Gulf Keystone's Shares Surge on Higher Oil Prices and Lower Costs

Gulf Keystone's shares surged 9.3% after reporting higher earnings in the first half of 2026, driven by increased realized oil prices and lower operating costs that offset production shut-ins.

The oil producer reported adjusted EBITDA of $51.7 million for the first half of 2026, up from $41.1 million in the same period last year.

Gross average production fell to 14,600 barrels of oil per day from 44,100 bopd YoY due to regional security issues, but revenue based on entitlement invoices reached $82.8 million, broadly flat compared to $83.1 million in the first half of 2025.

The average realized price for export sales surged to $83.5 per barrel from $27.8 per barrel YoY, representing an $8.8 per barrel discount to Brent crude prices.