Tullow is fighting for its survival. The company was already facing challenges before the oil price plunge: a run of disappointing results during 2019 culminated in management changes and material downgrades to the 2020 production outlook. The company has lost over 80% of its market value in the last six months. With gearing at 76%, the importance of deleveraging cannot be over emphasised. Addressing the balance sheet challenges is only half the battle for Tullow's incoming CEO. A strategy reset is also on the cards, redefining Tullow’s focus. Like other E&Ps, Tullow also needs to articulate its ESG strategy, if it wants to remain investable.