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Gulf Keystone Petroleum PLC on Thursday cut production guidance after swinging to a loss in the first half, amid an export suspension in Kurdistan. The Bermuda-registered oil producer in the Kurdistan region of Iraq reported $83.1 million in revenue for the six months that ended June 30, up 17% from $71.2 million the year prior. Gulf Keystone swung to a pretax loss of $7.5 million from a profit of $1.1 million, as cost of sales rose by 8.4% to $71.2 million from $65.7 million. Back in July, the mining firm suspended operations at its mine target area amid drone attacks on Iraq’s Kurdistan region. Fellow London listing Genel Energy PLC also halted production after explosions near its oil fields. Gulf Keystone said it has since restarted mining at its Shaikan field and ‘gradually ramped back up towards full well capacity’. Gross average production ticked up to 44,100 barrels of oil per day from 39,252 bopd the previous year. This was offset by the ongoing suspension of exports, as well as lower Brent oil prices. Gulf Keystone said first-half dated Brent was $71.9 per barrel, down from $84.1 on-year. The firm noted on Thursday: ‘We continue to engage with government stakeholders regarding the restart of Kurdistan crude exports, with increasing momentum towards a solution in recent weeks.’ Gulf Keystone declared a first-half dividend equivalent to 11.52 US cents, or $25 million in total, compared to $21 million the previous year. The oil miner cut full-year production guidance to between 40,000 and 42,000 bopd, down from the previous range of 40,000 to 45,000, citing ‘production losses from the recent temporary disruptions’. Capital expenditure is now expected higher, ranging from $30 million and $35 million, rather than earlier guidance which ranged from $25 million to $30 million. The company maintained its target for annual operating costs between $50 million and $55 million. Gulf Keystone shares were up 4.0% at 188.20 pence on Thursday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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