jon Thompson 65 Observers Biographies 66 Sanu de Lima, Itiola Durojaiye, Katie Leinweber Appendix — The Directors’ Resource Toolkit 72 Department for Business, Energy & Industrial Strategy Thanks to our contributors during the year and to this report Oliver Cover Alex Diggins Neil Golborne Orla Pettigrew Sonam Patel Zaheer Ahmad MBE Rachel Sadka Simon Feeke Key advisors and contributors to this report: Simon Manterfield Dr Manjari Prashar Dr Fatima Tresh Latika Shah ® At the heart of our success lies the performance 2. Recognising the changes and growing talent of our many great companies, many of them listed pool of ethnically diverse candidates in our in the FTSE 100 and FTSE 250. There is no doubt home and overseas markets which will influence that one reason we have been able to punch recruitment patterns for years to come above our weight as a medium-sized country is the talent and inventiveness of our business leaders Whilst we have made great strides in bringing and our skilled people.
    [Show full text]
  • Africa's Leading Independent Oil Company
    TULLOW OIL PLC PLC OIL TULLOW 2017 ANNUAL REPORT & ACCOUNTS & REPORT ANNUAL 2017 TULLOW OIL PLC 2017 ANNUAL REPORT & ACCOUNTS AFRICA’S LEADING INDEPENDENT OIL COMPANY www.tullowoil.com D AFRICA’S LEADING INDEPENDENT OIL COMPANY Tullow Oil is a leading independent oil and gas exploration and production company. Our focus is on finding and monetising oil in Africa and South America. Our key activities include targeted Exploration and Appraisal, selective development projects and growing our high-margin production. We have a prudent financial strategy with diverse sources of funding. Our portfolio of 90 licences spans 16 countries and is organised into three Business Delivery Teams. We are headquartered in London and our shares are listed on the London, Irish and Ghana Stock Exchanges. 1 2 3 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS Our Group highlights 1 Directors’ report 56 Statement of Directors’ responsibilities 108 Our operations 4 Audit Committee report 67 Independent auditor’s report for the Chairman’s foreword 6 Nominations Committee report 73 Group Financial Statements 109 Chief Executive Officer’s foreword 8 EHS Committee report 76 Group Financial Statements 117 Chief Financial Officer’s foreword 10 Remuneration report 78 Company Financial Statements 153 Executive Team overview 12 Other statutory information 101 Five-year financial summary 162 Market outlook 14 Supplementary information Our strategy 16 Shareholder information 163 Our business model 18 Licence interests 164 Key performance indicators 20 Commercial reserves and resources 168 Creating value 24 Transparency disclosure 169 Operations review 26 Sustainability data 176 Finance review 31 Tullow Oil plc subsidiaries 179 Responsible Operations 36 Glossary 181 Governance & Risk management 38 Board of Directors 40 Principal Risks 42 Organisation & Culture 50 Shared Prosperity 52 You can find this report and additional information about Tullow Oil on our website: www.tullowoil.com Cover: TEN FPSO, Prof.
    [Show full text]
  • Annual Review and Summary Financial Statements 2010 Shareholder Information Continued
    Centrica plc Registered office: Millstream, Maidenhead Road, Windsor, Berkshire SL4 5GD Company registered in England and Wales No. 3033654 www.centrica.com Annual Review and Summary Financial Statements 2010 Shareholder Information continued SHAREHOLDER SERVICES Centrica shareholder helpline To register for this service, please call the shareholder helpline on 0871 384 2985* to request Centrica’s shareholder register is maintained by Equiniti, a direct dividend payment form or download it from which is responsible for making dividend payments and www.centrica.com/shareholders. 01 10 updating the register. OVERVIEW SUMMARY OF OUR BUSINESS The Centrica FlexiShare service PERFORMANCE If you have any query relating to your Centrica shareholding, 01 Chairman’s Statement please contact our Registrar, Equiniti: FlexiShare is a ‘corporate nominee’, sponsored by Centrica and administered by Equiniti Financial Services Limited. It is 02 Our Performance 10 Operating Review Telephone: 0871 384 2985* a convenient way to manage your Centrica shares without 04 Chief Executive’s Review 22 Corporate Responsibility Review Textphone: 0871 384 2255* the need for a share certificate. Your share account details Write to: Equiniti, Aspect House, Spencer Road, Lancing, will be held on a separate register and you will receive an West Sussex BN99 6DA, United Kingdom annual confirmation statement. Email: [email protected] By transferring your shares into FlexiShare you will benefit from: A range of frequently asked shareholder questions is also available at www.centrica.com/shareholders. • low-cost share-dealing facilities provided by a panel of independent share dealing providers; Direct dividend payments • quicker settlement periods; Make your life easier by having your dividends paid directly into your designated bank or building society account on • no share certificates to lose; and the dividend payment date.
