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TULLOW OIL

(TLW GB0001500809 GBX)

Value 1,358.000

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Updated21/05 09:01

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PROFILE

Registered Number	03919249
Registered Address	3rd Floor; Building 11 Chiswick Park 566 Chiswick High Road London W4 5YS
Head Office	21st Floor Metropolitan Centre 7 Coen Steytler Avenue Cape Town 8001; South Africa W4 5YS
Phone Number	+44 (0) 208 9961000
Fax Number
Website	http://www.tullowoil.com
Activities	Engages in the exploration and production of oil and gas
Country of Register	GB
Currency	GBX
Short Name	TULLOW OIL
First Day Traded	31/10/2003
Industrial Sector	Exploration & Production
Number of shares	905m

Key People

Patrick Plunkett	Chairman
Aidan Heavey	Chief Executive Officer
Paul McDade	Director
Simon Thompson	Non Executive Director
Ian Springett	Financial Director
Graham Martin	Director
Angus McCoss	Director
Ann Grant	Non Executive Director
Clare Spottiswoode	Non Executive Director

Major Shareholders

BlackRock Investment Management (UK) Ltd.	11.76%
M&G Investment Management Ltd.	7.00%

Director Deals

Director	Date	Buy/Sell	Quantity	Price
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Income Statements £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	639.20	691.67	582.30	705.86	1,437.37
Cost of Goods Sold (COGS) incl. D&A	417.93	366.11	398.10	396.00	580.64
COGS excluding D&A	212.13	163.80	169.50	158.10	247.65
Depreciation & Amortization Expense	205.81	202.31	228.60	237.90	332.99
Depreciation	205.81	202.31	228.60	237.90	332.99
Amortization of Intangibles	0	0	0	0	0
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	221.27	325.57	184.20	309.86	856.73
Selling, General & Administrative Expense	17.79	16.75	49.50	58.03	54.96
Research & Development	0	0	0	0	0
Other Selling, General & Administrative	17.79	16.75	49.50	58.03	54.96
Other Operating Expense	0	0	0	0	0
Non Operating Income/Expense	-0.60	243.88	13.20	-8.29	-38.30
Non-Operating Interest Income	3.10	3.93	1.30	9.78	22.83
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	43.10	210.08	90	118.14	79.91
EBIT after Unusual Expense	0	0	0	-118.14	0
Interest Expense	48.67	47.24	38.90	36.79	37.12
Gross Interest Expense	56.10	53.24	64.20	87.44	117.46
Interest Capitalized	7.43	6.00	25.30	50.65	80.35
Pretax Income	114.20	299.31	20.30	98.39	669.28
Income Tax	61.61	73.07	1.80	51.43	239.48
Income Tax - Current Domestic	13.38	39.92	18.10	21.89	30.57
Income Tax - Current Foreign	27.77	77.03	49.10	63.67	85.71
Income Tax - Deferred Domestic	20.24	-6.50	-45.30	-3.24	7.36
Income Tax - Deferred Foreign	0.23	-37.39	-20.10	-30.90	115.84
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	1.71	3.03	3.40	11.98	24.95
Equity in Affiliates	0	0	0	0	0
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	50.89	223.21	15.10	34.98	404.85
Extraordinaries & Discontinued Operations	0	0	0	0	0
Extra Items & Gain/Loss Sale Of Assets	0	0	0	0	0
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	0	0	0	0	0
Net Income After Extraordinaries	50.89	223.21	15.10	34.98	404.85
Preferred Dividends	0	0	0	0	0
Net Income available to Common	50.89	223.21	15.10	34.98	404.85
Operational EPS	11.08	50.58	9.70	13.26	51.09
EPS (basic)	7.10	30.86	1.87	3.95	45.23
EPS (diluted)	6.96	30.49	1.87	3.94	44.89
EBITDA	409.28	511.13	363.30	489.73	1,134.76
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	205.81	202.31	228.60	237.90	332.99

