Tullow Oil
TLW · Main Market · Energy · mcap £141m · 10.6p
Tullow Oil produces oil and gas, now almost entirely from the Jubilee and TEN fields offshore Ghana. It has sold its Gabon and Kenya assets to focus on Ghana.
| Date | Type | Announcement | Day |
|---|---|---|---|
| 30 Sep 26 | Ghana tax arbitration update
ICC Tribunal ruled Ghana's $196.5m corporate income tax assessment and 100% penalties are not in breach of Tullow's Petroleum Agreements. |
−47.4% | |
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Corporate income tax assessment $196.5mPenalty assessment 100%
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| 28 Sep 26 | Results | 2026 Half Year Results
H1 2026 production of 43.7 kboepd exceeded guidance; free cash flow upgraded to $170-250m at $70-100/bbl oil. |
−1.4% |
|
H1 2026 production 43.7 kboepd (40.6 kboepd)Revenue $496 million ($411 million)Realised oil price (after hedging) $86.3/bbl ($69.7/bbl)Free cash flow $4 million ($(188) million)2P reserves 121.7 mmboe (100.2 mmboe)Reserves replacement ratio c.380%
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| 28 Sep 26 | Results | 2026 Half Year Results
H1 2026 production 43.7 kboepd with $496m revenue; upgraded full-year free cash flow guidance to $170-250m. |
−1.4% |
|
ahead of expectations for TEN production and Jubilee well performance expectations Production 43.7 kboepd (40.6 kboepd)Revenue $496m ($411m)Realised oil price (before hedging) $95.0/bbl ($71.4/bbl)Free cash flow $4m ($(188)m)2P Reserves 121.7 mmboe (100.2 mmboe)Net debt $1.4bn ($1.6bn)
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| 05 Aug 26 | Trading update | Trading Statement
Tullow upgraded 2026 free cash flow guidance to $170-250m, driven by strong production and higher oil prices. |
−6.7% |
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ahead expectations H1 2026 Group production c.43.7 kboepdH1 2026 Sales revenue c.$496 millionH1 2026 Free cash flow c.$4 millionNet debt at 30 June 2026 c.$1.4 billionFY 2026 Free cash flow guidance (upgraded) $170-250 millionAverage pre-hedge realisations H1 2026 c.$95/bbl
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| 13 Jul 26 | Royalty Deed and Back-in Rights for the Kenya SPA
Tullow receives $9 million additional cash from Kenya asset sale, terminates royalty and back-in rights. |
+9.0% | |
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Additional consideration $9 millionTranche A received $40 million (September 2025)Tranche B received $40 million (March 2026)Tranche C remaining $40 million (payable to 2033)
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| 09 Jul 26 | Board change | Non-Executive Director External Appointment
Garrett Soden, Non-Executive Director, appointed to board of Polar Resources AS. |
−7.4% |
| 01 Jul 26 | Routine | Block Listing Interim Review | |
| 24 Jun 26 | Repayment of c.$48 million of Senior Notes
Tullow Oil repays approximately $48 million of Senior Notes due 2028, reducing debt following refinancing. |
−1.1% | |
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Senior Notes repaid $48.2mRedemption price 101% of principalRemaining outstanding principal $1,162.0m
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| 17 Jun 26 | Director dealing | Director/PDMR Shareholding | |
| 15 Jun 26 | Director dealing | Director/PDMR Shareholding | |
| 15 Jun 26 | Director dealing | Director/PDMR Shareholding | |
| 10 Jun 26 | Routine | Result of AGM | |
| 10 Jun 26 | Trading update | AGM Trading Update
Group production at higher end of guidance; drilling campaign in Ghana progressing well with strong uptime performance. |
+8.8% |
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year to date realisations ahead of expectations expectations Group working interest production Jan-May 2026 43.1 kboepd2026 production guidance range 34-42 kboepdGas production Jan-May 2026 7.3 kboepd2026 free cash flow guidance $70-175m at $70-100/bblAverage pre-hedge oil price realisation Jan-May c.$96/bblMay Jubilee cargo price $119/bbl
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| 01 Jun 26 | Routine | Total Voting Rights | |
| 26 May 26 | Director dealing | Director/PDMR Shareholding | |
| 21 May 26 | Routine | Block Listing Application | |
