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Tullow Oil
(LSE:TLW)
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Rating:41Neutral
Price Target:
10.50 p
â–¼(-4.55% Downside)
Action:Reiterated
Date:06/28/26
The score is held down primarily by balance-sheet risk (negative equity and high leverage) and weak technicals (price below key moving averages with negative MACD). Valuation is also a major drag given the extremely elevated P/E, while positive but recently deteriorating cash flow provides only limited support.
Positive Factors
Consistent cash generation
Tullow has delivered consistently positive operating cash flow and generally positive free cash flow historically. That recurring internal funding source supports capex, debt servicing and strategic transactions, providing resilience to commodity volatility and funding optionality over months.
Negative Factors
Weak balance sheet (negative equity)
Persistently negative shareholders' equity combined with multi‑billion pounds of debt severely limits capital-raising options and heightens refinancing and covenant risk. This structural balance-sheet weakness constrains strategic choices and increases vulnerability if cash flows weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent cash generation
Tullow has delivered consistently positive operating cash flow and generally positive free cash flow historically. That recurring internal funding source supports capex, debt servicing and strategic transactions, providing resilience to commodity volatility and funding optionality over months.
Read all positive factors
Tullow Oil (TLW) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£175.44M
Dividend YieldN/A
Average Volume (3M)5.90M
Price to Earnings (P/E)38.4
Beta (1Y)0.90
Revenue Growth-47.84%
EPS Growth-277.39%
CountryUK
Employees391
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)<0.01
Shares Outstanding1,515,023,100
10 Day Avg. Volume5,624,881
30 Day Avg. Volume5,904,496
Financial Highlights & Ratios
PEG Ratio-0.23
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)0.09
Revenue Forecast (FY)£972.59M
Tullow Oil Business Overview & Revenue Model
Company Description
Tullow Oil plc, an energy company, develops, produces, and sells oil and gas resources in Ghana, Gabon, Côte d’Ivoire, Kenya, and Argentina. The company was founded in 1985 and is headquartered in London, the United Kingdom....
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
Negative
11.00
Price Trends
14.52
Negative
13.01
Negative
10.57
Positive
Market Momentum
-0.99
Positive
37.12
Neutral
13.31
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:TLW, the sentiment is Negative. The current price of 11 is below the 20-day moving average (MA) of 13.62, below the 50-day MA of 14.52, and above the 200-day MA of 10.57, indicating a neutral trend. The MACD of -0.99 indicates Positive momentum. The RSI at 37.12 is Neutral, neither overbought nor oversold. The STOCH value of 13.31 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | £101.90M | -20.21 | 1.89% | 6.46% | -18.06% | -127.50% | |
71 Outperform | £206.08M | 14.74 | 5.30% | ― | -11.74% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
58 Neutral | £158.03M | 8.01 | 154.72% | ― | 0.42% | -136.04% | |
53 Neutral | £161.89M | -980.74 | -0.15% | ― | -38.66% | -105.50% | |
50 Neutral | £143.72M | -0.52 | -11.54% | ― | -10.76% | 88.89% | |
41 Neutral | £175.44M | 38.38 | -2.23% | ― | -47.84% | -277.39% |
* Energy Sector Average
GB:TLW
Tullow Oil
11.58
-4.28
-26.99%
GB:GENL
Genel Energy
52.20
-5.00
-8.74%
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Capricorn Energy PLC
295.00
70.50
31.40%
GB:AET
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59.20
11.20
23.33%
GB:PHAR
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24.70
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23.72%
GB:JSE
Jadestone Energy Inc
29.00
8.50
41.46%
Tullow Oil Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Tullow Oil trims debt with $48 million senior notes repayment
Positive
Jun 24, 2026
Tullow Oil has repaid approximately $48 million of its 10.25% Senior Secured Notes due 2028, a move the company says was enabled by strong operational and financial performance in 2026 and reflects its disciplined capital allocation. Following thi...
Regulatory Filings and Compliance
Insider-Linked Share Purchase Reported at Tullow Oil
Positive
Jun 17, 2026
Tullow Oil disclosed that Birgitte Plauborg, a person closely associated with chair Roald Goethe, purchased 960,000 ordinary shares in the company on 15 June 2026. The transaction, executed on the London Stock Exchange at a price of £0.136 pe...
Business Operations and StrategyExecutive/Board Changes
Tullow Oil Ties Executive Awards to Long-Term Performance and Debt Targets
Positive
Jun 15, 2026
Tullow Oil has granted new conditional nil‑cost share option awards to chief executive Ian Perks and chief financial officer Richard Miller under its 2023 Executive Share Plan. The awards, covering 4,531,250 shares for Perks and 3,125,000 sh...
Other
Tullow Oil Director Boosts Stake With Share Purchase
Positive
Jun 15, 2026
Tullow Oil announced that non-executive director Garrett Soden has purchased 426,000 ordinary shares in the company on the London Stock Exchange. The transaction, executed on 12 June 2026 at a price of £0.152 per share for a total considerati...
Executive/Board ChangesShareholder Meetings
Tullow Oil Investors Back All Resolutions at 2026 AGM
Positive
Jun 10, 2026
Tullow Oil reported that all resolutions at its 10 June 2026 annual general meeting were approved by shareholders, including adoption of the 2025 accounts and key remuneration proposals. The vote confirms broad investor support for the companyR...
Business Operations and StrategyFinancial Disclosures
Tullow Oil Lifts Production Outlook as Ghana Drilling and High Prices Bolster 2026 Cash Flow
Positive
Jun 10, 2026
Tullow Oil reported strong operational performance so far in 2026, with group working interest production averaging 43.1 kboepd between January and May and facility uptime above 99% at its Jubilee and TEN FPSOs, supporting expectations that output...
Regulatory Filings and Compliance
Tullow Oil Confirms Total Voting Rights After Share Capital Update
Neutral
Jun 1, 2026
Tullow Oil has confirmed that, as of 31 May 2026, its issued share capital comprised 1,515,023,041 ordinary shares of 10 pence each, all carrying voting rights and with no shares held in treasury. The disclosure sets the official total of voting r...
Other
Tullow Oil CFO Increases Stake With Share Purchase
Positive
May 26, 2026
Tullow Oil’s chief financial officer, Richard Miller, has purchased 115,000 ordinary shares in the company at £0.17 per share on the London Stock Exchange. The transaction, completed on 22 May 2026 for a total value of about £19,51...
Business Operations and StrategyDelistings and Listing Changes
Tullow Oil Seeks Block Listing for 18 Million Shares to Fund Incentive Plans
Neutral
May 21, 2026
Tullow Oil has applied for a block listing on the London Stock Exchange for 18 million new ordinary shares of 10 pence each, to be admitted to trading on the main market. The shares will be issued periodically to satisfy employee incentives under ...
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...
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.