Tullow Oil
TLW · Main Market · Energy · mcap £160m · 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 rules Ghana's $196.5m tax assessment on insurance proceeds not in breach of petroleum agreements. |
−47.4% | |
|
Corporate income tax assessment $196.5mAssessment period 2016 to 2019Penalty rate ruled outside scope 100%
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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 expectations Group working interest production 43.7 kboepd (40.6 kboepd)Revenue $496 million ($411 million)Realised oil price before hedging $95.0/bbl ($71.4/bbl)Free cash flow $4 million ($(188) million)2P reserves 121.7 mmboe (100.2 mmboe)Net debt $1.4 billion ($1.6 billion)
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| 28 Sep 26 | Results | 2026 Half Year Results
H1 2026 production 43.7 kboepd, free cash flow upgraded to $170-250m, reserves replacement 380%. |
−1.4% |
|
ahead expectations Group working interest production 43.7 kboepd (40.6 kboepd)Revenue $496 million ($411 million)Realised oil price before hedging $95.0/bbl ($71.4/bbl)Gross profit $276 million ($165 million)Free cash flow $4 million ($(188) million)2P reserves 121.7 mmboe (100.2 mmboe)
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| 05 Aug 26 | Trading update | Trading Statement
Strong H1 production and cash generation; upgraded full-year free cash flow guidance to $170-250m. |
−6.7% |
|
ahead expectations Group production H1 2026 c.43.7 kboepdH1 2026 sales revenue c.$496 millionAverage pre-hedge oil realisations H1 c.$95/bblGross debt at 30 June 2026 c.$1.6bn (c.$1.7bn)Net debt at 30 June 2026 c.$1.4 billionFull year free cash flow guidance (upgraded) $170-250 million at $70-100/bbl ($70-175 million)
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| 13 Jul 26 | Royalty Deed and Back-in Rights for the Kenya SPA
Tullow receives additional $9 million to terminate royalty and back-in rights from Kenya asset sale. |
+9.0% | |
|
Additional consideration $9 millionTranche A received $40 million (September 2025)Tranche B received $40 million (March 2026)Tranche C remaining $40 million (due by June 2033)Royalty payment rate $0.5/bbl × 80% production
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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 repays approximately $48 million of Senior Notes due 2028, two months after refinancing. |
−1.1% | |
|
Principal amount repaid $48,211,589.95Redemption price 101% of principalRemaining outstanding principal $1,162,034,475
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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
H1 2026 production at higher end of guidance; drilling campaign progressing well with strong cash generation expected. |
+8.8% |
|
ahead expectations Group production Jan-May 2026 43.1 kboepdProduction guidance range 2026 34-42 kboepdFree cash flow guidance 2026 $70-175m at $70-100/bblAverage oil price realisations Jan-May c.$96/bbl pre-hedgeFacility uptime Jan-May 2026 more than 99%Capital expenditure guidance 2026 c.$200m
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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 with $1.353bn net debt. |
+11.4% |
|
production in line with guidance, although towards lower end expectations Revenue $847 million ($1,287 million)Production (working interest) 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
Refinancing transaction completed with $1.185bn senior secured notes due 2028 and $423m junior secured notes. |
+0.0% | |
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Senior secured notes issued c. $1.185 billionJunior secured notes issued c. $423 millionExisting notes redeemed at par $100 millionSuper senior cargo prepayment facility $100 millionAdditional New Notes to Glencore $25 millionExisting secured notes facility released $400 million
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| 22 Apr 26 | Refinancing Transaction Update
Consent solicitation for refinancing of $1.29bn 10.25% Senior Secured Notes due 2026 expires with 99%+ holder approval. |
+2.1% | |
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Principal amount of Notes $1,285,245,000Coupon on existing Notes 10.25%Consent rate achieved more than 99%Redemption fee on new Notes 1.00%
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| 08 Apr 26 | Refinancing Transaction Update
Tullow Oil secures 97% noteholder consent for refinancing of $1.3bn senior secured notes due 2026. |
−3.7% | |
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Outstanding Notes Principal Amount $1,285,245,000Notes Interest Rate 10.25%Noteholder Consent Received 97%Requisite Consent Threshold 90%Redemption Fee 1.00%
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| 08 Apr 26 | Appointment of four Independent NEDs
Four independent non-executive directors appointed to strengthen governance and comply with refinancing requirements. |
−3.7% | |
| 25 Mar 26 | Launch of Consent Solicitation
