Half Year 2024 Gulf Keystone Petroleum Ltd Earnings Call Transcript
Key Points
- Gulf Keystone Petroleum Ltd (GUKYF) achieved over 590 days without lost time incidents, highlighting their commitment to safe operations.
- The company returned to profitability and free cash flow generation in the first half of 2024, following a challenging year.
- Gross average production was robust at over 41,000 barrels of oil per day, with particularly strong sales in July and August.
- The company returned $25 million to shareholders via dividends and buybacks year to date.
- Operational improvements and cost discipline have led to a 25% reduction in gross operating expenses per barrel year on year.
- The Kurdistan export pipeline remains closed, significantly impacting the company's ability to sell at international prices.
- Realized prices for local sales are significantly lower, averaging around $26 per barrel, almost a $60 discount to international prices.
- Production is expected to be impacted by a scheduled shutdown in November, resulting in a loss of around 26,000 barrels of oil per day for three weeks.
- The market for local sales remains unpredictable with contracts renewed on a month-by-month basis, adding uncertainty to future revenue streams.
- The company has $150 million in outstanding export sales receivables, creating a significant financial burden.
Welcome to Gulf Keystone Petroleum Ltd 2024 half year results, my name is Jon Harris and I'm the CEO. Today, I'm joined by Gabriel Papineau-Legris, our CFO, will be taking you through our financial performance. And we're also joined by Gulf Keystone's COO, John Hulme; and also our Head of Investor Relations, Aaron Clark.
Over the next few slides will run through our operational and financial performance for the first half of 2024 and the outlook for the remainder of the year. Following that, we will open up the line for questions.
And next slide. This is our regular legal disclaimer. I'll leave for you to review at your leisure, and I'd like to remind you that the presentation slides are available on our website.
Next slide, please. We delivered a solid operational and financial performance in the first half of 2024, facilitated by our continued focus on safe operations with no lost time incidents for over 590 days, robust local sales volumes with gross average production of over 41,000
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