Half Year 2022 Tullow Oil PLC Earnings Call Transcript
Okay. Good morning, everyone, and I hope you all had a good summer and you had a nice break. It's great to have this opportunity to update you on our business and I'm with Richard Miller, who is our Interim CFO. He's also here. He's going to answer all the difficult questions.
So a little bit of a reflection. I mean, 2 years ago, we embarked on a pretty comprehensive turnaround, specifically designed to bring a very private equity type of value-focused mindset to the business. And you'll remember, we implemented a very radical restructuring of our cost base, really looking at both OpEx and G&A. And you'll see the impact of that today on our EBITDAX and the cash flows. We also sold noncore assets. We restructured our debt to provide us the run rate to invest in the -- in our business. And at the same time, we worked hard to improve capital efficiency. And you'll see evidence of that today in the drilling performance.
Now what we did do is we focused our CapEx on this incredible resource base that underpins our assets. And what
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