Tullow Oil swings to positive free cash flow as Ghana output, higher oil prices drive growth - Reuters

Tullow Oil swings to positive free cash flow as Ghana output, higher oil prices drive growth | Reuters

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Tullow Oil swings to positive free cash flow as Ghana output, higher oil prices drive growth

By Reuters

September 28, 20261:44 AM CDTUpdated 6 hours ago

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!Fuel prices surge in Africa as Iran war hits supply

A worker waits as an oil tanker truck prepares to offload at a fuel station in Tema, Ghana, April 1, 2026. REUTERS/Francis Kokoroko/File Photo Purchase Licensing Rights, opens new tab

* Companies

* Tullow Oil PLC

Sept 28 (Reuters) - West Africa-focused Tullow Oil (TLW.L), opens new tab reported a sharp improvement in first-half free cash flow ​on Monday, driven by strong output ‌from its Ghana fields, stronger-than-expected new-well performance and higher oil prices stemming from the Iran war.

Here ​are details:

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* Tullow's free cash flow swung ​to $4 million for the first half ⁠ended June 30 from negative $188 million a ​year earlier.
* London-listed producer posted revenue of $496 million, ​up from $411 million a year earlier, as realised oil price before hedging rose to $95.0 per barrel from $71.4 ​per barrel.
* Tullow reiterated that full-year production ​is expected at the top end of its guidance ‌range ⁠of 34,000 to 42,000 barrels of oil equivalent per day, after working interest production averaged 43.7 kboepd in the first half.
* Peel ​Hunt analysts ​said Tullow's ⁠Ghana assets outperformed their expectations, supported by successful drilling results and ​strong uptime.
* Tullow has spent the ​past ⁠year reshaping itself around Ghana, selling non-core assets in Gabon and Kenya, refinancing its debt ⁠and ​securing licence extensions for ​its flagship Jubilee and TEN fields until 2040.

Reporting by ​Yamini Kalia in Bengaluru; Editing by Harikrishnan Nair

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