Tullow Oil plc (TLW.L) on Friday reported revenue of about $847 million for the full year, including $19 million of hedge costs, at an average realised oil price of $67.8 per barrel.
Tullow also said it has agreed to acquire the TEN FPSO in Ghana on behalf of the joint venture, for $205 million gross ($125.6 million net to Tullow), payable on completion in the first quarter of 2027, aiming to enhance synergies and reduce costs across the TEN and Jubilee fields.
Free cash flow for 2025 was around $100 million, below previous guidance due to lower oil prices late in the year and delays in receiving $40 million from the Kenya asset sale and roughly $140 million in cash calls and gas payments from the Government of Ghana.
Working interest production averaged about 40.4 kboepd for the year, including 7.1 kboepd of gas, reflecting the sale of its Gabon assets at the start of the year.
Additionally, the company said Ghana's parliament ratified the extension of the West Cape Three Points and Deep Water Tano Agreements, which cover the Jubilee and TEN fields, to December 31, 2040. From July 2036, the Ghana National Petroleum Corporation's stake will rise by 10%, with partners' interests reduced pro rata.
The company also announced an extension of its senior secured notes and Glencore facility, alongside a new $100 million cargo pre-payment facility.
Looking ahead, Tullow expects 2026 working interest production of 34-42 kboepd, including around 6 kboepd of gas.
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June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.