US Market News
1月前
GeoPark Reports First Quarter 2026 ResultsMay 6, 2026 4:47 PM
Business Wire Strong Operational Performance Continues Strengthened Financial Capacity and Flexibility GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, reports its consolidated financial results for the three-month period ended March 31, 2026 (“First Quarter” or “1Q2026”). A conference call to discuss these results will be held on May 7, 2026, at 10:00 am (Eastern Daylight Time). GeoPark performed strongly in 1Q2026, combining solid operational execution with disciplined financial management. The Company benefited from a constructive pricing environment and effective commercial execution, while maintaining cost efficiency and navigating market volatility through its risk management strategy. During the quarter, GeoPark strengthened its financial and liquidity position, while advancing its strategic priorities, positioning the Company to deliver resilient performance and long-term value creation. FIRST QUARTER 2026 FINANCIAL SUMMARY Brent prices materially strengthened during the quarter, averaging $77.9/bbl, driven by geopolitical disruptions. This stronger benchmark environment supported an improvement in GeoPark’s realized pricing, with the Company delivering a combined realized price of $60.4/bbl in 1Q2026, compared to $54.8/bbl in 4Q2025. While the benefit of higher benchmark prices was partially moderated by the Company’s hedging strategy and wider Vasconia differentials during the quarter, GeoPark continued to capture attractive pricing levels through disciplined commercial execution and risk management. Production from Colombia and Argentina (excluding the divestment of Ecuador and Brazil assets) increased by 1% versus 4Q2025, reinforcing the production inflection achieved in 2025. Sales volumes1 improved by 8%, including the commercialization of deferred sales volumes produced during 4Q2025. As a result, total revenue increased by 16% compared to 4Q2025, supported by higher sales volumes and an improved realized price, in line with the Company’s disciplined approach to risk management. In 1Q2026, GeoPark reported Adjusted EBITDA2 of $71.3 million (56% margin), 54% higher than 4Q2025. This was driven by the revenue performance described above, as well as improved operating costs, which decreased to $14.7 per barrel of produced boe from $15.8 per boe in 4Q2025, despite an adverse exchange rate impact in Colombia and Argentina during the quarter. Building on a strong operating performance, with operating profit increasing to $58.0 million in 1Q2026 from $20.6 million in 4Q2025, net income for the quarter totaled $20.2 million. Reported net income included non-recurring items including the break-up fee receivable related to the transaction with Frontera Energy, net of associated transaction costs and other items. Compared to 4Q2025, net income was also impacted by a higher income tax charge, reflecting higher taxable income and the 10% tax surcharge in Colombia due to higher oil prices. Capital expenditures totaled $22.0 million in 1Q2026, primarily focused on maintaining and enhancing production through an integrated drilling and workover campaign in the Llanos 34 block (GeoPark operated, 45% WI). During the quarter, the Company also conducted drilling operations at the Bisbita Norte-1 well in the Llanos 123 block (GeoPark operated, 50% WI) and continued infrastructure upgrades on the Loma Jarillosa Este platforms, laying a solid foundation for the upcoming drilling campaign in Vaca Muerta. The Company generated Adjusted EBITDA equal to 3.2x its capital expenditures and delivered ROACE of 19%, underscoring disciplined, returns-focused capital allocation. GeoPark continued to generate solid operating cash flow during the quarter ($32.9 million) supported by operational strength that enabled the Company to fund its investment program. Additional cash inflows during the quarter included $65.0 million in local debt raised to fund the acquisition of Frontera Energy’s E&P assets, $100.3 million from escrow recovery and the break-up fee proceeds related to that transaction, as well as $107.0 million from Grupo Gilinski’s investment in 20% of the company’s shares. As a result, GeoPark’s cash and cash equivalents stood at $274.9 million as of the end of 1Q2026. Net debt stood at $333.1 million at the end of 1Q2026, with a leverage ratio of 1.3x, reflecting a robust capital structure. Regarding hedging, the Company continues to proactively monitor market conditions, maintaining a disciplined risk management approach while preserving strong liquidity and financial flexibility. As of the date hereof, oil price protection for 2026 has been secured through three-way collars covering approximately 19,000 bpd of full-year production, with a first floor of $64.8/bbl, a second floor of $50/bbl, and average ceiling prices of $72/bbl. For 2027, approximately 11,000 bpd of expected production has been hedged on a full-year basis, with comparable levels of downside protection and upside participation. During the quarter, GeoPark announced the entry of Grupo Gilinski as a new strategic investor, representing a meaningful shift in the Company’s shareholder composition. This investment introduces a long-term aligned partner with a proven track record in value creation, further strengthening GeoPark’s strategic positioning. The transaction enhances the Company’s financial flexibility and provides additional capacity to actively pursue value-accretive growth opportunities. The Board declared a quarterly cash dividend of $0.023 per share, payable on June 4, 2026, to shareholders of record at the close of business on May 20, 2026. Felipe Bayon, Chief Executive Officer of GeoPark, said: “We delivered a strong start to 2026, with significant growth in revenues and EBITDA supported by solid operational execution, improved pricing and disciplined cost management. During the quarter, we further strengthened our balance sheet, increased liquidity and continued advancing our strategic priorities, including the integration of Vaca Muerta and disciplined capital allocation. In addition, the entry of Grupo Gilinski as a strategic long-term aligned partner marks an important milestone, strengthening our shareholder alignment, financial position and providing additional capacity to pursue value-accretive growth opportunities. We remain well positioned to navigate market volatility while capturing opportunities ahead.” Supplementary information is available at the following link: https://ir.geo-park.com/1Q26-SupplementaryRelease 1 Sales volumes expressed in barrel of oil equivalent per day.
2 For reconciliations, see "Reconciliation of Adjusted EBITDA to Profit Before Income Tax" table below. FIRST QUARTER 2026 HIGHLIGHTS Oil and Gas Production and Operations 1Q2026 consolidated average oil and gas production of 27,249 boepd3, performing above plan 9 rigs in operation (4 drilling and 5 workover) at the end of 1Q2026 Initiated drilling in the Loma Jarillosa Este Block in Vaca Muerta 4 wells drilled and completed in 1Q2026 3 Reported in the 1Q2026 Operational Update. Revenue, Adjusted EBITDA and Net Profit Revenue of $128.4 million compared to $110.3 million in 4Q2025 Adjusted EBITDA of $71.3 million compared to $46.3 million in 4Q2025 Operating profit of $58.0 million compared to $20.6 million in 4Q2025 Net profit of $20.2 million compared to $31.1 million in 4Q2025 Cost Structure and Capital Efficiency Operating costs of $14.7 per boe and structure costs of $4.0 per boe in 1Q2026 Capital expenditures of $22.0 million 1Q2026 Adjusted EBITDA to capital expenditures ratio of 3.2x Return on Average Capital Employed (ROACE) of 19% Balance Sheet and Liquidity Cash and cash equivalents of $274.9 million as of March 31, 2026 Full-Year net leverage of 1.3x and no principal debt maturities until January 2027 Hedging and Risk Management As part of the Company’s risk management strategy to protect pricing and support earnings stability, 1Q2026 revenue reflected a $10.2 million impact from commodity risk management contracts As of the date hereof, approximately 19,000 bpd of full-year production has been protected through 3-way collars with average strikes of $64.8/$50.0/$72.0 per boe For 2027, approximately 11,000 bpd of expected production has been hedged on a full-year basis, with comparable levels of downside protection and upside participation Shareholder Value Return Quarterly cash dividend of $0.023 per share, or approximately $1.5 million, payable on June 4, 2026, to shareholders of record at the close of business on May 20, 2026, in line with the revised dividend program approved by the Board Dividend suspension commencing with the 3Q2026 results The Board will reassess dividends once positive free cash flow generation resumes after the peak investment phase, consistent with GeoPark’s disciplined, returns-based capital framework CONSOLIDATED OPERATING PERFORMANCE Key performance indicators: Key Indicators 1Q2026 4Q2025 1Q2025 Oil productiona (bopd) 27,141 27,431 28,972 Gas production (mcfpd) 649 5,524 624 Average net production (boepd) 27,249 28,351 29,076 Brent oil price ($ per bbl) 77.9 63.1 74.9 Combined realized priceb ($ per boe) 60.4 54.8 62.8 Oilc ($ per bbl) 67.4 54.5 65.3 Gas ($ per mcf) 1.5 4.0 — Sale of crude oil ($ million) 138.6 100.1 137.1 Sale of purchased crude oil ($ million) — — 0.4 Sale of gas ($ million) 0.0 2.5 — Commodity risk management contracts ($ million) (10.2) 7.7 (0.2) Revenue ($ million) 128.4 110.3 137.3 Production & operating costsd ($ million) (37.7) (39.8) (35.4) G&G, G&Ae ($ million) (10.6) (15.4) (11.5) Selling expenses ($ million) (8.8) (8.5) (2.2) Operating profit ($ million) 58.0 20.6 50.4 Adjusted EBITDA ($ million) 71.3 46.3 87.9 Adjusted EBITDA ($ per boe) 33.5 23.0 40.2 Net profit (loss) ($ million) 20.2 31.1 13.1 Capital expenditures ($ million) 22.0 34.3 22.6 Cash and cash equivalents ($ million) 274.9 100.3 308.0 Short-term financial debt ($ million) 166.6 18.5 19.0 Long-term financial debt ($ million) 441.4 535.1 638.4 Net debt ($ million) 333.1 453.2 349.4 Dividends paid ($ per share) 0.030 0.030 0.147 Shares repurchased (million shares) — — — Basic shares – at period end (million shares) 64,683 51,707 51,318 Weighted average basic shares (million shares) 55,603 51,684 51,281 a) Includes royalties and other economic rights paid in kind in Colombia for approximately 4,157 bopd, 3,890 bopd, and 4,869 bopd in 1Q2026, 4Q2025 and 1Q2025, respectively. No royalties were paid in kind in other countries. Production in Ecuador is reported before the Government’s production share. b) After the effect of earn-out to ex-owners of certain blocks. c) Before the effect of earn-out to ex-owners of certain blocks. d) Production and operating costs include operating costs, royalties and economic rights paid in cash, share-based payments and purchased crude oil. e) G&A and G&G expenses include non-cash, share-based payments for $1.3 million, $1.1 million, and $1.4 million in 1Q2026, 4Q2025 and 1Q2025, respectively. These expenses are excluded from the Adjusted EBITDA calculation. All figures are expressed in US Dollars and growth comparisons refer to the same period of the prior year, except when specified. Definitions and terms used herein are provided in the Glossary at the end of this document. This press release and its supplementary information do not contain all the Company’s financial information and the Company’s consolidated financial statements and corresponding notes for the period are available on the Company’s website. RECONCILIATION OF ADJUSTED EBITDA TO PROFIT BEFORE INCOME TAX 1Q2026 (In millions of $) Colombia Argentina Ecuador Brazil Corporate Total Adjusted EBITDA 72.4 1.2 (0.0) (0.3) (2.1) 71.3 Depreciation (23.6) (2.4) — — — (26.0) Write-offs (1.7) — — — — (1.7) Share based payment (0.1) (0.0) — — (1.2) (1.4) Lease Accounting - IFRS 16 1.2 0.0 — — — 1.3 Others (2.5) (0.2) (0.0) (0.1) 17.4 14.6 OPERATING PROFIT (LOSS) 45.8 (1.5) (0.0) (0.4) 14.1 58.0 Financial costs, net (16.0) Foreign exchange charges, net (0.5) PROFIT BEFORE INCOME TAX 41.5 1Q2025 (In millions of $) Colombia Argentina Ecuador Brazil Corporate Total Adjusted EBITDA 88.4 (1.2) 3.4 (1.5) (1.1) 87.9 Depreciation (29.7) — (2.1) (0.2) — (32.0) Write-offs (5.9) — — — — (5.9) Share based payment (0.3) (0.1) (0.0) (0.0) (1.2) (1.5) Lease Accounting - IFRS 16 1.3 — 0.0 0.2 — 1.5 Others 0.9 (0.1) (0.0) (0.3) (0.1) 0.4 OPERATING PROFIT (LOSS) 54.7 (1.4) 1.3 (1.8) (2.4) 50.4 Financial costs, net (21.6) Foreign exchange charges, net (3.3) PROFIT BEFORE INCOME TAX 25.5 CONFERENCE CALL INFORMATION GeoPark management will host a conference call on Thursday, May 7, 2026, at 10:00 am (Eastern Daylight Time) to discuss the 1Q2026 results. To listen to the call, participants can access the webcast located in the Invest with Us section of the Company’s website at www.geo-park.com, or by clicking below: https://events.q4inc.com/attendee/357739077 Interested parties may participate in the conference call by dialing the numbers provided below: United States Participants: +1 646-307-1963 Global Dial-In Numbers: https://www.netroadshow.com/events/global-numbers?confId=48643 Passcode: 8385569 Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast. An archive of the webcast replay will be made available in the Invest with Us section of the Company’s website at www.geo-park.com after the conclusion of the live call. GLOSSARY 2027 Notes 5.500% Senior Notes due 2027 2030 Notes 8.750% Senior Notes due 2030 Adjusted EBITDA Adjusted EBITDA is defined as profit for the period before net finance costs, income tax, depreciation, amortization, the effect of IFRS 16, certain non-cash items such as impairments and write-offs of unsuccessful efforts, accrual of share-based payments, unrealized results on commodity risk management contracts and other non-recurring events Adjusted EBITDA per boe Adjusted EBITDA divided by total boe deliveries Operating Netback per boe Revenue, less production and operating costs (net of depreciation charges and accrual of stock options and stock awards, the effect of IFRS 16), selling expenses, and realized results on commodity risk management contracts, divided by total boe deliveries. Operating Netback is equivalent to Adjusted EBITDA net of cash expenses included in Administrative, Geological and Geophysical and Other operating costs Bbl Barrel Boe Barrels of oil equivalent Boepd Barrels of oil equivalent per day Bopd Barrels of oil per day G&A Administrative expenses G&G Geological & geophysical expenses Mcfpd Thousand cubic feet per day Net Debt Current and non-current borrowings less cash and cash equivalents ROACE ROACE is defined as last twelve-month operating profit divided by average capital employed. Capital employed is calculated as total assets minus current liabilities and adjusted for excess cash. Excess cash corresponds to the portion of cash and cash equivalents that exceeds the amount required to cover current liabilities with current assets. The non-recurring impairment charge recorded in the 2Q2025 related to the divestment of assets in Ecuador was excluded from LTM operating profit for the purpose of this calculation WI Working interest NOTICE Additional information about GeoPark can be found in the Invest with Us section of the website at www.geo-park.com. Rounding amounts and percentages: Certain amounts and percentages included in this press release and its supplementary information have been rounded for ease of presentation. Percentage figures included in this press release and its supplementary information have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. In addition, certain other amounts that appear in this press release and its supplementary information may not sum due to rounding. This press release and its supplementary information contain certain oil and gas metrics, including information per share, operating netback, reserve life index and others, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods. CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION This press release and its supplementary information contain statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others. Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including expected production, investment program, drilling operations, returns-based growth and sustainable value creation. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission (SEC). Oil and gas production figures included in this press release and its supplementary information are stated before the effect of royalties paid in kind, consumption and losses. Annual production per day is obtained by dividing total production by 365 days. Non-GAAP Measures: The Company believes Adjusted EBITDA, free cash flow and operating netback per boe, which are each non-GAAP measures, are useful because they allow the Company to more effectively evaluate its operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company’s calculation of Adjusted EBITDA, free cash flow, and operating netback per boe may not be comparable to other similarly titled measures of other companies. Adjusted EBITDA: The Company defines Adjusted EBITDA as profit for the period before net finance costs, income tax, depreciation, amortization and certain non-cash items such as impairments and write-offs of unsuccessful exploration and evaluation assets, accrual of stock options and stock awards, unrealized results on commodity risk management contracts and other non-recurring events. Adjusted EBITDA is not a measure of profit or cash flow as determined by IFRS. The Company excludes the items listed above from profit for the period in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, profit for the period or cash flow from operating activities as determined in accordance with IFRS or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure and significant and/or recurring write-offs, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. For a reconciliation of Adjusted EBITDA to the IFRS financial measure of profit, see the accompanying financial tables and the supplementary information. Operating Netback per boe: Operating netback per boe should not be considered as an alternative to, or more meaningful than, profit for the period or cash flow from operating activities as determined in accordance with IFRS or as an indicator of the Company’s operating performance or liquidity. Certain items excluded from operating netback per boe are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure and significant and/or recurring write-offs, as well as the historic costs of depreciable assets, none of which are components of operating netback per boe. The Company’s calculation of operating netback per boe may not be comparable to other similarly titled measures of other companies.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260506243712/en/ For further information, please contact: INVESTORS:
Maria Catalina Escobar
Shareholder Value and Capital Markets Director
mescobar@geo-park.com Miguel Bello
Investor Relations Officer
mbello@geo-park.com Maria Alejandra Velez
Investor Relations Leader
mvelez@geo-park.com MEDIA:
Communications Department
communications@geo-park.com Original: GeoPark Reports First Quarter 2026 Results
US Market News
3月前
GeoPark Announces Decision Not to Raise Offer for Frontera Energy’s Colombian E&P AssetsMarch 9, 2026 7:02 PM
Business Wire
Reaffirms Capital Discipline, Strategic Focus and Preserved Flexibility for Long-Term Growth
GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, today announced that it has declined to raise its offer for Frontera Energy’s (“Frontera”) Colombian E&P assets.
After careful evaluation, GeoPark’s Board of Directors determined that increasing its offer would not be consistent with the Company’s disciplined capital allocation framework or long-term value maximization objectives. At the revised valuation, the transaction base case would likely deteriorate portfolio-level return expectations, reduce resilience under lower oil price scenarios, and compare unfavorably against alternative capital deployment opportunities across its existing portfolio and emerging prospects. The Board concluded that preserving financial flexibility and allocating capital only to opportunities that are best positioned to maximize long-term shareholder value remains a core principle to the Company’s strategy.
