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Tullow Oil Plc 2020 Annual Report and Accounts Tullow Is a Well Established, Recognised Oil and Gas Explorer and Producer

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Tullow Oil Plc 2020 Annual Report and Accounts Tullow Is a Well Established, Recognised Oil and Gas Explorer and Producer 2020 Annual Report and Accounts 2020 Annual Report Tullow Oil plc 2020 Annual Report and Accounts Tullow is a well established, recognised oil and gas explorer and producer Our focus is on producing low cost oil and gas in a safe, efficient and environmentally and socially responsible way. Our key activities include generating material value for host countries, creating local business opportunities and building a compelling proposition for investors and a great place for employees to work. Our portfolio of over 50 licences spans 11 countries. We are headquartered in London and our shares are listed on the London, Irish and Ghana Stock Exchanges. Our investment case Tullow has a production base underpinned by large resources with material organic growth potential. This is where we will spend over 90 per cent of our capital over the next 10 years. Our strong geoscience and subsurface skills enable us to maximise recovery and add additional resources which will provide further value from our producing base. Tullow is in transition to a more reliable and consistent operating performance. With a focus on costs, we will deliver high margins and ensure that we generate cash flows to fund our investments and reduce net debt. A disciplined approach to capital allocation ensures high returns and rapid paybacks and at $55/bbl flat nominal oil prices we can deliver c.$7 billion in underlying operating cash flow over the next 10 years with c.$4 billion pre-financing cash flow. Tullow has significant positions in discovered and emerging basins. An innovative approach alongside deep geoscience and engineering expertise will allow us to unlock value in key basins such as Kenya, Guyana, Suriname and Argentina. This new approach delivers a compelling combination of highly visible and sustainable cash flows with unique opportunities for additional value. New approach delivers material value and cash flow Operational Significant value underpinned by a large resource base c. turnaround $7bn operating CF 1 nd Focus on costs to maintain high margins at low prices Cost a basins d focus c.$4bn g cash flow available Delivering sustainable self-funded production for debt service and vere Capital 2 shareholder returns co discipline is Material options to generate additional returns D Upside emergin Geoscience Undeveloped resource and gas commercialisation Strong cash flows for debt reduction and equity growth 1. Cash flow from operating activities, before debt service, capital investment and decommissioning expenditure. 2. Cash flow from operating activities less capital investment and decommissioning expenditure. 1&2. Based on $45/bbl in 2021, $55/bbl flat nominal in 2022+. Read more about the Alternative performance measure disclosure on pages 151 and 152. Strategic report REPORT STRATEGIC Key statistics Our investment case Key statistics 1 Group average working interest production Our Group highlights 2 Our strategic roadmap 3 74,900 boepd Chair’s statement 4 Chief Executive Officer’s statement 6 2019: 86,800 boepd Our business model 8 Markets 10 Reserves A balanced scorecard 12 Operations review 14 260 mmboe Chief Financial Officer’s statement 17 Proven and Probable Commercial Reserves Finance review 20 2019: 243 mmboe Sustainability 24 Governance and risk management 30 Licences Section 172(1) Statement 36 Viability statement 37 53 Non-financial reporting 38 Across 11 countries Corporate governance 2019: 74 licences across 14 countries Directors’ report 40 Board of Directors 46 Lost Time Injury Rate (LTIR) Stakeholder engagement 48 Audit Committee report 49 0.32 Nominations Committee report 54 2019: 0.09 Safety and Sustainability Committee report 56 Remuneration report 57 Other statutory information 74 Financial statements Statement of Directors’ responsibilities 79 Independent auditor’s report to the members of Tullow Oil plc 80 Group Financial Statements 93 Company Financial Statements 142 Supplementary information Alternative performance measures 151 Shareholder information 153 Commercial reserves and contingent resources summary (unaudited) working interest basis 154 Tullow Oil plc 2020 Annual Report and Accounts 1 Our Group highlights Year of resilience A clear roadmap to deliver an efficient and effective organisation, which will ensure we generate sustainable cash flow, over the next 10 years, from our producing assets and realise value from our exploration portfolio Revenue Capital investment $1.4bn $288m¹ 2019: $1.7bn 2019: $490m Underlying cash operating costs Free cash flow $12.1/boe¹ $432m¹ 2019: $11.1/boe 2019: $355m Adjusted EBITDAX Net debt $0.8bn¹ $2.4bn¹ 2019: $1.4bn 2019: $2.8bn Loss after tax Gearing $(1,222)m 3.0 times¹,² 2019: 2.0 times 2019: $(1,694)m 1. Alternative performance measures are reconciled on pages 151 and 152. 2. Gearing ratio calculated as net debt/adjusted EBITDAX. 