GeoPark Limited reports news on its Latin American oil and gas exploration and production portfolio, centered on continuing operations in Colombia and Argentina. Updates cover production and drilling in the Llanos 34, CPO-5 and Llanos 123 blocks, waterflooding activity in Colombia, and development work in Vaca Muerta assets including Loma Jarillosa Este and Puesto Silva Oeste.
Company news also includes quarterly financial results, realized pricing, hedging and cash flow trends, debt and liquidity actions, portfolio acquisitions and divestitures, strategic equity investment, and shareholder-governance matters involving board nominations and capital allocation.
GeoPark (NYSE: GPRK) reported third-quarter 2026 revenue of $116.2 million as weaker realized prices and higher costs pressured earnings. Revenue fell 19% from 2Q2026; net profit declined to $6.6 million from $14.0 million. Adjusted EBITDA, a non-GAAP earnings measure, fell 37% to $45.8 million. Production rose 3% to 27,973 barrels of oil equivalent per day, but sales volumes fell 4%.
Operating cash flow declined to $16.3 million, while capital spending reached $72.2 million. Cash ended at $253.4 million and net debt at $386.6 million. After quarter-end, GeoPark issued $550 million of 9.500% notes due 2033, refinancing debt and supporting Vaca Muerta investment. It completed its Bare Block entry in Venezuela on November 2 under a 25-year contract and added Argentina’s Corralera Noreste Block. GeoPark expects full-year results within market guidance; its dividend suspension takes effect with these results.
GeoPark (NYSE: GPRK) completed its Venezuela entry transaction as the Bare Block’s 25-year Production Participation Contract became effective. GeoPark acquired the remaining 95% of the contract holding company from Grupo Gilinski and instructed issuance of 42,135,872 common shares to its affiliate, with no cash acquisition payment. Following issuance, Grupo Gilinski will own approximately 56.3%, becoming controlling shareholder.
GeoPark will operate the block, hold a 65% net participating interest and fund 100% of approved capital expenditures. It plans operational takeover before year-end 2026. Milestones could trigger up to 5,421,589 additional shares, with their deadline extended to December 1, 2026. Grupo Gilinski must launch a tender offer within 90 days following closing at US$12.22 per share, for up to US$100 million; the offer has not commenced.
GeoPark (NYSE: GPRK) announced that $266,832,000 in principal of its senior notes had been tendered in its cash purchase offer.
The 8.750% notes due 2030 had $441,679,000 outstanding. Consideration is $1,027.50 per $1,000 principal, plus accrued and unpaid interest up to, but excluding, settlement. GeoPark expects settlement on or about October 28, 2026, after which $174,847,000 in principal would remain outstanding. The offer expired October 22, 2026, at 5:00 p.m. New York City time. Purchase remains subject to satisfaction or waiver of conditions, including a Financing Condition, and GeoPark's acceptance of the tendered notes.
GeoPark (GPRK) priced an offering of U.S.$550,000,000 in senior notes, adding planned financing for debt refinancing and asset development. The notes carry a 9.500% rate and mature in 2033. Settlement is expected on October 28, 2026, subject to customary closing conditions.
Net proceeds will fund repurchases of 8.750% senior notes due 2030 through a concurrent tender offer, repayment or redemption of existing debt, including 5.500% senior notes due 2027, and capital expenditures for Vaca Muerta development over the next 18 months, alongside general corporate purposes. GeoPark Colombia S.L.U., GeoPark Colombia S.A.S. and GeoPark Argentina S.A. will fully and unconditionally guarantee the notes jointly and severally.
GeoPark (NYSE: GPRK) won Argentina’s Corralera Noreste block, adding approximately 24,200 net acres to its Vaca Muerta position. The award covers approximately 26,900 gross acres at a total committed cost, including the entry bonus, of approximately $95 million. GeoPark will operate with a 90% working interest; Gas y Petróleo del Neuquén (GyP) will hold 10%.
