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Tullow Oil
(OTC:TUWOY)
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Rating:48Neutral
Price Target:
$0.08
▼(-40.00% Downside)
Action:Reiterated
Date:10/01/26
Overall score is held back primarily by high balance-sheet risk (persistently negative equity) and deteriorating 2025 profitability/cash-flow momentum, reinforced by very weak technicals (price below all key moving averages with negative MACD). These are partially offset by a notably constructive latest earnings call with upgraded free cash flow guidance, strong operating performance, and refinancing/liquidity improvements.
Positive Factors
Production and reserves
Higher production and exceptional reserve replacement strengthen the longevity of Tullow’s Ghana-focused asset base. Delivering new wells on schedule while replenishing reserves supports future volumes, improves asset durability, and provides a stronger foundation for sustained operating cash generation.
Negative Factors
Negative equity
Persistently negative equity indicates a highly stressed capital structure and leaves limited balance-sheet protection for creditors or shareholders. Even with some debt reduction, this condition can restrict financial flexibility and increase exposure to refinancing pressure or an operating downturn.
Read all positive and negative factors
Positive Factors
Negative Factors
Production and reserves
Higher production and exceptional reserve replacement strengthen the longevity of Tullow’s Ghana-focused asset base. Delivering new wells on schedule while replenishing reserves supports future volumes, improves asset durability, and provides a stronger foundation for sustained operating cash generation.
Read all positive factors
Tullow Oil (TUWOY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$211.90M
Dividend Yield2.81%
Average Volume (3M)7.85K
Price to Earnings (P/E)―
Beta (1Y)0.37
Revenue Growth-18.81%
EPS Growth28.10%
CountryUS
Employees346
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding3,030,046,100
10 Day Avg. Volume0
30 Day Avg. Volume7,847
Financial Highlights & Ratios
PEG Ratio-0.20
Price to Book (P/B)-0.45
Price to Sales (P/S)0.13
P/FCF Ratio0.83
Enterprise Value/Market Cap9.38
Enterprise Value/Revenue2.12
Enterprise Value/Gross Profit5.85
Enterprise Value/Ebitda2.42
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Tullow Oil Business Overview & Revenue Model
Company Description
Tullow Oil plc is an energy company that primarily explores for, develops, and produces oil and natural gas, with its operations heavily focused on Africa and South America. The firm was established in 1985 and maintains its corporate headquarters...
How the Company Makes Money
Tullow Oil makes money mainly by producing and selling crude oil from its operated and non-operated upstream assets, with its largest cash-generating operations centered on Ghana (including the Jubilee and TEN fields). Revenue is generated when li...
Tullow Oil Earnings Call Summary
Earnings Call Date:Sep 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 10, 2027
Earnings Call Sentiment Positive
The call was strongly positive, with materially higher production, over 99% FPSO uptime, significant reserve replacement, upgraded free cash flow guidance, lower costs, improved liquidity, and an expanded Ghana opportunity set. The main challenges were low first-half free cash flow caused by stated one-off and timing items, temporary water-injection downtime, increased tax-dispute provisions, the likelihood that 99% uptime cannot continue, and the long-term technical risk associated with exploration upside.Positive Updates
Strong First-Half Production Performance
First-half 2026 production was 43,700 barrels of oil equivalent per day, representing a more than 7% increase compared with the first half of 2025. Management said performance was at the top end of expectations and expressed confidence in achieving the high end of the full-year guidance range of 34,000 to 42,000 barrels of oil equivalent per day.
Negative Updates
First-Half Free Cash Flow Was Only $4 Million
First-half free cash flow was $4 million. Management attributed this to $70 million of one-off refinancing costs, capital expenditure being weighted toward the first half, and six cargoes being lifted in the first half compared with eight forecast in the second half.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong First-Half Production Performance
First-half 2026 production was 43,700 barrels of oil equivalent per day, representing a more than 7% increase compared with the first half of 2025. Management said performance was at the top end of expectations and expressed confidence in achieving the high end of the full-year guidance range of 34,000 to 42,000 barrels of oil equivalent per day.
