Gulf Keystone Petroleum posts earnings gain amid production growth

(Alliance News) - Gulf Keystone Petroleum Ltd on Thursday reported improved revenue and profit in 2025, but brought its 2026 production guidance under review amid "the deterioration of the regional security environment" .

The Bermuda-registered oil producer focused on the Kurdistan region of Iraq posted USD14.7 million in pretax profit for 2025, rising 86% from USD7.9 million in 2024.

Supporting earnings was a 9% top-line gain, as revenue advanced to USD164.8 million from USD151.2 million.

Gulf Keystone described its production performance as "resilient", as gross average production improved 2.1% to 41,560 barrels of oil per day, from 40,689 barrels a year earlier.

The company reported an average realised price per barrel of USD33.9, up 26% from USD26.8, and bolstering its top-line.

Shares in Gulf Keystone were trading 5.6% higher at 226.00 pence on Thursday afternoon in London.

The oil producer declared an interim dividend of USD12.5 million, worth 5.75 US cents per share. This is lower than the USD25 million interim dividend it declared in connection with its 2024 results, worth 11.52 cents per share.

Looking ahead, the Gulf Keystone said it has placed under review its 2026 gross average production guidance of 37,000 barrels of oil per day to 40,000 barrels, owing to the "the deterioration of the regional security environment and the production shut-in".

"We delivered a strong operational and financial performance in 2025 in line with guidance and another year of zero Lost Time Incidents. Free cash flow generation enabled the continued execution of our strategy as we balanced investments in production enhancing projects with USD50 million of dividends. Kurdistan pipeline exports restarted in September 2025, representing a significant milestone for the company and broader industry," said Chief Executive Jon Harris.

"We started 2026 positively, with production increasing above 44,000 bopd towards the end of February and consistent export payments generating cash flow. We have also been making good progress towards a return to international prices, with lower discounts to Brent visible in 2025 export invoices."

By Christopher Ward, Alliance News reporter

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