Gulf Keystone Petroleum Limited · LSE:GKP
Gulf Keystone Petroleum — Gulf Keystone Pet Ord New — FY2024 Earnings Presentation
19 slides from Gulf Keystone Petroleum's earnings presentation, Mar 20, 2025
Slide 1: 2024 Full Year Results
2024 Full Year Results 20 March 2025
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 2024 and post reporting period Days without Lost Time Incident(1) >790 Local sales demand enabled return to 2024 gross average production consistently strong production 40,689 bopd 2025 YTD gross average production(1) c.46,400 bopd Disciplined capital expenditures
Slide 4: Operational review
Operational review
Slide 5: Production & local sales
Production & local sales 2025 guidance reiterated Gross average production (kbopd) 2024 average: 40.7 2025 YTD average: 46.4(1) Eid holidays KRI election PF-1 shut-in road disruption Market oversupply 48.3 47.9 47.8 48.5 47.9 43.8 43.6 44.5 45.2 45.7 40-45 39.0 39.1 34.3 29.5 21.9 Jan-24 Feb-24 Mar-
Slide 6: Shaikan Field investment & activity
Shaikan Field investment & activity Focused on capital discipline while safely maintaining production capacity PF-1 safety upgrades: 1. Flare knock-out drums 2. Amine reclaimer 3. ICSS (1) 1 2 3 2024 performance 2025 outlook $18 million net capex, 69% reduction relative Disciplined & flexible wo
Slide 7: Update on Kurdistan exports
Update on Kurdistan exports Significant potential value to unlock from achieving restart solution Current status Potential value for GKP Iraq-Türkiye Pipeline closed for almost Selling at international prices could two years significantly increase realised prices Several recent meetings with t
Slide 8: Financial review
Financial review
Slide 9: Financial performance highlights
Financial performance highlights A return to free cash flow and the restart of shareholder distributions in 2024 Adjusted EBITDA ($m) Net Capex ($m) 359 115 223 58 46 46 76 57 50 18 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Free cash flow ($m) Shareholder distributions ($m) 267 Dividends Sha
Slide 10: Adjusted EBITDA
Adjusted EBITDA $m 180 160 108 140 120 100 80 10 76 (79) (2) 6 60 50 (16) (1) 40 20 0 FY-23 Adj. Production Realised price Capacity Operating Other Share FY-23 FY-24 Adj. EBITDA Building costs G&A option One-off EBITDA Payment expense costs 52% increase in Adjusted EBITDA vs 2023 Primarily drive
Slide 11: Operating costs & other G&A
Operating costs & other G&A Operating costs ($m)(1) Strict cost control while maintaining & enhancing production capacity $/bbl 2.7 3.2 5.6 4.4 21% reduction in Gross Opex per barrel primarily reflecting higher production 52.4 50-55 Other G&A slightly higher reflecting return 41.8 to staff bon
Slide 12: Cash flow
Cash flow $m Free cash flow: $65m 200 180 4 3 160 76 140 (18) 120 115 102 100 (45) 82 80 60 40 20 0 Opening Adjusted EBITDA Interest Working capital Net Capex Dividends & Closing Cash balance cash income & Other share buyback cash (19-Mar-25) (31-Dec-23) (31-Dec-24) Free cash flow generation drive
Slide 13: Shareholder distributions
Shareholder distributions Remain committed to returning excess cash, subject to environment & liquidity Proven track record of distributions, >$500m distributions since 2019 ($m) balanced with disciplined investment and a strong balance sheet 600 $45m dividends & share buybacks in 500 10 25 2024
Slide 14: Outlook
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Slide 15: 2025 outlook
2025 outlook Two priorities to create shareholder value Maximise shareholder value from local sales 2025 guidance reiterated Stable local sales demand and the delivery of 2025 2024 H1-2024 our guidance should enable material free Guidance (2) cash flow generation in 2025 Production(1) $25 millio
Slide 16: Appendix
Appendix
Slide 17: Key historical financials
Key historical financials FY FY FY FY FY 2024 2023 2022 2021 2020 Gross production (bopd) 40,689 21,891 44,202 43,440 36,625 Dated Brent ($/bbl)(1) 80.8 82.6 101.4 70.8 42.0 Realised price ($/bbl)(2) 26.8 40.9 74.1 49.7 20.9 Discount to Brent ($/bbl) 53.9 41.7 27.2 21.2 21.1 Revenue ($m) 151.2
Slide 18: Shaikan Field fiscal terms
Shaikan Field fiscal terms As at 31-Dec-24 Shaikan Field fiscal take waterfall Calculating GKP net entitlement GROSS REVENUE A PRE-ROYALTY B Stage % Notes 100% ROYALTY Gross production x realised Gross revenue pre-royalty 100 A 10% price C GROSS REVENUE POST-ROYALTY LESS: Royalty (10) 10% KRG royalt
Slide 19: Thank you
Thank you More resources are available at: www.gulfkeystone.com
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