Gulf Keystone Petroleum's H1 production plummets to 14,600 bpd, but adjusted EBITDA still grows 26% to $52 million.
Gulf Keystone Petroleum announced its H1 2026 results. Due to the regional security situation, the Shaikan field was shut down from February 28 to June 23 and again in July, causing average H1 production to drop to 14,600 barrels per day from 44,100 barrels per day in the same period last year. Despite the production loss, adjusted EBITDA increased by 26% year-on-year to $52 million, thanks to higher export prices and lower operating costs. The company's board of directors declared an interim dividend of $10 million, payable in September 2026. Following the restart in August, production has approached 40,000 barrels per day, and the company is seeking to recover approximately $80 million in outstanding receivables through additional crude oil extraction.
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