    [Show full text]
  • Full Text of the Decision Regarding the Anticipated Acquisition by Telecom
    Anticipated acquisition by Telecom Plus plc of Electricity Plus Supply Limited and Gas Plus Supply Limited from Npower Limited ME/6289/13 The OFT's decision on reference under section 33 given on 16 December 2013. Full text of decision published 20 December 2013. Please note that the square brackets indicate figures or text which have been deleted or replaced in ranges at the request of the parties or third parties for reasons of commercial confidentiality. PARTIES 1. Telecom Plus Plc (TP) is a public company registered in England & Wales and trades under the 'Utility Warehouse' brand. The company provides multi-utility services to domestic customers and small and medium-sized enterprises (SMEs). TP resells a range of utilities, including fixed line telephony, fixed line broadband, mobile telephony, gas and electricity as a bundle with the customer receiving a single bill. Telecom Plus holds a 20 per cent share holding in Opus Energy Group Limited (Opus),1 an electricity and gas supplier to SME customers in the UK. 2. Electricity Plus Supply Limited (EP) and Gas Plus Supply Limited (GP) (together the 'targets') were previously owned by TP and sold to Npower Limited in 2006.2 The targets are used by Npower Limited as the exclusive vehicle for the retail sale of electricity and gas to domestic customers and SMEs who have been introduced by TP. Customers currently purchase their electricity and gas from the targets under the 'Utility Warehouse' brand. 3. Npower Limited (Npower) is a wholly owned subsidiary of RWE AG (RWE). Npower supplies gas, electricity and related services to UK residential and 1 The other shareholders are Opus staff (50 per cent) and GDF SUEZ (30 per cent).
    [Show full text]
  • Accenture • Deloitte & Touche • KPMG • Pwc
    Professional Services: Pharmaceuticals: Financial Services: Consumer Goods: Food & Drink: Accenture Abbott Allianz UK 3M Bacardi Deloitte & Touche AbbVie Arab African International AkzoNobel Britvic KPMG Astra Zeneca Bank Clarks Coca-Cola Enterprises PwC GlaxoSmithKline Aviva/Friends Life General Mills Coca-Cola Hellenic AXA Japan Tobacco Diageo Travel & Hospitality: Industrial & Energy: Barclays JTI SA Heineken First Group AngloGoldAshanti Capital One JTI UK Kellogg's Go Ahead BAE Systems Citi L'Occitane Mondelez Manchester Airport Jaguar Land Rover Deutsche Bank Philip Morris International Media: Group Johnson Matthey HSBC Management S.A. Michelin ING Ricoh UK Aegis Retail: Rolls-Royce Intesa San Paolo BSkyB Utilities & Services: Home Retail Group Siemens Investec Plc Experian Jeronimo-Martins Skanksa IPF (International Anglian Water Liberty Global Europe John Lewis Partnership Wood Group Personal Finance) Centrica Pearson Marks & Spencer Nationwide Deutsche Post DHGL Reed Elsevier Property, Construction, Southern Co-operatives Provident Financial Group Housing & Facilities: Legal: The Boots Group Prudential DP World The Co-operative Group BAM Construct UK Rothschild EDP Freshfields Bruckhaus British Land Santander UK Galp Energia Deringer Technology & Telecoms: Hammerson Schroders National Grid Linklaters Alcatel Lucent Intu Properties plc St James's Place Port of Tyne Olswang ARM ISS UK Standard Chartered Royal Mail Wragge Lawrence BT JLL UK Standard Life ScottishPower Graham & Co LLP Deutsche Telekom AG L&Q Housing Group The Royal Bank of Severn Trent Intel Corporation Land Securities Scotland Group SGN ST Microelectronics Lend Lease UBS Terna Workday Foundation Quintain Estates & UniCredit Thames Water Development PLC Zurich United Utilities Sanctuary Housing Group Shaftesbury The Crown Estate Willmott Dixo .
