Gulf Keystone Petroleum Ltd on Thursday posted higher revenue and profit for 2024, driven by strong production and local sales demand, while declaring a $25 million interim dividend.

The Kurdistan-focused oil producer reported a pretax profit of $7.9 million for the year ended December 31, compared to a $11.4 million loss the year prior.

Diluted earnings per share swung to $3.13 from $5.28 loss in 2023.

Revenue rose 22% to $151.2 million from $123.5 million, as gross average production nearly doubled to 40,689 barrels of oil per day from 21,891 bopd.

Gulf Keystone said it will not renew its $10 million share buyback programme, citing the dividend payment and strong share price performance.

Gulf Keystone declared a $25 million interim dividend, marking the first semi-annual payout under its revised shareholder distributions framework announced in October 2024.

The company said the dividend will be paid on April 23, with an ex-dividend date of April 3 and a record date of April 4.

It reaffirmed its 2025 guidance, expecting gross average production between 40,000 and 45,000 bopd. It also expects net capital expenditure to be in the range of $25 million to $30 million, up from $18.3 million in 2024.

Chief Executive Officer Jon Harris said: ‘2024 was a year of strong operational and financial delivery for Gulf Keystone. We have sustained our positive momentum into 2025, with year-to-date gross average production of 46,400 bopd, strong local sales demand and a disciplined expenditure programme supporting continued free cash flow generation.

‘As a result, we are pleased to announce today the declaration of a $25 million interim dividend as we reiterate our 2025 operational and financial guidance.’

Shares in Gulf Keystone were up 1.7% at 202.80 pence in London on Thursday morning.

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