Seeking Alpha
 

Gulf Keystone Petroleum Ltd. (GUKYF)

- OTCPK - Current
  • Thu, Apr. 9, 8:48 AM
    • Gulf Keystone Petroleum (OTCPK:GUKYF) reports a $246M pretax loss for 2014 vs. a $32M loss in 2013, and says it is considering a range of options including a sale of the company.
    • Full-year revenues rose to $38.6M from $6.7M in the prior year, and current production is running above 37K bbl/day, and the company says it hopes to achieve an average rate of 36K bbl/day through 2015.
    • Gulf Keystone says it is in discussions regarding possible asset transactions or a sale of the company, as well as considering additional routes to secure further funding.
    | Comment!
  • Wed, Apr. 1, 12:57 PM
    • Former Gulf Keystone (OTCPK:GUKYF) Chairman Simon Murray tells Reuters he was talking to several parties, including Exxon Mobil (NYSE:XOM), about a rescue for the oil company before being forced to quit under pressure from an investor.
    • Gulf Keystone, which has been hit hard by falling oil prices and delayed payments for crude by Kurdistan, said earlier this week that Murray had retired, but Murray claims he was effectively forced to quit after he disagreed with the company's decision to raise $41M through an equity issue at a 21% to the market to avoid breaching debt covenants.
    • XOM, which in 2012 became the first major oil company to invest in Kurdistan, is not responding to the comments.
    | 1 Comment
  • Wed, Feb. 25, 7:45 AM
    • Gulf Keystone Petroleum (OTCPK:GUKYF, OTCQX:GFKSY) surges nearly 70% in London trading after confirming it is talking to a number of parties about selling either assets or the entire company.
    • Gulf Keystone, like many other foreign oil companies operating in Kurdistan, has suffered from the Kurdish government's struggle to catch up with a backlog of oil export payments; earlier this month, the company suspended all crude oil exports by truck from Shaikan, its only oil producing field in the region, due to continued non-payment by the local government.
    • The talks are preliminary and there is no certainty of an offer being received, the company says.
    | 1 Comment
  • Fri, Feb. 6, 10:27 AM
    • Gulf Keystone (OTCPK:GUKYF -10%) is sharply lower after the Kurdistan-focused oil company says it suspended its crude oil exports by truck following non-payment by the local government.
    • The company has returned to selling crude from its Shaikan field in the domestic market to keep cash coming as negotiations with Kurdistan's regional government continue.
    • The delays are worrisome for Gulf Keystone, which has $575M in debt amid a squeeze on its revenues following the collapse in oil prices.
    | Comment!
  • Mon, Jan. 5, 10:38 AM
    • Gulf Keystone Petroleum (OTCPK:GUKYF, OTCQX:GFKSY) says it achieved record daily production and export sales last month at its Shaikan oilfield in Iraqi Kurdistan.
    • The company says oil production gradually increased since early December to reach its 40K gross bbl/day target on Dec. 27.
    • Gulf says it is now producing from seven wells at the Shaikan field with an eighth well expected to come online this month; it also has drilled an 11th well, which it plans to connect to existing production facilities in the near term.
    | Comment!
  • Nov. 13, 2014, 7:59 AM
    • Gulf Keystone Petroleum (OTCPK:GUKYF, OTCQX:GFKSY) says it is on track to meet its FY 2014 production target of 40K bbl/day at its key oil field in Iraqi Kurdistan, but shares are -10% in London trading amid uncertainty around how much money the company would receive from the Kurdistan government for oil exports.
    • The government says it would pay $75M to oil producing companies for their exports in November and make further payments on a regular basis.
    • Gulf Keystone says exports by truck to the Turkish coast have continued uninterrupted since Nov. 2013.
    | Comment!
  • Oct. 1, 2014, 12:43 PM
    • Gulf Keystone Petroleum (OTCPK:GUKYF) has returned all staff to its operations in Iraqi Kurdistan after evacuating international contractors from the region amid escalating violence in August.
    • The company says it is on target to produce 40K bbl/day of oil at its Shaikan wells after producing ~23K bbl/day since Aug. 28.
    • It says ~30% of output from the field is being sold to the domestic market, with 220K barrels sold since Aug. 28 that have generated gross revenue of $9.4M.
    | Comment!
  • Aug. 28, 2014, 9:58 AM
    • Gulf Keystone Petroleum (OTCPK:GUKYF, OTCQX:GFKSY) says it is sending staff back to Iraqi Kurdistan after U.S. airstrikes eased the threat from Islamic State militants that prompted a mass evacuation of expatriate oil workers three weeks ago.
    • Gulf Keystone says it plans to nearly double production in Kurdistan to 40K bbl/day from 22K by the end of the year; it has a 75% stake in the Shaikan oil field, one of the largest in the Kurdish region.
    • The oil explorer says Weatherford International (NYSE:WFT), its partner in the area, is sending personnel back to rigs in the region today or tomorrow.
    | Comment!
  • Aug. 7, 2014, 10:58 AM
    • Shares in Kurdistan-focused oil producers plunge as Islamic State militants extend their gains in northern Iraq.
    • Shares in Gulf Keystone Petroleum (OTCPK:GUKYF -7%) fell as much as 13% to their lowest level since 2010; the company, which is producing oil from the Shaikan field in Kurdistan, says its operations remain "safe and secure" but has stepped up security at its facilities.