Reinforced Platform and Clear Execution Roadmap
GeoPark pursued the Frontera transaction following nearly a year of detailed technical, financial and strategic analysis. The Company had conviction in the operational fit and long-term potential of the assets at the agreed price.
Frontera subsequently notified GeoPark that its Board of Directors had determined Parex Resources Inc.’s proposal constituted a “Superior Proposal” under the terms of the existing arrangement agreement, thereby initiating the contractual matching period. GeoPark carefully evaluated its rights and obligations during that period, including a reassessment of the transaction economics under the revised terms.
However, at the revised offer level, the Board concluded that an increased price would not meet GeoPark’s expected risk-adjusted return thresholds.
GeoPark emerges from this process stronger, preserving the balance sheet resilience and portfolio flexibility that underpin its strategy, more focused and well capitalized for its next phase of growth.
Over the past year, the Company has:
Increased scale and diversified its portfolio;
Delivered production above guidance;
Reduced breakevens;
Strengthened its balance sheet; and
Secured long-term aligned institutional backing through strategic investment by Grupo Gilinski.
GeoPark’s strategy remains intact:
Protecting and Maximizing Core Production and Cash Generation in Colombia
The Company continues to optimize and enhance performance at its flagship Llanos 34 block and across its operated and non-operated portfolio. Recent developments have accelerated the inflection point in Colombian production earlier than expected. A recently certified 22% increase in 2P Original Oil in Place in Llanos 34 confirms a significantly larger resource base, strengthening the long-term production and economic outlook of the asset. Colombia will continue to generate sustainable free cash flow, underpin balance sheet strength, and support disciplined growth.
Scaling Growth in Vaca Muerta, Argentina
Following the successful integration of Loma Jarillosa Este and Puesto Silva Oeste, GeoPark is advancing its unconventional platform in the Neuquén Basin. The Company is focused on accelerating drilling activity to deliver a step-change in production and cash flow. Vaca Muerta is expected to become a core growth engine by 2028. At expected peak production of approximately 20,000 boepd gross in 2028, these assets are projected to contribute approximately US$300–350 million of gross Adjusted EBITDA at a US$70/bbl Brent oil price, providing scalable, long-life production supported by disciplined capital deployment.1
Strategic Optionality Preserved
By choosing not to increase its offer, GeoPark preserves capital flexibility to pursue alternative value-accretive opportunities across Colombia, Argentina, Venezuela and the broader region.
The Company remains committed to becoming the leading independent oil and gas platform in Latin America through disciplined organic and inorganic growth, supported by scale, resilience, technical excellence and strong governance.
GeoPark will continue to evaluate opportunities that align with its strategy, meet return criteria and enhance long-term shareholder value.
CEO Commentary
Felipe Bayon, Chief Executive Officer of GeoPark, said: “GeoPark’s Board of Directors takes seriously its responsibility to be good stewards of shareholder value, and our decision not to increase our offer for Frontera’s assets reflects our commitment to a highly disciplined approach to capital allocation. GeoPark evaluates every investment opportunity against strict financial, strategic and risk-adjusted criteria. At the revised terms, increasing our offer would not represent the best use of capital relative to the opportunities within our existing portfolio and pipeline. We remain fully committed to executing our two-fold strategy: maximizing our Colombian platform and scaling Vaca Muerta as a core growth engine. With a strengthened balance sheet, aligned long-term capital and preserved flexibility, GeoPark is well positioned to pursue disciplined growth and deliver sustainable long-term value.”
Transaction Settlement
Under the terms of its agreement with Frontera, GeoPark will receive the return of $75 million previously placed in escrow plus interest and will be entitled to a $25 million breakup fee.
Advisors
BTG Pactual acted as exclusive M&A financial advisor to GeoPark in the transaction, while Cleary Gottlieb Steen & Hamilton, Bennett Jones, and CMS Rodríguez-Azuero served as legal counsels and FGS Global served as strategic communications advisor.
NOTICE
Additional information about GeoPark can be found in the Invest with Us section of the website at www.geo-park.com
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe’’, ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.
Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters including the Company’s long-term strategy, the production and Adjusted EBITDA contribution from Vaca Muerta and the Company’s pursuit of other value-accretive opportunities. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.
Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see the Company’s filings with the U.S. Securities and Exchange Commission (SEC).
____________________
1 Adjusted EBITDA is defined as profit for the period before net finance costs, income tax, depreciation, amortization, the effect of IFRS 16, certain non-cash items such as impairments and write-offs of unsuccessful efforts, accrual of share-based payments, unrealized results on commodity risk management contracts and other non-recurring events. The Company is unable to present a quantitative reconciliation of this contribution to Adjusted EBITDA which is a forward-looking non-GAAP measure, because the Company cannot reliably predict certain of the necessary components, such as write-off of unsuccessful exploration efforts or impairment loss on non-financial assets, etc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260309040228/en/
For further information, please contact:
INVESTORS:
Maria Catalina Escobar
Shareholder Value and Capital Markets Director
mescobar@geo-park.com
Miguel Bello
Investor Relations Officer
mbello@geo-park.com
Maria Alejandra Velez
Investor Relations Leader
mvelez@geo-park.com
MEDIA:
Communications Department
communications@geo-park.com
Original: GeoPark Announces Decision Not to Raise Offer for Frontera Energy’s Colombian E&P Assets
US Market News
3月前
GeoPark Announces Strategic Investment by Grupo Gilinski to Accelerate Long-term Growth StrategyMarch 5, 2026 7:32 AM
Business Wire
Investment Reflects Confidence in Geopark’s Assets, Team and Vision
Further Enhances Financial Flexibility and Brings Additional Value Creation Expertise to the Company
GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, today announced a strategic private investment in public equity (PIPE) transaction with Colden Investments S.A. (“Colden”), an affiliate of Jaime Gilinski, who leads one of Latin America’s most diversified global investment groups (“Grupo Gilinski”). The investment was led by Jaime and Gabriel Gilinski.
Under the agreement, Colden invested approximately $107 million to acquire 12,876,053 newly issued common shares of GeoPark at a price of $8.31 per share1. The closing of the transaction results in Colden holding approximately 20% of GeoPark’s outstanding common shares2 and becoming the largest shareholder of the Company.
Shared Vision to Build a Leading Independent Energy Platform in Latin America
The investment by Colden reflects alignment with and endorsement of GeoPark’s strategic ambition: to become the leading independent oil and gas platform in Latin America through disciplined organic and inorganic growth, building on the platform and reputation created by GeoPark over 23 years of operation. The investment also reflects confidence in the value generation potential of the Latin American energy space, including Colombia consolidation, Vaca Muerta scale-up and potential access in Venezuela, while preserving flexibility to pursue other emerging opportunities. The outcomes sought are superior shareholder returns, supported by scale, resilience, technical excellence, capital discipline and culture, underpinned by non-negotiable standards on safety, integrity, compliance, environmental stewardship, communities, and regulatory responsibility.
Following the decisive actions taken by GeoPark’s Board and leadership over the past year to increase the Company’s scale, enhance its growth profile and build a more resilient and diversified platform, GeoPark received interest from investors evaluating meaningful ownership positions.
Grupo Gilinski has followed GeoPark’s strategic evolution over time and approached the Company expressing conviction in GeoPark’s long-term ambition and regional growth potential. The Board determined that the Gilinskis demonstrated strong alignment with GeoPark’s growth roadmap and governance principles in connection with their investment, establishing Grupo Gilinski as the right long-term partner for the Company’s next phase, with capabilities and expertise that extend beyond the capital provided through this PIPE.
1 GeoPark’s share price as of February 27, 2026.
2 New shares of common stock outstanding: 64,625,278.
Strategic Rationale of Grupo Gilinski
Grupo Gilinski sees GeoPark as a well-positioned regional platform with an established operational footprint in Colombia and a growing presence in Argentina. The Company’s track record of disciplined execution, technical expertise and capital allocation provides a strong foundation for continued consolidation and organic development in its core markets.
In Colombia, Grupo Gilinski recognizes opportunities to further strengthen GeoPark’s position through bolt-on acquisitions, increased working interests in existing blocks and continued development of underexplored acreage. In Argentina, the advancing development of the Vaca Muerta formation represents a meaningful component of the Company’s medium-term growth outlook, supported by GeoPark’s operational capabilities and regional experience.
Grupo Gilinski believes Venezuela may warrant renewed review and prioritization as the rapidly evolving conditions in the country could position it as a strategic opportunity for GeoPark. GeoPark’s regional operating experience and technical capabilities ideally position the Company to evaluate such opportunities responsibly should market conditions and regulatory frameworks continue to evolve favorably.
A Strategic Investor with a Proven Value Creation Track Record
Grupo Gilinski is one of Latin America’s most diversified global investment groups. Its investment experience includes:
Active ownership positions in financial services, food, media, real estate and consumer businesses in Latin America and Europe.
Experience supporting transformation and recapitalization processes in regulated institutions.
Participation in cross-border capital markets transactions and governance oversight of publicly listed companies.
The Group has been involved in the transformation of Grupo Nutresa and in the recapitalization and restructuring of Metro Bank in the United Kingdom, among other transactions. In both instances, they acted as a decisive, constructive, long-term partner, providing capital, governance support and strategic oversight at critical inflection points, which ultimately generated meaningful value for all shareholders.
