Tullow Oil
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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.
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Q4 2025 TU earnings summary20 Feb, 2026

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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H2 202524 Mar, 2026
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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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