| 05 May 26 | Routine | Total Voting Rights | |
| 30 Apr 26 | Routine | Publication of Annual Report and Notice of AGM | |
| 28 Apr 26 | Results | Final Results
Full year 2025 revenue $847m, production 40.4 kboepd; refinancing completed, TEN FPSO acquisition agreed. |
+11.4% |
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production towards lower end of guidance due to operational challenges expectations Revenue $847 million ($1,287 million)Production 40.4 kboepd (51.5 kboepd)Free cash flow $99 million ($156 million)Net debt $1,353 million ($1,452 million)Adjusted EBITDAX $586 million ($1,008 million)Q1 2026 production 43.4 kboepd
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| 27 Apr 26 | Refinancing Transaction successfully completed
Tullow Oil completed refinancing with new senior secured notes due 2028 and junior secured notes, extending maturities and reducing cash interest. |
+0.0% | |
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New senior secured notes issued c. $1.185 billionJunior secured notes issued c. $423 millionExisting notes redeemed at par $100 millionAdditional New Notes issued to Glencore $25 millionNew super senior cargo prepayment facility $100 millionBondholder support for Consent Solicitation over 99%
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| 22 Apr 26 | Refinancing Transaction Update
Tullow Oil refinancing of $1.285bn notes approved by over 99% of holders; settlement expected 24 April 2026. |
+2.1% | |
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Outstanding Notes $1,285,245,000Interest rate on existing Notes 10.25%Consent rate over 99%Settlement fee 1.00%
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| 08 Apr 26 | Refinancing Transaction Update
Tullow Oil receives 97% noteholder consent for $1.285bn refinancing of 2026 senior notes. |
−3.7% | |
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Outstanding principal amount of Notes $1,285,245,000Coupon on existing Notes 10.25%Maturity of existing Notes 2026Noteholder consent obtained 97%Consent threshold required 90%Redemption fee on new notes 1.00%
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| 08 Apr 26 | Appointment of four Independent NEDs
Tullow appoints four independent non-executive directors to strengthen governance ahead of refinancing completion. |
−3.7% | |
| 25 Mar 26 | Launch of Consent Solicitation
Tullow Oil launches consent solicitation for refinancing of $1.285bn notes due 2026. |
−2.3% | |
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Senior Secured Notes $1,285,245,000Interest rate 10.25%Maturity 2026Holders acceded to Lock-Up Agreement 99.48%
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| 17 Mar 26 | Director dealing | Director/PDMR Shareholding | |
| 09 Mar 26 | Receipt of Tranche B payment for Kenya assets sale
Tullow receives $36m tranche B payment from Kenya assets sale to Auron Energy, with final $4m and $40m tranches pending. |
+6.7% | |
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Tranche B payment received $36 millionFinal 10% of Tranche B pending $4 millionFinal tranche $40 million (payable over five years from Q3 2028)2026 pre-financing cash flow guidance at $65/bbl $150-180 million2026 pre-financing cash flow guidance at $100/bbl doubled
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| 26 Feb 26 | Refinancing Transaction Update
Over 90% of senior secured noteholders agree to lock-up supporting refinancing of May 2026 notes. |
+0.5% | |
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Senior Secured Notes maturity May 2026Noteholders in lock-up agreement over 90%Early-bird cash consent fee 1.00%Early-bird in-kind fee 5.00%New notes for early-bird holders $1,000 per $1,000 heldNew notes for late holders $950 per $1,000 held
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| 20 Feb 26 | Trading update | Trading Statement
2025 production averaged 40.4 kboepd; free cashflow $100m; refinancing extends debt maturity and adds liquidity. |
−5.6% |
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2025 working interest production c.40.4 kboepd2025 revenue c.$847 million2025 free cash flow c.$100 million2P reserves year-end 2025 100.4 mmboe (164.5 mmboe)Year-end net debt c.$1.35 billion2026 production guidance 34-42 kboepd
