Gulf Keystone Petroleum Posts FY 2024 Results: Revenue Up 22% to $151.2M, Net Income at $7.16M, EPS at $0.033

Gulf Keystone Petroleum reported full-year 2024 earnings with a net income of $7.16m, up from a loss of $11.5m in FY 2023. The company's revenue increased 22% to $151.2m, and its profit margin rose to 4.7%. Earnings per share (EPS) improved to $0.033 from a loss of $0.053 in FY 2023. The company's shares are up 6.7% from a week ago.

Gulf Keystone Petroleum (GKP), the leading independent oil operator in the Kurdistan region of Iraq, recently reported its full-year 2024 financial results, showcasing a remarkable turnaround from a loss in the previous year [1]. The company's net income for 2024 was $7.16 million, up from a loss of $11.5 million in 2023. This improvement was driven by a 22% increase in revenue to $151.2 million and a rise in profit margin to 4.7%.

Earnings per share (EPS) also improved significantly, moving from a loss of $0.053 in 2023 to $0.033 in 2024 [1]. GKP's shares have responded positively to these results, with a 6.7% increase from a week ago [1].

The company's operational performance was impressive, with zero lost time or recordable incidents in 2024, well below the relevant Kurdistan and international peer benchmarks [1]. GKP's gross average production for 2024 was 40,689 bopd, an 86% increase from the previous year [1]. This growth was mainly due to the return of local sales following the suspension of pipeline exports in March 2023 [1].

Despite temporary disruptions, strong local market demand from the second quarter of 2024 enabled the return to production at full capacity in several months [1]. The average realized price for 2024 sales was $26.8/bbl, with prices stabilizing in a range of $27-$28/bbl in the second half of the year [1].

GKP's financial position also improved significantly. The company estimates gross 2P reserves of 443 MMstb as of December 31, 2024 [1]. This represents a reduction from the year-end 2023 internal estimate of 458 MMstb due to gross production of 15 MMstb in 2024 [1].

Jon Harris, Gulf Keystone's Chief Executive Officer, expressed his satisfaction with the company's operational and financial delivery in 2024. He also reiterated the company's 2025 operational and financial guidance, stating that they remain focused on facilitating a solution to restart oil exports and seeking fair and transparent agreements regarding payment surety, the repayment of receivables, and the preservation of current contract economics [1].

In conclusion, Gulf Keystone Petroleum's full-year 2024 financial results demonstrate a remarkable turnaround from a loss in the previous year. The company's operational performance, strong financial position, and positive market response to the results bode well for its future prospects.

References:
[1] Gulf Keystone Petroleum Ltd. (2025, March 20). 2024 Full Year Results Announcement. Sharewise. https://www.sharewise.com/us/news_articles/2024_Full_Year_Results_Announcement_Gulf_Keys_Petroleum_eqsen_20250320_0700