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Tullow Oil (TLW) investor relations material
Tullow Oil Q4 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong operational momentum in 2025, with excellent results from the Jubilee well and five more wells due onstream to support production targets.
Significant cost reductions and sale of non-core assets streamlined the portfolio and strengthened the financial position.
Free cash flow was negatively impacted by lower commodity prices and delayed receipts from the Government of Ghana and Kenya disposal.
Refinancing transaction enables focus on cost efficiencies, cashflow management, and production optimization.
Financial highlights
2025 revenue was approximately $847 million at an average realized oil price of $67.8/bbl.
Free cash flow for 2025 was about $100 million, reduced due to delayed Kenya disposal proceeds, Ghana receivables, and lower year-end revenue.
Year-end net debt reduced to around $1.35 billion, with liquidity headroom exceeding $300 million.
Free cash at year-end was $322 million, expected to remain stable through May 2026.
Cost base optimization delivered $10 million in savings, reducing 2025 net G&A to $43 million.
Outlook and guidance
2026 group working interest production expected to average 34-42 kboepd, including about 6 kboepd of gas.
Capital expenditure forecast at $200 million and decommissioning at $25 million for 2026.
Pre-financing cash flow for 2026 projected at $150-180 million at $65/bbl, with sensitivity to oil price changes.
Five new Jubilee wells planned for 2026, with additional infill drilling and subsea pump projects under evaluation.
Liquidity headroom expected to exceed $200 million post-refinancing, providing a buffer for working capital swings.
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