GeoPark Reports Third Quarter 2025 Results
Strong Operational and Financial Delivery in Line With 2025 Guidance
Seamless Takeover of the Vaca Muerta Operation
Quarterly Cash Dividend of
Establishes Special Committee of Independent Directors to Evaluate Any Revised Offer From Parex and Other Value-maximizing Alternatives for the Company
GeoPark delivered a strong quarter, driven by higher production, stable prices, and disciplined cost control, in line with 2025 guidance. The Company continued to strengthen its balance sheet through proactive debt management and robust cash generation while advancing its strategic priorities by successfully completing the Vaca Muerta acquisition and launching a revised dividend program.
On October 21, 2025, GeoPark presented its long-term strategic plan, operational priorities and updated capital allocation framework, outlining a clear two-fold reset strategy to (i) sustain a resilient, high-margin base in
THIRD QUARTER 2025 FINANCIAL SUMMARY
In 3Q2025, GeoPark reported Adjusted EBITDA2 of
Net income for the quarter totaled
Capital expenditures totaled
Since the closing of the Vaca Muerta acquisition on October 16, 2025, the Company has safely and efficiently taken over the operations, ensuring seamless operational continuity, and within less than 10 days has started delivering on its plan by commencing workover activities to install rod pumps in 3 wells in the Loma Jarillosa Este block to improve productivity. Crude is being sold locally, and procurement is underway to secure the activity plan for 2026. Additionally, the Company is identifying multiple cost efficiency and synergy opportunities to accelerate development, optimize returns and unlock additional value.
The Company continued to generate strong operating cash flow during the quarter, supported by the efficiency initiatives implemented in 2Q2025. This solid performance enabled GeoPark to fully fund its investment program, reduce debt, distribute dividends, and make an early payment related to the Vaca Muerta acquisition4. As a result, at the end of 3Q2025, GeoPark’s cash in hand stood at
During the quarter, GeoPark repurchased and cancelled
To mitigate downside risk from oil price volatility, the Company continues to proactively manage its hedging strategy. As of the date hereof, oil price protection for 2026 has been secured through 3-way collars, for approximately
As announced on October 21, 2025, ahead of the Company’s Investor Day, and following the completion of the Vaca Muerta acquisition, the Board approved a revised dividend program including a total expected distribution of approximately
Looking ahead, GeoPark is on track to release its 2026 Work Program and Investment Guidelines before year-end. This plan will reflect the Company’s renewed strategic direction—focused on building and maximizing value delivery from its high-margin base in
Felipe Bayon, Chief Executive Officer of GeoPark, said: “Our third-quarter results underscore the strength and resilience of GeoPark’s business model and the confidence with which we are executing our strategy — delivering operational excellence, disciplined capital allocation, and profitable growth. With a robust balance sheet, a clear plan, and a portfolio of high-quality and distinctive assets that combines stable cash generation in
UPDATE ON ENGAGEMENT WITH PAREX RESOURCES
As communicated in GeoPark’s press release of October 29, 2025, the GeoPark Board is open to opportunities that fairly reflect the Company’s value, strategy, and long-term potential. Following a robust process, the Board unanimously determined that the unsolicited, non-binding proposal of
Following Parex’s public reiteration of its
Supplementary information is available at the following link:
https://ir.geo-park.com/3Q25-SupplementaryRelease
THIRD QUARTER 2025 HIGHLIGHTS
Oil and Gas Production and Operations
- 3Q2025 consolidated average oil and gas production of 28,136 boepd5, reflecting solid delivery from core operated and non-operated assets
- Year-to-date consolidated average oil and gas production of 28,194 boepd, within high-end production guidance for 2025
- 5 rigs in operation (2 drilling and 3 workover) at the end of 3Q2025
- Vaca Muerta year-to-date average oil and gas production of approximately 2,060 boepd, with 3Q2025 average production of 1,660 boepd
Revenue, Adjusted EBITDA and Net Profit
-
Revenue of
$125.1 million 4% higher than 2Q2025, reflecting higher volumes and a stable realized price -
Adjusted EBITDA of
$71.4 million 57% margin, leveraged by stable operating costs -
Operating profit of
$32.4 million -
Net profit of
$15.9 million $0.31
Cost and Capital Efficiency
-
Capital expenditures of