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| 20 Feb 26 | Ghana Petroleum Agreements Extended
Tullow's Ghana petroleum agreements for Jubilee and TEN fields extended to 31 December 2040. |
−5.6% | |
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Agreement extension to 31 December 2040GNPC additional interest increase from 20 July 2036GNPC interest increase 10%Jubilee gas supply price $2.50/mmbtu
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| 20 Feb 26 | Refinancing Transaction and Lock-Up Agreement
Tullow refinances $1.3bn senior notes due May 2026 with 66% noteholder support, extending maturity to November 2028. |
−5.6% | |
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Senior Secured Notes due May 2026 $1,285,245,000Senior Secured Notes interest rate 10.25%Extended Notes maturity 15 November 2028Minimum paydown on Closing Date $100 millionGlencore super senior Cargo Prepayment Facility $100 millionGlencore existing facility $400 million
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| 20 Feb 26 | Tullow signs SPA to acquire TEN FPSO in Ghana
Tullow signs agreement to acquire TEN FPSO in Ghana for $205 million gross, completion expected end Q1 2027. |
−5.6% | |
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Gross consideration $205 millionNet consideration to Tullow $125.6 millionCompletion date End of first quarter of 2027
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| 08 Dec 25 | Director dealing | Director/PDMR Shareholding | |
| 01 Dec 25 | Board change | Appointment of Independent Non-Executive Chair
Roald Goethe appointed independent non-executive Chair; four directors step down immediately; board reduced to four members. |
+24.2% |
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Board size post-change 4 membersRoald Goethe shareholding 28,259,396 sharesRoald Goethe 2026 Senior Notes c.$400,000
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| 28 Nov 25 | Routine | Block listing Interim Review | |
| 21 Nov 25 | Trading update | November Trading Update
Tullow completes Kenya and Gabon asset sales and signs Ghana licence extension MoU, facing production decline challenges. |
−40.9% |
|
TEN production above expectations expectations 2025 Group production to end-October c.40.7 kboepdKenya sale proceeds received $40 millionKenya sale proceeds expected on FDP approval $40 millionGabon sale proceeds $307 million net of taxCost base optimisation savings targeted over three years c.$50 millionYear-end 2025 net debt guidance c.$1.2 billion
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| 03 Nov 25 | Routine | Total Voting Rights | |
| 07 Oct 25 | Director dealing | Director/PDMR Shareholding | |
| 01 Oct 25 | Routine | Total Voting Rights | |
| 30 Sep 25 | Director dealing | Director/PDMR Shareholding | |
| 26 Sep 25 | Tullow publishes reserves report
Tullow's mid-year 2025 reserves fell to 113.8 mmboe from 128.5 mmboe, reflecting production and negative revisions. |
+1.1% | |
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Total reserves as of 30 June 2025 113.8 mmboe (128.5 mmboe)Production in 1H 2025 7.4 mmboeRevisions in 1H 2025 -7.3 mmboeJubilee Contingent Resources to move to 2P Reserves 14.7 mmboeTEN Contingent Resources to move to 2P Reserves 3.5 mmboe
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| 25 Sep 25 | Tullow completes sale of Kenya assets
Tullow completes sale of Kenya assets to Gulf Energy for US$120 million minimum consideration, receiving US$40 million Tranche A. |
−2.3% | |
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Kenya sale proceeds US$120 million minimumTranche A received US$40 millionGabon sale proceeds US$307 million net of taxYears of operations in Kenya 14 years
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| 05 Sep 25 | Board change | Appointment of Chief Executive Officer
Ian Perks appointed Chief Executive Officer, taking office 15 September 2025; Richard Miller returns to CFO role. |
+7.3% |
| 01 Sep 25 | Routine | Total Voting Rights | |
| 07 Aug 25 | Director dealing | Director/PDMR Shareholding | |
| 07 Aug 25 | Routine | Total Voting Rights | |
| 06 Aug 25 | Results | 2025 Half Year Results
