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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.
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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