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Tullow Oil (TLW) investor relations material

Tullow Oil Q3 2025 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 TU earnings summary21 Nov, 2025

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.

Refinancing: What alternative options are explored?
Impact of GoG receivables on 2025 FCF guidance?
2026 drill program's impact on production decline?
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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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