– Tullow Oil plc, the independent oil and gas exploration and production group (Group), announced its Half Year Results for the six months ended 30 June 2025.
Richard Miller, Chief Financial Officer and Interim Chief Executive Officer, Tullow Oil plc, commented: “Our 2025 strategic priorities remain clear: refinancing our capital structure, optimising production, increasing reserves, and completing the sale of our Kenyan assets, having already realised $300 million proceeds from the sale of our portfolio of assets in Gabon.
“In Ghana, we have already taken actions to address the recent underperformance at Jubilee, with further optimisation potential identified. We have recommenced drilling and have completed and brought onstream the first of two planned 2025 production wells at Jubilee, with better-than-expected net pay during drilling.
The high-quality 4D seismic data acquired at the start of the year is now being used to generate improved models that will directly inform the well-planning process and will be further supported with the capture of an Ocean Bottom Node (OBN) seismic survey in the fourth quarter this year.
“We achieved a key milestone by signing an MoU in Ghana to extend our production licences for both Jubilee and TEN to 2040, which is expected to increase reserves and unlock significant value from these fields.
“In the second half of the year, we are focused on refinancing our capital structure, production optimisation activities and continuing to optimise our cost base, which, combined with the progress in the first half of the year, will help unlock Tullow’s intrinsic value.”
2025 FIRST HALF RESULTS
- First half Group working interest oil and gas production 50.0 kboepd (1H24: 63.7 kboepd). Excluding Gabon, 40.6 kboepd (1H24: 53.5 kboepd).
- Revenue of $524 million (1H24: $759 million); realised oil price of $69.0/bbl after hedging (1H24: $77.7/bbl), gross profit of $218 million (1H24: $460 million); loss after tax of $(61) million (1H24: profit after tax of $196 million). Excluding Gabon, revenue of $411 million (1H24: $666 million); realised oil price of $69.7/bbl after hedging (1H24: $77.0/bbl), gross profit of $165 million (1H2024: $387 million); loss after tax of $(80) million (1H24: profit after tax of $106 million).
- Net G&A of $23 million (1H24: $31 million).
- Capital expenditure of $103 million (1H24: $157 million) and decommissioning spend of $13 million (1H24: $9 million). Excluding Gabon of $78 million (1H 2024: $130 million)
- Free cash flow1 of $(188) million in 1H25 (1H24: $(126) million), in line with expectations based on the timing of tax payments, lifting schedule and costs associated with Jubilee maintenance in 1H25.
- Net debt1 at 30 June 2025 of $1.6 billion (30 June 2024: $1.7 billion); cash gearing of 1.9x net debt/EBITDAX1 (30 June 2024: 1.4x); liquidity headroom of $0.2 billion (30 June 2024: $0.7 billion). Excluding Gabon, cash gearing of 2.1x net debt/EBITDAX (30 June 2024: 1.6x).
Full report: file:///Users/masahudu/Downloads/PR-312%20TULLOW%20OIL%20PLC%202025%20HALF-YEAR%20RESULTS(2).pdf