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Tullow Oil Plc 2009 Annual Report and Accounts Operational Highlights Group Overview Directors’ Report

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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. New reporting centre tullowoilreports As a result we are now within sight of We are creating a central hub for our main corporate reports, which is being launched as part of the online delivering first commercial production 2009 Corporate Responsibility Report in May 2010. from two new oil basins. Combined with a high-impact exploration portfolio across the continent and an approach to corporate 2009 Annual Report and Accounts 2009 Corporate Responsibility Report 2010 Full Fact Book We publish an online Annual The 2009 Corporate We publish a Fact Book twice responsibility that aims to create shared Report and this year will be Responsibility Report will a year in March and August including a number of new be published in May 2010. to coincide with results prosperity,Tullow is establishing itself as tools including the ability to We will also publish an reporting. It contains lots create your own report. Visit: online version. Visit: of additional operational Africa’s leading independent oil company. http://ara2009.tullowoil.com www.tullowoilreports.com information to complement the results announcement and presentation. For more information visit www.tullowoil.com E-communications • All documents on the website are available to view without any particular software requirement other than the software which is available on the Group’s website. Cover Kingdom Sefadazi, Lead Stevedore • For every shareholder who signs up for electronic communications, a donation is made to the eTree initiative Takoradi, Ghana run by Woodland Trust. You can register for email communication at: www.etreeuk.com/tullowoilplc Contents Directors’ Report: Group overview 1. Creating stakeholder value 2. Delivering on all fronts Financial results 4 What’s new Chairman’s statement 14 What’s new Operational highlights 5 We outline our governance Governance highlights 17 We include governance and management highlights up front. Where we operate 6 framework. Key Performance Indicators 18 We explain how our 2009 How we are organised 8 We explain how we create performance impacts How we create value 10 value through expanding bonus remuneration. and commercialising our resource base. Directors’ Report: Business review 3. Achieving top quintile growth 5. Developing a significant asset base worldwide ChiefExecutive’s review 22 What’s new Operations review: Rest ofthe World 50 Our strategy 24 We demonstrate how Europe 51 we create competitive Our markets and industry 25 advantage through our South Asia 52 Our approach to exploration approach to exploration South America 53 and production 26 and production. 4. Success and progress in Africa 6. Funding for an exceptional set of opportunities Operations review: Africa 32 What’s new Finance review 56 What’s new Uganda 33 As we near agreement on Risk management 62 We have enhanced risk the Ugandan pre-emption disclosure and cross Ghana and Equatorial Atlantic 37 and farmdown, we show linked risk with all Jubilee special feature 39 key events from formation related information. of the Lake Albert Rift Other Africa operations 47 7. Creating shared prosperity We have expanded our Basin to first oil. corporate responsibility 68 With first oil this year in Corporate responsibility section and added Ghana, we have developed Living our values 70 new content. a special feature to give Environment, Health and Safety 72 an overview ofthis major project to date. Our people 74 Directors’ Report: Corporate governance 8. Maintaining the highest standards of governance Chairman’s introduction 78 What’s new Corporate governance 82 What’s new Board ofDirectors 80 We show how the Board Directors’ remuneration report 91 We explain spent its time in 2009. the 2009 Board Other statutory information 101 evaluation process. Financial statements and supplementary information 9. Financial statements Supplementary information Statement ofDirectors’ 106 Commercial reserves and 156 responsibilities contingent resources summary Independent auditors’ report for 107 Licence interests 157 the Group financial statements Shareholder information 161 Group financial statements 108 Contacts 162 Independent auditors’ report for 143 Index 163 the Company financial statements Glossary 164 Company financial statements 144 Five year financial summary 155 www.tullowoil.com 1 Lynda Biribonwa, Environmental Compliance Advisor Sanjay Patel, Senior Systems Administrator Kampala office, Uganda 1 Creating stakeholder value We have a responsibility to create value and deliver benefits for all our stakeholders. Value is created by doing what we do to the best of our abilities. Financial results 4 The 2009 results reflect a period of financial transition as we invest in key development projects that will fundamentally transform the business. Operational highlights 5 It was a great year across Tullow with Jubilee first oil on track, record exploration success and strong portfolio management. Where we operate 6 We have a global footprint that spans 25 countries, over 90 licences and 202,000 sq km of acreage combining world-class exploration opportunities and growing production. How we are organised 8 Tullow has a strong governance and organisational framework that is based on responsibility, accountability and transparency. How we create value 10 Tullow creates value in two ways. We consistently grow our resource base through successful exploration and strategic acquisitions and then we commercialise those resources through development and portfolio management. Directors’ Report: Group overview Financial results The 2009 results are in line with expectations and reflect a period of financial transition as we re-position the business. We significantly strengthened our balance sheet and have put in place a capital structure integral to delivering our medium-term strategy. This enables us to invest in high-impact exploration and develop significant production from two world-class basins. Salesrevenue Operating profit Profit after tax £582 million £95 million £19 million Lower commodity prices and sales Operating profit decreased by 68% due to lower Profit after tax decreased by 92% mainly due volumes resulted in a 16% decrease sales revenue, significantly lower profit on asset to lower operating profit and an IAS 39 charge in sales revenue in 2009. disposals compared with 2008, offset by a of £37 million (2008: credit of £43 million), decrease in exploration costs written-off. offset by a lower effective tax rate. 700 692 500 300 630 639 450 270 582 560 400 240 226 490 350 210 420 300 300 180 350 250 150 280 200 189 120 210 150 90 140 100 95 60 53 70 50 30 19 0 07 08 09 0 07 08 09 0 07 08 09 Operating cash flow Basic earnings per share Dividend per share £374 million 1.9pence 6.0 pence Lower commodity prices and sales volumes Basic earnings per share decreased by 94% in With considerable opportunity to deliver led to a reduction of 28% in operating cash flow. 2009 primarily due to the reduction in profit after shareholder value by continuing to invest in Operating cash flow and equity placing proceeds tax and also an increase in issued share capital the business, the Board feels it is appropriate facilitated capital investment of £758 million during the year. to maintain the dividend at the 2008 level. in 2009. 700 40 10 630 36 9 560 32 8 519 30.9 490 474 28 7 420 24 6 6.0 6.0 6.0 374 350 20 5 280 16 4 210 12 3 140 8 7.1 2 70 4 1 1.9 0 07 08 09 0 07 08 0 07 08 09 09 4 Tullow Oil plc 2009 Annual Report and Accounts Operational highlights Group overview Directors’ Report: Strengthened 6.6 million Capital structure Hoursworked A US$2 billion refinancing Good Environment, Health and was secured in March Safety performance delivered 2009 and a further in a busy year across Tullow. US$250 million corporate facility was finalised in December 2009. Gross proceeds of £1.3 billion Corporate responsibility page 68 were raised from two successful equity placings in January 2009 and January 2010. Coupled with the anticipated Ugandan farmdown, the Group will have successfully restructured its balance sheet and put in place a more appropriate capital structure for the medium-term delivery of its growth strategy. Finance review page 56 Drilling operations, Uganda Local flora, Ghana First oil 2010 87% Jubilee on target to deliver Exploration success Jubilee Phase 1 is on time and within its US$3.1 billion budget.
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