1H25 revenue $411m excluding Gabon; loss $80m; first Jubilee well onstream with better net pay; $300m Gabon proceeds received. |
−19.0% |
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Jubilee well encountered better than expected net pay; free cash flow in line with expectations expectations Revenue (ex-Gabon) $411m ($666m)Loss after tax (ex-Gabon) $(80)m ($106m profit)Production (ex-Gabon) 40.6 kboepd (53.5 kboepd)Net debt $1.6bn ($1.7bn)Cash gearing (ex-Gabon) 2.1x (1.6x)Gabon proceeds realised $300m
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| 30 Jul 25 | Board change | Directorate Change
Independent Non-Executive Director Sheila Khama steps down from the Board effective 1 August 2025. |
−1.6% |
| 29 Jul 25 | Tullow completes sale of Gabon assets
Tullow completes sale of Gabon assets to Gabon Oil Company for US$307 million, reducing net debt. |
−1.2% | |
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Cash consideration from Gabon sale US$307 millionMinimum consideration for Kenya sale US$120 millionRCF commitment US$150 million
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| 21 Jul 25 | SPA for sale of Kenyan assets to Gulf Energy
Tullow signs agreement to sell entire Kenyan oil portfolio to Gulf Energy for minimum US$120 million. |
−0.9% | |
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Minimum cash consideration US$120 millionTranche A payment on completion US$40 millionTranche B payment (FDP approval or 30 June 2026) US$40 millionTranche C payment over five years from Q3 2028 US$40 millionKenya 2C resources c.463 million barrelsTotal expected cash proceeds in 2025 (Kenya and Gabon) US$380 million
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| 01 Jul 25 | Routine | Total Voting Rights | |
| 26 Jun 25 | Director dealing | Director/PDMR Shareholding | |
| 04 Jun 25 | MoU signed to extend Ghana production licences
MoU signed to extend Ghana production licences to 2040, enabling up to 20 additional Jubilee wells and $2 billion investment. |
+4.9% | |
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Licence extension to 2040Additional wells in Jubilee field up to 20Investment over life of licences up to $2 billionTarget gas supply increase c.130 mmscf/dExpected reserves impact material gross 2P reserves increase
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| 02 Jun 25 | Routine | Total Voting Rights | |
| 30 May 25 | Routine | Block listing Interim Review | |
| 27 May 25 | Routine | Block Listing Application | |
| 22 May 25 | Routine | Result of AGM | |
| 22 May 25 | Trading update | AGM Trading Update
Q1 production 52.9 kboepd; Gabon and Kenya asset sales on track for $380m proceeds; net debt $1.6bn. |
−2.2% |
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Q1 2025 working interest production 52.9 kboepdExpected disposal proceeds from Gabon and Kenya $380 millionNet debt at 31 March 2025 $1.6 billion2025 production guidance 50-55 kboepdFull year free cash flow guidance at $65/bbl $400 millionExpected year-end net debt c.$1.1 billion
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| 13 May 25 | SPA for strategic sale of Gabon assets to GOC
Tullow Oil signs SPA to sell entire Gabon portfolio to Gabon Oil Company for US$300m net of tax. |
+14.3% | |
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Sale consideration US$300m net of taxGabon production (2025 guidance) c.10 kbopd2P reserves c.36 million barrelsGross profit attributable to disposed assets (2024) c.US$119mDisposed asset value at 31 Dec 2024 c.US$256m
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| 13 May 25 | Report on Payments to Govts - Replacement
Tullow Oil published its 2024 report on payments to governments across Gabon, Ghana, Kenya, Argentina and UK. |
+14.3% | |
| 09 May 25 | Report on Payments to Govts
Tullow Oil published its 2024 report on payments to governments across its operating jurisdictions. |
+1.0% | |
| 06 May 25 | Holding | Holding(s) in Company | |
| 01 May 25 | Routine | Total Voting Rights | |
| 23 Apr 25 | Director dealing | Director/PDMR Shareholding | |
| 17 Apr 25 | Holding | Holding(s) in Company | |
| 15 Apr 25 | Heads of terms for sale of Kenyan assets for $120m
Tullow agrees to sell entire Kenyan assets to Gulf Energy for minimum $120 million with back-in option on future development. |
