Tullow Oil H2 Earnings Call Highlights

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MarketBeat

Tue, April 28, 2026 astatine 4:22 AM CDT 9 min read

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Key Points

Tullow reported beardown operational momentum with Q1 2026 accumulation astatine 43.4 kboepd (up from 40.4 kboepd successful 2025), driven by the Jubilee drilling run wherever 3 wells are online, 3 much are expected by end‑July, and Ghana plus availability is adjacent 100%.
A broad refinancing completed extends elder secured notes to 2028 and Glencore notes to 2030, lowers currency involvement by astir $50m per year (to ≈$125m) and underpins 2026 pre‑financing currency travel guidance of $260–365m, implying $70–175m of escaped currency travel aft financing costs.
Tullow keeps a hedging argumentation targeting 60% downside protection portion retaining upside exposure, has realized premiums connected West African crude (one Jubilee cargo fetched $130/bbl), and reports improved Ghana relations and outgo mechanisms that enactment receivable betterment and further Jubilee/TEN improvement upside.
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Tullow Oil (LON:TLW) executives said the institution has built a “stable foundation” implicit the past 12 to 15 months and is seeing beardown operational momentum successful aboriginal 2026, supported by improved uptime successful Ghana and advancement connected a Jubilee drilling campaign.

Chief Executive Officer Ian Perks, who joined the institution successful September, told investors the concern has focused connected “disciplined execution against a acceptable of wide actions,” including divestments, outgo reductions, and a broad refinancing completed “yesterday.” He said Tullow is besides seeing benefits from caller subsurface data, including 4D and ocean-bottom node (OBN) seismic, which is helping to enactment existing and imaginable aboriginal drilling activity.

Operational show strengthens successful aboriginal 2026

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Perks said accumulation successful the archetypal 4th of 2026 averaged 43.4 1000 barrels of lipid equivalent per time (kboepd), up from 40.4 kboepd successful 2025. If show continues, helium said the institution would expect to beryllium “at the precise precocious end” of its full-year 2026 accumulation guidance of 34,000 to 42,000 boepd.

The CEO attributed the commencement to the twelvemonth to some drilling results and operating performance. He said 3 Jubilee wells person been brought connected watercourse since mid-2025 and are producing successful enactment with pre-drill expectations, with 3 much producers expected online earlier the extremity of July. The run is expected to reason with a h2o injection good successful September, and Perks noted aboriginal log results from the adjacent well, J-76, “indicate different affirmative outcome.”

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