$17.5 million - 3Q2025 Adjusted EBITDA to capital expenditures ratio of 4.1x
-
ROACE of
23% 6 -
Operating costs per produced boe of
$12.5 -
By September 2025, the Company had achieved
$15.1 million $19.5 million
Balance Sheet and Liquidity
-
Cash in hand of
$197.0 million - Full-Year net leverage of 1.2x and no principal debt maturities until January 2027
-
During 3Q2025, successfully completed open market repurchases of
$33.0 million $3.0 million $2.9 million
Hedging and Risk Management
-
$1.5 million -
As of the date hereof, approximately
62% of 2026 expected production has been protected through 3-way collars with average strikes of$65 $50 $73
Shareholder Value Return
-
Quarterly cash dividend of
$0.03 $1.5 million - 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 The Company is unable to present a quantitative reconciliation of the target Adjusted EBITDA which is a forward-looking non-GAAP measure, because the Company cannot reliably predict certain of its necessary components, such as write-off of unsuccessful exploration efforts or impairment loss on non-financial assets, etc. Since net leverage ratio is calculated based on Adjusted EBITDA, for similar reasons, the Company does not provide a quantitative reconciliation of the target net leverage ratio. |
2 For reconciliations, see “Reconciliation of Adjusted EBITDA to Profit Before Income Tax” table below. |
3 The non-recurring write-off in 3Q2025 and the non-recurring impairment charge related to the divestment of assets in |
4 In September, GeoPark paid a |
5 Reported in the 3Q2025 Operational Update. |
6 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 |
CONSOLIDATED OPERATING PERFORMANCE |
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Key performance indicators: |
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Key Indicators |
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3Q2025 |
|
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2Q2025 |
|
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3Q2024 |
|
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9M2025 |
|
|
9M2024 |
|
Oil productiona (bopd) |
|
27,149 |
|
|
27,151 |
|
|
33,091 |
|
|
27,751 |
|
|
34,279 |
|
Gas production (mcfpd) |
|
5,920 |
|
|
1,371 |
|
|
747 |
|
|
2,658 |
|
|
2,884 |
|
Average net production (boepd) |
|
28,136 |
|
|
27,380 |
|
|
33,215 |
|
|
28,194 |
|
|
34,760 |
|
Brent oil price ($ per bbl) |
|
68.1 |
|
|
66.8 |
|
|
78.5 |
|
|
69.9 |
|
|
81.8 |
|
Combined realized priceb ($ per boe) |
|
57.1 |
|
|
57.4 |
|
|
65.1 |
|
|
59.1 |
|
|
67.5 |
|
⁻ Oilc ($ per bbl) |
|
60.6 |
|
|
57.5 |
|
|
67.7 |
|
|
61.2 |
|
|
70.8 |
|
⁻ Gas ($ per mcf) |
|
4.1 |
|
|
5.8 |
|
|
6.8 |
|
|
4.3 |
|
|
5.8 |
|
Sale of crude oil ($ million) |
|
120.6 |
|
|
114.2 |
|
|
157.5 |
|
|
371.9 |
|
|
506.9 |
|
Sale of purchased crude oil ($ million) |
|
— |
|
|
— |
|
|
1.5 |
|
|
0.4 |
|
|
5.7 |
|
Sale of gas ($ million) |
|
3.0 |
|
|
0.7 |
|
|
0.5 |
|
|
3.7 |
|
|
4.6 |
|
Commodity risk management contracts ($ million) |
|
1.5 |
|
|
4.9 |
|
|
— |
|
|
6.1 |
|
|
(0.1 |
) |
Revenue ($ million) |
|
125.1 |
|
|
119.8 |
|
|
159.5 |
|
|
382.2 |
|
|
517.1 |
|
Production & operating costsd ($ million) |
|
(33.3 |
) |
|
(32.6 |
) |
|
(39.8 |
) |
|
(101.3 |
) |
|
(119.8 |
) |
G&G, G&Ae ($ million) |
|
(12.1 |
) |
|
(12.1 |
) |
|
(15.7 |
) |
|
(35.7 |
) |
|
(44.4 |
) |
Selling expenses ($ million) |
|
(7.2 |
) |
|
(3.0 |
) |
|
(3.5 |
) |
|
(12.4 |
) |
|
(12.1 |
) |
Operating profit ($ million) |
|
32.4 |
|
|
7.1 |
|
|
54.7 |
|
|
89.9 |
|
|
229.0 |
|
Adjusted EBITDA ($ million) |
|
71.4 |
|
|
71.5 |
|
|
99.8 |
|
|
230.9 |
|
|
339.2 |
|
Adjusted EBITDA ($ per boe) |
|
32.6 |
|
|
34.3 |
|
|
40.7 |
|
|
35.7 |
|
|
44.3 |
|
Net profit (loss) ($ million) |
|
15.9 |
|
|
(10.3 |
) |
|
25.1 |
|
|
18.6 |
|
|
81.0 |
|
Capital expenditures ($ million) |
|
17.5 |
|
|
23.9 |
|
|
45.9 |
|
|
64.1 |
|
|
143.9 |
|
Cash and cash equivalents ($ million) |
|
197.0 |
|
|
266.0 |
|
|
123.4 |
|
|
197.0 |
|
|
123.4 |
|
Short-term financial debt ($ million) |
|
8.0 |
|
|
30.8 |
|
|
5.7 |
|
|
8.0 |
|
|
5.7 |
|
Long-term financial debt ($ million) |
|
562.4 |
|
|
594.8 |
|
|
491.1 |
|
|
562.4 |
|
|
491.1 |
|
Net debt ($ million) |
|
373.4 |
|
|
359.5 |
|
|
373.3 |
|
|
373.4 |
|
|
373.3 |
|
Dividends paid ($ per share) |
|
0.147 |
|
|
0.147 |
|
|
0.147 |
|
|
0.441 |
|
|
0.430 |
|
Shares repurchased (million shares) |
|
— |
|
|
— |
|
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— |
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— |
|
|
4.369 |
|
Basic shares – at period end (million shares) |
|
51,664 |
|
|
51,568 |
|
|
51,193 |
|
|
51,664 |
|
|
51,193 |
|
Weighted average basic shares (million shares) |
|
51,609 |
|
|
51,529 |
|
|
51,178 |
|
|
51,474 |
|
|
52,911 |
