Results Conference Call Reveals Gulf Keystone Petroleum’s Resilient Performance Amid Challenging Year

London, England: Gulf Keystone Petroleum Limited recently held a conference call to discuss its fourth-quarter results for 2023. The call, which took place on March 21, 2024, featured CEO Jon Harris and CFO Ian Weatherdon, who provided insights into the company’s operational and financial performance. Accompanied by other key executives, including the COO, CCO, and Head of Investor Relations, Harris and Weatherdon highlighted the challenges faced in 2023 due to the suspension of Kurdistan exports and delays in payments from the Kurdistan Regional Government.

Throughout the call, Harris emphasized the company’s resilience in adapting to the changing environment by reducing costs and transitioning operations to local sales. Despite facing uncertainties regarding the restart of exports and repayment of receivables, Gulf Keystone remains focused on engaging with government stakeholders to unlock value for shareholders, Kurdistan, and Iraq.

The discussion also touched upon the company’s efforts to maintain strong local sales performance and improve liquidity. By managing costs effectively and strengthening the balance sheet, Gulf Keystone aims to position itself for future growth opportunities once exports resume. Additionally, the executives highlighted the importance of maintaining a conservative financial position to navigate the high-risk, high-return environment in which the company operates.

Looking ahead to 2024, Gulf Keystone plans to focus on three key priorities: sustaining local sales performance, minimizing costs, and engaging with government stakeholders to push for an exports restart solution. The company remains committed to capital discipline and believes in the significance of distributing excess cash to shareholders as the operating environment and liquidity position improve.

Overall, the conference call provided valuable insights into Gulf Keystone Petroleum Limited’s strategic approach to overcoming challenges and capitalizing on opportunities in the oil and gas industry. As the company continues to navigate the complex landscape of Kurdistan exports and payments, its steadfast commitment to operational excellence and financial resilience sets a strong foundation for future growth and success.