Gulf Keystone Announces Robust H1 2025 Results Amidst Challenges

Gulf Keystone Petroleum Ltd reported a strong performance for the first half of 2025 despite security challenges in the Kurdistan Region of Iraq. The company achieved significant free cash flow of $24.6 million, driven by increased production and effective cost management. Adjusted EBITDA rose by 13% to $41.1 million, boosted by stronger realized prices averaging $27.8/bbl, a 6% increase from the previous year.

Production averaged 44,100 bopd, a 12% increase year-on-year, although temporary shut-ins due to regional security concerns marginally impacted guidance. Gulf Keystone sanctioned the installation of water handling facilities at PF-2, expected to enhance production capacity upon commissioning in 2027 and address reservoir risks.

The company declared a $25 million interim dividend, signaling confidence in future performance. Discussions with the Kurdistan Regional Government about export solutions continue, with hopes of resuming crude exports through the Iraq-Türkiye Pipeline.