Gulf Keystone Petroleum Announces 2024 Half-Year Results

Gulf Keystone Petroleum Ltd, an independent operator in Iraq's Kurdistan Region, reported its half-year results for 2024, showing a strong operational and financial performance. The company's Chief Executive Officer, Jon Harris, highlighted the safe delivery of operations, robust local sales, and effective cost management, resulting in a return to profitability and free cash flow generation.

Key operational highlights included a 69% increase in gross average production to 39,252 barrels of oil per day (bopd) compared to the same period in 2023. Financially, the company achieved an adjusted EBITDA of $36.4 million, up 6% from the previous year, despite lower realized prices. Gulf Keystone also resumed shareholder distributions, returning $25 million to shareholders to date in 2024.

Looking forward, the company aims to restart Kurdistan exports and is focused on maximizing shareholder value through local sales. Planned maintenance in November is expected to temporarily reduce production.