Tullow Oil Sees Dramatic Turnaround in Cash Generation, Reserves Replacement
Tullow Oil reported its half-year 2026 results on September 28, 2026, revealing 'exceptional financial results' driven by operational improvements across its Ghana assets. The company highlighted a dramatic turnaround in cash generation and reserves replacement.
Production grew 7% year-over-year to 43.7 thousand barrels of oil equivalent per day (kboepd), while maintaining FPSO uptime above 99%. Tullow's operating cash flow surged to $222 million in the first half, compared to just $34 million in the same period last year.
The company raised its full-year free cash flow guidance to $170-250 million from $70-175 million previously. Net debt stood at $1.4 billion at mid-year 2026, down from $1.6 billion at mid-year 2025, with the target of approximately $1.2 billion by year-end 2026.
Tullow's Chief Executive Ian Perks emphasized the operational focus during the presentation, stating: 'Water injection today is oil production tomorrow.'