Gulf Keystone Pet Ord New (GUKYF) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, and thank you for joining Gulf Keystone's 2023 full year results. My name is John Harris, and I'm the CEO. I'm joined today by Ian Weatherden, CFO, who will be talking you through our financial performance. I'm also joined by John Hill, COO, Gabriel Papanola-Gree, CCO, and Aaron Clark, Head of Investor Relations. Over the next few slides, we'll run through our operational financial performance in 2023 and the outlook for 2024. Following that, we'll open the line up for questions. Slide two, disclaimer. This is our regular legal disclaimer and I'll leave you to review this in your own time. And I'd like to remind you that the presentation slides are available to view on our website. Slide three, 2023 operational and financial highlights. 2023 was a challenging year with an operational and financial performance materially impacted by the suspension of Kurdistan exports following the closure of the Iraq-Turkey pipeline on the 25th of March. as well as continued delays to payments from our Kurdistan regional government. Having entered the year with significant production and development momentum, we were forced to take decisive action to reduce capital expenditures and costs and safely transition our operations to trucking and local sales in the second half of the year. In doing so, we've been able to protect the business and successfully adapt to our new environment while maintaining a rigorous focus on safety. Since the start-up of local sales in July 23, we have been able to more than cover our reduced monthly cost run rate of around $6 million and significantly reduce accounts payable. Excess cash generation is now being used to improve our liquidity position with our cash balance at $86 million as of yesterday, while we continue to review opportunities for fu...