Tullow Oil (LSE:TLW) issued an AGM trading update saying group production to date sits at the higher end of its 2026 guidance and that free cash flow guidance for the year remains $70-175 million, rising to $110-230 million if an additional cargo is delivered in December.
Group working interest production from January to May 2026 was 43.1 kboepd, including 7.3 kboepd of gas, supporting the expectation of being at the higher end of the previously announced 34-42 kboepd range.
The company said the third of six Jubilee wells (J76‑P) is expected onstream this week with logging results supportive of a strong production well, the two remaining producers (J77‑P and J50‑P) due in June and July and the final water injection well in September.
Facility uptime across Jubilee and TEN FPSOs averaged more than 99% for January to May, and the Minister of Energy has approved the Greater Jubilee Plan of Further Development, confirming support for drilling of up to 20 wells after the current campaign.
Tullow reported average pre‑hedge oil price realisations for five cargos of c.$96/bbl (c.$87/bbl post‑hedge), including a May Jubilee cargo that achieved $119/bbl, and said its commodity hedge portfolio protects 60% of downside while retaining access to 60% of upside in 2026.
Group capital expenditure and decommissioning spend guidance for 2026 remains unchanged at c.$200 million and c.$25 million respectively.
"We remain well placed to generate significant free cash flow in 2026 and beyond," Ian Perks, Chief Executive Officer, said.
