Tullow Oil Plc · LSE:TLW
Tullow Oil — FY2025 Earnings Presentation
15 slides from Tullow Oil's earnings presentation, Apr 28, 2026
Slide 1: 2025 Full Year Results
2025 Full Year Results 28 April 2026
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 Oil plc believes the expectations reflected herein to be reasonable in light of the
Slide 3: Overview
Overview 2025 Full Year Results Tullow | 2025 Full Year Results 3
Slide 4: Significant foundations laid in 2025 to realise full potential
Significant foundations laid in 2025 to realise full potential Strong execution across a number of financial and strategic initiatives Value accretive divestments complete with c.$387 million proceeds 2025-26 Financial Intensive focus on business costs with net cash G&A down c.50% from 2024 TEN FPSO
Slide 5: Operational focus yielding strong performance in 1Q26
Operational focus yielding strong performance in 1Q26 Positive momentum with encouraging start to campaign in 2026 Production growth in first quarter of 2026 Successful start to Campaign 1 (2025-26) Exceptional Q1 performance • J72-P (Jul-25) → J74-P (Jan-26) →J75-P (Mar-26) • Uptime nearly 100% for
Slide 6: Financial
Financial 2025 Full Year Results
Slide 7: Business Plan execution underpins delivery
2025 Full Year Results Business Plan execution underpins 2026 delivery 2025 Actual 2026 Guidance Production 40.4kboepd 34-42kboepd Oil price $ 66/bbl realised $ 70-100/bbl G&A expenditure $ 45million $ 25million Capital expenditure $ 166million $ 200million Decommissioning1 $ 17million $ 20million P
Slide 8: Refinancing complete and cost base optimised
Refinancing complete and cost base optimised A stable platform to deliver the investment programme and optimise value Debt maturity profile1 Significant net cost saving opportunities 2025-27 Cargo Prepayment Facility (undrawn) 100 Glencore Junior Notes Initiative Progress Target run rate Senior Secu
Slide 9: Significant leverage to oil price
Significant leverage to oil price Protecting downside and retaining material upside Hedge policy ensures exposure to oil price Material free cash flow upside to accelerate upside is maintained deleveraging potential 60 % 30 % At least 60 % • Average realised price (pre-hedge) of c.$90/bbl on first f
Slide 10: Outlook
Outlook Rich opportunity set to grow our business in Ghana
Slide 11: Rich opportunity set in Jubilee
Rich opportunity set in Jubilee Significant underlying potential combined with strong commercial reserves base Potential to increase oil recovery factors Jubilee net reserves and resources (mmboe) 25 35% 38 40% 160.0 Gas resources Jubilee upside Oil resources c. % c. c. % c. at YE25 2P Business Plan
Slide 12: Significant value creation opportunities at TEN
Significant value creation opportunities at TEN Opportunity to realise material reserve and resource maturation Potential to increase oil recovery factors TEN net reserves and resources (mmboe) 22 30% 30 34% Ntomme c. % c. c. % c. 60.0 Gas resources TEN Upside Oil resources at YE25 2P Business Plan
Slide 13: Value creation through operational delivery and oil price leverage
Value creation through operational delivery and oil price leverage Organic delivery of Business Plan supporting value creation Assumptions: Business Plan to Upside Scenario • 2P/2C reserves/resources • 3P/3C reserves/resources • Total of 19 wells across three campaigns • Total of 29 wells across fiv
Slide 14: 2026 strategic and operational focus
2026 strategic and operational focus Significant opportunities for value creation in 2026 and beyond Strong Deliver Improve Capture Retain foundations operational cash flow full potential leverage to oil laid improvement management of assets price upside • Comprehensive • Strong start to • Better ca
Slide 15: 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