Gulf Keystone Petroleum Ltd: Operational and Financial Update

Gulf Keystone Petroleum Ltd, an independent operator in Kurdistan, provided an update on its 2024 operations. The company maintained a focus on safety, achieving zero Lost Time Incidents for over 695 days, and improved productivity despite challenging conditions. Gross average production for 2024 reached approximately 40,200 bopd, with stable realized prices of $27-28 per barrel.

Financially, Gulf Keystone declared $55 million in dividends and share buybacks, supported by free cash flow generation and a robust cash balance of $95 million as of December 10. The company's outlook includes continued local sales and plans for capital discipline to maintain production. Engagements with government stakeholders are ongoing to restart Kurdistan's crude exports. The company extended its share buyback program by $10 million, reflecting its commitment to shareholder value.