Tullow Oil PLC (GB:TLW)
LSE:TLW
Want to see GB:TLW full AI Analyst Report?
Top Page
Tullow Oil
(LSE:TLW)
Select Model
Select Model
Rating:52Neutral
Price Target:
14.50 p
â–²(31.82% Upside)
Action:Reiterated
Date:05/04/26
The score is held back primarily by weak financial quality—high leverage with negative equity, shrinking revenue, and sharply weaker 2025 free cash flow—despite some ongoing positive operating cash generation. Technicals are comparatively supportive (price above major moving averages with positive MACD), but overbought momentum indicators add near-term risk. Valuation is difficult to justify confidently due to a negative P/E and no dividend yield data.
Positive Factors
Cash generation
Sustained positive operating cash flow across reported years provides a structural cash cushion that supports ongoing capex, working capital and debt servicing without immediate reliance on equity raises. This persistent cash generation underpins operational continuity through oil-cycle swings and gives management flexibility to prioritize debt reduction or selective investment.
Negative Factors
High leverage & negative equity
Persistently high debt and negative shareholders' equity materially constrain financial flexibility and increase refinancing and covenant risk. Over the medium term this limits capacity to fund growth, raises cost of capital, and makes the company vulnerable to prolonged commodity or operational setbacks that could force asset sales or dilutive financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained positive operating cash flow across reported years provides a structural cash cushion that supports ongoing capex, working capital and debt servicing without immediate reliance on equity raises. This persistent cash generation underpins operational continuity through oil-cycle swings and gives management flexibility to prioritize debt reduction or selective investment.
Read all positive factors
Tullow Oil (TLW) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£246.51M
Dividend YieldN/A
Average Volume (3M)5.90M
Price to Earnings (P/E)18.3
Beta (1Y)0.88
Revenue Growth-47.84%
EPS Growth-277.39%
CountryUK
Employees397
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)<0.01
Shares Outstanding1,485,023,100
10 Day Avg. Volume5,624,881
30 Day Avg. Volume5,904,496
Financial Highlights & Ratios
PEG Ratio-0.21
Price to Book (P/B)-0.47
Price to Sales (P/S)0.14
P/FCF Ratio0.86
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£24.50Price Target Upside122.73% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.05
Revenue Forecast (FY)£907.19M
Tullow Oil Business Overview & Revenue Model
Company Description
Tullow Oil plc engages in the oil and gas exploration, development, and production activities primarily in Africa and South America. As of December 31, 2021, its portfolio comprised 30 licenses in 8 countries with 30 producing wells. The company w...
How the Company Makes Money
Tullow makes money primarily by producing and selling hydrocarbons (mainly crude oil) from fields in which it holds working interests. Revenue is generated when lifting volumes are sold to buyers (typically through cargo sales or offtake arrangeme...
Tullow Oil Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
18
Very Negative
Cash Flow
52
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 851.20M | 1.53B | 1.63B | 1.78B | 1.29B |
| Gross Profit | 247.30M | 754.00M | 790.80M | 1.09B | 646.50M |
| EBITDA | 628.60M | 1.11B | 860.20M | 1.20B | 930.80M |
| Net Income | 6.50M | 54.60M | -109.60M | 49.10M | -80.70M |
Balance Sheet | |||||
| Total Assets | 3.28B | 4.05B | 4.46B | 5.04B | 5.54B |
| Cash, Cash Equivalents and Short-Term Investments | 329.20M | 548.60M | 499.00M | 636.30M | 469.10M |
| Total Debt | 2.26B | 2.71B | 2.99B | 3.46B | 3.73B |
| Total Liabilities | 3.53B | 4.32B | 4.82B | 5.50B | 6.01B |
| Stockholders Equity | -252.90M | -272.70M | -359.40M | -459.50M | -466.10M |
Cash Flow | |||||
| Free Cash Flow | 138.70M | 534.00M | 583.70M | 771.40M | 550.40M |
| Operating Cash Flow | 334.30M | 758.50M | 876.20M | 1.08B | 786.90M |
| Investing Cash Flow | 149.50M | -213.10M | -268.50M | -356.20M | -101.70M |
| Financing Cash Flow | -700.20M | -492.20M | -742.50M | -552.80M | -1.03B |
Tullow Oil Technical Analysis
Positive
11.00
Price Trends
13.44
Positive
10.71
Positive
10.05
Positive
Market Momentum
1.20
Negative
65.64
Neutral
55.97
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:TLW, the sentiment is Positive. The current price of 11 is below the 20-day moving average (MA) of 14.48, below the 50-day MA of 13.44, and above the 200-day MA of 10.05, indicating a bullish trend. The MACD of 1.20 indicates Negative momentum. The RSI at 65.64 is Neutral, neither overbought nor oversold. The STOCH value of 55.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:TLW.
