Ian Perks
CEO & Board Member

Welcome, everyone, to Tullow's 2025 Full Year Results Presentation. I am Ian Perks, Tullow's CEO, and I'm joined by our CFO, Richard Miller.

Since joining the company in September last year, I am often asked about my first impressions of Tullow. I'd like to start by saying how impressed I am with the people and processes through which we run our operating business and a rich opportunity set we have for continued investment to add value. So our presentation today will provide more detail on operating performance and these investment opportunities, building on what we presented in our credit presentation back in February.

I will start by highlighting the tremendous progress we have made in creating a stable foundation and platform to improve performance and the momentum we have demonstrated so far in 2026, where results have been excellent during the first 4 months. Richard will then go through our financials, including our hedging strategy and exposure to high oil prices. I'll conclude by summarizing what this all means for our business outlook for the rest of 2026 and beyond.

The last 12 to 15 months have seen an intense period of delivery, focused on setting a firm foundation for improved performance across the business, and we have delivered on that with resounding success, where we have seen disciplined execution against a set of clear actions.