|
a) |
Includes royalties and other economic rights paid in kind in |
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 |
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 |
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9M2025 (In millions of $) |
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Other(a) |
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Total |
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Adjusted EBITDA |
|
232.2 |
|
|
6.8 |
|
|
(1.1 |
) |
|
(7.1 |
) |
|
230.9 |
|
Depreciation |
|
(84.6 |
) |
|
(4.8 |
) |
|
(0.2 |
) |
|
— |
|
|
(89.7 |
) |
Write-offs |
|
(13.4 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(13.4 |
) |
Impairment |
|
— |
|
|
(31.0 |
) |
|
— |
|
|
— |
|
|
(31.0 |
) |
Share based payment |
|
(0.6 |
) |
|
(0.0 |
) |
|
(0.0 |
) |
|
(2.7 |
) |
|
(3.3 |
) |
Lease Accounting - IFRS 16 |
|
3.8 |
|
|
0.0 |
|
|
0.7 |
|
|
— |
|
|
4.5 |
|
Others |
|
(2.0 |
) |
|
(0.3 |
) |
|
(0.8 |
) |
|
(4.9 |
) |
|
(8.0 |
) |
OPERATING PROFIT (LOSS) |
|
135.3 |
|
|
(29.3 |
) |
|
(1.4 |
) |
|
(14.7 |
) |
|
89.9 |
|
Financial costs, net |
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|
|
|
|
|
|
|
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(42.5 |
) |
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Foreign exchange charges, net |
|
|
|
|
|
|
|
|
|
(4.8 |
) |
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PROFIT BEFORE INCOME TAX |
|
|
|
|
|
|
|
|
|
42.6 |
|
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9M2024 (In millions of $) |
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Other(a) |
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Total |
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Adjusted EBITDA |
|
338.6 |
|
|
11.7 |
|
|
(2.4 |
) |
|
(8.6 |
) |
|
339.2 |
|
Depreciation |
|
(89.3 |
) |
|
(5.6 |
) |
|
(1.1 |
) |
|
(0.0 |
) |
|
(96.0 |
) |
Write-offs |
|
(6.9 |
) |
|
(7.7 |
) |
|
— |
|
|
— |
|
|
(14.6 |
) |
Share based payment |
|
(1.0 |
) |
|
(0.0 |
) |
|
(0.0 |
) |
|
(3.8 |
) |
|
(4.8 |
) |
Lease Accounting - IFRS 16 |
|
4.9 |
|
|
0.0 |
|
|
0.7 |
|
|
— |
|
|
5.6 |
|
Others |
|
0.8 |
|
|
0.1 |
|
|
(1.1 |
) |
|
(0.2 |
) |
|
(0.3 |
) |
OPERATING PROFIT (LOSS) |
|
247.1 |
|
|
(1.6 |
) |
|
(3.9 |
) |
|
(12.6 |
) |
|
229.0 |
|
Financial costs, net |
|
|
|
|
|
|
|
|
|
(27.0 |
) |
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Foreign exchange charges, net |
|
|
|
|
|
|
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|
7.2 |
|
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PROFIT BEFORE INCOME TAX |
|
|
|
|
|
|
|
|
|
209.2 |
|
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(a) |
Includes |
CONFERENCE CALL INFORMATION
GeoPark management will host a conference call on Thursday, November 6, 2025, at 10:00 am (Eastern Standard Time) to discuss the 3Q2025 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/869247101
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=72342
Passcode: 039892
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 |
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2030 Notes |
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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 |
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Adjusted EBITDA per boe |
Adjusted EBITDA divided by total boe deliveries |
|
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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 |
|
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Bbl |
Barrel |
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Boe |
Barrels of oil equivalent |
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Boepd |
Barrels of oil equivalent per day |
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Bopd |
Barrels of oil per day |
|
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G&A |
Administrative Expenses |
|
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G&G |
Geological & Geophysical Expenses |
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Mcfpd |
Thousand cubic feet per day |
|
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Net Debt |
Current and non-current borrowings less cash and cash equivalents |
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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 full year guidance, five-year outlook target figures, hedging of expected production, full year net leverage figures, strategic initiatives, growth and capital allocation, drilling campaign, release of 2026 Work Program and Investment Guidelines. 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
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/20251105372349/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
Source: GeoPark Limited