Balance Sheet £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash & Short Term Investments	82.22	331.01	159.70	216.08	197.61
Cash Only	82.22	241.51	158.30	216.08	197.61
Short-Term Investments	0	89.50	1.40	0	0
Total Accounts Receivable	118.64	124.03	215	512.06	375.46
Accounts Receivables, Net	87.75	69.34	58	101.49	175.28
Accounts Receivables, Gross	87.75	69.34	58	101.49	175.28
Bad Debt/Doubtful Accounts	0	0	0	0	0
Other Receivables	30.89	54.69	157	410.56	200.18
Inventories	24.90	37.85	68.80	88.27	145.23
Finished Goods	0	0	0	0	0
Work in Progress	0	0	0	0	0
Raw Materials	0	27.94	58.60	75.75	84.94
Progress Payments & Other	0	9.91	10.20	12.52	60.29
Other Current Assets	76.30	5.52	28.80	7.98	36.10
Prepaid Expenses	2.46	5.52	28.80	7.98	36.10
Miscellaneous Current Assets	73.85	0	0	0	0
Total Current Assets	302.06	498.41	472.30	824.39	754.39
Net Property, Plant & Equipment	832.11	986.37	1,380.20	1,899.79	2,353.90
Property, Plant & Equipment - Gross	1,447.76	1,978.38	2,536.90	3,313.00	4,133.52
Buildings	0	0	0	0	0
Land & Improvements	0	0	0	0	0
Machinery & Equipment	0	0	0	0	0
Construction in Progress	0	0	0	0	0
Leases	0	0	0	0	0
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	1,447.76	1,978.38	2,536.90	3,313.00	4,133.52
Accumulated Depreciation	615.65	992.00	1,156.70	1,413.21	1,779.62
Buildings	0	0	0	0	0
Land & Improvements	0	0	0	0	0
Machinery & Equipment	0	0	0	0	0
Construction in Progress	0	0	0	0	0
Leases	0	0	0	0	0
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	615.65	992.00	1,156.70	1,413.21	1,779.62
Total Investments and Advances	0.45	29.73	0.70	0.64	0.64
LT Investment - Affiliate Companies	0	0	0	0	0
Other Long-Term Investments	0.45	29.73	0.70	0.64	0.64
Long-Term Note Receivable	0	0	0	0	201.72
Intangible Assets	956.58	1,417.78	1,333.20	2,555.62	3,506.85
Net Goodwill	0	0	0	0	0
Net Other Intangibles	956.58	1,417.78	1,333.20	2,555.62	3,506.85
Other Assets	0	0	0	0	0
Deferred Charges	0	0	0	0	0
Tangible Other Assets	0	0	0	0	0
Total Assets	2,091.20	2,932.29	3,218	5,351.13	6,842.61
ST Debt & Curr. Portion LT Debt	11.86	213.45	2.80	207.90	140.15
Short Term Debt	0	0	0	197.87	140.15
Current Portion of Long Term Debt	11.86	213.45	2.80	10.03	0
Accounts Payable	62.69	129.69	83	43.62	55.21
Income Tax Payable	31.46	105.28	46.30	76.65	98.96
Other Current Liabilities	206.18	197.60	264.20	620.38	691.85
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	206.18	197.60	264.20	620.38	691.85
Total Current Liabilities	312.19	646.03	396.30	948.55	986.17
Long-Term Debt	546.81	495.13	828.20	1,415.83	1,839.07
Long-Term Debt excl. Capitalized Leases	540.27	489.04	825.40	1,207.17	1,839.07
Non-Convertible Debt	540.27	489.04	825.40	1,207.17	1,839.07
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	6.54	6.09	2.80	208.67	0
Provision for Risks & Charges	133.61	134.02	140.30	177.95	283.64
Deferred Taxes	307.62	347.94	266	227.00	637.67
Deferred Taxes - Credit	307.62	347.94	297.60	297.70	662.76
Deferred Taxes - Debit	0	0	-31.60	-70.71	-25.09
Accumulated Minority Interest	15.49	25.33	26.40	38.71	48.65
Other Liabilities	78.31	0	29.70	39.98	4.25
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	77.59	0	29.70	39.98	4.25
Deferred Income	0.72	0	0	0	0
Total Liabilities	1,378.53	1,623.11	1,692.10	2,880.02	3,775.88
Non-Equity Reserves	0	0	0	0	0
Preferred Stock (Carrying Value)	0	0	0	0	0
Redeemable Preferred Stock	0	0	0	0	0
Non-Redeemable Preferred Stock	0	0	0	0	0
Preferred Stock issues for ESOP	0	0	0	0	0
ESOP Guarantees - Preferred Stock	0	0	0	0	0
Common Equity (total)	697.18	1,283.84	1,499.50	2,432.41	3,018.08
Common Stock Par/Carry Value	71.96	73.29	80.40	91.66	94.07
Additional Paid-In Capital/Capital Surplus	128.47	160.71	167.80	160.64	355.06
Retained Earnings	694.74	875.79	1,231.70	2,295.66	2,700.21
ESOP Debt Guarantee	-7.70	-12.08	0	0	0
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	-190.29	186.13	27.80	-106.47	-122.13
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	0	0	0	0	0
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	0	-8.20	-9.07	-9.14
Total Shareholders' Equity	697.18	1,283.84	1,499.50	2,432.41	3,018.08
Liabilities & Shareholders' Equity	2,091.20	2,932.29	3,218	5,351.13	6,842.61

