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Gulf Keystone Petroleum Ltd on Thursday reported it more than doubled its profit and revenue in the first half of 2022 thanks to strong oil prices and an increase in average production.
In the six months ended June 30, the Iraq-focused oil and gas producer more than doubled its pretax profit to $162.6 million from $64.8 million the previous year.
Revenue doubled to $263.6 million from $130.7 million year-on-year as a result of strengthening oil prices and increased production.
In the year-to-date, gross average production increased by 3.6% to 45,000 barrels of oil per day compared to the same period of the previous year which averaged at 43,440 bopd.
Oil prices surged to an average of $107.6 per barrel in the first half of 2022 compared to an average price of $64.9 per barrel the previous year.
Current investment activity is focused on optimising this production and preparing on future production growth. This includes initial procurement activities for water handling facilities, the company explained.
Looking ahead, Chief Executive Jon Harris said the firm will be focused on progressing towards field development plan approval and achieving its production and opex guidance for the year.
Average gross production in 2022 is forecast between 44,000 and 47,000 bopd.
The firm declared interim dividends of $25 million, or $0.11561 per share. This brought the total dividends in the year so far to a record $215 million.
Shares in Gulf Keystone were up 2.4% at 247.70 pence on Thursday morning in London.
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