This transaction represents an important evolution in GeoPark’s ownership profile, introducing aligned and committed long-term institutional capital while preserving the Company’s diverse shareholder base and supporting GeoPark’s goal of maximizing value for all shareholders.
Governance Structure Reinforces Strategic Independence and Shareholder Protection
The transaction has been structured to ensure alignment with GeoPark’s long-term strategy while preserving strategic independence. The agreement includes:
An 18-month lock-up period commitment, during which Colden cannot sell its shares.
Approval rights over certain matters as long as Colden maintains a 15% minimum ownership stake.
Ownership limitations for the next 12 months, requiring Board approval for any increase in ownership above 32% of shares outstanding.
Under the terms of the agreement, at its current 20% ownership level, Colden is entitled to nominate two directors to GeoPark’s nine-member Board, subject to customary corporate governance procedures in accordance with applicable law and NYSE listing standards. Should Colden’s ownership increase to 28% or more of the Company’s outstanding common shares, it would be entitled to nominate a third director.
At all times, the GeoPark Board will maintain a majority of independent directors. If entitled to nominate three directors, at least one of the Colden nominees must qualify as an independent director under NYSE standards and the Company’s governance framework.
Gabriel Gilinski will fill the current vacancy on GeoPark’s Board effective immediately. Mr. Gilinski holds a Bachelor’s Degree from the University of Pennsylvania and currently serves in senior leadership roles within Grupo Gilinski’s global investment platform. Mr. Gilinski has played an active role in capital allocation, cross-border financing and strategic repositioning initiatives across publicly listed and regulated institutions. He has extensive board and executive experience across financial services institutions in Latin America. He is chairman of the Board of Grupo Nutresa, one of the largest food companies in Latin America.
In light of the significant benefits of this transaction to GeoPark, the Board has agreed to waive the provisions of its Shareholder Rights Plan to permit Colden to acquire up to 32% of the Company’s shares. The Board considered the interests of all shareholders in evaluating this transaction, which is designed to preserve the rights of the Company’s broader shareholder base. The Board remains firmly committed to transparency, fairness and disciplined decision-making.
Enhanced Financial Flexibility
The Company intends to deploy this capital to:
Pursue accretive M&A opportunities aligned with the Company’s strategy and return thresholds.
Fund high-return organic development in Colombia and Argentina.
Maintain balance-sheet strength and financial flexibility.
Support other corporate initiatives consistent with long-term value creation.
The Company retains full discretion to deploy capital in a manner consistent with its return thresholds and strategic priorities. This transaction enhances GeoPark’s ability to execute on its growth roadmap with greater speed, scale and flexibility.
While the transaction increases the Company’s outstanding share count, the Board believes that strengthening its platform, expanding strategic capacity, and accelerating high-return initiatives will enhance long-term earnings power and drive sustainable per-share shareholder value creation.
Executive Commentary
Felipe Bayon, Chief Executive Officer of GeoPark, said: “We are pleased to welcome Colden as a strategic, long-term partner to GeoPark. Its investment at market price reflects strong conviction in our assets, our team and our disciplined approach to growth. Grupo Gilinski recognizes the strength of our Colombian platform, and the growth potential embedded in our Argentina development strategy. We believe their experience building and scaling regional platforms, combined with their long-term perspective, will meaningfully support GeoPark as we advance the next phase of our strategy. This partnership enhances our strategic flexibility and reinforces our ability to execute decisively while preserving financial discipline.”
Advisors
BTG Pactual acted as exclusive M&A financial advisor to GeoPark in the transaction, Cleary Gottlieb Steen & Hamilton served as legal counsel and FGS Global served as strategic communications advisor. Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Colden.
NOTICE
Additional information about GeoPark can be found in the Invest with Us section of the website at www.geo-park.com
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe’’, ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.
Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters including the investment by Colden in GeoPark, the Company’s long-term strategy, and the closing of the transaction. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.
Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see the Company’s filings with the U.S. Securities and Exchange Commission (SEC).
View source version on businesswire.com: https://www.businesswire.com/news/home/20260304660460/en/
INVESTORS:
Maria Catalina Escobar
Shareholder Value and Capital Markets Director
mescobar@geo-park.com
Miguel Bello
Investor Relations Officer
mbello@geo-park.com
Maria Alejandra Velez
Investor Relations Leader
mvelez@geo-park.com
MEDIA:
Communications Department
communications@geo-park.com
Original: GeoPark Announces Strategic Investment by Grupo Gilinski to Accelerate Long-term Growth Strategy
US Market News
3月前
GeoPark Reports Fourth Quarter and Full-year 2025 ResultsFebruary 25, 2026 4:30 PM
Business Wire
Protecting What We Have, Returning to Growth: Full-Year Guidance Delivered, Transformational Portfolio Reset Well Underway
GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, reports its consolidated financial results for the three-month period ended December 31, 2025 (“Fourth Quarter” or “4Q2025”) and for the year ended December 31, 2025 (“Full Year” or “FY2025”). A conference call to discuss these financial results will be held on February 26, 2026, at 10:00 am (Eastern Standard Time).
2025: DISCIPLINED DELIVERY IN A LOWER PRICE ENVIRONMENT
2025 was a transition year in a materially lower oil price environment. Brent averaged $68.2/bbl in FY2025 versus $79.8/bbl in FY2024, and $63.1/bbl in 4Q2025 versus $74.0/bbl in 4Q2024. In this context, GeoPark delivered or exceeded all key 2025 guidance metrics, including production, operating costs and capital expenditures. Average production reached 28,233 boepd in FY2025, above the upper end of the Company’s 26,000–28,000 boepd guidance range. Operating costs averaged $13.2/boe, within the $12–14/boe guidance range, and capital expenditures totaled $98.4 million, consistent with the Company’s disciplined capital program.
GeoPark furthermore executed key strategic milestones during the year: closing the acquisition of two high-quality Vaca Muerta blocks in October 2025 and initiating and advancing negotiations which allowed the Company to agree, in January 2026 to acquire Frontera Energy’s Colombian upstream assets. Together, these transactions transform portfolio optionality and materially enhance scale, reserve base, and long-term cash flow capacity.
FINANCIAL PERFORMANCE: PRICE-DRIVEN EBITDA DECLINE; MARGINS REMAIN RESILIENT
FY2025 results primarily reflect lower realized prices and, to a lesser extent, lower average production. Combined realized price averaged $58.1/boe in FY2025 versus $65.6/boe in FY2024. Adjusted EBITDA1 totaled $277.1 million compared to $416.9 million in FY2024. In 4Q2025, Adjusted EBITDA was $46.3 million (42% margin), compared to $71.4 million in 3Q2025 and $77.7 million in 4Q2024. Fourth Quarter performance was impacted by identifiable, non-recurring items, including deferred sales volumes expected to be realized in 1Q2026, logistics-related selling expense adjustments, and start-up and year-end costs associated with Vaca Muerta activity. Net profit totaled $31.1 million in 4Q2025 and $49.7 million for FY2025.
Operational performance across the portfolio remained solid during the year. Production stability was supported by resilient base production in the Llanos 34 Block, continued contribution from the CPO-5 Block, and successful drilling and appraisal activity in the Llanos 123 Block. The Company operated six rigs at year-end (three drilling and three workover) and drilled and completed 16 wells during 2025. Initial production from the acquired Vaca Muerta blocks also contributed during the Fourth Quarter.
RESILIENCE AND DISCIPLINE: STRUCTURAL COST RESET AND BALANCE SHEET STRENGTH
Structural cost reset
GeoPark delivered meaningful structural efficiencies in 2025. FY2025 operating costs averaged $13.2/boe (within guidance of $12–14/boe) and structure costs averaged $4.8/boe. Initiatives implemented during the year generated approximately $32 million in structural cash cost savings, establishing a lower cost base expected to generate approximately $45 million in annualized savings into 2026 and beyond. In 4Q2025, operating costs and structure costs increased to $15.8/boe and $5.6/boe, respectively, reflecting identifiable one-off items including asset reactivations, start-up costs and year-end accruals. Excluding these items, normalized operating costs would have been approximately $13/boe and normalized structure cost approximately $4.5/boe, consistent with the Company’s structural trajectory. These impacts were transitory and do not alter the underlying cost base entering 2026.
Capital efficiency
Capital expenditures of $98.4 million in FY2025 were deployed in line with the Company’s capital expenditure plan, focused on sustaining production, advancing secondary recovery and progressing appraisal activity. The Company generated 2.8x Adjusted EBITDA relative to capital expenditures and delivered 18% ROACE, underscoring disciplined, returns-based capital allocation.
Balance sheet and risk management
At December 31, 2025, cash and cash equivalents were $100.3 million and net leverage was 1.6x, with no principal maturities until January 2027. During the year, GeoPark repurchased $108.3 million principal amount of its 2030 Notes below par, generating a $10.2 million gain and approximately $9.5 million in annual cash interest savings. Approximately 84% of expected 2026 production has been hedged through three-way collars. Hedging has also been initiated for 2027, covering approximately 71% of expected 1Q2027 production and 60% of expected 2Q2027 production.
