Adjusted EBITDA: Increased by 52% to $76 million in 2024.

Gross Average Production: Increased by 86% to over 46,000 barrels of oil per day.

Realized Prices: Averaged $26.8 per barrel in 2024.

Net CapEx: Reduced by 69% from $58 million in 2023 to $18 million in 2024.

Free Cash Flow: Generated $65 million, compared to a $13 million outflow in the previous year.

Cash Balance: Increased from $82 million at the end of 2023 to $102 million at the end of 2024, further improving to $115 million as of the latest update.

Shareholder Distributions: Totaled $45 million in 2024, with a $25 million interim dividend declared for April 2025.

Operating Costs: Gross OpEx per barrel decreased by 21% to $4.4 per barrel.

Production Guidance for 2025: Reiterated at 40,000 to 45,000 barrels of oil per day.

Release Date: March 20, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Gulf Keystone Petroleum Ltd (GUKYF) delivered a strong operational and financial performance in 2024, with production levels almost doubling compared to the previous year.

The company achieved zero lost time incidents in 2024, extending their safety record to nearly 800 days without such incidents.

Gulf Keystone Petroleum Ltd (GUKYF) generated significant free cash flow, enabling the restart of shareholder distributions totaling $45 million in 2024.

The company declared a $25 million interim dividend, reflecting a commitment to shareholder returns.

Adjusted EBITDA increased by 52% to $76 million in 2024, driven by an 86% increase in gross average production.

Realized prices averaged around $27 per barrel, reflecting a full year of discounted local sales.

Production was temporarily disrupted by a lack of trucks during regional holidays and politically motivated road closures.

The company faces ongoing uncertainty regarding the restart of pipeline exports, with discussions with government stakeholders remaining inconclusive.

Gulf Keystone Petroleum Ltd (GUKYF) anticipates potential disruptions in local market demand or export restarts, which could impact production guidance.

The company expects a decline in field production of around 6% to 10% per year, which could affect future output levels.

Q: What is the timeline and plan for ramping up investment once the export pipeline reopens? A: Jon Harris, CEO, stated that they have enough equipment to drill the first well and nearly enough for the first three wells. They would need to contract a rig, which is available in the Kurdistan market. If exports and stable payments resume, drilling could recommence in Q1 or Q2 next year. They are also considering water handling improvements and pad expansions in preparation for drilling.

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