+3.7% | |
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Total consideration $120mNear-term cash receipts $80mPayment on completion $40mBack-in participation retained 30%Payment by FDP approval or 30 June 2026
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| 14 Apr 25 | Annual And Sustainability Report & Notice Of AGM
Tullow Oil publishes 2024 Annual Report, Sustainability Report and Notice of Annual General Meeting scheduled for 22 May 2025. |
+2.0% | |
| 04 Apr 25 | Director dealing | Director/PDMR Shareholding | |
| 01 Apr 25 | Routine | Total Voting Rights | |
| 27 Mar 25 | Director dealing | Director/PDMR Shareholding | |
| 27 Mar 25 | Director dealing | Director/PDMR Shareholding | |
| 25 Mar 25 | Results | Final Results
2024 production down slightly to 61.2 kboepd; net debt reduced to $1,452m; Gabon assets sale agreed for $300m. |
+7.6% |
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Production 61.2 kboepd (62.7 kboepd)Revenue $1,535 million ($1,634 million)Net debt $1,452 million ($1,608 million)Free cash flow $156 million ($170 million)2P reserves 164.5 mmboe (212.2 mmboe)Profit after tax $55 million (loss of $110 million)
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| 24 Mar 25 | Heads of terms agreed for sale of Gabon assets
Tullow agrees to sell Gabon assets to Gabon Oil Company for $300 million net of tax. |
+0.9% | |
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Sale consideration $300 million net of taxGabon production c.10 kbopd2P reserves c.36 million barrelsPro forma net debt post-transaction $1.15 billion
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| 03 Mar 25 | Repayment of 2025 Notes
Repaid $493 million maturity of Senior Notes from Glencore facility drawdown and cash. |
+5.1% | |
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Senior Notes repaid $493 millionGlencore Facility drawn $270 million
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| 10 Feb 25 | Holding | Holding(s) in Company | |
| 04 Feb 25 | Board change | Update on Chief Executive Officer Transition
Richard Miller appointed Interim CEO and CFO effective 14 February 2025, replacing departing Rahul Dhir. |
+5.8% |
| 03 Feb 25 | Routine | Total Voting Rights | |
| 30 Jan 25 | Trading update | January Trading Statement and Operational Update
Tullow resolved Ghana tax dispute, reduced net debt to $1.45bn, expects $200m free cash flow in 2025 and will resume drilling in May. |
−2.0% |
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Net debt c.$1.45 billion (c.$2.81 billion)2024 Revenue c.$1.5 billion2024 Free cash flow c.$156 million2024 Working interest production c.61.2 kboepd2025 Production guidance 50-55 kboepdGhana tax arbitration removed $320 million contingent liability
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| 03 Jan 25 | Director Declaration
Sheila Khama appointed as independent Non-Executive Director of ACWA Power effective 1 January 2025. |
+8.1% | |
| 03 Jan 25 | Director Declaration
Sheila Khama appointed independent Non-Executive Director of ACWA Power effective 1 January 2025. |
+8.1% | |
| 02 Jan 25 | Successful outcome of Ghana Tax Arbitration
ICC Tribunal ruled that Branch Profit Remittance tax is not applicable to Tullow Ghana, eliminating $320 million assessment. |
+2.0% | |
|
BPRT assessment eliminated $320 million
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| 02 Jan 25 | Routine | Total Voting Rights | |
| 31 Dec 24 | Director dealing | Director/PDMR Shareholding | |
| 31 Dec 24 | Director dealing | Director/PDMR Shareholding | |
| 24 Dec 24 | Director dealing | Director/PDMR Shareholding | |
| 19 Dec 24 | Director dealing | Director/PDMR Shareholding | |
| 19 Dec 24 | Routine | Form 8.3 - Tullow Oil plc | |
| 18 Dec 24 | Routine | Form 8.3 - Tullow Oil plc | |
| 18 Dec 24 | Holding | Holding(s) in Company | |
| 18 Dec 24 | Routine | Form 8.5 - Tullow Oil plc | |
| 18 Dec 24 | Routine | Form 8.5 - Tullow OIL plc | |
| 18 Dec 24 | Routine | Form 8.5 - Tullow Oil plc | |
| 17 Dec 24 | Routine | Form 8.3 - Tullow Oil plc | |
| 17 Dec 24 | Routine | Form 8.3 - Tullow Oil plc | |
| 17 Dec 24 | Routine | Form 8.3 - Tullow Oil plc | |
| 17 Dec 24 | Routine | Form 8.3 - Kosmos Energy LTD | |
