Back to previous section

Gulf Keystone swings to loss in 2023

Kurdistan-focused oil group Gulf Keystone Petroleum (GKP) swung to a small loss in 2023 as the suspension of exports and continued delays to payments from the regional government had a material impact on its financial performance.

  • Gulf Keystone Petroleum Ltd Com Shs (DI)
  • 26 April 2024 17:19:38
Gulf Keystone Petroleum

Source: Sharecast

GKP reported revenue of just $123.5m last year, down from $460.1m in 2022, after a 50% drop in gross average output to 21,891 barrels of oil per day and a 45% decline in the average realised price to $40.90 per barrel.

Losses after tax totalled $11.5m, compared with a profit of $266.1m previously.

The company said this included "an increase in the expected credit loss provision determined under IFRS 9 of $21.4m (2022: $2.0m) related to the $151m overdue receivables from the KRG for October 2022 to March 2023 export sales". GKP said it continues to expect to recover the receivables.

The company recorded a free cash outflow of $13.1m, compared with free cash flow of $266.5m previously.

"Our actions to reduce capital expenditures and costs and safely transition our operations to trucking and local sales have enabled us to protect our business as we continue to engage with government stakeholders for an exports restart solution," said chief executive Jon Harris.

The stock was down 1.7% at 107.2p by 1206 GMT.

N/A

Isin: N/A
Exchange: N/A
Sell:
N/A
Buy:
N/A
Change:
Date:
Prices delayed by at least 15 minutes

Compare our accounts

Whether you're looking for a Share Dealing Account or Share Dealing ISA, we've got an account to suit your needs.

View our accounts

Lloyds Bank is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.

Important legal information

The Lloyds Bank Direct Investments Service is operated by Halifax Share Dealing Limited. Registered Office: Trinity Road, Halifax, West Yorkshire, HX1 2RG. Registered in England and Wales no. 3195646. Halifax Share Dealing Limited is authorised and regulated by the Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN under registration number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.

Logo Allfunds

The information contained within this website is provided by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd unless otherwise stated. The information is not intended to be advice or a recommendation to buy, sell or hold any of the shares, companies or investment vehicles mentioned, nor is it information meant to be a research recommendation. This is a solution powered by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd incorporating their prices, data news, charts, fundamentals and investor tools on this site. Terms and conditions apply. Prices and trades are provided by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd and are delayed by at least 15 minutes.

FE fundinfo Logo

Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

Refinitiv Logo

© 2024 Refinitiv, an LSEG business. All rights reserved.