TRANSFORMATIONAL PORTFOLIO RESET WELL UNDERWAY: STRENGTHENING SCALE AND COMPETITIVENESS
During 2025, GeoPark executed a decisive portfolio reset under its strategy of Protecting What We Have and Returning to Growth, reinforcing its Colombian cash-generating base while establishing a new unconventional growth engine in Vaca Muerta, Argentina.
In October 2025, GeoPark closed the acquisition of two high-quality blocks in Vaca Muerta, securing a 100% WI in the Loma Jarillosa Este Block and 95% in the Puesto Silva Oeste Block, totaling more than 12,300 gross acres in the black oil window. The assets add 11.1 mmboe of 1P net reserves, 36.7 mmboe of 2P net reserves and 71.1 mmboe of 3P net reserves, with a clear development path toward approximately 20,000 boepd plateau production by year-end 2028, establishing a scalable, operated growth platform.
In January 2026, GeoPark agreed to acquire Frontera Energy’s Colombian upstream assets, encompassing 17 blocks with expected production of approximately 40,000 boepd net to GeoPark in 2026. Upon closing, which is subject to regulatory approvals and customary closing conditions, the transaction is expected to immediately add approximately 99 mmboe of 1P reserves and 147 mmboe of 2P reserves, more than doubling GeoPark’s consolidated reserves and significantly strengthening long-term cash flow visibility. On a pro forma basis, consolidated production is expected to exceed 90,000 boepd by 2028, with EBITDA of approximately $950 million — more than doubling GeoPark’s previously communicated standalone outlook.
On February 23, 2026, Parex Resources (“Parex”) announced that it has submitted a competing proposal to acquire all of Frontera Energy’s Colombian upstream business. Frontera Energy’s Board of Directors will evaluate Parex’s proposal in accordance with the terms of the existing arrangement agreement, and GeoPark will determine its next steps based on Frontera Energy’s decision.
GeoPark remains committed to its agreement to acquire these assets and has strong conviction in the merits of the transaction. The Company believes that, among other reasons, GeoPark’s strong operating expertise makes it the strongest strategic fit for Frontera Energy’s assets.
Together, these actions represent a transformational step-change in GeoPark’s scale, reserve base and competitive positioning, reinforcing its Colombian foundation while adding a high-quality unconventional growth engine for the next cycle.
Capital Returns
The Board declared a quarterly cash dividend of $0.03 per share, payable on March 31, to shareholders of record at the close of business on March 11, 2026. Consistent with GeoPark’s disciplined capital framework, the Board will reassess shareholder distributions following the peak investment phase and normalization of free cash flow.
CEO Comment
Felipe Bayon, Chief Executive Officer of GeoPark, said: “2025 was a year of disciplined execution in a materially lower oil price environment. While Adjusted EBITDA declined primarily due to lower realized prices, we delivered production above guidance, protected margins and strengthened the balance sheet. More importantly, we initiated a profound strategic reset of the Company. We protected and strengthened our Colombian cash-generating base while repositioning the portfolio through Vaca Muerta and the Frontera Energy transaction—improving scale, competitiveness and long-term optionality. We enter 2026 with a distinctive, industry-leading asset base, a structurally lower cost platform and clearer multi-year visibility. Our focus remains on disciplined execution, returns-based growth and sustainable value creation through the cycle.”
Supplementary information is available at the following link:
https://ir.geo-park.com/4Q25-SupplementaryRelease
FOURTH QUARTER 2025 HIGHLIGHTS
Oil and Gas Production and Operations
4Q2025 consolidated average oil and gas production of 28,351 boepd2, reflecting solid delivery from core operated and non-operated assets
Annual average oil and gas production of 28,233 boepd, above the upper range of the 2025 guidance of 26,000 – 28,000 boepd
6 rigs in operation (3 drilling and 3 workover) at the end of 2025
16 wells drilled and completed in 2025
Revenue, Adjusted EBITDA and Net Profit
Revenue of $110.3 million / Full-Year revenue of $492.5 million
Adjusted EBITDA of $46.3 million / Full-Year Adjusted EBITDA of $277.1 million
Operating profit of $20.6 million / Full-Year operating profit of $110.5 million
Net profit of $31.1 million / Full-Year net profit of $49.7 million
Cost Structure and Capital Efficiency
Operating costs of $13.2 per boe and structure costs of $4.8 per boe for FY2025
Structural cash cost savings of approximately $32 million delivered in 2025, with initiatives expected to generate approximately $45 million in annualized savings in 2026 and beyond
Capital expenditures of $34.3 million / Full-Year capital expenditures of $98.4 million, primarily focused on maintaining and improving production and advancing exploration activities across the Llanos Basin
2025 Adjusted EBITDA to capital expenditures ratio of 2.8x
Return on average capital employed (ROACE) of 18%3
Balance Sheet and Liquidity
Cash and cash equivalents of $100.3 million at December 31, 2025
Full-Year net leverage of 1.6x and no principal debt maturities until January 2027
During 2025, successfully completed open market repurchases of $108.3 million in aggregate principal of the 2030 Notes below par, generating a $10.2 million gain and annual cash coupon savings of $9.5 million
Hedging and Risk Management
$7.7 million gain from commodity risk management contracts recognized in 4Q2025 revenue
As of the date hereof, approximately 84% of 2026 expected production has been protected through 3-way collars with average strikes of $64.8/$50.0/$72.0 per boe
The Company has also initiated hedging for 2027, with approximately 71% of expected production hedged in 1Q2027 and 60% hedged in 2Q2027
Shareholder Value Return
Quarterly cash dividend of $0.03 per share, or approximately $1.5 million, payable on March 31, 2026, to shareholders of record at the close of business on March 11, 2026, in line with the revised dividend program approved by the Board
Dividend suspension commencing with the 3Q2026 results
The Board will reassess dividends once positive free cash flow generation resumes after the peak investment phase, consistent with GeoPark’s disciplined, returns-based capital framework
_______________________
1 For reconciliations, see "Reconciliation of Adjusted EBITDA to Profit Before Income Tax" table below.
2 Reported in the 4Q2025 Operational Update.
3 ROACE is defined as last twelve-month operating profit divided by average capital employed. Capital employed is calculated as total assets minus current liabilities and adjusted for excess cash. Excess cash corresponds to the portion of cash and cash equivalents that exceeds the amount required to cover current liabilities with current assets. The non-recurring impairment charge recorded in the 2Q2025 related to the divestment of assets in Ecuador was excluded from LTM operating profit for the purpose of this calculation.
CONSOLIDATED OPERATING PERFORMANCE
Key performance indicators:
Key Indicators
4Q2025
3Q2025
4Q2024
FY2025
FY2024
Oil productiona (bopd)
27,431
27,149
31,354
27,670
33,544
Gas production (mcfpd)
5,524
5,920
808
3,380
2,362
Average net production (boepd)
28,351
28,136
31,489
28,233
33,937
Brent oil price ($ per bbl)
63.1
68.1
74.0
68.2
79.8
Combined realized priceb ($ per boe)
54.8
57.1
59.6
58.1
65.6
? Oilc ($ per bbl)
54.5
60.6
61.9
59.7
68.6
? Gas ($ per mcf)
4.0
4.1
7.1
4.2
5.9
Sale of crude oil ($ million)
100.1
120.6
141.8
472.1
648.7
Sale of purchased crude oil ($ million)
—
—
1.4
0.4
7.2
Sale of gas ($ million)
2.5
3.0
0.5
6.3
5.1
Commodity risk management contracts ($ million)
7.7
1.5
—
13.8
(0.1
)
Revenue ($ million)
110.3
125.1
143.7
492.5
660.8
Production & operating costsd ($ million)
(39.8
)
(33.3
)
(44.3
)
(141.1
)
(164.0
)
G&G, G&Ae ($ million)
(15.4
)
(12.1
)
(17.7
)
(51.1
)
(62.1
)
Selling expenses ($ million)
(8.5
)
(7.2
)
(2.9
)
(20.9
)
(14.9
)
Operating profit ($ million)
20.6
32.4
44.6
110.5
273.5
Adjusted EBITDA ($ million)
46.3
71.4
77.7
277.1
416.9
Adjusted EBITDA ($ per boe)
23.0
32.6
32.2
32.7
41.4
Net profit (loss) ($ million)
31.1
15.9
15.3
49.7
96.4
Capital expenditures ($ million)
34.3
17.5
47.4
98.4
191.3
Cash and cash equivalents ($ million)
100.3
197.0
276.8
100.3
276.8
Short-term financial debt ($ million)
18.5
8.0
22.3
18.5
22.3
Long-term financial debt ($ million)
535.1
562.4
492.0
535.1
492.0
Net debt ($ million)
453.2
373.4
237.6
453.2
237.6
Dividends paid ($ per share)
0.030
0.147
0.147
0.471
0.577
Shares repurchased (million shares)
—
—
—
—
4.369
Basic shares – at period end (million shares)
51,707
51,664
51,247
51,707
51,247
Weighted average basic shares (million shares)
51,684
51,609
51,227
51,527
52,488
a)
Includes royalties and other economic rights paid in kind in Colombia for approximately 3,890 bopd, 4,612 bopd, and 5,011 bopd in 4Q2025, 3Q2025 and 4Q2024, respectively. No royalties were paid in kind in other countries. Production in Ecuador is reported before the Government’s production share.
b)
After the effect of earn-out to ex-owners of certain blocks.
c)
Before the effect of earn-out to ex-owners of certain blocks.
d)
Production and operating costs include operating costs, royalties and economic rights paid in cash, share-based payments and purchased crude oil.
e)
G&A and G&G expenses include non-cash, share-based payments for $1.1 million, $0.7 million, and $1.3 million in 4Q2025, 3Q2025 and 4Q2024, respectively. These expenses are excluded from the Adjusted EBITDA calculation.