    • Genel Energy (OTCPK:GEGYF -8.3%), headed by former BP boss Tony Hayward and one of the biggest independent oil producers in Kurdistan, also fell sharply; its operations at Taq Taq are more than 60 miles away from the fighting east of Mosul.
    • Shares in Norway's DNO (OTCPK:DTNOF -9.1%), another Kurdistan-focused oil explorer, continue to fall and have lost ~20% of their value this month.
    | 2 Comments
  • Aug. 4, 2014, 9:55 AM
    • Shares tumble in explorers of oil in Iraq's Kurdistan region after Islamic militants seized two oilfields in the region.
    • DNO International (OTCPK:DTNOF), which produces about two-thirds of its from the Kurdish region, posted its biggest drop in Oslo trading in more than six months; while Genel Energy (OTCPK:GEGYF -1.8%) and Gulf Keystone (OTCPK:GUKYF -3.3%) also are falling sharply.
    • The recent progress made by ISIS in advancing toward Kurdish areas is creating fear among investors, says a Carnegie analyst.
    | Comment!
  • Jul. 17, 2014, 8:33 AM
    • Gulf Keystone Petroleum (OTCPK:GUKYF, OTCQX:GFKSY) names former COO John Gerstenlauer as its new CEO after serving as interim CEO since replacing Todd Kozel last month.
    • Kozel was expected to remain as an executive director on the board, but he has turned it down; he will remain as an officer but the specifics of the job are not clear.
    | 1 Comment
  • Jun. 27, 2014, 1:20 PM
    • Gulf Keystone Petroleum (GUKYF +12.6%) COO John Gerstenlauer will take over the company until a permanent replacement is found following the retirement of the CEO earlier this week, according to a letter to shareholders.
    • Gulf Keystone shares have surged ~40% since Wednesday when the Kurdistan-focused company said CEO Todd Kozel was resigning after shareholders had expressed concerns over executive pay.
    • A statement from the Kurdistan government that it had won a court ruling in Baghdad over oil exports also may be helping to lift shares.
    | 1 Comment
  • Jun. 13, 2014, 8:29 AM
    • Gulf Keystone (GUKYF, GFKSY) climbs as much as 6% in London trading after saying production from its key asset in Iraq's Kurdistan region was proceeding as planned.
    • The company expects production from its Shaikan field to rise to 40K bbl/day of oil by the end of the year, and eight cargoes so far have been sold into the international market.
    • Shares had lost 14% in the first four days of this week on concerns of spreading violence in Iraq.
    | Comment!
  • Jun. 12, 2014, 2:19 PM
    • Shares in oil explorers focused on northern Iraq tumble amid spreading violence, yet some oil execs express a perverse optimism that the semi-autonomous Kurdish region could gain more bargaining power with the Baghdad government over oil rights and government revenues.
    • Among oil majors, their Iraq holdings account for small portions of global output but development has been ongoing: BP has a 38% working interest in the Rumaila field in southern Iraq, Exxon (XOM) holds leases on ~900K acres and has development wells in the West Qurna field, Shell (RDS.A, RDS.B) owns 45% and is operator of the Majnoon field in the south, Occidental Petroleum (OXY) is among the developers of the 4B-barrel Zubair field, and Chevron (CVX) holds an 80% stake and is operator of the development-stage Qara Dagh block in Kurdistan region of Iraq.
    • Among smaller producers, shares of Genel Energy (GEGYF) and Gulf Keystone (GUKYF) aren't showing big gains or losses, but DNO International (DTNOF) is ~5% lower.
    | 12 Comments
  • May. 23, 2014, 12:46 PM
    • The first cargo of crude oil to be exported by pipeline from Iraqi Kurdistan has left a Turkish port by ship, bound for another European destination.
    • A tanker loaded with more than 1M barrels of crude oil departed last night from Ceyhan, "the first of many such sales," the Kurdistan Regional Government says.
    • The move by the semi-autonomous region defies Baghdad's objections and may encourage other regional authorities to bypass the central government.
    • Oil companies with a Kurdistan presence include global majors Exxon Mobil (XOM), Chevron (CVX), Marathon Oil (MRO), Hess (HES) and Total (TOT), as well as wildcatters such as Gulf Keystone (GUKYF) and Genel Energy (GEGYF).
    | 3 Comments
  • May. 14, 2014, 12:40 PM
    • Gulf Keystone Energy (GUKYF -6.8%) warns that delays in receiving payments for exports could hold back revenues this year.
    • While Gulf Keystone confirms receipt of $6M this month as first payment for exports from its Shaikan field in the Kurdistan region of Iraq, the company sees revenues for the year of $150M-$180M, below the $230M analyst consensus estimate.
    • CEO Todd Kozel insists the persistent decline in shares is unwarranted: "We are a company producing 16.5K and on its way to producing 40K bbl/day of oil and has roughly 9.5B barrels of oil in place, but it’s a depressed share price... I scratch my head a little bit."
    | Comment!
Visit Seeking Alpha's
GUKYF vs. ETF Alternatives
Company Description
Gulf Keystone Petroleum Limited is an independent oil and gas exploration and production company with operations in the Kurdistan Region of Iraq. The Company is registered in Bermuda with further offices in Erbil, Kurdistan Region of Iraq, Algiers, Algeria and London, UK. The Company was... More
Country: Bermuda