Tullow Oil posts $101m half-year loss despite production gains

Tullow Oil reported a US$101 million after-tax loss for the first half of 2026, a slight increase from the US$61 million loss in the same period last year. The financial report, disclosed to investors, attributed the loss to refinancing costs, fees, and one-off transaction fees. Despite the loss, the company generated US$495 million in revenue and US$276 million in gross profit.

Tullow's turnaround strategy appears to be gaining traction, primarily driven by increased production. Net production averaged 35.7 thousand barrels of oil per day (kbopd) in the first half of 2026, attributed to strong performance from new wells and the successful 2025 Jubilee scheduled shutdown. The company's FPSO uptime averaged over 99%, and production optimization activities, such as dual-riser operations and riser-based gas lift, also contributed to the performance.

Notably, several existing wells benefited from production optimization activities during the first half of 2026.

The company anticipates delivering 14 cargoes in 2026, consisting of 11 from the Jubilee fields and three from TEN fields, a two-cargo increase from its November 2025 guidance. Six cargoes were delivered in the first half of the year, with an additional eight planned for the second half. Tullow's other turnaround measures are expected to support the long-term development of the Jubilee and TEN fields.

The half-year loss coincides with Tullow's ongoing dispute with the Ghana Revenue Authority (GRA) over a nearly US$400 million tax charge. An International Chamber of Commerce arbitration tribunal in London ruled in favor of the Ghanaian government, finding the charge was within the law. Despite the dispute, Finance Minister Dr. Cassiel Ato Forson assured that the government will ensure Ghana receives due revenues and safeguard Tullow's operations and investments in the country.