London · Delayed Price · Currency is GBP · Price in GBX Gulf Keystone Petroleum Earnings Call Transcripts
Fiscal Year 2026
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Operational and financial resilience was demonstrated in H1 2026 despite regional conflict, with production ramping up after shutdowns and robust realized prices driving a 26% increase in adjusted EBITDA. Receivable recovery and full PSC entitlement at international prices are key near-term priorities.
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A dual listing on Euronext Growth Oslo is underway to boost liquidity, with strong shareholder support. Operationally, production remains robust with significant reserves and low costs, while export agreements and infrastructure upgrades are set to drive future growth and higher realized prices.
Fiscal Year 2025
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Strong 2025 results with higher production, improved pricing, and robust cash flow were achieved, but 2026 guidance is suspended due to a security-driven shut-in. The company remains resilient with no debt, significant cash, and flexibility to reduce costs.
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Strong H1 2025 performance with 12% production growth, 13% higher EBITDA, and robust cash flow enabled BMD 50 million in dividends. Water handling investment at PF2 to unlock further production, while export restart negotiations continue amid regional security risks.
Fiscal Year 2024
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Operational and financial performance rebounded in 2024, with production nearly doubling and free cash flow reaching USD 65 million. Shareholder distributions resumed, and guidance for 2025 remains robust, though export restart timing and payment terms are still uncertain.
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Solid H1 2024 performance with strong local sales, cost discipline, and a return to profitability. Cash flow enabled $25M in shareholder returns, while export resumption and $150M in receivables remain key upside drivers. Local market dynamics and pipeline closure continue to pose risks.