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Tullow Oil

TUWOY
44
Oil & Gas Exploration & Production · Energy
Price
$0.13
+0.00 (+3.08%)
Market Cap
$406.0M
Exchange
Other OTC
Winston Score
44
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Sep 2, 2026 · filings through Dec 31, 2025
How the score breaks down
Quality
Mixed
Growth
Mixed
Cash Flow
Strong
Stability
Weak
Valuation
Good
Dividends
Exceptional

Share count rising — dilution

+11.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 2.93B (2021) → 3.25B (2025)

Winston Score History

The full picture

Tullow Oil is a British oil and gas company that explores for and produces crude oil, mainly in Africa. Its biggest operations are in Ghana, where it operates the Jubilee and TEN offshore oil fields. The company has been one of the most active independent oil explorers focused on the African continent.

Tullow makes money by selling crude oil on global markets. It is headquartered in London and operates primarily in West Africa, with exploration interests in several other African and South American countries. The company is relatively small, with a market cap around $0.4 billion, and its deep experience in African exploration gives it specialized regional knowledge. However, Tullow carries significant debt from past development spending, and its future depends heavily on maintaining production levels in Ghana while managing that debt load alongside volatile oil prices.

Score breakdown

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Quality

Profit per sale
Gross Margin
14.5%
Thin — 14.5% gross margin
Profit after running costs
Operating Margin
27.1%
Excellent — 27.1% operating margin
Return on the money invested
ROCE
8.5%
Below par — 8.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-44.8%
Shrinking sales (-44.8% YoY)
Profit growth
EPS YoY
-87.6%
Earnings shrinking (-87.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
3454%
Turns 3454% of profit into real cash
Spare cash per sale
FCF Margin
4.5%
Thin free cash flow (4.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
0.66x
Dangerous — barely covers interest (0.7x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit
P/E Ratio (TTM)
63.8x
Expensive — P/E 63.8

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+47.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (63.8 → 16.8)

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Dividends

Dividend
Dividend Yield
17.60%
Healthy income — 17.60% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+137.3%
Dividend growing fast (137.3% YoY)

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