| 17 Dec 24 | Routine | Form 8.3 - Kosmos Energy Ltd | |
| 17 Dec 24 | Routine | Form 8.3 - Tullow Oil plc | |
| 17 Dec 24 | Routine | Form 8.5 - Tullow Oil plc | |
| 17 Dec 24 | Routine | Form 8.5 - Kosmos Energy Ltd | |
| 17 Dec 24 | Routine | Form 8.5 - Tullow Oil plc | |
| 17 Dec 24 | Termination of preliminary discussions with Kosmos
Kosmos Energy terminates preliminary discussions for all-share offer; Tullow Board confident in standalone business. |
−12.6% | |
| 17 Dec 24 | Routine | Form 8.5 - Tullow Oil plc | |
| 17 Dec 24 | Routine | Form 8.3 - Tullow Oil plc | |
| 17 Dec 24 | Routine | Form 8.3 - Kosmos Energy Ltd | |
| 17 Dec 24 | Routine | Form 8.3 - Tullow Oil plc | |
| 17 Dec 24 | Offer | Statement regarding possible offer for Tullow Oil
Kosmos Energy terminates preliminary discussions and will not make a firm offer for Tullow Oil. |
−12.6% |
| 17 Dec 24 | Routine | Form 8.5 - Tullow Oil plc | |
| 16 Dec 24 | Routine | Form 8.3 - Tullow Oil plc | |
| 16 Dec 24 | Routine | Form 8.3 - Tullow Oil plc | |
| 16 Dec 24 | Routine | Form 8.3 - Kosmos Energy LTD | |
| 16 Dec 24 | Routine | Form 8.3 - Tullow Oil plc | |
| 16 Dec 24 | Routine | Form 8.3 - Kosmos Energy Ltd | |
| 16 Dec 24 | Routine | Tullow O... | |
| 16 Dec 24 | Routine | Form 8.3 - Kosmos Energy Ltd | |
| 16 Dec 24 | Routine | Form 8.3 - Tullow Oil plc | |
| 16 Dec 24 | Routine | Form 8.5 - Tullow Oil plc | |
| 16 Dec 24 | Routine | Form 8.5 - Tullow Oil plc | |
| 16 Dec 24 | Routine | Form 8.5 - Tullow Oil plc | |
| 16 Dec 24 | Routine | Form 8.5 - Kosmos Energy Ltd | |
| 16 Dec 24 | Routine | Form 8.5 - Tullow Oil plc | |
| 16 Dec 24 | Routine | Form 8.3 - T | |
| 16 Dec 24 | Routine | Form 8.3 - Tullow Oil plc | |
| 13 Dec 24 | Routine | Form 8.3 - Kosmos Energy Ltd | |
| 13 Dec 24 | Routine | Form 8.3 - Tullow Oil plc | |
| 13 Dec 24 | Routine | Form 8.3 - Kosmos Energy Ltd | |
| 13 Dec 24 | Routine | Form 8.3 - Tullow Oil plc | |
| 13 Dec 24 | Routine | Form 8.3 - Tullow Oil plc | |
| 13 Dec 24 | Routine | Form 8.5 - Tullow Oil plc | |
| 13 Dec 24 | Offer | Statement re Possible Offer
Kosmos Energy in very preliminary discussions regarding possible all-share offer for Tullow Oil. |
−9.8% |
| 12 Dec 24 | Offer | Statement re Possible Offer
Tullow confirms preliminary discussions with Kosmos Energy regarding a possible all-share takeover offer. |
+5.6% |
| 05 Dec 24 | Board change | Directorate Change
CEO Rahul Dhir to step down during 2025; board to search for successor. |
−9.0% |
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Free cash flow delivered since 2020 $1.1 billionNet debt reduction from $2.8 billion to c.$1.4 billion
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| 02 Dec 24 | Routine | Total Voting Rights | |
| 29 Nov 24 | Holding | Holding(s) in Company | |
| 28 Nov 24 | Trading update | November Trading Update
Group production on track at 62 kboepd; free cash flow guidance reduced to $150-200m due to payment timing and Ghana underperformance. |
−7.9% |
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Jubilee below expectations; TEN above expectations expectations Group production year-to-date c.62 kboepdJubilee oil production (to end-October) c.89 kbopd (c.34.5 kbopd net)TEN oil production (to end-October) c.19 kbopd (c.10.5 kbopd net)2024 Free cash flow guidance $150-200 million ($200-300 million)Year-end net debt expected c.$1.4bnRevolving Credit Facility extended to end of June 2025
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| 19 Nov 24 | Tullow secures commitments for extension of RCF
Tullow extends revolving credit facility to 30 June 2025 and reduces size to $250 million. |
−0.3% | |
|
RCF maturity date 30 June 2025RCF size $250 million
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| 08 Nov 24 | Routine | Block listing Interim Review | |
| 01 Nov 24 | Routine | Total Voting Rights | |
| 01 Oct 24 | Routine | Total Voting Rights | |
| 12 Sep 24 | Director dealing | Director/PDMR Shareholding | |
| 02 Sep 24 | Routine | Total Voting Rights | |
| 16 Aug 24 | Director dealing | Director/PDMR Shareholding | |
| 16 Aug 24 | Director dealing | Director/PDMR Shareholding | |
| 07 Aug 24 | Results | 2024 Half Year Results
