West Africa-focused independent oil and gas explorer Tullow ​Oil posted an 87% slump in ‌annual profit on Tuesday.

This was partly due to lower production, while delayed payments from the Ghana ​government continued to weigh on its ​finances.

The heavily indebted company had launched a capital overhaul after declining production and overdue payments from the Government of Ghana squeezed cash flow, while selling non‑core assets to streamline its operations across West Africa and steady the business.

The company now expects production to be at the higher end of the previously announced 34 ⁠-42 kboepd range, including about 6 kboepd of gas.

The London-listed oil producer said production averaged 40.4 thousand barrels of oil equivalent ​per day (kboepd) ​in ⁠2025, lower than 51.5 kboepd a year earlier, and added that ​production averaged 43.4 kboepd during ​the ⁠first quarter of 2026.

The London-listed company's profit after tax for the year ended December 31, 2025, came in at $7 million, compared with $55 million reported a year earlier.