Gulf Keystone Petroleum Limited · LSE:GKP
Gulf Keystone Petroleum — Gulf Keystone Pet Ord New — H1 2024 Earnings Presentation
18 slides from Gulf Keystone Petroleum's earnings presentation, Aug 29, 2024
Slide 1: 2024 Half Year Results
' “Wh PETROLEUM : \ 4. 2024 Half Year Results 29 August 2024
Slide 2: Disclaimer
Disclaimer This proprietary presentation (the “Presentation’) has been prepared by Gulf Keystone Petroleum Limited (the “Company’). Under no circumstances may this presentation be deemed to be an offer to sell, a solicitation to buy or a solicitation of an offer to buy securities of any kind in any
Slide 3: Operational & financial highlights
| Operational & financial highlights Safe operations & robust local sales Return to profitability & free cash flow generation Maximising shareholder value from local sales market Focused on unlocking exports restart and significant potential upside >590 39,252 bopd c.41,400 bopd $36.4 million $4.2/b
Slide 4: Operational review
Operational review
Slide 5: Shaikan Field production & local sales
Shaikan Field production & local sales Strong performance in 2024 year to date with robust near term outlook Gross average production (‘000 bopd) 48.3 479 48.2 39.0 43.8 39.1 43.6 - | | a | 7 a | | Jan-24 Feb-24 Mar-24 Apr-24 Local sales * Consistent demand in 2024 YTD since volumes rebound at begin
Slide 6: Update on Kurdistan exports
Update on Kurdistan exports lraq-Turkey Pipeline closed for over 17 months Significant economic value to be unlocked from restart for Kurdistan and Iraq GKP ready to restart exports contingent on payment surety, receivables repayment and preservation of contract economics Potential value for GKP Sel
Slide 7: Financial review
Financial review
Slide 8: Financial performance highlights
Financial performance highlights Return to profitability and free cash flow generation in H1 2024 Adjusted EBITDA ($m) Net Capex ($m) 359 115 223 58 46 47 mm oes 2021 2022 2023 H1-23 H1-24 2021" 2022 2023 H1-23 H1-24 Free cash flow ($m) Shareholder distributions ($m) 267 @ Dividends Share buybacks 1
Slide 9: Adjusted EBITDA
Adjusted EBITDA Increase driven by robust local sales volumes and cost control sm 100 59 90 80 70 60 50 40 34 30 20 (68) 10 0 HY-23 Adj. Production _Realised price EBITDA 5 36 6 TY | 4 | be () Capacity Operating Other Share HY-23 HY-24 Adj. Building costs G&A option one-off EBITDA Payment expense co
Slide 10: Cash flow
Cash flow Free cash flow generation has enabled restart of shareholder distributions sm 140 120 100 10 Free cash flow: $27m 36 2 ——t—, 9 ~——_ (4) fe ——— 102 (8) 6 98 82 Opening Adjusted EBITDA Interest Working capital Net Capex Share Closing Cash balance cash income & Other buyback cash (28-Aug-24)
Slide 11: Operating costs & other G&A
Operating costs & other G&A . (e) ti t oD) = Focus on cost control while perating costs (Sm) maintaining full production capacity 3 @ @ @ @ = Gross Opex per barrel reduced 25% w primarily reflecting higher production 419 = Other G&A lower reflecting absence of non- 344 36.1 recurring costs and cost
Slide 12: Shareholder distributions
Shareholder distributions Remain committed to returning excess cash, subject to environment & liquidity 12 Proven track record of distributions, balanced with disciplined investment and a strong balance sheet Restart of shareholder distributions in H1 2024 following suspension of ordinary dividend p
Slide 13: Outlook
Outlook
Slide 14: 2024 outlook
2024 outlook Two priorities to create shareholder value = Expect robust local sales demand in near = Continue to engage with government term; longer term market dynamics uncertain stakeholders * Focus on capital and cost discipline balanced = Remain focused on payment surety for future with incremen
Slide 15: Appendix
Appendix
Slide 16: Key historical financials
Key historical financials HY HY FY FY FY FY 2024 2023 2023 2022 2021 2020 Gross production (bopd) Dated Brent ($/bbl)") Realised price ($/bbl) Discount to Brent (S/bbl) Revenue ($m) Gross Opex ($/bobl) Adjusted EBITDA ($m) Profit/(loss) after tax (Sm) Net Capex ($m)2) Free cash flow (Sm) Shareholder
Slide 17: Shaikan Field fiscal terms
Shaikan Field fiscal terms As at 30-Jun-24 Shaikan Field fiscal take waterfall Calculating GKP entitlement GROSS REVENUE 8) A) PRE-ROYALTY 100% eee ROYALTY 10% GROSS REVENUE POST-ROYALTY 90% COST OIL! Up to 4 (D) GKP 80% PROFIT OIL‘ ------> Unused cost oil = profit oil KRG@) 70%-85% Y Corporate tax’
Slide 18: Thank you
18 Thank you More resources are available at: www.gulfkeystone.com > | k JP
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