Half-year revenue of $759m with profit after tax of $196m; Ghana drilling completed ahead of schedule; 2024 guidance reiterated. |
+0.9% |
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Revenue $759m ($777m)Profit after tax $196m ($70m)Gross profit $460m ($351m)Production 63.7 kboepd (60.8 kboepd)Net debt $1.7 billion ($1.9 billion)Free cash flow $(126)m ($(142)m)
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| 01 Aug 24 | Routine | Total Voting Rights | |
| 01 Jul 24 | Routine | Total Voting Rights | |
| 03 Jun 24 | Routine | Total Voting Rights | |
| 24 May 24 | Tullow takes next step on Net Zero pathway
Tullow formalises REDD+ partnership with Ghana Forestry Commission to generate certified carbon offsets for Net Zero pathway. |
−0.2% | |
|
Expected carbon offsets per annum up to 1 million tonnesLand area covered c.2 million hectaresGHG emissions reduction target from routine flaring elimination at least 40% in 2025Investment in flaring elimination since 2011 $40 millionCommunities expected to benefit over 1 million residents
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| 16 May 24 | Routine | Result of AGM | |
| 16 May 24 | Trading update | AGM Trading Update Replacement
Q1 production of 66 kboepd confirmed; on track for $600m free cash flow over 2024-2025 at $80/bbl. |
+2.6% |
|
TEN ahead; Jubilee in line expectations Group working interest production Q1 2024 c.66 kboepdFree cash flow guidance 2024-2025 c.$600 million ($80/bbl)Full year free cash flow guidance 2024 $200-300 million ($80/bbl)Net debt target end 2024 less than $1.4 billionJubilee oil production Q1 gross c.93 kbopdTEN production Q1 gross c.19 kbopd
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| 16 May 24 | Trading update | AGM Trading Update
Q1 production 59 kboepd; on track for $600m free cash flow over 2024-2025 at $80/bbl; Jubilee drilling ahead of schedule. |
+2.6% |
|
TEN production ahead of expectations; Jubilee well rates lower than pre-drill expectations expectations Q1 2024 Group production c.59 kboepdFree cash flow guidance 2024-2025 c.$600 million at $80/bblFull year free cash flow guidance 2024 $200-300 million at $80/bblTarget net debt by end 2024 less than $1.4 billionJubilee Q1 gross production c.93 kbopdTEN Q1 gross production c.19 kbopd
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| 10 May 24 | Routine | Block listing Interim Review | |
| 08 May 24 | Report on Payments to Govts
Tullow Oil publishes mandatory annual report on payments to governments for 2023. |
+0.4% | |
| 01 May 24 | Director dealing | Director/PDMR Shareholding | |
| 01 May 24 | Routine | Total Voting Rights | |
| 17 Apr 24 | Director dealing | Director/PDMR Shareholding | |
| 08 Apr 24 | Director dealing | Director/PDMR Shareholding | |
| 08 Apr 24 | Director dealing | Director/PDMR Shareholding | |
| 02 Apr 24 | Routine | Total Voting Rights | |
| 27 Mar 24 | Director dealing | Director/PDMR Shareholding | |
| 21 Mar 24 | Replacement - Notice of AGM
Tullow Oil published 2023 Annual Report and Sustainability Report; AGM scheduled for 16 May 2024. |
−2.2% | |
| 21 Mar 24 | Annual and Sustainability Report & Notice of AGM
Tullow Oil published 2023 Annual Report and Sustainability Report; AGM scheduled for 16 April 2024. |
−2.2% | |
| 14 Mar 24 | Director dealing | Director/PDMR Shareholding | |
| 11 Mar 24 | Director dealing | Director/PDMR Shareholding | |
| 06 Mar 24 | Results | Final Results
Full year 2023 production 62.7 kboepd with free cash flow of $170m ahead of expectations and net debt reduced to $1,608m. |
+2.7% |
|
ahead expectations Revenue $1,634 million ($1,783 million)Free cash flow $170 million ($267 million)Net debt $1,608 million ($1,864 million)Production 62.7 kboepd (61.1 kboepd)Adjusted EBITDAX $1,151 million ($1,469 million)Realised oil price $77.5/bbl ($88.0/bbl)
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| 01 Mar 24 | Routine | Total Voting Rights | |
| 01 Feb 24 | Routine | Total Voting Rights | |
| 01 Feb 24 | Routine | Block Listing Application - Replacement | |
| 25 Jan 24 | Routine | Block Listing Application | |
| 24 Jan 24 | Trading update | January Trading Statement
2023 free cash flow ahead of expectations; Jubilee South East start-up drives production growth and debt reduction continues. |
