Tullow Oil shares surged, rising 8.5% to 12.56p after it completed a comprehensive refinancing and raised 2026 cash‑flow guidance.
For the year ended 31 December 2025 the independent oil and gas exploration and production group reported revenue of $847m (2024: $1,287m), adjusted EBITDAX of $586m (2024: $1,008m), free cash flow of $99m (2024: $156m), profit after tax of $7m (2024: $55m) and average 2025 working interest production of 40.4 kboepd (2024: 51.5 kboepd), with net debt reduced to $1,353m (2024: $1,452m).
Tullow said it realised $347m from the sale of its Gabonese and Kenyan assets, spent $166m on capital expenditure, and recorded audited 2P reserves of 100.4 mmboe at year end (2024: 164.5 mmboe) as the portfolio was reshaped to focus on Ghana.
On 27 April, the company completed a comprehensive refinancing that extends its Senior Secured Notes and Glencore facility, adds a $100m cargo pre‑payment facility, leaves liquidity headroom in excess of $200m and it has signed to acquire the TEN FPSO for $205m gross ($125.6m net), payable on completion at end Q1 2027.
Operationally, group production averaged 43.4 kboepd in Q1 2026, two Jubilee wells came onstream, average FPSO uptime was 97%, the hedge portfolio protects c.60% of 2026 forecast sales volumes and capital expenditure is guided at c.$200m (c.$190m Ghana, c.$10m Côte d'Ivoire).
"This transaction provides Tullow with the strong financial foundation and flexibility required to deliver value for stakeholders," said Ian Perks, Chief Executive Officer.
