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Tullow Oil (TLW) investor relations material
Tullow Oil H1 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Strong operational performance in H1 2026, with new wells exceeding expectations and high asset uptime.
Upgraded full year free cash flow guidance to $170-250 million at $70-100/bbl, reflecting robust production and oil price realisations.
Financial highlights
H1 2026 sales revenue was approximately $496 million, including $47 million in hedge costs.
Average pre-hedge realisations for six cargoes were about $95/bbl ($86/bbl post-hedge).
Pre-financing cash flow was around $135 million; free cash flow was $4 million after $64 million in cash interest and $68 million in one-off refinancing costs.
Gross debt reduced by $100 million to $1.6 billion; net debt at $1.4 billion as of June 30, with liquidity headroom over $250 million.
Outlook and guidance
2026 working interest production expected at the high end of 34-42 kboepd guidance.
Full year free cash flow guidance upgraded to $170-250 million (from $70-175 million) at $70-100/bbl.
Capital and decommissioning expenditure guidance remains at $200 million and $25 million, respectively.
14 cargoes expected to be lifted in 2026, up from initial guidance.
- AGM highlighted financial progress, asset sales, and efforts to resolve Ghana gas payment issues.TLW
AGM 2025 - AGM focused on operational gains, board renewal, and addressing shareholder concerns.TLW
AGM 2026 - Production and cash flow outlook remain strong, with robust operational and financial performance.TLW
Trading update - Operational momentum, higher oil prices, and refinancing drive improved cash flow and outlook.TLW
H2 2025 - Operational momentum and asset sales offset cash flow headwinds from delayed payments and oil prices.TLW
Q4 2025 TU - Asset sales, cost savings, and refinancing drive improved outlook despite production headwinds.TLW
Q3 2025 TU - Asset sales, cost cuts, and licence extensions drive deleveraging; refinancing risk remains.TLW
H1 2025 - Profit after tax surged 180% on higher output and prices; guidance and deleveraging focus maintained.TLW
H1 2024 - Deleveraging, asset sales, and reserve growth drive transformation and 2025 focus.TLW
H2 2024
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