Full Year 2025 Gulf Keystone Petroleum Ltd Earnings Call Transcript
Key Points
- Gulf Keystone Petroleum Ltd (GUKYF) successfully completed a dual listing on Euronext Growth Oslo Bourse, which was oversubscribed, indicating strong investor interest.
- The company reported a strong operational and financial performance in 2025, with production, CapEx, and costs in line with guidance, and achieved positive free cash flow.
- Production in 2025 was robust, reaching over 41,500 barrels of oil per day, with a 2% year-on-year increase, demonstrating resilience and quality of the Shaikan field.
- The restart of Kurdistan export crude exports in September 2025 marked a pivotal milestone, with consistent liftings and export payments aligning with expectations.
- Gulf Keystone Petroleum Ltd (GUKYF) declared an interim dividend of $12.5 million, reflecting its commitment to returning excess cash to shareholders.
- Production was shut in on February 28, 2026, due to regional security concerns, impacting the company's ability to maintain its production levels.
- The company has suspended its previous 2026 production and capital expenditure guidance due to the ongoing security situation.
- There are ongoing negotiations with the Kurdistan Regional Government and the Federal Government of Iraq regarding historical commercial matters, including past oil sales arrears.
- The regional conflict has introduced uncertainty, affecting the company's operational stability and necessitating a cautious approach to expenditures.
- The completion of a consultant's review, which is crucial for converting price differentials into cash, is expected to be delayed, potentially impacting cash flow.
Good morning and welcome to Gulf Keystone Petroleum's 2025 full year results presentation. At the end of today's presentation, there will be an opportunity for Q&A for participants joining via the conference call.
(Operator Instructions) I will now hand over to Chief Executive Officer Jon Harris. Jon, please go ahead.
Thank you. Welcome to Gold Keystone's 2025 full year results. My name is Jon Harris, and I'm the CEO. I'm joined today by Gabriel Papano Legree, our CFO, who will be taking you through our financial performance over the next few slides. We'll run through our operational and financial performance in 2025 and the outlook for the remainder of 2026 considering the current security environment.
Following that, we will open up the line for questions. Before we start, I would like to welcome our new Gulf Keystone shareholders who recently bought shares as part of the company's dual listing on Euronext Growth Oslo Bourse.
We successfully
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