GeoPark Announces Quarterly Cash Dividend of $0.132 Per Share

Rhea-AI Summary

GeoPark Limited (NYSE: GPRK) declares a quarterly cash dividend of $0.132 per share, totaling $7.5 million, payable on September 7, 2023, to shareholders of record on August 24, 2023. The company plans to return 40-50% of free cash flow to shareholders while executing self-funded work programs.

Positive

• GeoPark declares a cash dividend, demonstrating commitment to shareholders
• Company plans to return a significant portion of free cash flow to shareholders

Negative

• None.

BOGOTA, Colombia--(BUSINESS WIRE)-- GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator, announces that its Board of Directors has declared a quarterly cash dividend of $0.132 per share ($7.5 million in the aggregate) payable on September 7, 2023, to the shareholders of record at the close of business on August 24, 2023. All figures are expressed in US Dollars.

The Company remains committed to return approximately 40-50% of free cash flow after taxes¹ to its shareholders while executing self-funded and flexible work programs.

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¹ Free cash flow is used here as Adjusted EBITDA less capital expenditures, mandatory interest payments and cash taxes. 2023 cash taxes include GeoPark’s preliminary estimates of the full impact of the new tax reform in Colombia, irrespective of the timing of its cash impact, expected in 2023 or early 2024. The Company is unable to present a quantitative reconciliation of the 2023 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. Since free cash flow is calculated based on Adjusted EBITDA, for similar reasons, the Company does not provide a quantitative reconciliation of the 2023 free cash flow forecast.

NOTICE

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

Certain amounts and percentages included in this press release have been rounded for ease of presentation.

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, such as operational and financial performance, including free cash flow generation and the expected excess cash flow returns to shareholders and dividend payment. 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).

View source version on businesswire.com: https://www.businesswire.com/news/home/20230808332642/en/

INVESTORS:

Stacy Steimel

ssteimel@geo-park.com

Shareholder Value Director

T: +562 2242 9600

Miguel Bello

mbello@geo-park.com

Market Access Director

T: +562 2242 9600

Diego Gully

dgully@geo-park.com

Investor Relations Director

T: +5411 4312 9400

MEDIA:

Communications Department

communications@geo-park.com

Source: GeoPark Limited

FAQ

What is the dividend amount declared by GeoPark Limited (NYSE: GPRK)?

GeoPark Limited has declared a quarterly cash dividend of $0.132 per share, totaling $7.5 million.

When will the dividend be payable to shareholders of GeoPark Limited (NYSE: GPRK)?

The dividend will be payable on September 7, 2023, to shareholders of record at the close of business on August 24, 2023.

What percentage of free cash flow does GeoPark Limited (NYSE: GPRK) plan to return to its shareholders?

GeoPark Limited plans to return approximately 40-50% of free cash flow after taxes to its shareholders.

What are the financial figures expressed in the press release by GeoPark Limited (NYSE: GPRK)?

The press release expresses a quarterly cash dividend of $0.132 per share, totaling $7.5 million, payable on September 7, 2023.

What is the business focus of GeoPark Limited (NYSE: GPRK)?

GeoPark Limited is a leading independent Latin American oil and gas explorer, operator, and consolidator.

What are the future financial estimates provided by GeoPark Limited (NYSE: GPRK) in the press release?

GeoPark Limited has provided preliminary estimates of the full impact of the new tax reform in Colombia, irrespective of the timing of its cash impact, expected in 2023 or early 2024.

How does GeoPark Limited (NYSE: GPRK) calculate free cash flow?

Free cash flow is calculated as Adjusted EBITDA less capital expenditures, mandatory interest payments, and cash taxes.