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

The company now expects production to ​be at the higher ‌end of the previously announced ⁠34 kboepd-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.