2021 Highlights

  • Completion of merger with Premier; realisation of synergies progressing as planned
  • Production of 175 kboepd; strong Q4 production of 214 kboepd following completion of maintenance programmes
  • Opex of $15.2/boe and total capex of $935 million, lower than forecast
  • Successful drilling at J-Area, Elgin/Franklin, AELE, Beryl (UK), and Natuna and Tuna (Indonesia)
  • Tolmount (UK) start up underway
  • Portfolio aligned with strategy; exits from Brazil exploration and Sea Lion (Falkland Islands)
  • Continued focus on safety and the environment; no serious injuries or significant spills; GHGi reduced to 17 kgCO2e/boe (net of offsets)
  • Free cash flow of $678 million, reducing net debt1 and leverage to $2.3 billion and 0.9x; introduction of an initial $200 million annual dividend

1Excludes unamortised fees

For more details see our 2021 Full Year Results