2 Tullow Oil plc 2020 Annual Report and Accounts Our strategic roadmap REPORT STRATEGIC Our purpose is to build a better future through responsible oil and gas development Our stakeholders OUR HO Our investors: Our host countries: Our people: RS S O T T C S O E U V Delivering sustainable Creating shared prosperity Providing a great place to N N I T R R I U E S returns on capital work O O UR PEOPLE Our focused strategy Large discovered Safely delivering Portfolio of well Disciplined Self-funded with Highly resource base operational defined and capital allocation significant capital experienced and with upside excellence at low resilient supports value flexibility committed team cost investment creation and opportunities deleveraging Managing our risks Strategy See more on page 33 Financial See more on page 34 Stakeholder See more on page 33 Organisation See more on page 35 Climate change See more on page 34 Conduct See more on page 35 EHS or security See more on page 34 Cyber See more on page 35 Tullow Oil plc 2020 Annual Report and Accounts 3 Chair’s statement Resilient and focused on returning Tullow to strength The year ahead is a pivotal year for Tullow, where we lay the foundations for a robust and stable business capable of delivering attractive returns for our shareholders and host countries. have already been brought to bear in beginning the turnaround of Tullow’s fortunes. Rahul’s new leadership team is a good balance of long-serving Tullow leaders and new talent, who together have the breadth and depth of experience and complementary skills to manage the business. Tullow has a clear strategic direction, with a new integrated leaner organisation structure, and a redoubled focus on driving value for our investors, host governments and our people. Rahul and his team have set out a compelling long term plan, which the Board has endorsed, and which was presented to the market in November at a Capital Markets Day event. At its core is the disciplined allocation of capital “ I am pleased to conclude the year to maximise value from Ghana’s significant resources and material organic growth potential. Assuming a flat nominal with much greater confidence in oil price of $55/bbl this plan expects to deliver approximately the future of Tullow. The business $7 billion in underlying operating cash flow over the next 10 years, with approximately $4 billion pre-financing cash flow. has a clear roadmap, to be Debt levels and near term maturities have been an area of delivered by a lean and highly concern in 2020; however, the initial $500 million in proceeds from the completion of the Uganda farm-down has reduced skilled and committed team, our net debt from $2.8 billion to $2.4 billion. The closing of focused on driving value for all this transaction marks Tullow’s exit from its licences in Uganda after 16 years of operations in the Lake Albert basin. our stakeholders.” The country has been an integral part of Tullow’s history. We pioneered exploration in Lake Albert, achieved prolific Dorothy Thompson exploration success and played a major role in the founding Chair and development of Uganda’s oil industry. We will watch the progress of Uganda’s oil and gas industry with much interest and we all wish the people and Government of Uganda and Against the backdrop of the global pandemic and its impact our former Joint Venture Partners every good fortune as they on oil prices, market conditions and restrictions on movement take this important project forward. The value from this of people and materials, Tullow has weathered the storm in transaction, coupled with the non-operated asset sales 2020 with remarkable focus and determination, meeting announced in February and strong cash flow from our growing production guidance and ending the year cash flow positive, production base in Ghana, will provide the means to address inclusive of Uganda proceeds. Tullow’s resilience is particularly the debt maturities and progress refinancing options. In time, noteworthy, given the tumultuous start to the year. this will return the Company to a more stable capital base. A new experienced leader is now at the helm of Tullow. Regretfully, until Tullow has further reduced debt and Rahul Dhir was selected after a rigorous search process and strengthened its balance sheet, the dividend will continue to officially joined the Company in July after several months of be suspended. However, the Business Plan that has been set immersing himself in the business beforehand. Rahul’s out shows the route and ambition to return shareholder value extensive leadership experience in both the technical and as quickly as possible. commercial aspects of the industry, coupled with his expertise in finance and private equity for the sector, are vital skills that 4 Tullow Oil plc 2020 Annual Report and Accounts Purpose, organisation and culture Tullow’s Board gender diversity remains strong, with 33 per cent One of the areas of the business review carried out in 2020 representation of women, and we remain committed to advancing was to make Tullow a more efficient and effective organisation.
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