Tullow Oil Plc · LSE:TLW
Tullow Oil — H1 2025 Earnings Presentation
19 slides from Tullow Oil's earnings presentation, Aug 6, 2025
Slide 1: 2025 Half Year Results
2025 Half Year Results 6 August 2025
Slide 2: Disclaimer
Disclaimer This presentation contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil and gas exploration and production business. Whilst Tullow believes the expectations reflected herein to be reasonable in light of the informa
Slide 3: Overview
Overview 2025 Half Year Results
Slide 4: Progressing our strategic priorities in 1H25
Progressing our strategic priorities in 1H25 Laying the foundations for further value creation in 2026 and beyond Strategic 1H 2025 performance 2H 2025 catalysts Successful outcome of Ghana BPRT arbitration Resolution of outstanding GRA claims Completion and receipt of $300 million Gabon proceeds Si
Slide 5: Progressing our strategic priorities in 1H25
Progressing our strategic priorities in 1H25 Laying the foundations for further value creation in 2026 and beyond Operational 1H 2025 performance 2H 2025 catalysts Returned to drilling in Ghana, first 2025 well onstream Drill candidate maturation – further five wells in 2025-26 Completed 4D seismic
Slide 6: Financial
Financial 2025 Half Year Results
Slide 7: 2025 Half Year Results
2025 Half Year Results Capital discipline and 2H25 free cash flow to drive net debt reduction 1H 2024 Actual 1H 2025 Actual Production 63.7 kboepd 50.0 kboepd Oil price $ 77.7 /bbl realised $ 69.0 / bbl realised Capital expenditure $ 157 million $ 103 million Decommissioning $ 9million $ 13 million
Slide 8: 2025 full year guidance
2025 full year guidance Guidance updated to reflect sale of Gabon assets FY 2025 guidance (incl. Gabon) FY 2025 guidance (excl. Gabon) Production 50-55kboepd 40-45kboepd Capital expenditure $ 235million $ 185million Decommissioning $ 25million $ 20million Free cash flow $ (50)million at $65/bbl $ 30
Slide 9: Operational and financial efficiency a core priority
Operational and financial efficiency a core priority Optimising our cost base to reflect the revised asset portfolio Resetting G&A cost base Reduction in operating costs Cumulative $50m targeted savings over three years 2025-27 Targeted Ghana opex savings of >$10m in 2026+ >60% reduction in G&A 2019
Slide 10: Underlying organic free cash flow potential
Underlying organic free cash flow potential Actions being taken to realise the cash generative potential of the business Cost saving activities 2025-27 Reducing interest costs through gross debt reduction Annual lease cost Completion of >$ 200 reduction on TEN UK campaign million Efficiencies and re
Slide 11: Laying the foundations for successful debt refinancing
Laying the foundations for successful debt refinancing Continued deleveraging through 2025 $0.3bn gross debt reduction in 2025, reducing Conservative hedging policy protecting annualised interest cost by c.$8m downside and retaining upside • $493m 2025 Notes repayment (March 2025) • Material hedge p
Slide 12: Operations
Operations 2025 Half Year Results
Slide 13: A clear set of actions to deliver value from Jubilee field
A clear set of actions to deliver value from Jubilee field Production optimisation and return to drilling underway Production underperformance in 1H25 Water injection capacity increased with • Higher water cut from certain wells impacting riser stability on eastern Jubilee potential for voidage repl
Slide 14: Licence extension Memorandum of Understanding
Licence extension Memorandum of Understanding Ghana production licences to be extended to 2040 Expect to realise a 2P reserve uplift associated with licence extension Potential to • MoU includes right to drill up to 20 additional wells increase current recovery factors Guaranteed reimbursement mecha
Slide 15: TEN offers attractive value options
TEN offers attractive value options Stable production, fixed cost reductions and gas sales Stabilisation of production decline Production optimisation activities Enyenra Ntomme 10.1 kbopd 10.2 kbopd • Gas injection to open • Riser base gas lift cycling gas Net TEN production (kbopd) new zones, reduc
Slide 16: Value accretive portfolio actions
Value accretive portfolio actions Cash generative sales and significant royalty options 2025 actions 2026+ July 2H25 Dussafu, Gabon contingent payment1 of up to SPA signed for Kenya $24million over five years sale of Kenya completion and Tranche A assets FDP approval Tranche B March 2027+ HoTs for $
Slide 17: Conclusion
Conclusion 2025 Half Year Results
Slide 18: Building on positive momentum to continue delivery in 2025
Building on positive momentum to continue delivery in 2025 Confident in our 2H25 to set foundation to deliver refinancing A clear set of strategic priorities Production optimisation activities to stabilise production Focused on value creation for our Return to drilling in Ghana with six well 2025-26
Slide 19: Tullow Oil plc
Tullow Oil plc 9 Chiswick Park, 566 Chiswick High Road London W4 5XT United Kingdom Tel: +44 (0)20 3249 9000 Email: ir@tullowoil.com Web: www.tullowoil.com