Gulf Keystone Petroleum profit jumps in 2022 amid higher oil price

Thu, 23rd Mar 2023 11:03

(Alliance News) - Gulf Keystone Petroleum Ltd on Thursday said that higher oil price and production allowed it to generate "record" profitability in 2022.

The Iraq-focused oil field operator posted a pretax profit of USD265.8 million in 2022, up from USD163.7 million in 2021. Revenue for the year totalled USD460.1 million, up from USD301.4 million the year prior, as the company's average realised price per barrel jumped 49% to USD74.1 from USD49.7 the year prior.

Gulf Keystone said that the geopolitical situation in Iraq has improved since the formation of a new federal Iraqi government in October 2022, which is in active dialogue with the Kurdistan regional government. Gulf has received USD450.4 million net from KRG in 2022 for crude oil sales and repayment of historical revenue arrears.

Gross average production for 2022 totalled 44,202 barrels of oil per day, up from 43,440 bopd in 2021 and in-line with annual guidance. The company said that production "in the last few days" has grown to over 55,000 bopd. Looking ahead, Gulf Keystone said it aims to deliver an output guidance of 46,000 to 52,000, at least 4.1% higher than in 2022.

Gulf Keystone Petroleum shares were 3.4% higher at 181.41 pence each in London on Thursday morning.

By Tom Budszus, Alliance News reporter

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Gulf Keystone Petroleum