Tullow Oil Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | £119.64M | -7.76 | 1.89% | 6.46% | -18.06% | -127.50% | |
71 Outperform | £221.45M | 1.81 | 5.30% | ― | -11.74% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
53 Neutral | £164.87M | -38.48 | -0.15% | ― | -38.66% | -105.45% | |
52 Neutral | £246.51M | 18.32 | -2.23% | ― | -47.84% | -277.39% | |
50 Neutral | £140.42M | -5.79 | -11.54% | ― | -10.76% | 88.89% | |
44 Neutral | £164.49M | 2.37 | 53.68% | ― | 4.56% | ― |
* Energy Sector Average
GB:TLW
Tullow Oil
17.50
3.60
25.90%
GB:GENL
Genel Energy
52.00
-1.70
-3.17%
GB:CNE
Capricorn Energy PLC
321.00
109.50
51.77%
GB:AET
Afentra
75.60
33.60
80.00%
GB:PHAR
Pharos Energy
29.30
11.23
62.11%
GB:JSE
Jadestone Energy Inc
32.00
11.50
56.10%
Tullow Oil Corporate Events
Regulatory Filings and Compliance
Tullow Oil Updates Market on Total Voting Rights and Share Capital
Neutral
May 5, 2026
Tullow Oil has confirmed that as of 30 April 2026 its issued share capital comprised 1,485,023,041 ordinary shares of 10 pence each, all of which carry voting rights and none of which are held in treasury. This disclosure, made under UK transparen...
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Tullow Oil Publishes 2025 Annual Report and Sets Date for 2026 AGM
Neutral
Apr 30, 2026
Tullow Oil has published its Annual Report and Accounts for the year ended 31 December 2025, following the recent release of its full-year results. The documents, including the notice of the 2026 Annual General Meeting, are now accessible via the ...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Tullow Oil Strengthens Ghana Focus With Refinancing, Asset Sales and TEN FPSO Deal
Positive
Apr 28, 2026
Tullow Oil reported 2025 full-year revenue of $847 million and average production of 40.4 kboepd, reflecting asset sales and lower output, but generated $99 million of free cash flow and trimmed net debt to $1.35 billion. The company completed dis...
Business Operations and StrategyPrivate Placements and Financing
Tullow Oil Completes Major Refinancing to Strengthen Balance Sheet
Positive
Apr 27, 2026
Tullow Oil has completed a comprehensive refinancing that extends debt maturities and lowers cash interest costs, after securing support from more than 99% of its bondholders and commodities partner Glencore. The package includes the redemption an...
Business Operations and StrategyPrivate Placements and Financing
Tullow Oil Wins 99% Noteholder Backing for $1.29bn Refinancing
Positive
Apr 22, 2026
Tullow Oil has secured overwhelming support for its refinancing transaction, with more than 99% of holders of its $1.29 billion 10.25% senior secured notes due 2026 consenting to proposed amendments, waivers and the issuance of new notes. The cons...
