Tullow Oil (LSE:TLW) reported first-half revenue of $496 million for the six months to 30 June, up from $411 million a year earlier, as the West Africa-focused oil and gas producer confirmed results already flagged in its August trading update.
The group's loss after tax widened to $101 million from $80 million in the prior-year period, driven by one-off refinancing transaction costs of $70 million tied to April's debt restructuring.
Group working interest production averaged 43.7 thousand barrels of oil equivalent per day (kboepd), up from 40.6 kboepd, with gross output from Jubilee and TEN running above expectations at 70.8 and 14.8 thousand barrels of oil per day respectively. Free cash flow was $4 million, against a loss of $188 million a year earlier, after $64 million in cash interest payments and the refinancing costs.
Net debt stood at $1.4 billion at 30 June, down from $1.6 billion a year earlier, with liquidity headroom of $0.3 billion.
"We have delivered outstanding operational performance in the first half of 2026 and expect production for the year to be at the top end of guidance", said chief executive Ian Perks.
Tullow completed its 2025-26 Ghana drilling campaign in September, with six Jubilee producers and one water injector onstream, and reported 2P reserves up to 121.7 million barrels of oil equivalent, a reserves replacement ratio of around 380%.
The company recovered $73 million of pre-2026 gas receivables owed by the Government of Ghana during the first half, with the remaining historic receivable recovered as of 28 September.
Tullow reiterated full-year free cash flow guidance of $170-250 million at $70-100/bbl, first upgraded in August, citing stronger production, higher oil price realisations and progress on the Ghana receivables recovery.
A rig contract for the 2027-28 Ghana drilling programme has been signed for up to 10 wells, with the rig expected to arrive around the middle of next year.