Record financial results; profit before tax over $1billion
Basin-opening discovery in South America; E&A success ratio 74%
Completed $2.9 billion farm down in Uganda in February 2012
Tullow Oil plc (Tullow), the independent oil and gas exploration and production Group, announces its results for the year ended 31 December 2011.
2011 was a very good year for Tullow. Industry leading exploration success continued with the opening of a major new basin offshore French Guiana as well as further discoveries in Africa. The Group’s financial performance has also been strong with record results for the year based on a 35% increase in production and significantly higher commodity prices helping to deliver a profit after tax increase of 670% to $689 million. Since year-end, Tullow has completed the $2.9 billion farm down in Uganda. Tullow now has a strong balance sheet providing financial flexibility and a solid foundation for future growth.
|Working interest production (boepd)||78,200||58,100||Up 35%|
|Realised oil price per barrel ($)||108||78||Up 38%|
|Realised gas price per therm (pence)||57||42||Up 36%|
|Sales revenue ($m)||2,304||1,090||Up 111%|
|Operating profit ($m)||1,132||262||Up 332%|
|Profit before tax ($m)||1,073||179||Up 499%|
|Profit after tax ($m)||689||90||Up 670%|
|Basic earnings per share (cents)||72.5||8.1||Up 795%|
|Full year dividend per share (pence)||12||6||Up 100%|
|Operating cash flow before working capital ($m)||1,832||789||Up 132%|
“Record results in 2011 and the $2.9 billion farm down to CNOOC and Total in Uganda are further landmarks in Tullow’s evolution. In the coming year, we will continue to execute our industry-leading exploration programme, appraise major discoveries and invest in key development projects in Ghana and Uganda. Tullow now has a very strong balance sheet and increased cash flow, which gives us real financial flexibility and a firm foundation for further growth. With many opportunities for growth, 2012 promises to be another excellent year for Tullow.”