Cash Flow £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Net Income before Extraordinaries	114.20	299.31	20.30	98.39	669.28
Depreciation, Depletion & Amortization	205.81	202.31	228.60	237.90	332.99
Depreciation and Depletion	205.81	202.31	228.60	237.90	332.99
Amortization of Intangible Assets	0	0	0	0	0
Deferred Taxes & Investment Tax Credit	0	0	0	0	0
Deferred Taxes	0	0	0	0	0
Investment Tax Credit	0	0	0	0	0
Other Funds	86.23	-96.75	-24.80	44.30	-89.08
Funds from Operations	406.24	404.87	224.10	380.59	913.18
Extraordinaries	0	0	0	0	0
Changes in Working Capital	-27.18	68.86	-79.70	36.27	44.17
Receivables	-20.47	18.55	-118.30	-43.20	-57.33
Inventories	-11.16	-12.95	-33.70	-18.78	-27.32
Accounts Payable	4.45	63.26	72.30	98.26	128.82
Income Taxes Payable	0	0	0	0	0
Other Accruals	0	0	0	0	0
Other Assets/Liabilities	0	0	0	0	0
Net Operating Cash Flow	379.05	473.73	144.40	416.86	957.35
Capital Expenditures	364.08	460.35	757.40	1,704.55	1,031.46
Capital Expenditures (Fixed Assets)	198.36	136.78	331.50	405.20	396.18
Capital Expenditures (Other Assets)	165.73	323.57	425.90	1,299.35	635.28
Net Assets from Acquisitions	-334.95	0	0	0	-252.02
Sale of Fixed Assets & Businesses	-0.60	285.36	11	4.34	1.50
Purchase/Sale of Investments	0	0	0	0	0
Purchase of Investments	0	0	0	0	0
Sale/Maturity of Investments	0	0	0	0	0
Other Uses	0	0	0	-111.66	0
Other Sources	0	0	0	0	0
Net Investing Cash Flow	-699.63	-174.99	-746.40	-1,811.88	-1,281.98
Cash Dividends Paid - Total	-39.41	-43.17	-48.10	-51.30	-71.24
Common Dividends	-39.41	-43.17	-48.10	-51.30	-71.24
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	0.18	-3.15	393.60	941.30	54.08
Repurchase of Common & Preferred Stk.	-3.72	-11.24	-3.50	0	0
Sale of Common & Preferred Stock	3.91	8.09	397.10	941.30	54.08
Proceeds from Stock Options	3.91	8.09	397.10	941.30	54.08
Other Proceeds from Sale of Stock	0	0	0	0	0
Issuance/Reduction of Debt, Net	342.07	-64.97	143.70	563.11	337.85
Change in Current Debt	0	0	0	0	0
Change in Long-Term Debt	342.07	-64.97	143.70	563.11	337.85
Issuance of Long-Term Debt	371.55	307.61	384	576.65	729.85
Reduction in Long-Term Debt	-29.47	-372.58	-240.30	-13.54	-392.00
Other Funds	0	0	0	0	-15.60
Other Uses	0	0	0	0	-15.60
Other Sources	0	0	0	0	0
Net Financing Cash Flow	302.85	-111.29	489.20	1,453.12	305.10
Exchange Rate Effect	0.47	41.35	-39.90	-2.33	0.06
Miscellaneous Funds	-0.00	-0.00	0.00	0.00	-0.00
Net Change in Cash	-17.25	228.80	-152.70	55.77	-19.46
Free Cash Flow	141.29	293.77	-235.20	-39.64	489.93