+10.7% |
|
ahead expectations 2023 free cash flow c.$170m2023 revenue c.$1.6 billionFull year working interest production c.63 kboepdYear-end net debt c.$1.6 billionNet debt reduction c.$250 million2024 capital expenditure guidance c.$250 million
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| 02 Jan 24 | Director dealing | Director/PDMR Shareholding | |
| 29 Dec 23 | Routine | Total Voting Rights | |
| 29 Dec 23 | Director dealing | Director/PDMR Shareholding | |
| 29 Dec 23 | Director dealing | Director/PDMR Shareholding | |
| 27 Dec 23 | Director dealing | Director/PDMR Shareholding | |
| 27 Dec 23 | Director dealing | Director/PDMR Shareholding | |
| 15 Dec 23 | Offer | Final Results of the Tender Offer for 2025 Notes
Tullow Oil tendered and accepted US$140.9m of its 2025 Notes at US$920 per US$1,000 principal. |
+5.1% |
|
Principal amount tendered and accepted U.S.$140,933,000Tender consideration per US$1,000 principal U.S.$920.00Outstanding Notes after purchase U.S.$492,530,000Original outstanding principal U.S.$633,463,000Free cash flow expected 2023-2025 approximately $800 millionGross debt reduced in 2023 almost $400 million
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| 14 Dec 23 | Director dealing | Director/PDMR Shareholding | |
| 30 Nov 23 | Routine | Total Voting Rights | |
| 30 Nov 23 | Offer | Early Results of its Tender Offer for 2025 Notes
Tullow Oil tender offer for 2025 Notes receives $130.1m of $300m bids by early deadline. |
−0.6% |
|
Notes tendered by early deadline U.S.$130,086,000Aggregate tender consideration limit U.S.$300,000,000Outstanding principal amount of Notes U.S.$633,463,000Early tender offer consideration per $1,000 U.S.$920.00
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| 30 Nov 23 | Offer | Result of the Offer for 2026 Notes
Tullow repurchased $114.8m of 2026 Notes for $102.5m cash, reducing debt and saving $28.9m in future coupons. |
−0.6% |
|
Principal amount of 2026 Notes repurchased $114,755,000Cash deployed $102,515,736.25Value accretion $41.1mCoupon savings to maturity $28.9mWeighted average purchase price 89.334%Total debt reduction in 2023 $381.3m
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| 23 Nov 23 | Holding | Holding(s) in Company | |
| 15 Nov 23 | Trading update | November Trading Update
Full year 2023 free cash flow guidance raised to $150m; $400m debt facility secured to refinance maturing notes. |
+10.3% |
|
ahead of guidance expectations Full year 2023 free cash flow guidance c.$150 million (c.$100 million)New debt facility $400 millionExpected year-end net debt c.$1.6 billionExpected gearing 1.3 timesFree cash flow 2023-2025 at $80/bbl c.$800 millionFull year net oil production guidance 58-60 kbopd (marginally below guidance)
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| 15 Nov 23 | Tullow launches Tender Offer
Tullow launches tender offer to repurchase up to $100m of 2026 Senior Secured Notes at Dutch auction. |
+10.3% | |
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Tender Consideration up to $100,000,000Outstanding Principal Amount of Reg S Notes $1,600,000,000Coupon on Senior Secured Notes 10.25%Maturity 2026Minimum Purchase Price 89.125%
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| 15 Nov 23 | Notice Of Tender Offer
Tullow Oil launches tender offer for up to $300m of 7.00% Senior Notes due 2025. |
+10.3% | |
|
Aggregate Tender Consideration up to U.S.$300,000,000Outstanding Principal Amount U.S.$633,463,000Modified Dutch Auction Bid Range U.S.$900.00 to U.S.$920.00 per U.S.$1,000Early Tender Offer Premium U.S.$50.00 per U.S.$1,000Funding facility U.S.$400,000,000 from Glencore Energy UK Limited
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| 13 Nov 23 | Tullow secures $400 million 5-year debt facility
Tullow secures $400 million five-year debt facility from Glencore for refinancing 2025 notes. |
+4.9% | |
|
Debt facility $400 millionFacility term 5 yearsInterest rate SOFR plus 10%Free cash flow expected 2023-2025 $800 millionSenior notes maturity March 2025
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| 02 Nov 23 | Routine | Block listing Interim Review | |
| 31 Oct 23 | Routine | Total Voting Rights | |
Company filings. Not investment advice.