Tullow Oil Plc · LSE:TLW
Tullow Oil — H1 2026 Earnings Presentation
18 slides from Tullow Oil's earnings presentation, Sep 28, 2026
Slide 1: 2026 Half Year Results
2026 Half Year Results 28 September 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 2026 Half Year Results 3
Slide 4: Significant 1H26 progress and enhanced growth opportunities
Significant 1H26 progress and enhanced growth opportunities Operational, financial and strategic initiatives delivering tangible success Operational focus delivering strong production; on track to deliver at high end of guidance Operational 1H26 reserves1 replacement of c.380% supporting 2P value cr
Slide 5: Production
Production 2026 Half Year Results 5
Slide 6: Production outperformance in the first half of 2026
Production outperformance in the first half of 2026 Actions undertaken yielding tangible results Jubilee and TEN oil production performance Strong performance from new wells, supported by 4D seismic data 20 c. ahead of % Optimisation of expectations existing wells Lower well downtime and Dual riser
Slide 7: High production performance yielding tangible results
High production performance yielding tangible results Operational focus is turning initiatives into sustainable delivery Tullow is a leader in African drilling and completion • Schedule: 2025-26 campaign complete on time and on budget J72-P J74-P J75-P J76-P J77-P J50-P J73-WI • Production: All new
Slide 8: Financial
Financial 2026 Half Year Results
Slide 9: 2026 Half Year Results: Key full year guidance
2026 Half Year Results Key full year guidance 1H 2025 Actual 1H 2026 Actual (Unaudited) 2026 Guidance Production 40.6kboepd 43.7kboepd 34-42kboepd Oil price1 $ 71 /bbl realised $95 /bbl realised $ 70-100/bbl (pre-hedge) (pre-hedge) Operating cash flow2 $ 34million $222million $ 525-600million at $70
Slide 10: Protecting cash flows and a clear financial runway
Protecting cash flows and a clear financial runway Hedging secures downside protection and retains upside potential Refinancing Transaction extended maturities Downside protected and upside retained Improved liquidity 60% At least 60% • New $100 million super senior secured Cargo Prepayment Facility
Slide 11: Transformed cost base underpinning material FCF generation
Transformed cost base underpinning material FCF generation Constructive backdrop as we look ahead at holistic refinancing opportunities Significant net cost saving opportunities Material upside to oil price environment c.$119/bbl Realised price on most recent Jubilee cargo Initiative Progress Target
Slide 12: Outlook
Outlook 2026 Half Year Results
Slide 13: Maturing and refreshing the Jubilee opportunity set
Maturing and refreshing the Jubilee opportunity set Jubilee reserves materially replenished and with further upside to mature Jubilee net reserves1 and resources maturation momentum 1H26 reserves replacement Oil Project Gas Project >420% Mid-year Jubilee reserves replacement ratio 199 mmboe Material
Slide 14: Maturing and refreshing the TEN opportunity set
Maturing and refreshing the TEN opportunity set TEN reserves rebuilt on stronger performance TEN net reserves1 and resources maturation momentum 1H26 reserves replacement Oil Project Gas Project >170% Mid-year TEN reserves replacement ratio 98 100 mmboe4 Material growth Driven by stronger than expec
Slide 15: Evolution of the value creation potential
Evolution of the value creation potential Project maturation and upside potential lifting value creation by over 160%3 Tangible value creation YE2025 to MY2026 2P (then and now)2 Group NPV12 4 Jubilee wells 11 Jubilee wells at $70/bbl flat real1 ($bn) 4 TEN wells 4 TEN wells 3.2 Campaigns 1-2 Campai
Slide 16: Conclusion
Conclusion 2026 Half Year Results 16
Slide 17: Foundational successes leading to operational strength
Foundational successes leading to operational strength Strategic, operational and financial progress across 2025-26 and beyond Longer-term 2025-26 2026-30 Foundational Outstanding De-risked Positive 2026 delivery performance Business Plan growth outlook • Reserves growth with over • Material infrast
Slide 18: 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