DOCSLIB.ORG

The Next Phase of Growth for Tullow

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Next Phase of Growth for Tullow TU017_Cover_vAW2.qxd:13331_Tullow_Oil_Cov 30/3/09 16:45 Page 1 Tullow Oil plc Oil plc Tullow Tullow Oil plc 2008 Annual Report and Accounts 3rd Floor, Building 11, Chiswick Park, 566 Chiswick High Road London W4 5YS The next phase Tel: +44 20 8996 1000 Fax: +44 20 8994 5332 2008 Annual Report and Account Email: [email protected] of growth Website: www.tullowoil.com s 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 TU017_IFC-p3_vAW5.qxp:Layout 1 30/3/09 14:30 Page b Tullow Oil plc is one of the largest independent oil and gas exploration and production companies in Europe. The Group is entering its next phase of growth with a major focus on Africa, where Tullow is already a dominant player. Key to achieving the Group’s growth ambitions is the effective execution and delivery of first oil in Ghana by 2010, and developing the significant resource base established in Uganda. Group overview Directors’ report: Business review Tullow has maintained its outstanding exploration record Tullow has a clear vision to be the leading independent and made excellent progress in developing its world-class global exploration and production company. Here you can basins in Ghana and Uganda in 2008. The Group is focused read about how well positioned we are for the next phase on future growth and in this section you will learn about our of growth, how we are realising our vision, executing our operations, performance and outlook. strategy and measuring our progress. 2 Operational highlights 10 Chief Executive’s review 3 Financial highlights 14 Vision and strategy 4 What we do 16 Organised to deliver 6 Where we operate 18 Key Performance Indicators 8 Chairman’s statement Read about our operational performance for the year. We believe we have developed a unique set of 20 Operations review: Africa characteristics and competencies that will help 32 Operations review: Rest of the World us deliver the next phase of growth for Tullow. 12 Entrepreneurial spirit Review our record results, enhanced financial flexibility 24 Excellent execution and comprehensive risk management systems. 28 Right skills 40 Finance review 36 Proven expertise 44 Risk management and risk factors Read about our commitment to our people and our embedded approach to our Corporate Social Responsibilities (CSR) in the following sections. 48 Tullow people 50 Corporate Social Responsibility Summary glossary bbl Barrel FPSO Floating Production Storage and Offtake vessel P&D Production and Development boe Barrels of oil equivalent KPI Key Performance Indicator PSC Production Sharing Contract boepd Barrels of oil equivalent per day LTI Lost Time Incident sq km Square kilometres bopd Barrels of oil per day LTIFR LTI Frequency Rate measured in LTIs per tcf Trillion cubic feet CSR Corporate Social Responsibility million hours worked toes Tullow Oil Environmental Standards E&A Exploration and Appraisal mmbbl Million barrels TSR Total Shareholder Return EHS Environment, Health and Safety mmboe Million barrels of oil equivalent EPS Early Production System mmscfd Million standard cubic feet per day Cover image: The Nabors 221 rig drilling in the Lake Albert Rift Basin in Uganda. This page: The OGEC land rig drilling in the Butiaba region of Block 1 Uganda. TU017_IFC-p3_vAW5.qxp:Layout 1 27/3/09 21:52 Page 1 Directors’ report: Corporate governance Financial statements Read how Tullow operates within a clear framework for This section contains statutory information on Group and the management of the Group, the safety of its operations, company accounts, a summary of the Group’s performance the successful execution of its strategy and delivery of over five years, a current licence list and information on shareholder value. Tullow’s commercial reserves and contingent resources. 54 Chairman’s introduction 80 Statement of Directors’ responsibilities 56 Board of Directors 81 Independent auditors’ report for the Group financial statements 58 Corporate governance 82 Group financial statements 66 Directors’ remuneration report 115 Independent auditors’ report for the Company 76 Other statutory information financial statements 116 Company financial statements 126 Five year financial summary 127 Licence interests 131 Commercial reserves and contingent resources summary Supplementary information In this section you will find information for shareholders about dividends, dealing services and e-communication together with Group contacts and senior management. An index and glossary are also included to help users understand our business. 