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Investing.com -- Tullow Oil shares plummeted 27% as the company faces increasing refinancing risks and ongoing production challenges at its Jubilee field.
The oil producer has not yet completed a refinancing of its debt facilities, while its year-end 2025 net debt guidance has increased by approximately $100 million.
In its latest update, Tullow acknowledged "risks associated with business performance, wider market conditions" and its May 2026 bond maturity. As a result, the company is "progressing alternative options with certain of its creditors including an amend & extend & other forms of liability management transactions."
While Tullow’s fiscal year 2025 production guidance remains unchanged and the company continues new seismic acquisition and drilling activities, it admitted to "challenges related to the natural decline in our existing well stock" and said it is "focused on exploring all options to help mitigate this."
Initial 2026 guidance shows production in a wide range of 34-42 thousand barrels of oil equivalent per day, with analyst estimates pointing toward the upper end of this range.
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