Analysis Data

	2007	2008	2009	2010	2011
Fiscal Year End	2007-12-31	2008-12-31	2009-12-31	2010-12-31	2011-12-31
Valuation
Market Capitalisation	4,688.26	4,833.41	10,496.30	11,064.38	12,686.90
Price/Earnings	91.76	21.37	697.86	315.36	31.00
Price/Sales	7.31	6.90	17.85	15.53	8.74
Price/Book Value	6.72	3.76	7.00	4.55	4.20
Price/Cash Flow	12.57	10.19	72.79	26.53	13.21
Enterprise Value/EBIT	25.83	16.94	83.21	49.66	18.05
Enterprise Value/EBITDA	12.84	10.23	30.85	25.53	12.76
Enterprise Value/Sales	8.22	7.56	19.25	17.72	10.07
Total Debt/Enterprise Value	0.11	0.14	0.07	0.13	0.14
Total Debt/EBITDA	1.36	1.39	2.29	3.32	1.74
EPS (basic)	7.10	30.86	1.87	3.95	45.23
EPS (diluted) as stated	6.96	30.49	1.87	3.94	44.89
Profitability
Gross Margin (%)	34.62	47.07	31.63	43.90	59.60
Operating Margin (%)	31.83	44.65	23.13	35.68	55.78
Pretax Margin (%)	17.87	43.27	3.49	13.94	46.56
Net Margin (%)	7.96	32.27	2.59	4.96	28.17
Return on Assets (%)	2.49	8.89	0.49	0.82	6.64
Return on Equity (%)	6.95	22.53	1.09	1.78	14.86
Return on Avg. Total Capital (%)	4.53	13.74	0.70	1.10	8.94
Return on Avg. Invested Capital (%)	4.57	14.77	0.74	1.13	9.30
Efficiency
Revenue/Employee	2.31	1.47	1.04	0.79	1.37
Receivables Turnover	5.80	5.70	3.44	1.94	3.24
Days of Sales Outstanding (DSO) (%)	62.91	64.03	106.26	187.98	112.69
Inventory Turnover	21.64	11.67	7.47	5.04	4.97
Days of Inventory on Hand (DIO)	16.87	31.28	48.89	72.39	73.39
Total Asset Turnover	0.31	0.28	0.19	0.16	0.24
Working Capital Turnover	0.00	0.00	7.66	0.00	0.00
Liquidity
Current Ratio	0.97	0.77	1.19	0.87	0.76
Quick Ratio	0.89	0.71	1.02	0.78	0.62
Capital Structure
Debt-to-Total Equity (%)	80.13	55.19	55.42	66.75	65.58
Debt-to-Total Capital (%)	44.48	35.56	35.66	40.03	39.61
Debt-to-Total Assets (%)	26.71	24.16	25.82	30.34	28.92
Interest Coverage	3.63	5.80	2.10	2.88	6.83

Market data

Name	Latest	Var
FTSE 100	5,294.82	+0.52%
FTSE 250	10,462.59	+0.29%
DOW INDUSTRIALS	12,369.38(c)	-0.59%
HONG KONG HANG SENG INDIC	18,926.78	-0.13%
Nikkei 225	8,633.89(c)	+0.26%

Name	Latest	Var
MAN GROUP	80.05	+6.31%
VEDANTA	993.50	+3.65%
GKN	187.40	+2.68%
ROYAL BANK SCOT	20.45	+2.30%
IMI	875.00	+1.92%

Name	Latest	Var
LAND SECS.	710.50	-0.98%
TESCO	312.15	-0.49%
BR.LAND	486.30	-0.49%
POLYMETAL INTL	795.50	-0.44%
SAGE GRP.	248.30	-0.40%

Buys

Name	Latest	Var
AVIVA	264.90(c)	-1.05%
RED EMPEROR RES	14.88(c)	-17.36%
LLOYDS GRP.	25.95(c)	-6.15%
BP	391.95(c)	-1.18%
VODAFONE GRP.	164.30(c)	-0.96%

Sells

Name	Latest	Var
LLOYDS GRP.	25.95(c)	-6.15%
RED EMPEROR RES	14.88(c)	-17.36%
PV CRYSTALOX	9.45(c)	+121.31%
BARCLAYS	176.10(c)	-3.19%
AVIVA	264.90(c)	-1.05%

Selftrade is a trading name and Selftrade® a registered trademark of Talos Securities Limited, which is authorised and regulated by the Financial Services Authority (FSA Register number 208271) and is a member of the London Stock Exchange and PLUS Markets. Talos Securities Ltd is incorporated in England and Wales (Registration No. 4196325, Registered Address: Boatman's House, 2 Selsdon Way, London E14 9LA). VAT No. 629 2807 22.

Data: include Bondscape, Dow Jones, Factset, FTSE, Morningstar. Conditions may apply.

TULLOW OIL

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

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