    [Show full text]
  • Iran Divestment Report 2012 (PDF)
    Board of Regents, State of Iowa A. Total Universe of Companies Per Conflict Resolution Network (formerly Sudan Divestment Task Force) B. Summary of all written notices sent C. Total Positions Divested As of: June 30, 2012 1 A. Total Universe of SUDAN Scrutinized Companies As of May 31,2012 COMPANY CATEGORY Alstom Highest Offender Alstom Projects India Highest Offender Alstom Power Transformers Highest Offender Wuhan Boiler Company Highest Offender AREF Energy Holding Company Highest Offender Higleig Petroleum Services and Investment Co. Ltd Highest Offender AviChina Industry & Technology Highest Offender Hafei Aviation Industry Co Highest Offender Harbin Dongan Auto Engine Co. Highest Offender Caterpillar Inc. Highest Offender Caterpillar Credito Highest Offender Caterpillar Finance Corp Highest Offender Caterpillar Financial Australia Ltd Highest Offender Caterpillar Financial Services Corp Highest Offender Caterpillar International Finance Ltd Highest Offender Caterpillar Used Equipment Services International SARL Highest Offender F.G. Wilson Engineering Ltd Highest Offender Perkins Engineers Co. Ltd Highest Offender China Gezhouba Group Company Highest Offender China Hydraulic & Hydroelectric Construction Group (Sinohydro) Highest Offender Sinohydro Group Ltd Highest Offender China North Industries Group Corp (CNGC/NORINCO) Highest Offender AKM Industrial Co. Ltd. Highest Offender China North Industries Corporation (NORINCO) Highest Offender Liaoning Huajin Tongda Chemicals Highest Offender North Navigation Control Technology Co. Ltd Highest Offender NORINCO International Cooperation Ltd Highest Offender Sichuan Nitrocell Co. Ltd Highest Offender China National Petroleum Corp (CNPC) Highest Offender China Petroleum Finance Co Ltd Highest Offender CNPC Golden Autumn Ltd Highest Offender CNPC HK Overseas Capital Ltd Highest Offender CNPC General Capital Limited Highest Offender Daqing Huake Group Co. Ltd Highest Offender Jinan Diesel Engine Co.
    [Show full text]
  • Annual-Report-And-Accounts-2019.Pdf
    Satisfying the changing needs of our customers Enabling the transition to a lower carbon future Annual Report and Accounts 2019 Group Snapshot Centrica plc is a leading international energy services and solutions provider focused on satisfying the changing needs of our customers and enabling the transition to a lower carbon future. The world of energy is changing rapidly and Centrica is now equipped to help customers transition to a lower carbon future, with capabilities and technologies to allow them to reduce their emissions. Therefore, we announced in July 2019 our intention to complete the shift towards the customer, by exiting oil and gas production. The Company’s two customer-facing divisions, Centrica Consumer and Centrica Business, are focused on their strengths of energy supply and its optimisation, and on services and solutions, with a continued strong focus on delivering high levels of customer service. Centrica is well placed to deliver for our customers, our shareholders and for society. We aim to be a good corporate citizen and an employer of choice. Technology is increasingly important in the delivery of energy and services to our customers. We are developing innovative products, offers and solutions, underpinned by investment in technology. We are targeting significant cost efficiency savings by 2022 to position Centrica as the lowest cost provider in its markets, consistent with our chosen brand positioning and propositions. Alongside our distinctive positions and capabilities, this will be a key enabler as we target
    [Show full text]
  • Tullow Oil 2019 Full Year Results Presentation
    Tullow Oil plc Tullow Oil plc | 2020 Full Year Results 10 March 2021 Disclaimer This presentation contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil and gas exploration and production business. Whilst Tullow believes the expectations reflected herein to be reasonable in light of the information available to them at this time, the actual outcome may be materially different owing to factors beyond the Group’s control or within the Group’s control where, for example, the Group decides on a change of plan or strategy. The Group undertakes no obligation to revise any such forward-looking statements to reflect any changes in the Group’s expectations or any change in circumstances, events or the Group’s plans and strategy. Accordingly no reliance may be placed on the figures contained in such forward looking statements Tullow Oil plc | 2020 Full Year Results Slide 2 2020 Full Year Results Agenda Presenters Rahul Dhir Overview Financial Chief Executive Officer Les Wood Chief Financial Officer Operations Conclusion Tullow Oil plc | 2020 Full Year Results Slide 3 OVERVIEW Tullow Oil plc | 2020 Full Year Results 2020 Full Year Results overview Operations • Production in line with guidance at 74,900 bopd • Ghana – improved operational performance underpinned by gas offtake and water injection • Non-op – diversified portfolio delivering stable and sustainable production • Kenya – licence extended and development concept under review • Exploration – focus on unlocking value
    [Show full text]
  • Semi-Annual Review Euronext-Vigeo Index UK 20 31 May 2013
