Tullow Oil (TLW): Profit upgrade
This situation live
TLW Tullow Oil
10 Jun 2026 · ahead of expectations · +9% on the day · −11% until the next step
Group production at the higher end of guidance and our significant leverage to the oil price, including year to date realisations ahead of expectations.
5 Aug 2026 · guidance raised · -7% on the day · +49% until the next step
This momentum, together with stronger than expected oil price realisations underpins our upgraded full year free cash flow guidance of $170-250 million at $70-100/bbl.
28 Sep 2026 · ahead of expectations · -1% on the day · −50% since
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.
28 Sep 2026 · ahead of expectations · fourth in 12 months · −50% since
Strong foundations are embedded to support industry-leading FPSO uptime, water injection efficiency and production optimisation initiatives which have reduced the decline of existing wells.
Profit upgrade
ahead of expectations · fourth in 12 months
Directionahead of expectations / raised
Reaction on the day−1%
In 12 months4 statements in the same direction
Company's wordsStrong foundations are embedded to support industry-leading FPSO uptime, water injection efficiency and production optimisation initiatives which have reduced the decline of existing wells. ↗
As of 28 Sep 2026 ↗
Since Oct 2023: 1145 situations of this kind; median share price +0% six months after they opened
Every step · 4
- 10 Jun 2026 ahead of expectations · +9% on the day – Group production at the higher end of guidance and our significant leverage to the oil price, including year to date realisations ahead of expectations. ↗
- 5 Aug 2026 guidance raised · -7% on the day – This momentum, together with stronger than expected oil price realisations underpins our upgraded full year free cash flow guidance of $170-250 million at... ↗
- 28 Sep 2026 ahead of expectations · -1% on the day – 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. ↗
- 28 Sep 2026 ahead of expectations · fourth in 12 months – Strong foundations are embedded to support industry-leading FPSO uptime, water injection efficiency and production optimisation initiatives which have... ↗
What is happening
Tullow Oil: Profit upgrade – ahead of expectations · fourth in 12 months. ['ahead of expectations · fourth in 12 months']
- In short
- Tullow Oil said it is trading ahead of expectations on 28 Sep 2026; the shares moved −1% on the day. It is the fourth such statement in 12 months.
- Announced
- 10 Jun 2026 · ahead of expectations · +9% on the day
- Latest
- 28 Sep 2026 · ahead of expectations · -1% on the day
From the company's own announcements. Not investment advice.
Briefing
Tullow Oil in 5 minutes
Tullow is an oil producer that now depends almost entirely on two offshore fields in Ghana, Jubilee and TEN. After a run of Jubilee underperformance, it sold its Gabon and Kenya assets in 2025 and refinanced $1.3bn...
- Act 1Debt paid down, then Jubilee disappoints
- Act 2Selling Gabon and Kenya to cut debt
- Act 3Licences to 2040, a new debt deal and a new board
Also at Tullow Oil 4 open
Legal & regulatoryGhana tax disputes and receivables – ICC award against Tullow, 30 Sep 2026
Project milestonesJubilee drilling and seismic programme – 2025-26 campaign complete; Campaign 2 contracted
Large acquisition / reverse takeoverTEN FPSO acquisition – SPA signed; completion expected end Q1 2027
Sale process / strategic reviewAsset value-maximisation process – Board sub-committee to be formed post-closing
Insider conviction3 directors buying – £215k in 3 buys · closed
Tullow Oil – company page →