132 Shareholder information 133 Senior management 134 Contacts 135 Index 136 Glossary For more information on Tullow Oil plc and CSR activities visit: www.tullowoil.com Tullow Oil plc 2008 Annual Report and Accounts 1 TU017_IFC-p3_vAW5.qxp:Layout 1 27/3/09 21:52 Page 2 Group overview Operational highlights 100% exploration success record The Group achieved a 100% exploration success rate in Ghana and Uganda, which significantly de-risks these major development projects. Drilling riser on Eirik Raude rig, offshore Ghana. Jubilee on target for first oil in 2010 Phase 1 of the Jubilee field development in Ghana remains on track for first oil in 2010, just three years after the first discovery well. James Byrne, EHS Advisor, on the Blackford Dolphin rig. Block 1, Uganda. Successful equity Excellent health placing and financing and safety results In early 2009, Tullow raised gross A strong focus throughout the year proceeds of £402 million through on health and safety delivered the an equity share placing and secured Group’s best ever performance, US$2 billion of bank facilities. placing Tullow in the top quartile in the industry. The central processing complex on the Hewett field, in the UK’s Southern North Sea. £210 million sale of UK assets During the year, Tullow sold its 51.69% interest in the offshore Hewett Unit fields and related infrastructure, including the onshore Bacton terminal. Tullow employees working at the Takoradi pipe-yard in Ghana. 2 Tullow Oil plc 2008 Annual Report and Accounts TU017_IFC-p3_vAW5.qxp:Layout 1 27/3/09 21:52 Page 3 Group overview Directors’ report: Business review Directors’ report: Corporate governance Financial statements Financial highlights Record results and delivery Tullow has delivered record results for 2008, driven by a strong operational performance, higher oil and gas pricing compared with 2007 and profitable portfolio management. Read more starting on page 8 Sales revenue (£ million) Operating profit (£ million) 300 692 £692 million £300 million 639 Higher commodity prices during the 263 Operating profit increased 59%, 579 year, partly offset by marginally lower principally due to higher commodity sales volumes, resulted in an 8% 189 prices and profits of £244 million increase in sales revenue in 2008. in relation to asset disposals, offset by £227 million exploration costs written-off. 06 07 08 06 07 08 Profit after tax (£ million) Operating cash flow (£ million) 519 226 £226 million £519 million 474 A gain on hedging instruments of 447 Tullow generated record cash flows in £43 million compared with a loss of 2008, 9% ahead of 2007. This facilitated 157 £29 million in 2007 and a lower effective £460 million investment in exploration 2008 tax rate are the principal reasons and development activities, dividend for a 330% increase in profit after tax. payments, servicing of debt facilities 53 and a £60 million reduction in net debt. 06 07 08 06 07 08 Basic earnings per share (pence) Dividend per share (pence) 30.9 6.0 30.9 pence 6.0 6.0 pence Basic earnings per share increased 5.5 Due to the Group’s requirement for 24.2 335% in 2008. This represents a strong major capital investment in 2009 and recovery in earnings after a sharp given the current economic uncertainty, decline in 2007 and reflects the Group’s the Board feels that it is prudent to strong results for the year. maintain the dividend at the 2007 level. 7.1 06 07 08 06 07 08 Tullow Oil plc 2008 Annual Report and Accounts 3 TU017_p4-5_vAW6.qxp:Layout 1 27/3/09 21:54 Page 4 Group overview What we do A leading independent oil and gas company Tullow has a large portfolio of exploration and production assets with a focus on balanced long-term growth. In the near term, Tullow is concentrating on executing major projects in Ghana and Uganda and continuing to build a powerful presence in Africa. Exploration and Appraisal 2008 was another outstanding year for exploration success at Tullow. The Group’s overall success rate was 77% with 17 discoveries from 22 wells, and a 100% success rate in Ghana and Uganda. In Ghana, major resource potential was confirmed at the Jubilee field, with most likely reserves of 1.2 billion barrels of oil. In Uganda, a series of significant discoveries means the Lake Albert Rift Basin has passed the commercial volume threshold required for development and is now being fast-tracked. 