All figures are expressed in US Dollars and growth comparisons refer to the same period of the prior year, except when specified. Definitions and terms used herein are provided in the Glossary at the end of this document. This press release and its supplementary information do not contain all the Company’s financial information and the Company’s consolidated financial statements and corresponding notes for the period ended December 31, 2025, will be available on the Company’s website and in the Company’s annual report on Form 20-F.
RECONCILIATION OF ADJUSTED EBITDA TO PROFIT BEFORE INCOME TAX
FY2025 (In millions of $)
Colombia
Argentina
Ecuador
Brazil
Other(a)
Total
Adjusted EBITDA
280.1
(4.5
)
7.3
(0.4
)
(5.3
)
277.1
Depreciation
(110.0
)
(2.1
)
(4.8
)
(0.2
)
—
(117.2
)
Write-offs
(13.4
)
—
—
—
—
(13.4
)
Impairment
—
—
(31.0
)
—
—
(31.0
)
Share based payment
(0.8
)
(0.1
)
(0.0
)
(0.0
)
(3.6
)
(4.5
)
Lease Accounting - IFRS 16
5.0
—
0.0
0.7
—
5.7
Others
(7.1
)
(1.6
)
(2.0
)
6.2
(1.7
)
(6.3
)
OPERATING PROFIT (LOSS)
153.8
(8.2
)
(30.5
)
6.1
(10.6
)
110.5
Financial costs, net
(54.6
)
Foreign exchange charges, net
(7.3
)
PROFIT BEFORE INCOME TAX
48.7
FY2024 (In millions of $)
Colombia
Argentina
Ecuador
Brazil
Other(a)
Total
Adjusted EBITDA
419.3
(4.5
)
14.7
(3.7
)
(8.9
)
416.9
Depreciation
(121.1
)
(0.0
)
(8.3
)
(1.2
)
(0.0
)
(130.7
)
Write-offs
(6.9
)
—
(7.7
)
(0.2
)
—
(14.8
)
Share based payment
(1.3
)
(0.4
)
(0.0
)
(0.0
)
(4.5
)
(6.3
)
Lease Accounting - IFRS 16
6.8
—
0.0
0.9
—
7.8
Others
1.4
(0.1
)
0.1
(3.0
)
2.2
0.6
OPERATING PROFIT (LOSS)
298.2
(5.1
)
(1.1
)
(7.2
)
(11.3
)
273.5
Financial costs, net
(43.5
)
Foreign exchange charges, net
12.2
PROFIT BEFORE INCOME TAX
242.2
(a)
Includes Chile (in FY2024) and Corporate business.
CONFERENCE CALL INFORMATION
GeoPark management will host a conference call on Thursday, February 26, 2026, at 10:00 am (Eastern Standard Time) to discuss the 4Q2025 and FY2025 financial results.
To listen to the call, participants can access the webcast located in the Invest with Us section of the Company’s website at www.geo-park.com, or by clicking below:
https://events.q4inc.com/attendee/562628801
Interested parties may participate in the conference call by dialing the numbers provided below:
United States Participants: +1 646-844-6383
Global Dial-In Numbers:
https://www.netroadshow.com/events/global-numbers?confId=48643
Passcode: 459798
Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast.
An archive of the webcast replay will be made available in the Invest with Us section of the Company’s website at www.geo-park.com after the conclusion of the live call.
GLOSSARY
2027 Notes
5.500% Senior Notes due 2027
2030 Notes
8.750% Senior Notes due 2030
Adjusted EBITDA
Adjusted EBITDA is defined as profit for the period before net finance costs, income tax, depreciation, amortization, the effect of IFRS 16, certain non-cash items such as impairments and write-offs of unsuccessful efforts, accrual of share-based payments, unrealized results on commodity risk management contracts and other non-recurring events
Adjusted EBITDA per boe
Adjusted EBITDA divided by total boe deliveries
Operating Netback per boe
Revenue, less production and operating costs (net of depreciation charges and accrual of stock options and stock awards, the effect of IFRS 16), selling expenses, and realized results on commodity risk management contracts, divided by total boe deliveries. Operating Netback is equivalent to Adjusted EBITDA net of cash expenses included in Administrative, Geological and Geophysical and Other operating costs
Bbl
Barrel
Boe
Barrels of oil equivalent
Boepd
Barrels of oil equivalent per day
Bopd
Barrels of oil per day
G&A
Administrative Expenses
G&G
Geological & Geophysical Expenses
Mcfpd
Thousand cubic feet per day
Net Debt
Current and non-current borrowings less cash and cash equivalents
WI
Working interest
NOTICE
Additional information about GeoPark can be found in the Invest with Us section of the website at www.geo-park.com.
Rounding amounts and percentages: Certain amounts and percentages included in this press release and its supplementary information have been rounded for ease of presentation. Percentage figures included in this press release and its supplementary information have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. In addition, certain other amounts that appear in this press release and its supplementary information may not sum due to rounding.
This press release and its supplementary information contain certain oil and gas metrics, including information per share, operating netback, reserve life index and others, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release and its supplementary information contain statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.
Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including expected production, closing of the Frontera Energy acquisition transaction (including expected reserves, cash flow generated, pro forma production and target EBITDA as a result of the acquisition), returns-based growth and sustainable value creation. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.
Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission (SEC).
Oil and gas production figures included in this press release and its supplementary information are stated before the effect of royalties paid in kind, consumption and losses. Annual production per day is obtained by dividing total production by 365 days.
Non-GAAP Measures: The Company believes Adjusted EBITDA, free cash flow and operating netback per boe, which are each non-GAAP measures, are useful because they allow the Company to more effectively evaluate its operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company’s calculation of Adjusted EBITDA, free cash flow, and operating netback per boe may not be comparable to other similarly titled measures of other companies.
Adjusted EBITDA: The Company defines Adjusted EBITDA as profit for the period before net finance costs, income tax, depreciation, amortization and certain non-cash items such as impairments and write-offs of unsuccessful exploration and evaluation assets, accrual of stock options and stock awards, unrealized results on commodity risk management contracts and other non-recurring events. Adjusted EBITDA is not a measure of profit or cash flow as determined by IFRS. The Company excludes the items listed above from profit for the period in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, profit for the period or cash flow from operating activities as determined in accordance with IFRS or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure and significant and/or recurring write-offs, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. For a reconciliation of Adjusted EBITDA to the IFRS financial measure of profit, see the accompanying financial tables and the supplementary information.
Operating Netback per boe: Operating netback per boe should not be considered as an alternative to, or more meaningful than, profit for the period or cash flow from operating activities as determined in accordance with IFRS or as an indicator of the Company’s operating performance or liquidity. Certain items excluded from operating netback per boe are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure and significant and/or recurring write-offs, as well as the historic costs of depreciable assets, none of which are components of operating netback per boe. The Company’s calculation of operating netback per boe may not be comparable to other similarly titled measures of other companies.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260225980758/en/
For further information, please contact:
INVESTORS:
Maria Catalina Escobar
Shareholder Value and Capital Markets Director
mescobar@geo-park.com
Miguel Bello
Investor Relations Officer
mbello@geo-park.com
Maria Alejandra Velez
Investor Relations Leader
mvelez@geo-park.com
MEDIA:
Communications Department
communications@geo-park.com
Original: GeoPark Reports Fourth Quarter and Full-year 2025 Results
US Market News
3月前
GeoPark Comments on Parex Resources’ Nomination of Director CandidatesFebruary 23, 2026 6:30 AM
Business Wire
Shareholders Not Required to Take Any Action at This Time
GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, today issued the following statement regarding Parex Resources Inc.’s (“Parex”) announcement that it has nominated six director candidates to stand for election to the Company’s Board of Directors at GeoPark’s 2026 Annual General Meeting of Shareholders:
On September 4, 2025 Parex submitted a $9.00 per share offer to acquire GeoPark, and publicly reiterated the same offer on October 29, 2025, despite the fact that GeoPark had announced and completed a transformative acquisition in Vaca Muerta – the fastest-growing unconventional oil play in the world – during that period.
GeoPark’s Board and management team thoroughly evaluated Parex’s offer and underwent a months-long engagement with Parex around its interest in our company. Throughout the process, Parex consistently stated it was unwilling to increase its offer above $9.00 per share – a price that the Board determined meaningfully undervalued the Company and fails to recognize our growth prospects and diversified portfolio. On December 9, 2025 Parex indicated it was “pencils down.” Parex has not expressed further interest in continuing negotiations.
