- Tullow’s 2025 Reset Delivers $7m Profit as Asset Sales and Debt Refinancing Underpin Ghana-Led Strategy
Tullow Oil says it “laid significant foundations” in 2025 to stabilise its finances and refocus the business around Ghana, as it reported a small full-year profit and pointed to a stronger start to 2026 driven by drilling performance and a completed refinancing.
In its 2025 full-year results released, the London- and Ghana-listed independent said it has consolidated around “high-value assets in Ghana” after selling its non-core positions in Gabon and Kenya, alongside cost reductions that helped set up what it calls a “comprehensive refinancing”.
Chief Executive Ian Perks, appointed in September 2025, said the strategy was to secure a “long-term sustainable financial footing” and rebuild operational momentum. The group’s 2025 working-interest production averaged 40.4 kboepd, down from 51.5 kboepd the prior year, reflecting portfolio changes and operational challenges in the first half at Jubilee.
Financially, Tullow reported revenue of $847 million (down from $1.287bn in 2024), free cash flow of $99 million, and net debt of $1.353bn at year-end. The company recorded profit after tax of $7 million for the year, even as it posted a loss from continuing operations after tax of $129 million, reflecting the impact of asset sales and restructuring in the portfolio transition.
A key support for the balance sheet was disposal proceeds. Tullow completed the sales of its Gabonese and Kenyan assets in July and September, delivering $347 million of proceeds during 2025. The group also flagged delayed receipts from the Government of Ghana as a constraint on cash flow delivery, stating that government receivables were about $225 million net to Tullow at end-2025, including cash calls, gas payments and TEN development debt.
Operationally in Ghana, Tullow reported an average FPSO uptime of 97% across Jubilee and TEN in 2025 and said that one new Jubilee well (J72-P) came onstream in July and is producing about 8 kbopd.
The company is positioning 2026 as a delivery year. First-quarter 2026 working-interest production averaged 43.4 kboepd, supporting expectations of hitting the higher end of full-year guidance, while the Ghana drilling programme continued with J74-P onstream in January and J75-P onstream in March. The extension of the Jubilee and TEN petroleum agreements to 2040 was ratified by Ghana’s parliament in February 2026, a step Tullow says unlocks the ability to book additional reserves.
Tullow also highlighted a strategic move to improve TEN economics: it has agreed to acquire the TEN FPSO for a gross consideration of $205 million (net $125.6 million to Tullow), payable on completion at the end of the first quarter of 2027. The company argues that owning the vessel could eliminate lease costs and create operating synergies with Jubilee.
On financing, the group said it completed a refinancing on April 27, 2026, extending its senior secured notes and the Glencore facility and adding a new $100 million cargo prepayment facility. It said the transaction provides a “stable platform” for investment delivery and leaves liquidity headroom in excess of $200 million.
For Ghana, the results underline a familiar trade-off: Tullow is signalling renewed operational confidence in drilling, uptime, and infrastructure economics while continuing to press for tighter payment discipline and clearer settlement of legacy receivables. The next test is whether the improved production momentum and new financial runway translate into steady execution and whether Ghana’s upstream value chain can convert that stability into gas monetisation, investment continuity and credible long-term development planning.
