Tullow Oil plc has signalled that its 2026 cash flow could more than double if oil prices remain near current levels, highlighting the company’s growing exposure to the ongoing surge in global crude markets.
The company had initially projected a pre-financing cash flow of $150–180 million for 2026, assuming an oil price of $65 per barrel. However, with oil prices averaging $100 per barrel in January and February and projected to remain near that level for the rest of the year, Tullow said its cash flow could exceed initial expectations.
“Based on realised oil prices in January and February, and an average oil price of $100/bbl for the remainder of 2026, pre-financing cashflow guidance would double,” Tullow Oil plc said in a statement seen by The High Street Journal.
This forecast comes on the back of Tullow’s sale of its Kenya assets to Auron Energy E&P Limited, for which the company recently received $36 million as the second instalment of the payment, following parliamentary approval of the South Lokichar Field Development Plan. The final tranche of the sale, totalling $40 million, is scheduled for disbursement between 2028 and 2033.
Tullow also retains rights to potential royalty payments and a no-cost back-in option for a 30% stake in future development phases, further enhancing its long-term revenue potential.
The company’s operations remain focused on its core producing assets in Ghana, with Tullow committed to achieving Net Zero on Scope 1 and 2 emissions by 2030, alongside its Shared Prosperity strategy aimed at delivering socio-economic benefits to host nations.
Rising global oil prices, combined with strategic asset sales and retained development rights, position Tullow to significantly outperform earlier financial expectations, providing a major boost to the company’s 2026 outlook.
This forecast comes on the back of Tullow’s sale of its Kenya assets to Auron Energy E&P Limited, for which the company recently received $36 million as the second instalment of the payment, following parliamentary approval of the South Lokichar Field Development Plan. The final tranche of the sale, totalling $40 million, is scheduled for disbursement between 2028 and 2033.
Tullow also retains rights to potential royalty payments and a no-cost back-in option for a 30% stake in future development phases, further enhancing its long-term revenue potential.
The company’s operations remain focused on its core producing assets in Ghana, with Tullow committed to achieving Net Zero on Scope 1 and 2 emissions by 2030, alongside its Shared Prosperity strategy aimed at delivering socio-economic benefits to host nations.
Rising global oil prices, combined with strategic asset sales and retained development rights, position Tullow to significantly outperform earlier financial expectations, providing a major boost to the company’s 2026 outlook.