Since then, our Board and management team have continued to advance strategic actions that have strengthened GeoPark’s scale, enhanced our growth profile, and built a more resilient and diversified portfolio. Our two-pronged strategy in Colombia and Argentina is working: we are already seeing strong results from our new Vaca Muerta assets, while continuing to unlock value from our core Colombian blocks. Additionally, on January 29, 2026, GeoPark announced the acquisition of Frontera Energy’s Colombian E&P assets, marking another pivotal step in our long-term strategy. Upon closing of the transaction, GeoPark will be the largest independent oil producer in Colombia.
The Vaca Muerta and Frontera transactions announced since October have reshaped the Company — materially increasing our production outlook, improving cash flow durability, and enhancing our ability to reinvest efficiently across the cycle. The market has responded positively to our initiatives. Since Parex’s original $9.00 per share offer, GeoPark’s share price has appreciated 33%, outperforming peers and Brent crude oil prices. Notably, following Parex’s December 9 announcement to disengage and halt negotiations with GeoPark’s Board, our share price has continued to rise – increasing 15%. Our Board and management team are focused on the continued execution of our strategic plan, and are confident that our strong team, diversified portfolio and distinctive operational capabilities will deliver meaningful long-term value for our shareholders.
Our Board remains fully committed to strong governance, disciplined capital allocation and long-term value creation. All nominations will be reviewed through our established governance processes, as we remain focused on executing our strategy and delivering results for all shareholders. GeoPark shareholders do not need to take any action at this time.
Goldman Sachs & Co. LLC is serving as financial advisor, Davis Polk & Wardwell LLP and Conyers Dill & Pearman Limited are serving as legal counsel, Okapi Partners LLC is serving as proxy advisor, and FGS Global is serving as strategic communications advisor to GeoPark.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as "anticipate," "believe", "could," "expect," "should," "plan," "intend," "will," "estimate" and "potential," among others.
Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding our intent, belief or current expectations regarding various matters, including our strategy, our resilient and diversified portfolio, our recent acquisitions and the creation of sustainable, long-term value for our shareholders. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.
Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see the Company’s filings with the U.S. Securities and Exchange Commission (SEC).
View source version on businesswire.com: https://www.businesswire.com/news/home/20260222528129/en/
For further information, please contact:
INVESTORS:
Maria Catalina Escobar
Shareholder Value and Capital Markets Director
mescobar@geo-park.com
Miguel Bello
Investor Relations Officer
mbello@geo-park.com
Maria Alejandra Velez
Investor Relations Leader
mvelez@geo-park.com
MEDIA:
Communications Department
communications@geo-park.com
Kelsey Markovich/Kim Textor
FGS Global
GeoPark@fgsglobal.com
Original: GeoPark Comments on Parex Resources’ Nomination of Director Candidates
US Market News
4月前
GeoPark Announces Acquisition of Frontera Energy’s Colombian E&P Assets to Create Leading Independent E&P Platform Across Colombia and ArgentinaJanuary 29, 2026 11:26 PM
Business Wire
Transaction Doubles GeoPark’s Production and Reserves, Enhances Scale and Cash Flow Generation, and Strengthens Capacity to Fund Growth in Vaca Muerta
GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, today announces that it has entered into a definitive agreement (the “Agreement”) with Frontera Energy Corporation (“Frontera Energy”) to acquire 100% of Frontera Petroleum International Holdings B.V. (“Frontera International”) which consists exclusively of oil and gas exploration and production assets in Colombia, for a cash purchase price of US$375 million, subject to customary closing adjustments, and an additional payment of US$25 million contingent on the achievement of certain development milestones. The transaction does not include the acquisition of Frontera Energy Corporation (a publicly listed Canadian holding company) nor its infrastructure assets nor its exploration interests in Guyana.
The transaction creates a leading regional independent E&P platform across Colombia and Argentina, materially enhancing GeoPark’s scale, reserve base and cash-flow generation, while strengthening its capacity to fund disciplined growth through the cycle.
Felipe Bayon, Chief Executive Officer of GeoPark, said: “Today’s announcement marks an important milestone in GeoPark’s growth trajectory. After extensive discussions with Frontera Energy over the past year, we are pleased to have reached an agreement that adds Frontera’s Colombian assets to our portfolio, positioning GeoPark as the largest private operator in Colombia and creating a stronger and more resilient platform with greater scale, longer production plateaus and improved cash-flow durability, while continuing to fund our growth in Vaca Muerta. Beyond the financial and production metrics, this transaction enables a full-field development approach in assets such as Quifa and the broader Llanos portfolio, allowing us to extend plateau production, capture synergies and reinvest efficiently. This will support sustained production, reserves protection and increased investment activity that benefits the regions where we operate through jobs, royalties and taxes.”
STRATEGIC RATIONALE AND FINANCIAL HIGHLIGHTS
The transaction represents a pivotal step in GeoPark’s long-term strategy to build a stronger and more resilient independent E&P platform in Latin America. By materially increasing scale, reserves, production and cash-flow generation, the transaction establishes a clear pathway for sustained value creation through disciplined growth, integration and portfolio optimization, including enabling GeoPark to fully unlock the value of its Vaca Muerta assets in Argentina.
GeoPark has decades of operating experience in Colombia, deep local technical and operational expertise, and long-standing relationships with regulators, partners, contractors and host communities. This local presence and track record underpin GeoPark’s ability to integrate and operate the combined assets efficiently, safely and responsibly, while maximizing value creation through disciplined execution.
The transaction enables a full-field development approach for the acquired assets — particularly the Quifa field and the other Llanos Basin blocks — supporting a higher and more sustained level of drilling, workovers, facilities expansion and water-management projects. GeoPark’s proven experience in managing mature, complex assets in the Llanos basin and other basins adjacent to it provides a strong foundation to protect and extend reserves, moderate natural decline, and sustain production over time.
The resulting increase in development activity is expected to translate into higher long-term production, royalties, taxes and local employment, strengthening the contribution of these assets to Colombia’s energy supply chain and regional economies. At the same time, it reinforces GeoPark’s role as a responsible, long-term operator, well positioned to steward these assets through the next phase of their development while delivering value to shareholders and stakeholders alike.
The transaction is expected to provide:
Enhanced Scale, Cash-Flow Generation and Capacity to Fund Growth
Pro forma production is expected to exceed 90,000 boepd by 2028, with EBITDA1 of approximately US$950 million, doubling GeoPark’s previously announced 2028 standalone outlook of 44,000–46,000 boepd and US$490–520 million of EBITDA
Increased scale and diversification are expected to enhance cash flow generation, lowering the cash breakeven by approximately US$8 per barrel at current strip prices
The stronger and more stable cash flow base is expected to materially improve GeoPark’s capacity to fund its growth plans in Vaca Muerta, while maintaining its disciplined capital allocation
Transformational Reserves Growth
Immediate addition of approximately 99 mmboe of 1P Reserves and 147 mmboe of 2P Reserves2
The transaction more than doubles GeoPark’s consolidated 1P and 2P reserves, supporting sustained development activity and long-term cash flow visibility
Attractive Entry Valuation and Per-Share Accretion
The US$375 million payable at closing represents attractive entry metrics, including:
EV/1P Reserves: approximately US$6.1 per boe
EV/2P Reserves: approximately US$4.1 per boe
EV/EBITDA (2025E): approximately 2.0x
These metrics represent a discount to GeoPark’s current trading multiples, supporting immediate value creation for GeoPark’s shareholders
The metrics exclude the impact of synergies, further reserves additions, and potential exploration discoveries, all of which represent additional upside
On a per-share basis, the transaction is expected to be accretive to NAV and cash-flow metrics at current strip prices
Disciplined Balance Sheet with Clear Path to Deleveraging3
GeoPark expects consolidated 2026E pro forma net leverage at closing of approximately 2.0x EBITDA, supported by strong base cash flow generation from the combined portfolio
Continued free cash flow generation, immediate integration synergies and the ramp-up of GeoPark’s Vaca Muerta development are expected to drive deleveraging to approximately 1.4x net debt to EBITDA by 2028, with leverage falling below 1.0x thereafter
The transaction is expected to be consistent with GeoPark’s disciplined financial policy, supported by a clear deleveraging path, and to underpin its solid credit profile and robust capacity to service obligations to existing and new debtholders
Synergies and Integration Upside
The combination is expected to deliver synergies reaching a recurring annual run-rate of US$30-50 million by 2027 and sustaining such savings over a period of approximately six years
GeoPark and Frontera Energy have agreed on a structured transition plan to maintain operational continuity through closing and to support timely integration and synergy capture once GeoPark assumes full control of the acquired assets
Optionality and Potential Upside
GeoPark retains meaningful upside optionality beyond the base business case and valuation assumptions underlying the transaction. These opportunities are not included in the transaction economics, forecasts or guidance, and include the following:
Quifa field: Potential to add up to 16 mmboe of incremental net 2P reserves, for which a development plan is already under discussion but is not assumed in the transaction
Cubiro block: Opportunity to unlock approximately 8 mmboe of P2 unrisked resources, with potential to unlock an additional 20–40 mmboe net mean risked resources through GeoPark’s operational execution
Gas and condensate exposure: Greater exposure to gas and condensate through the VIM-1 and El Dificil blocks, enhancing commodity diversification at a time of rising domestic gas prices in Colombia
_____________________________
1 The Company is unable to present a quantitative reconciliation of the expected EBITDA which is a forward-looking non-GAAP measure, because the Company cannot reliably predict certain of the necessary components, such as write-off of unsuccessful exploration efforts or impairment loss on non-financial assets, etc. Since net leverage and net debt to EBITDA are calculated based on EBITDA, for similar reasons, the Company does not provide a quantitative reconciliation of net leverage and net debt to EBITDA.
