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Tullow Oil (TLW) investor relations material

Tullow Oil H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary6 Aug, 2025

Executive summary

  • Strategic priorities advanced in 1H25, including asset sales (Gabon for $307M, Kenya SPA signed) and cost reductions, supporting deleveraging and value creation for 2026.

  • Interim CEO and CFO report stable leadership, with focus on refinancing, production optimisation, and operational improvements in Ghana.

  • Ghana operations saw improved net pay from new Jubilee well and high facility uptime, but overall production declined due to asset disposals.

  • MoU signed to extend Ghana production licences to 2040, enabling reserves uplift and up to 20 new Jubilee wells.

  • Non-core asset sales and deleveraging efforts to support refinancing in 2H25.

Financial highlights

  • Group working interest production averaged 50.0 kboepd in 1H25 (1H24: 63.7 kboepd); excluding Gabon, 40.6 kboepd (1H24: 53.5 kboepd).

  • Net debt at June/1H25: $1.6B; expected to fall to $1.1B by year-end with asset sale proceeds.

  • Free cash flow for 1H25 was $(188)M (1H24: $(126)M); full-year guidance is $300M at $65/bbl, including disposal proceeds.

  • Capital expenditure for 1H25 was $103M (1H24: $157M); full-year guidance at $185M, weighted to H2.

  • Realised oil price after hedging was $69.0–$69.7/bbl (1H24: $77.0–$77.7/bbl).

Outlook and guidance

  • 2025 production guidance revised to 40–45 kboepd, reflecting Gabon sale; group guidance at bottom end.

  • Full-year capex guidance at $185M (excl. Gabon); decommissioning at $20M.

  • Free cash flow guidance is $300M at $65/bbl, including $380M disposal proceeds.

  • Net debt projected to fall to $1.1B at year-end 2025 with Gabon sale completion.

  • Plans to complete refinancing before year-end; hedging covers ~60–70% of 2025 production at $60–$75/bbl.

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Frequently asked questions

Tullow Oil plc engages in the oil and gas exploration, development, production, and midstream activities primarily in Africa and South America. The company operates through two segments: Exploration & Production; and Midstream. It holds interests in 30 licenses onshore or nearshore in 8 countries in Africa, with 30 producing wells as of December 31, 2021. The company was founded in 1985 and is headquartered in London, the United Kingdom.

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