Tullow Oil plc has released its first half 2025 results, indicating an after-tax loss of 61 million U.S. dollars compared to a 196 million-dollar profit over the comparative period in 2024, resulting from lower production volumes and subdued oil prices following major asset divestitures.
The half-year results released on Tuesday indicated that Tullow’s group revenue fell to 524 million dollars, down from 759 million dollars in the first half of 2024.
the report attributed the falling revenue [rimarily to the sale of the global oil giant’s Gabonese operations and a realised oil price of 69 dollars per barrel after hedging—down from 77.7 dollars per barrel a year earlier.
Excluding Gabon, Tullow’s revenue stood at 411 million dollars, with a loss after tax of 80 million dollars.
Gross profit across the Group also declined sharply to 218 million dollars from 460 million dollars in the same period in 2024, reflecting the impact of the Gabon exit and production downtimes, particularly at Ghana’s Jubilee field.
Tullow’s first-half oil and gas production averaged 50,000 barrels of oil equivalent per day (kboepd). Without Gabon, the figure was 40.6 kboepd, down from 53.5 kboepd in the prior year.
Free cash flow was negative $188 million, which the company attributed to the timing of tax payments, lower liftings, and costs associated with maintenance at Jubilee. Capital expenditure stood at 103 million dollars , while net general and administrative (G&A) expenses were reduced to 23 million dollars —down from 31 million dollars in the same period in 2024—as part of ongoing cost-cutting efforts.
Despite the losses, Tullow says it has made “significant strategic progress” toward its financial restructuring. The company realised 300 million dollars in proceeds from the completed sale of its Gabonese assets and expects to receive an additional 120 million dollars from the planned sale of its Kenyan business. Proceeds from these divestitures have already been applied to repay and cancel a $150 million revolving credit facility, with further deleveraging efforts underway.
“We’ve made real progress in reshaping our portfolio and reducing our debt burden. The next six months will focus on refinancing our capital structure, unlocking further value from our Ghana operations, and optimising costs,” Richard Miller, Tullow’s Interim Chief Executive Officer and Chief Financial Officer, said.
Miller emphasised that the company remains committed to delivering its financial priorities.
Meanwhile, Tullow has declared 380 million dollars in asset sales in Gabon and Kenya to cut debt and strengthen its focus on Ghanaian operations.
These moves aim to significantly reduce net debt and streamline the company’s operational focus on high-value growth opportunities in Ghana.
“There is renewed energy within the business following several recent key milestones, despite the challenging oil price environment. The strengthening of our balance sheet continues to be the key priority for the team,”Miller stated.