2 Frontera Energy’s 2024 reserves certified by DeGolyer and MacNaughton Corp.
3 Net leverage calculations are based on the forward strip price curve as of January 26, 2026.
TRANSACTION OVERVIEW
The total cash consideration consists of:
US$375 million payable at closing, subject to customary closing adjustments, and
An additional payment of US$25 million contingent on the achievement of certain development milestones
Pursuant to the Agreement, GeoPark will also assume Frontera Energy’s US$310 million unsecured notes (7.875% coupon, maturing in 2028), which will remain outstanding post-closing, and US$79 million net outstanding under a prepayment facility. The transaction implies an enterprise value of approximately US$600 million for the acquired assets, comprising the cash consideration and the assumption of existing debt, less Frontera International’s cash position.
The acquired portfolio comprises 17 upstream blocks in Colombia and provides a strong strategic fit with GeoPark’s existing asset base through a balanced combination of producing assets and exploration opportunities across two highly complementary core areas:
Lower Magdalena Basin: Material exposure to light oil and natural gas - anchored by the VIM-1 block, a growing condensate and gas asset with long contract life - enhancing GeoPark’s commodity mix, cash flow resilience and gas exposure at an attractive point in the cycle
Llanos Basin: Consolidation of GeoPark’s core Llanos operating hub, adding large-scale, long-life assets including the Quifa field and the CPE-6, Guatiquia and Cubiro blocks, creating a highly synergistic corridor with greater scale, infrastructure utilization and operating efficiency
In addition to the upstream asset portfolio, the transaction includes Frontera Energy’s integrated water management and environmental sustainability project, comprised of the SAARA (formerly Agrocascada) reverse osmosis water treatment facility and the ProAgrollanos palm oil plantation which benefits from irrigation from SAARA.
The transaction has an effective date of January 1, 2026, subject to regulatory approvals and customary closing conditions. The acquisition will be funded through a combination of cash on hand and committed sources of financing, including a prepayment facility with Vitol (up to US$500 million, US$330 million committed). No equity issuance is contemplated in the transaction.
The transaction includes customary termination fees under the definitive agreement, applicable in certain circumstances, consistent with transactions of this nature.
The Agreement has been unanimously approved by the Boards of Directors of both GeoPark and Frontera Energy, and support agreements have been entered into with Frontera Energy’s directors, officers and shareholders holding a majority of the voting power.
ADVISORS
BTG Pactual acted as exclusive M&A financial advisor to GeoPark in the transaction, while Cleary Gottlieb Steen & Hamilton, Bennett Jones, and CMS Rodríguez-Azuero served as legal counsels and FGS Global served as strategic communications advisor.
GLOSSARY
1P
Proven Reserves
2P
Proven plus Probable Reserves
boe
Barrels of oil equivalent (6,000 cf marketable gas per bbl of oil equivalent). Marketable gas is defined as the total gas produced from the reservoir after reduction for shrinkage resulting from field separation; processing, including removal of nonhydrocarbon gas to meet pipeline specifications; and flare and other losses but not from fuel usage
boepd
Barrels of oil equivalent per day
mmboe
Millions of barrels of oil equivalent
NOTICE
Additional information about GeoPark can be found in the Invest with Us section of the website at www.geo-park.com
The reserve estimates provided in this release are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual reserves may eventually prove to be greater than, or less than, the estimates provided herein. Statements relating to reserves are by their nature forward-looking statements.
Gas quantities estimated herein are reserves to be produced from the reservoirs, available to be delivered to the gas pipeline after field separation prior to compression. Gas reserves estimated herein include fuel gas.
Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.
Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption and losses.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe’’, ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.
Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters including our reserves, cash flow generation, royalties, taxes and employment, pro forma production, NAV accretion, exploration, estimated future revenues, EBITDA, pro forma net leverage, net debt to EBITDA, commercial, operational and administrative synergies, and closing of the transaction. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.
Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see the Company’s filings with the U.S. Securities and Exchange Commission (SEC).
View source version on businesswire.com: https://www.businesswire.com/news/home/20260129050320/en/
For further information, please contact:
INVESTORS:
Maria Catalina Escobar
Shareholder Value and Capital Markets Director
mescobar@geo-park.com
Miguel Bello
Investor Relations Officer
mbello@geo-park.com
Maria Alejandra Velez
Investor Relations Leader
mvelez@geo-park.com
MEDIA:
Communications Department
communications@geo-park.com
Original: GeoPark Announces Acquisition of Frontera Energy’s Colombian E&P Assets to Create Leading Independent E&P Platform Across Colombia and Argentina
US Market News
4月前
GeoPark Renews Offtake Agreement With Vitol in ColombiaJanuary 28, 2026 1:40 PM
Business Wire
Improved Price Realizations and Lower-cost Flexible Funding of up to $500 Million
GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, today announced the renewal of its offtake and prepayment agreement with Vitol, extending the term and expanding the scope of collaboration across the Llanos basin in Colombia.
The new offtake agreement provides for GeoPark to sell and deliver to Vitol 100% of its crude oil production from the Llanos 34 (operated, 45% WI), Llanos 123 (operated, 50% WI), and CPO-5 (non-operated, 30% WI) blocks, extending the current agreement from its original expiry in June 2027 through December 31, 2028.
The renewed terms restore GeoPark’s weighted-average netbacks to single-digit levels, comparable to 2020 benchmarks, effectively offsetting the cumulative impact of midstream tariff adjustments and inflationary trends over the past five years. Portfolio realizations are expected to improve by approximately US$0.33 per barrel on a weighted-average basis compared to the Company’s average over the past six months, supporting stronger margins and improved cash-flow visibility. The new terms take effect in January 2026, with deliveries beginning in January 2026 for Llanos 34 and in May 2026 for CPO-5 and Llanos 123, and remaining in force through December 31, 2028.
As part of the renewal, GeoPark will have access to a prepayment facility from Vitol that provides for a total of up to $500 million, consisting of a firm $330 million committed availability with an option to increase the availability by up to another $170 million in prepaid future oil sales over the period of the offtake contract. The renewed prepayment facility reflects the strength of GeoPark’s operational delivery in the Llanos basin, and builds on the track record established under the prior agreement.
Amounts under the facility do not constitute a mandatory funding requirement and if drawn can be repaid through future oil deliveries or prepaid at any time without penalty. The interest cost for any drawn amounts is based on a one-month term SOFR risk-free rate plus a margin of 3.50% per annum, representing a 25-bps reduction versus the prior prepayment agreement with Vitol, and, together with the decline in SOFR, would currently be equivalent to an interest rate of approximately 7.15–7.25%1. Funds committed by Vitol will be made available until June 30, 2027, subject to certain conditions.
The prepayment facility is an integral feature of the improved commercial framework agreed with Vitol, enhancing GeoPark’s financial flexibility and resilience under current market conditions while providing further optionality and certainty of funding to support the execution of the Company’s strategic plans for the 2026–2028 period and beyond.
Vitol is one of the world’s leading energy and commodity companies, and its strong presence and operations in Colombia and Latin America includes a well-established commercial relationship with GeoPark.
NOTICE
Additional information about GeoPark can be found in the “Invest with Us” section on the website at www.geo-park.com.
Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentages included in this press release have not in all cases been calculated on the basis of such rounded amounts, but on the basis of such amounts prior to rounding. For this reason, certain percentages in this press release may vary from those obtained by performing the same calculations on the basis of the amounts in the financial statements. Similarly, certain other amounts included in this press release may not sum due to rounding.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.
Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including, drilling campaign, production guidance, capital expenditures, and projected Adjusted EBITDA, ROACE, net debt to EBITDA, and net debt to EBITDA leverage ratio. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.
Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission (SEC).
Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption and losses. Annual production per day is obtained by dividing total production by 365 days.
1 Calculated using the One-Month Term SOFR of 3.69% as of January 26, 2026.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260127753033/en/
For further information, please contact:
INVESTORS:
Maria Catalina Escobar
Shareholder Value and Capital Markets Director
mescobar@geo-park.com
Miguel Bello
Investor Relations Officer
mbello@geo-park.com
Maria Alejandra Velez
Investor Relations Leader
mvelez@geo-park.com
MEDIA:
Communications Department
communications@geo-park.com
Original: GeoPark Renews Offtake Agreement With Vitol in Colombia
Hot Features
プレミアム
登録してリアルタイムのアラート、カスタムポートフォリオ、市場の動きを入手してください。
iHub News
4月前
XUSMCMP
8年前
stocktrademan
9年前
メールアドレスで登録