    Semi-annual review Euronext-Vigeo index UK 20 31 May 2013 Index Announcement Issue Date: Friday 17 May 2013 Effective Date: Monday 3 June 2013 Announcement No: 2013-083 ______________________________________________________________________ Indices: Index ISIN Code Euronext Vigeo UK 20 QS0011250931 Subject: Semi-annual review Index Adjustment: Change in composition (see appendix). The new composition will become effective as from Monday 3 June 2013. Conditions: The compiler retains the right to change the published selection in case of mergers, take-overs, suspension or resumption of trading during the period before the effective date of the review. Index: The EuronextVigeo UK 20 index is composed of the 20 highest- ranking listed companies in UK as evaluated by the agency in terms of their performance in corporate responsibility. Ratings are weighted and reflect the company’s performance with regards to the set of risks Vigeo defines and evaluates to asses and measure corporate responsibility. ------------------------------------ When you are interested in having daily updates (IDU) from all Euronext Indices please send an email to [email protected] For further information in relation to this announcement or to subscribe / unsubscribe to Index Announcements please contact: [email protected] Global Index Group: +31 (0) 20 550 4281 This publication is solely intended as information and does not constitute an offer, solicitation or recommendation to commit to any other transaction or to buy or sell any financial products to any person. All proprietary rights and interest in or connected with this document are vested in Euronext N.V. Although this information has been compiled with care, neither Euronext nor its affiliates shall accept any responsibility for any errors, omissions or other inaccuracies in this information, nor shall it be bound in any way by the contents of this publication.
    [Show full text]
  • Tullow Oil Plc 2021 Annual General Meeting – Ceo Statement
    TULLOW OIL PLC 2021 ANNUAL GENERAL MEETING – CEO STATEMENT 16 June 2021 – Tullow Oil plc (Tullow) issues the following statement from its CEO, Rahul Dhir, ahead of its Annual General Meeting (AGM) today. Due to Covid-19 restrictions, the meeting will be held via an audio cast. Instructions for joining the audio cast can be found at the end of this statement or within the Notice of Meeting . Rahul Dhir, Chief Executive Officer, Tullow Oil plc, commented today: “Dear Shareholders, Today will be my first AGM since joining Tullow as CEO and I wanted to take the opportunity to reflect on my first year and provide an update on recent events and current operations. A year of significant change When I joined in July last year, I said that I was excited at the opportunity to lead Tullow and re-build an exceptional company. We have since taken necessary steps to transform the business and, after a year of significant change, I believe we have emerged as a new company with a fundamentally different approach. We have shifted our focus away from exploration and development and long-cycle capital commitments to a production focused company with a robust, cash generative business plan. At our Capital Markets Day in November 2020 I laid out our 10-year business plan which focuses over 90% of our capital investment in our high margin production assets in West Africa. This will generate material cashflow to self-fund high return, fast payback investment opportunities and reduce debt – even at low oil prices. The delivery of this business plan required us to address several fundamental aspects of the business and I am proud to report that we have made excellent progress on the following: Reducing our cost base: we are delivering cost savings across the business including annual G&A cash savings of $125 million.
    [Show full text]
  • Tullow Oil Plc 2009 Annual Report and Accounts Operational Highlights Group Overview Directors’ Report
    Tullow Oil plc Tullow Oil plc Tullow Oil plc 3rd Floor, Building 11 2009 Annual Report and Accounts Chiswick Park 566 Chiswick High Road London W4 5YS Tel: +44 20 8996 1000 Fax: +44 20 8994 5332 2009 Annual Report and Accounts Email: [email protected] Website: www.tullowoil.com Africa’s leadingindependent oil company This report is produced on material which contains 50% recycled and de-inked pulp from post consumer waste. The remaining pulp contains FSC credited material from well-managed forests. Designed by Black Sun Plc Printed by St Ives Westerham Press Get more online at tullowoil We are committed to improving our disclosure and communication to increase the understanding of our business. Our policy is to be open, transparent, uniform and timely. We will continue to upgrade our corporate website. Africa’s leading Additional features We will be incorporating new independent oil company features, including the ability to customise the site for Tullow Oil plc is a global independent oil individual users. and gas company with over 90 licences in New content We will be adding video, 25 countries. The Group is headquartered new content and an improved in London and employs nearly 900 people ‘major projects’ section to make world-wide. Tullow is listed on the London the site more interesting. and Irish Stock Exchanges and is More interactivity We will be upgrading a constituent of the FTSE 100 index. site tools to make the site more user-friendly. We have a long history in Africa and the continent has been the major focus of our activity and investment in recent years.
    [Show full text]