Tullow launches consent solicitation for refinancing of $1.285bn senior secured notes due 2026. |
−2.3% | |
|
Senior Secured Notes $1,285,245,000Interest rate 10.25%Holders 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
Received $36 million second payment from Kenya assets sale to Auron Energy; final tranche of $40 million due from Q3 2028. |
+6.7% | |
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Tranche B payment received $36 millionTranche B final payment pending $4 millionFinal tranche payable $40 millionOil price assumption for guidance $65/bbl2026 pre-financing cash flow guidance $150-180 millionImplied cash flow at $100/bbl $300-360 million
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| 26 Feb 26 | Refinancing Transaction Update
Over 90% of senior secured noteholders have agreed to lock-up supporting the refinancing transaction expected to complete in Q2 2026. |
+0.5% | |
| 20 Feb 26 | Trading update | Trading Statement
2025 full year production 40.4 kboepd; free cash flow $100m impacted by commodity prices and Ghana receivables delays. |
−5.6% |
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Full year working interest production c.40.4 kboepd2025 Revenue c.$847 million2025 free cash flow c.$100 millionFree cash at 31 December 2025 $322 millionYear-end net debt c.$1.35 billion2P reserves at year end 2025 100.4 mmboe (164.5 mmboe)
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| 20 Feb 26 | Ghana Petroleum Agreements Extended
Ghana extended Jubilee and TEN petroleum agreements to 31 December 2040 with revised gas supply terms. |
−5.6% | |
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Petroleum Agreements extended to 31 December 2040GNPC share increase from 20 July 2036Additional GNPC interest 10%Jubilee gas supply price $2.50/mmbtu escalating
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| 20 Feb 26 | Refinancing Transaction and Lock-Up Agreement
Tullow refinances $1.29bn notes due May 2026, extending maturity to November 2028 with support from 66% of noteholders and Glencore. |
−5.6% | |
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Senior Secured Notes $1,285,245,000Maturity extension over two years to November 2028Minimum paydown at closing $100 millionNew Cargo Prepayment Facility from Glencore $100 millionExtended Notes interest rate 10.25% cash, 3.00% PIK, 1.75% PIYC per annumGlencore Junior Notes maturity 15 May 2030
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| 20 Feb 26 | Tullow signs SPA to acquire TEN FPSO in Ghana
Tullow agrees to acquire TEN FPSO in Ghana for $205m gross ($125.6m net), completion Q1 2027. |
−5.6% | |
|
Gross consideration $205 millionNet consideration to Tullow $125.6 millionCompletion date End of Q1 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 other non-executive directors stepping down. |
+24.2% |
| 28 Nov 25 | Routine | Block listing Interim Review | |
| 21 Nov 25 | Trading update | November Trading Update
Tullow completes Kenya and Gabon sales; Ghana production wells progressing; refinancing discussions underway. |
−40.9% |
|
TEN production above expectations; Espoir slightly below expectations 2025 Group production to end-October c.40.7 kboepdKenya sale proceeds received $40 millionKenya additional proceeds expected $40 millionGabon sale proceeds $307 million net of taxCost base optimisation savings targeted c.$50 million over three years2025 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 publishes mid-year 2025 reserves report showing total reserves of 113.8 mmboe, down from 128.5 mmboe at year-end 2024. |
+1.1% | |
|
Total reserves (excluding Gabon) 113.8 mmboe (128.5 mmboe)Production in 1H 2025 7.4 mmboeRevisions from production performance 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 minimum US$120 million cash consideration. |
−2.3% | |
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Kenya asset sale proceeds (Tranche A received) US$40 millionKenya asset sale total consideration US$120 million minimumGabon asset sale proceeds US$307 million net of tax
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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% | |
|
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% | |
|
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% | |
|
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% |
|
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% | |
|
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% | |
|
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% |
|
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% |
|
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% |
|
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% |
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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% | |
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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% | |
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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.