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1. Company Snapshot

1.a. 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 was founded in 1985 and is headquartered in London, the United Kingdom.

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1.b. Last Insights on TLW

Tullow Oil's recent performance was negatively impacted by a significant 38% decline in revenue to $410.6m in the first half of 2025, primarily due to challenging business conditions. The company's earnings per share (EPS) also missed expectations, contributing to the downturn. Furthermore, Tullow Oil reported a first-half loss and lowered its free cash flow forecast, leading to a substantial drop in investor confidence. Additionally, the company's exit from Gabon after 21 years, through a $307 million deal, may have led to concerns about its long-term growth prospects.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Tullow Oil Names Roald Goethe Chair as It Executes Major Board Shake-Up

Dec -01

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Tullow Oil moves forward on Ghana licence extensions and gas agreement

Nov -24

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Trending tickers: SoftBank, Babcock International, Asos, Tullow Oil

Nov -21

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Record Resources Appoints a Second Ex-Tullow Oil Executive to Its Board

Nov -06

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Ex-Tullow Oil Executive, Robin Sutherland, Joins Record Resources as Director

Nov -03

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FTSE 100 reaches new high as gold and oil surge

Oct -23

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London oil explorer at risk of debt default

Oct -12

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Taylor Wimpey (LSE:TW.): A Fresh Look at Valuation After a Year of Share Price Pressure

Sep -09

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.35%)

6. Segments

Ghana

Expected Growth: 7.43%

Tullow Oil's 7.43% growth in Ghana is driven by increased oil production from the Jubilee field, successful drilling campaigns, and improved operational efficiency. Additionally, Ghana's favorable business environment, stable regulatory framework, and growing demand for energy also contribute to the growth.

Non-Operated

Expected Growth: 3.83%

Tullow Oil's Non-Operated segment growth of 3.83% is driven by increased production from existing assets, successful exploration and appraisal activities, and strategic partnerships. Additionally, improved operational efficiency, cost savings, and favorable commodity prices have contributed to this growth.

Corporate

Expected Growth: 4.5%

Tullow Oil's 4.5% growth is driven by increased production from Ghana's Jubilee field, successful exploration in Guyana, and improved operational efficiency. Additionally, the company's cost-cutting initiatives and strategic partnerships have enhanced its financial performance, allowing for reinvestment in growth opportunities.

7. Detailed Products

Crude Oil

Tullow Oil plc is a leading independent oil and gas exploration and production company, and crude oil is one of its primary products. The company explores, develops, and produces crude oil from its assets in Africa and South America.

Natural Gas

Tullow Oil plc also explores, develops, and produces natural gas from its assets in Africa and South America. Natural gas is a vital source of energy for power generation, industrial processes, and domestic heating.

Liquified Petroleum Gas (LPG)

Tullow Oil plc produces LPG as a by-product of its crude oil production. LPG is a clean-burning fuel used for cooking, heating, and powering vehicles.

Condensate

Tullow Oil plc produces condensate, a light, sweet crude oil, from its assets in Africa and South America. Condensate is used as a feedstock for refineries and as a blending component for petroleum products.

8. Tullow Oil plc's Porter Forces

Forces Ranking

Threat Of Substitutes

Tullow Oil plc faces moderate threat from substitutes due to the availability of alternative energy sources such as solar and wind power. However, the demand for oil and gas is still high, reducing the impact of substitutes.

Bargaining Power Of Customers

Tullow Oil plc has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are essential to its customers, giving it an upper hand in negotiations.

Bargaining Power Of Suppliers

Tullow Oil plc relies on a few large suppliers for its operations, giving them some bargaining power. However, the company's size and scale of operations also give it some negotiating power.

Threat Of New Entrants

The oil and gas industry has high barriers to entry, including significant capital requirements and regulatory hurdles, making it difficult for new entrants to join the market.

Intensity Of Rivalry

The oil and gas industry is highly competitive, with many established players competing for market share. Tullow Oil plc faces intense rivalry from its competitors, which can lead to lower prices and reduced profit margins.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 113.66%
Debt Cost 3.95%
Equity Weight -13.66%
Equity Cost 14.15%
WACC 2.55%
Leverage -832.30%

11. Quality Control: Tullow Oil plc passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
TotalEnergies EP Gabon

A-Score: 6.8/10

Value: 7.8

Growth: 2.8

Quality: 8.0

Yield: 10.0

Momentum: 6.0

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
BW Energy

A-Score: 5.6/10

Value: 6.8

Growth: 7.9

Quality: 7.1

Yield: 0.0

Momentum: 9.5

Volatility: 2.3

1-Year Total Return ->

View Full Report
Stock-Card
OKEA

A-Score: 5.1/10

Value: 8.0

Growth: 7.3

Quality: 6.6

Yield: 3.8

Momentum: 1.0

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Pantheon Resources

A-Score: 3.5/10

Value: 7.4

Growth: 2.8

Quality: 6.3

Yield: 0.0

Momentum: 4.5

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
Genel Energy

A-Score: 3.2/10

Value: 7.7

Growth: 1.9

Quality: 1.5

Yield: 4.4

Momentum: 2.5

Volatility: 1.0

1-Year Total Return ->

View Full Report
Stock-Card
Tullow Oil

A-Score: 3.1/10

Value: 10.0

Growth: 3.6

Quality: 4.9

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.07$

Current Price

0.07$

Potential

-0.00%

Expected Cash-Flows