2009 Challenges Operations on Ngassa-1 well, Uganda. Tullow’s focus in 2009 is on selective high-impact Exploration and Appraisal (E&A) campaigns. These include: • Appraising the extent of the Jubilee field to prove reserves and mature resources, which will support 77% Exploration success rate in 2008, with 17 discoveries long-term funding and infrastructure development from a 22-well exploration programme during the year. for this new industry offshore Ghana; • Increasing the resource inventory of the Lake Albert Rift Basin, with a focus on delivering further material discoveries; • Following up on the successful Tweneboa-1 well Total reserves and resources by oil and gas (mmboe) with a campaign of E&A wells; and • Planning core play campaigns for 2010 onwards, Total reserves and resources of in particular, material stratigraphic traps in the 265 825 mmboe, up 50% in 2008.
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]
  • 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]
  • Industry Background
    Appendix 2.2: Industry background Contents Page Introduction ................................................................................................................ 1 Evolution of major market participants ....................................................................... 1 The Six Large Energy Firms ....................................................................................... 3 Gas producers other than Centrica .......................................................................... 35 Mid-tier independent generator company profiles .................................................... 35 The mid-tier energy suppliers ................................................................................... 40 Introduction 1. This appendix contains information about the following participants in the energy market in Great Britain (GB): (a) The Six Large Energy Firms – Centrica, EDF Energy, E.ON, RWE, Scottish Power (Iberdrola), and SSE. (b) The mid-tier electricity generators – Drax, ENGIE (formerly GDF Suez), Intergen and ESB International. (c) The mid-tier energy suppliers – Co-operative (Co-op) Energy, First Utility, Ovo Energy and Utility Warehouse. Evolution of major market participants 2. Below is a chart showing the development of retail supply businesses of the Six Large Energy Firms: A2.2-1 Figure 1: Development of the UK retail supply businesses of the Six Large Energy Firms Pre-liberalisation Liberalisation 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
    [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]
  • Corporate Responsibility Report 2003 What Matters to You
    Centrica ‘We aim to build positive relationships by developing a sustainable approach to doing business.’ Sir Roy Gardner, Chief Executive Corporate Responsibility Report 2003 What matters to you... Our first responsibility is to meet our customers’ needs for essential services. Through our business activities, we are an integral part of local communities. We create wealth for employees, generate taxes to government, create jobs among suppliers and deliver a fair reward to investors who finance our business. Centrica Energy manages Centrica Business Services One.Tel provides a fresh In Canada, Direct Energy our gas production and aims to be recognised as the and innovative approach in Essential Home Services offers electricity generation most innovative and flexible providing a range of landline, gas and electricity and a range capabilities, along with provider of energy and other mobile and internet services of home services in Ontario. third party supply and essential services to the UK across the UK. In Texas, we supply electricity transportation contracts. business community. under the Direct Energy, WTU Retail Energy and CPL Retail Energy brands to homes and businesses. We supply gas under the British Gas is the market The AA provides reassurance Luminus, our joint venture Energy America brand in leader in delivering gas, and services to motorists energy business in Belgium, Michigan, Ohio and electricity and telecoms to in the UK and Ireland. Our and Luseo Energia, our Pennsylvania. Direct Energy millions of homes across roadside assistance remains business to business brand Business Services provides the UK. As well as energy at the core of our activities in Spain, provide us with a comprehensive energy and telecoms, we offer and we are the UK’s number launch pad into the markets solutions to businesses customers an increasing one insurance intermediary.
    [Show full text]