Read all positive updates
Company Guidance
For the full year, Tullow is confident of being at the high end of its production guidance range of 34,000 to 42,000 barrels of oil equivalent per day, with free cash flow guidance upgraded from between $70 million and $175 million to between $170 million and $250 million, with full-year free cash flow guidance of $170 million-$250 million between an oil price of $70 and $100 a barrel. Capital expenditure guidance remains $200 million, decommissioning expenditure is reduced from $25 million to $15 million, a further four cargoes are expected to be lifted by the end of the year, and year-end net debt is forecast at $1.2 billion inclusive of accrued PIK interest on the bonds and Glencore notes. Net cash G&A remains targeted at a run rate of $20 million a year, TEN operating and maintenance costs are targeted for similar results to the 30% savings delivered at Jubilee, and every $10 increase above the guided range for the second half of the year would result in more than $20 million incremental cash flow.Tullow Oil Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
22
Negative
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 936.90M | 851.20M | 1.53B | 1.63B | 1.78B | 1.29B |
| Gross Profit | 339.50M | 247.30M | 754.00M | 790.80M | 1.09B | 654.40M |
| EBITDA | 821.83M | 628.60M | 1.11B | 862.10M | 1.20B | 942.30M |
| Net Income | -33.40M | 6.50M | 54.60M | -109.60M | 49.10M | -80.70M |
Balance Sheet | ||||||
| Total Assets | 2.86B | 3.28B | 4.05B | 4.46B | 5.04B | 5.54B |
| Cash, Cash Equivalents and Short-Term Investments | 187.50M | 329.20M | 548.60M | 499.00M | 636.30M | 469.10M |
| Total Debt | 1.95B | 2.26B | 2.71B | 2.99B | 3.46B | 3.73B |
| Total Liabilities | 3.22B | 3.53B | 4.32B | 4.82B | 5.50B | 6.01B |
| Stockholders Equity | -358.20M | -252.90M | -272.70M | -359.40M | -459.50M | -466.10M |
Cash Flow | ||||||
| Free Cash Flow | 202.09M | 138.70M | 534.00M | 583.70M | 771.40M | 550.40M |
| Operating Cash Flow | 416.21M | 334.30M | 758.50M | 876.20M | 1.08B | 786.90M |
| Investing Cash Flow | 156.92M | 149.50M | -213.10M | -268.50M | -356.20M | -101.70M |
| Financing Cash Flow | -520.31M | -700.20M | -492.20M | -742.50M | -552.80M | -1.03B |
Tullow Oil Technical Analysis
Negative
0.13
Price Trends
0.11
Negative
0.10
Negative
0.09
Negative
Market Momentum
-0.01
Negative
31.68
Neutral
8.46
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TUWOY, the sentiment is Negative. The current price of 0.13 is above the 20-day moving average (MA) of 0.07, above the 50-day MA of 0.11, and above the 200-day MA of 0.09, indicating a bearish trend. The MACD of -0.01 indicates Negative momentum. The RSI at 31.68 is Neutral, neither overbought nor oversold. The STOCH value of 8.46 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TUWOY.
Tullow Oil Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $18.51B | 11.17 | 26.27% | 1.89% | -12.44% | 58.92% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | $706.07M | 7.30 | 29.19% | 0.97% | -9.51% | 83.18% | |
57 Neutral | $677.44M | -6.08 | -25.99% | 3.88% | -25.46% | -387.85% | |
55 Neutral | $400.86M | -1.57 | -122.23% | ― | 2.69% | -289.33% | |
53 Neutral | $1.70B | -2.39 | -81.93% | 6.93% | 9.93% | -253.33% | |
48 Neutral | $211.90M | -3.95 | 20.15% | 2.81% | -18.81% | 28.10% |
* Energy Sector Average
TUWOY
Tullow Oil
0.07
<0.01
9.38%
APA
APA
52.82
30.96
141.58%
GTE
Gran Tierra Energy
11.33
7.81
221.88%
KOS
Kosmos Energy
2.85
1.37
92.57%
EGY
Vaalco Energy
6.44
2.75
74.29%
GPRK
GeoPark
10.88
3.01
38.19%
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.