Geopark Ltd Stock Price, News & Analysis

GeoPark (NYSE: GPRK) announced that Ecopetrol, the operator of the CPO-9 block, has exercised its preemptive rights to acquire 100% of Repsol Colombia O&G , which owns a 45% non-operated working interest in the CPO-9 Block. This development means GeoPark cannot proceed with the previously announced acquisition of the CPO-9 block from Repsol.

Regarding the acquisition of Repsol's 25% interest in SierraCol Energy Arauca (Llanos Norte) in Arauca Department, the process remains open as Repsol's partners can still exercise their preemptive rights. GeoPark will provide updates on the acquisition process as it develops.

GeoPark has signed Sale and Purchase Agreements with Repsol to acquire their upstream oil and gas assets in Colombia. The $530 million acquisition includes a 45% non-operated stake in the CPO-9 Block and a 25% interest in Llanos Norte, collectively producing about 16,000 boepd. The assets are located in the prolific Llanos Basin, where GeoPark already operates successfully. The deal will be funded through cash and a $345 million non-recourse debt facility arranged by Macquarie Bank The transaction aligns with GeoPark's 'North Star' growth strategy and complements their recent entry into Argentina's Vaca Muerta play.

GeoPark announces successful production start at the Confluencia Norte Block in Rio Negro, Argentina, where it holds a 50% non-operated working interest. The block's first pad of three unconventional wells began production in mid-October, confirming Vaca Muerta formation presence. The development includes a vertical pilot well and three horizontal wells with 3,000 meters of lateral extension, reaching 6,300 meters total measured depth. Current gross production is 4,000 bopd during flowback and testing, with peak production expected within 90 days. Partner Phoenix Global Resources completed 228 km² of 3D seismic data acquisition and plans four additional wells as part of its commitment.

GeoPark (NYSE: GPRK) has announced updated conference call details for its Third Quarter 2024 financial results. The company will host a conference call on November 7, 2024, at 10:00 am EST. Participants can access the webcast through GeoPark's website investor section or join via telephone using specific dial-in numbers. The webcast replay will be available in the company's investor section after the call concludes.

GeoPark reported solid Q3 2024 financial results with $99.8 million Adjusted EBITDA (63% margin) and $25.1 million net profit, up 1.2% from Q3 2023 despite lower oil prices. The company invested $45.9 million in capital expenditures across operations in Colombia and Ecuador. Production averaged 33,215 boepd, down 4% year-over-year due to Chilean business divestment and operational challenges. Cash balance reached $123.4 million with low net leverage of 0.8x. The company declared a quarterly dividend of $0.147 per share, representing an annualized yield of approximately 7%.

GeoPark (NYSE: GPRK) announces that its subsidiary, GeoPark Argentina, has received approval from the Argentinian securities regulator to issue up to $500 million in debt securities over the next five years. Additionally, GeoPark Argentina has obtained an AA+(arg) credit rating from FIX, Fitch Ratings' local Argentine affiliate.

The strong rating is attributed to GeoPark Argentina's existing reserves, production, cash flow generation, and a robust production plan in the Mata Mora Norte Block. This block is currently producing over 12,500 boepd gross and is expected to generate $90-100 million in Adjusted EBITDA for GeoPark in full-year 2024. By 2028-2030, the block is projected to reach plateau production of around 40,000 boepd gross, contributing approximately $300 million net per year in Adjusted EBITDA.

GeoPark Argentina plans to fund its capital expenditures through ongoing cash flow generation and debt raised in the domestic capital market. The company has also secured over $100 million in local credit lines in Argentina, with no amount drawn as of the release date.

GeoPark (NYSE: GPRK) announced its operational update for Q3 2024:

• Consolidated average production of 33,215 boepd, down 7% from Q2 2024
• Production decline due to closure of Manati gas field in Brazil, performance issues in Llanos 34 Block, and blockades affecting operations
• Llanos Exploration production increased 28% vs Q2 2024
• Record production of 15,418 boepd gross at Mata Mora Norte Block in Argentina in August 2024
• 9 rigs currently in operation across assets
• Llanos 34 Block production down 11% vs Q2 2024, with horizontal wells contributing 16% of total production
• CPO-5 Block production close to record levels at 7,721 boepd net
• Successful drilling increasing production in Llanos Exploration and Ecuador assets
• Plans to drill 3-6 gross wells in Q4 2024 for base business and 4 gross wells in Argentina

GeoPark (NYSE: GPRK) reported financial results for 2Q2024, achieving $127.9 million Adjusted EBITDA with a 67% margin and a net profit of $25.7 million. Production averaged 35,608 boepd, down 3% YoY due to the Chilean business divestment and unscheduled maintenance at the Manati gas field in Brazil. Capital expenditures amounted to $49.2 million, focusing on core operations in Colombia and new plays in Colombia and Ecuador. A $0.147 per share dividend will be paid on September 12, 2024. The Vaca Muerta acquisition, effective July 1, is expected to boost production to over 41,000 boepd. Financial performance was strong, with revenue at $190.2 million, a 14% increase from 1Q2024. GeoPark repurchased 4.4 million shares, reducing shares outstanding by 8%. Risks include delays in the Manati field restart and challenges in Colombia.

GeoPark (NYSE: GPRK) announced its operational update for Q2 2024, reporting a new quarterly production record in CPO-5 and consolidated pro forma production over 41,000 boepd as of July 1, 2024. Key highlights include:

- Q2 2024 consolidated average production of 35,608 boepd, slightly up from Q1 2024
- 11% production increase in Ecuador and 3% in Colombia
- Record average production of 7,921 boepd net in CPO-5 Block
- Llanos 34 Block average production of 23,039 bopd net
- Successful drilling activities across multiple blocks
- Addition of approximately 5,700 boepd from Mata Mora Norte Block in Argentina

The company continues to focus on exploration and development activities across its portfolio, with 11 rigs currently in operation and plans to drill 8-10 gross wells in Q3 2024 for the base business and 6-8 gross wells in Argentina.