Gulf Keystone Petroleum Ltd Com Shs
GKP · Main Market · Energy · mcap £422m · 197.6p
Gulf Keystone operates the Shaikan Field in Kurdistan, Iraq, and sells the crude it produces. Its revenue depends on oil prices, on export routes through the Iraq-Turkey pipeline and on payments from the Kurdistan government.
The case for
- The company has no debt and has paid dividends and buybacks since 2024, including $50m of dividends in 2025. 20 Mar 2025 22 Jan 2026 25 Aug 2026
- 2025 revenue rose 28% to $193m and adjusted EBITDA (operating cash profit) rose to $111m as exports restarted. 19 Mar 2026
- Production recovered to about 45,500 bopd after the August 2026 restart. 15 Sep 2026
- Water handling at PF-2 is expected to add 4,000-8,000 bopd, with start-up on track for Q1 2027. 28 Aug 2025 25 Aug 2026
The case against
- Regional security shut-ins cut H1 2026 production to 14,600 bopd from 44,100 bopd, and another shut-in came in July. 25 Aug 2026 20 Jul 2026
- Exports run under interim agreements expiring at the end of January 2027. Full international-price entitlement is not yet secured. 25 Aug 2026
- 2026 guidance of 37,000-41,000 bopd is below 2025 output, and cash fell to $63.5m. 22 Jan 2026 25 Aug 2026
- The company depends on Kurdistan government payments and export routes, and in 2023 revenue fell sharply when exports stopped. 31 Jan 2024
Both sides use only facts from the company's announcements · not investment advice
Company filings. Not investment advice.