Gulf Keystone Petroleum's Revenue Steady Amid Iraqi Oil Output Decline

Gulf Keystone Petroleum's revenues remained steady in the first half of 2026 despite a significant decline in oil output due to regional instability. The company reported $82.8 million in revenue, a slight decrease from $83.1 million in the same period last year.

The Shaikan field, one of Iraq's largest developments in Iraqi Kurdistan, has seen its production drop by 67% since 2025. However, higher oil prices helped balance out the decline and boost Gulf Keystone's financial performance.

Adjusted operating profitability increased by 26% to $51.7 million, driven by cost reductions and strong pricing. The company's shares also rose by 9.6% following improved revenue and reduced operating costs.

Gulf Keystone plans to increase production safely in the first quarter of 2027 and begin a water handling project at the Shaikan field. With an estimated 416 million barrels of proven reserves, the Shaikan field is a crucial asset for Gulf Keystone Petroleum.