2011 Annual Report PDF - Tullow Oil plc

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STAY UP TO DATE This report is complemented by a range of online information and resources. SUPPLIER CENTRE In 2011, Tullow launched an online supplier centre to provide all companies, but particularly local suppliers, with the opportunity to register their interest to become a supplier. Visit: www.tullowoil.com/ supplier_centre WWW.TULLOWOIL.COM This is our main corporate site. Key sections include our business, investors, media, corporate responsibility and our people. There is also information on our major projects and links to our other websites. Site tools include alert services, social media, and a mobile site. My Tullow is a facility where you can customise the site to suit your preferences and information needs. WWW.TULLOWOIL.COM/REPORTS We have a central hub for financial calendar events such as results and the AGM and for our corporate reports. Results webcasts, presentations and fact books are also available here. 2011 Annual Report and Accounts Visit: www.tullowoil.com/ara2011 E-communications without any particular software requirement other than the software which is available on the Group’s website. communications, a donation is made to the eTree initiative run by Woodland Trust. You can register for email communication at: 2011 Corporate Responsibility Report Our 2011 Corporate Responsibility Report will be published in June 2012. This will also be available online. Visit: www.tullowoil.com/reports www.etreeuk.com/tullowoilplc 180 Tullow Oil plc 2011 Annual Report and Accounts
This report is printed on Heaven 42 which is FSC ® certified (the standards for well-managed forests, considering environmental, social and economic issues). Heaven 42 is manufactured at a mill that is certified to the ISO14001 and EMAS environmental standards. Designed and produced by Black Sun Plc Printed by Pureprint Group
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Tullow Oil plc 2011 Annual Report a
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Contents BUSINESS REVIEW Tullow had
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4 2011 highlights 2011 was a very g
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Sales revenue $2.3 BILLION 2010: $1
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1 WEST & NORTH AFRICA SOUTH & EAST
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In Ghana, we have experienced techn
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More information Page Strong organi
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CLEAR VISION SPECIAL FEATURE TO BE
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1 Exploration & appraisal 7 Shared
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EXPLORATION & APPRAISAL Strategic p
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DELIVERING MATERIAL PRODUCTION GROW
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21 www.tullowoil.com
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RISK MANAGEMENT Strategic priority:
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SUSTAINING OUR GOOD REPUTATION 25 w
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27 www.tullowoil.com
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CREATING SHARED PROSPERITY 29 www.t
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Key Performance Indicators MEASURIN
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More information Page Long-term per
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Financial results and KPI summary 2
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Operating cash flow Higher producti
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Capital market relationships Tullow
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Regional business management units
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LONG-TERM PERFORMANCE RISKS We grou
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1 Operational risk continued Key de
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48 2011 operations overview Overall
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2 OPERATIONS REVIEW Europe, South A
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DEVELOPMENT & OPERATIONS A new scal
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Senior Drilling Supervisor with tra
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Mauritania & Senegal Production fro
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periods for Kasamene, Wahrindi, Kig
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2 West African and South American e
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62 Creating shared prosperity Creat
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More information Page Special featu
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Social performance standards We are
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3 The effect of Uncontrolled Releas
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3 Future talent pool In October 201
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3 LOCAL CONTENT Creating real oppor
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3 Key corporate responsibility poli
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76 Chairman’s introduction At Boa
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4 In order to provide the human and
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I am delighted to have taken on the
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Board of Directors EXPERIENCED LEAD
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4 CORPORATE GOVERNANCE Ann Grant No
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Audit planning and update on releva
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Directors in their place. On 12 May
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CONTENTS 89 Introduction 89 Remuner
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Remuneration mix The pay structure
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2011 PSP grant policy Executive Num
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Service agreements Each Executive D
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4 Directors’ interests in the sha
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4 Deferred Share Bonus Plan (DSBP)
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Attendance at meetings The attendan
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BOARD PERFORMANCE EVALUATION 4 CORP
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Executive team. In 2012, Tullow pla
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Company’s assets in whole or in p
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All employees are helped and encour
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As part of our Code of Business Con
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Independent Auditor’s Report to t
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Group balance sheet As at 31 Decemb
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Group cash flow statement Year ende
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The principal accounting policies a
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5 Finance costs of debt are allocat
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5 Commercial reserves estimates (no
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5 Note 2. Business combinations On
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5 Europe, South America and Asia $m
Page 131 and 132: 5 Non-current assets by origin Ghan
Page 133 and 134: 5 Note 6. Staff costs The average m
Page 135 and 136: 5 The Group’s profit before taxat
Page 137 and 138: 5 Note 12. Property, plant and equi
Page 139 and 140: 5 Note 13. Investments 2011 $m 2010
Page 141 and 142: 5 Note 18. Trade and other payables
Page 143 and 144: 5 The $3.5 billion Reserves Based L
Page 145 and 146: 5 Note 20. Financial instruments Fi
Page 147 and 148: 5 Oil and gas prices The Group uses
Page 149 and 150: 5 Financial derivatives The Group i
Page 151 and 152: 5 Deferred tax assets are recognise
Page 153 and 154: 5 Note 27. Share-based payments 200
Page 155 and 156: 5 UK & Irish Share Incentive Plans
Page 157 and 158: Independent Auditor’s Report to t
Page 159 and 160: Company balance sheet As at 31 Dece
Page 161 and 162: Notes to the Company financial stat
Page 163 and 164: 5 Note 6. Bank loans Current Short-
Page 165 and 166: 5 Note 9. Shareholders’ funds Sha
Page 167 and 168: 2010 Share Option Plan (2010 SOP) a
Page 169 and 170: 5 Note 13. Subsequent events Since
Page 171 and 172: Commercial reserves and contingent
Page 173 and 174: Area Tullow Licence Fields sq km in
Page 175 and 176: Licence / Blocks Fields Area sq km
Page 177 and 178: Contacts Secretary & registered off
Page 179 and 180: K Kenya 6, 7, 57 Key financial metr
Page 181: M mmbbl mmboe mmscfd MoU MTM Millio
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2011 Annual Report PDF - Tullow Oil plc

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