Tullow Oil (TLW) Q3 2025 TU earnings summary

Executive summary

• CEO prioritizes long-term financial sustainability through operational efficiency in Ghana, cost optimization, and capital structure refinancing.

• Recent asset sales in Kenya and Gabon generated at least $420 million in proceeds.

• Operational momentum includes new seismic data acquisition, drilling campaigns, and production license extensions in Ghana.

Financial highlights

• 2025 group production to end-October averaged approximately 40.7 kboepd, including 7.1 kboepd of gas.

• Jubilee oil production averaged 61 kbopd (23.9 kbopd net) and TEN oil production averaged 16 kbopd (8.9 kbopd net) to end-October.

• Free cash flow guidance for 2025 remains around $300 million at $65/bbl oil price.

• Year-end 2025 net debt guidance is approximately $1.2 billion.

Outlook and guidance

• 2025 group production expected at the lower end of the 40-45 kboepd range.

• 2026 production guidance is 34-42 kboepd, with capital expenditure of about $200 million and decommissioning costs of $25 million.

• 2025 capital expenditure and decommissioning expenditure guidance remain at $185 million and $20 million, respectively.

• Production in 2026 will depend on new wells offsetting natural decline.