Results summary
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 $2.9 billion farm down in Uganda. Tullow now has a strong balance sheet providing financial flexibility and a solid foundation for future growth.
|
|
2011 |
2010 |
Change |
|
Working interest production (boepd) |
78,200 |
58,100 |
Up 35% |
|
Realised oil price per barrel ($) |
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% |
