Business
2024 Full Year Results Announcement
2024 Full Year Results Announcement.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \n \n \n\n\t\n\n\n\n\n\n\n\n\n\n\n\nGulf Keystone Petroleum Ltd (GKP)\n\n\n\n\n\n\n2024 Full Year Results Announcement 20-March-2025 / 07:00 GMT/BST\n\n\n \n\n \n\n20 March 2025\n\n \n\n \n\nGulf Keystone Petroleum Ltd. (LSE: GKP)\n\n(“Gulf Keystone”, “GKP”, “the Group” or “the Company”)\n\n \n\n2024 Full Year Results Announcement\n\n \n\n$25 million interim dividend declared & 2025 guidance reiterated\n\n \n\n \n\nGulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, today announces its results for the full year ended 31 December 2024. \n\n \n\nJon Harris, Gulf Keystone’s Chief Executive Officer, said:\n\n“2024 was a year of strong operational and financial delivery for Gulf Keystone. We have sustained our positive momentum into 2025, with year to date gross average production of c.46,400 bopd, strong local sales demand and a disciplined expenditure programme supporting continued free cash flow generation. As a result, we are pleased to announce today the declaration of a $25 million interim dividend as we reiterate our 2025 operational and financial guidance. We remain focused on facilitating a solution to restart oil exports as we continue to seek fair and transparent agreements regarding payment surety, the repayment of receivables and the preservation of current contract economics.”\n\nHighlights to 31 December 2024 and post reporting period\n\n \n\nOperational\n\n \n\nZero Lost Time or Recordable incidents in 2024, well below the relevant Kurdistan and international peer benchmarks, with safety track record extended to over 790 LTI-free days as at 18 March 2025\n 2024 gross average production of 40,689 bopd, an 86% increase versus the prior year (2023: 21,891 bopd)\n Reflects a full year of local sales in 2024 following the impact of the suspension of pipeline exports in March 2023 \n Despite temporary disruptions to truck availability during regional holidays and elections and the impact of the planned PF-1 shutdown in November 2024, strong local market demand from Q2 2024 onwards enabled the return to production at full capacity in several months\n Average realised price for 2024 sales of $26.8/bbl, with prices stabilising in a range of c.$27-$28/bbl in H2 2024\n \n 2025 year to date (to 18 March 2025) gross av...