Terms include a $60.5 million access bonus, two horizontal wells during the initial four-year exploration period and a 12% royalty. The joint venture agreement remains to be executed and submitted for provincial approval. GeoPark estimates approximately 200 million barrels of oil equivalent of unrisked gross resource potential, subject to successful risk reduction and technical performance. It expects to fund initial commitments with existing cash and committed liquidity, with further investment dependent on technical results, economics and capital allocation criteria.
GeoPark (NYSE: GPRK) launched a cash tender offer for all outstanding senior notes carrying an 8.750% coupon and maturing in 2030. The notes have U.S.$441,679,000 in outstanding principal. Consideration is U.S.$1,027.50 per U.S.$1,000 principal, plus accrued and unpaid interest up to, but excluding, settlement.
The offer expires at 5:00 p.m. New York City time on October 22, 2026, unless extended. Purchases depend on satisfaction or waiver of conditions, including a financing condition. The tender accompanies a proposed offering of U.S. dollar-denominated senior notes. GeoPark also issued a redemption notice for its 5.500% Senior Secured Notes due 2027, conditional on completion of the new notes offering.
GeoPark (NYSE: GPRK) plans to offer senior notes guaranteed by certain subsidiaries through a private placement to eligible investors.
Pricing timing and terms remain subject to market conditions and other factors. GeoPark also announced a cash tender offer for any and all outstanding 8.750% notes due 2030. The company intends to use the new offering's net proceeds to repurchase tendered notes, repay or redeem existing debt, including its 5.500% senior notes due 2027, and fund development expenditures at its Vaca Muerta assets over the next 18 months, alongside general corporate purposes.
GeoPark (GPRK) reported third-quarter 2026 average oil and gas production of 27,973 barrels of oil equivalent per day. Output rose 2.6% from the second quarter but fell 1% year over year. Argentina averaged 2,108 barrels of oil equivalent per day, up 50.6% sequentially; five newly producing wells lifted current Loma Jarillosa Este gross output above 5,000.
Colombia averaged 25,865 barrels of oil equivalent per day, down 1% year over year. The Milano 1X discovery remains under production testing, averaging 1,000 barrels of oil per day with a 30% water cut, the share of produced fluids that is water. GeoPark targets closing its Venezuela Bare Block transaction by the end of the fourth quarter, with contract effectiveness and operations subject to approvals and conditions. Fourth-quarter plans include drilling 7–8 gross wells in Colombia and beginning factory drilling in Argentina.
GeoPark (GPRK) received the required consents from holders of its 8.750% senior notes due 2030 on September 23, 2026. Holders of a majority of eligible note principal consented to adding Jaime Gilinski Bacal and specified family members and affiliates to the indenture’s definition of “Permitted Holders.”
The change relates to GeoPark’s proposed acquisition of Grupo Gilinski’s 95% interest in the holding company for the Bare field opportunity. GeoPark would issue new shares in exchange; the transaction has not closed and remains subject to conditions. Grupo Gilinski is expected to own approximately 56.3% of GeoPark after the issuance. GeoPark expects to execute the amended indenture and pay eligible consenting holders $2.50 per $1,000 of note principal on September 29. The amendment will become operative only after the fee is paid in full.
GeoPark (GPRK) has launched a consent solicitation for holders of its 8.750% Senior Notes due 2030 to approve an amendment to the Indenture's “Permitted Holders” definition, adding Jaime Gilinski Bacal and related persons and affiliates. This follows Grupo Gilinski’s recent purchase of about 28% of GeoPark’s common shares and a pending share-for-interest transaction that is expected to raise its stake to about 56.3% on completion. Under the Indenture, if a Change of Control occurs, GeoPark must offer to purchase all outstanding Notes, but a transaction resulting in a Permitted Holder owning over 50% generally does not trigger this. The solicitation runs until 5:00 p.m. New York City time on September 23, 2026, requires majority consents by principal amount, and offers a cash fee of $2.50 per $1,000 principal to eligible holders who validly consent before expiration.