GeoPark Limited (GPRK)

GeoPark Publishes Its 2025 SPEED/Sustainability ReportMay 8, 2026 4:35 PM
Business Wire Efficient Operations, Progress in Decarbonization, and a Solid Foundation for Growth GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, announces the publication of its 2025 SPEED/Sustainability Report (the “Report”). During 2025, the Company protected its core operations in Colombia while returning to growth by entering the Vaca Muerta formation in Neuquen Province, Argentina. GeoPark achieved production of 28,233 barrels of oil equivalent per day, exceeding its 2025 guidance range, whilst fulfilling the decarbonization commitment set in 2021. Over the past five years, GeoPark has reduced its emissions intensity by 35%, supported by initiatives such as the electrification of the Llanos 34 Block, reducing methane emissions by 86%, and access to renewable energy sources, including a 10MW solar plant in that Block. Together, these initiatives generated approximately US$70 million in savings. Circular economy initiatives saved a further US$2.3 million, and the Company recorded no significant environmental incidents. In the Report, GeoPark also presents, for the first time, disclosures aligned with the recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD), a global framework that enables companies to identify, assess, and report nature-related risks and opportunities. The Company had no fatal incidents in 2025 and achieved its lowest recordable incident rate in the past four years (0.57, vs. 0.69 in 2022), across 6.99 million hours worked by 382 employees and more than 1,700 contractors. This performance includes the start of operations in two blocks in Vaca Muerta, Argentina. As part of its commitment to the development of the regions and provinces where it operates, GeoPark invested US$10.4 million in social and environmental initiatives, benefiting more than 300,000 people through programs aimed at improving community living conditions, promoting economic empowerment, and supporting infrastructure development. Through these efforts, the Company continues to build mutually beneficial relationships and create conditions for operational continuity. By strengthening its operational platform and adding Vaca Muerta to its portfolio, GeoPark is entering a new phase of growth while maintaining the sustainability standards and discipline that have guided its operations for more than 23 years across Latin America. The 2025 SPEED/Sustainability Report documents these achievements, including strengthened human rights policies and protocols, environmental performance, the impact of territorial development programs, and the composition of its corporate governance structure. The Report is available at www.geo-park.com. NOTICE Additional information about GeoPark can be found in the “Invest with Us” section of the Company’s website at www.geo-park.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260508204970/en/ For further information, please contact: INVESTORS: Maria Catalina Escobar
mescobar@geo-park.com
Shareholder Value and Capital Markets Director Miguel Bello
mbello@geo-park.com
Market Access Director Maria Alejandra Velez
mvelez@geo-park.com
Investor Relations Leader MEDIA:
Communications Department
communications@geo-park.com Original: GeoPark Publishes Its 2025 SPEED/Sustainability Report

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

GeoPark Announces the Filing of Its Form 20-F for Fiscal Year 2025March 31, 2026 4:42 PM
Business Wire
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 filing of its Form 20-F for the fiscal year ended December 31, 2025, with the Securities and Exchange Commission (the “SEC”).


GeoPark’s Form 20-F can be accessed by visiting either the SEC’s website at www.sec.gov or the “Invest with Us” section of the Company’s website at www.geo-park.com.


In addition, shareholders may receive a hard copy of the Company’s audited financial statements, or its complete 2025 Form 20-F including audited financial statements, free of charge, by requesting a copy from the Investor Relations team.


NOTICE


Additional information about GeoPark can be found in the “Invest with Us” section of the Company’s website at www.geo-park.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260331673162/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 the Filing of Its Form 20-F for Fiscal Year 2025

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

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

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