Investors

Annual Report 2018

Cairn is committed to working responsibly as part of our strategy to deliver value for all stakeholders.

Cairn is committed to working responsibly as part of our strategy to deliver value for all stakeholders.

Working responsibly to create value

Our Focus in 2018

Exploration

4 wells completed in 2018, including first operated exploration well in the UK, resulting in one oil discovery. New exploration interests acquired in Suriname, Côte d’Ivoire, Mauritania, Mexico, the UK and Norway providing near term drilling from 2019.

Development

Progressed Senegal SNE and Norway Nova development projects; first oil targeted in 2022 and 2021 respectively.

Production

Our UK North Sea production assets, Catcher and Kraken, produced 17,533boepd and generated US$395.7m in oil and gas sales revenue in 2018.

2018 financial highlights

US$ 284.2m

Total capital expenditure

US$ 32.6m

Payments to governments

US$ 395.7m

Oil and gas sales revenue

US$ 38.1m

Employee salaries and benefits

US$ 4.5bn

Return to shareholders (2007-2012)

boepd 17,533

Production

CEO's review

Simon Thomson, Chief Executive

Building a balanced business for the long term

Download the ceo's review (pdf)

Chairman's statement

Ian Tyler, Chairman

Our culture is based around working responsibility

download the chairman's statement (pdf)

Strategy

We set strategic objectives annually which monitor delivery of strategy and which are measured by Key Performance Indicators (KPIs) set by the Board.

Our strategy

Business model

Cairn’s business model is to create, add and realise value for stakeholders through the exploration, development and production of oil and gas within a self-funding business model.

Our business model