Business Operations and StrategyPrivate Placements and Financing
Tullow Oil Wins Overwhelming Noteholder Backing for Debt Refinancing
Positive
Apr 8, 2026
Tullow Oil has secured consents from holders of more than 97% of its $1.29 billion 10.25% senior secured notes due 2026 to proceed with a major refinancing of the instrument. The approval surpasses the 90% threshold required to implement amendment...
Business Operations and StrategyExecutive/Board ChangesPrivate Placements and FinancingShareholder Meetings
Tullow Oil Revamps Board with Four New Independent Directors Tied to Refinancing
Positive
Apr 8, 2026
Tullow Oil has appointed four new independent non-executive directors to its board, strengthening governance and adding capital markets and operational expertise as part of conditions linked to its ongoing refinancing. Henry Steel joins immediatel...
Business Operations and StrategyPrivate Placements and Financing
Tullow Oil Secures Creditor Backing as It Launches Note Consent Solicitation
Positive
Mar 25, 2026
Tullow Oil has launched a consent solicitation among holders of its $1.29 billion 10.25% senior secured notes due 2026, seeking approval for amendments to its indenture and intercreditor agreement, and for the release of existing notes in exchange...
Executive/Board ChangesRegulatory Filings and Compliance
Tullow Oil CFO Receives Share Vesting Under 2023 Incentive Plan
Neutral
Mar 17, 2026
Tullow Oil has disclosed that its Chief Financial Officer, Richard Miller, received 280,576 ordinary shares through the vesting of awards granted in 2023 under the company’s Tullow Incentive Plan. The shares, each with a nominal value of 10 ...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Tullow Oil Secures Kenya Sale Proceeds and Signals Potential Cash Flow Boost
Positive
Mar 9, 2026
Tullow Oil has received $36 million as the second instalment (Tranche B) from the sale of its entire Kenya working interest to Auron Energy EP, following Kenyan parliamentary ratification of the South Lokichar field development plan. The remaining...
Business Operations and StrategyPrivate Placements and Financing
Tullow Oil Wins Over 90% Noteholder Support for 2026 Refinancing Deal
Positive
Feb 26, 2026
Tullow Oil has secured the support of holders of more than 90% of its senior secured notes due May 2026 for a major refinancing transaction via a lock-up agreement. This level of backing enables the company to implement the deal through consent so...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Tullow Oil Cuts Debt and Refocuses on Ghana as Delayed Cash Flows Hit 2025
Neutral
Feb 20, 2026
Tullow Oil reported 2025 working interest production of about 40,400 barrels of oil equivalent per day, driven by its Jubilee and TEN fields in Ghana, with high FPSO uptime and ongoing seismic and drilling campaigns to optimise reservoir performan...
Business Operations and StrategyM&A Transactions
Tullow Oil to Buy TEN FPSO in Cost-Saving Ghana Deal
Positive
Feb 20, 2026
Tullow Oil’s Ghana subsidiary has agreed, on behalf of its joint venture partners, to buy the Prof. John Evans Atta Mills FPSO serving the TEN fields offshore Ghana for $205 million, or about $125.6 million net to Tullow, from T.E.N. Ghana M...
Business Operations and StrategyPrivate Placements and Financing
Tullow Oil Secures Major Refinancing Deal With Noteholders and Glencore
Positive
Feb 20, 2026
Tullow Oil has agreed a comprehensive refinancing with around two-thirds of its senior secured noteholders and Glencore, replacing its 2026 notes with new senior secured “Extended Notes” maturing in November 2028 and new junior notes f...
Business Operations and StrategyRegulatory Filings and Compliance
Tullow secures long-term Ghana field extensions and revised gas terms
Positive
Feb 20, 2026
Tullow Oil has secured the ratification by Ghana’s parliament of extensions to the West Cape Three Points and Deep Water Tano petroleum agreements, covering the key Jubilee and TEN fields, out to 31 December 2040. Under the new terms, Ghana ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.