Welcome to our dedicated page for Geopark news (Ticker: GPRK), a resource for investors and traders seeking the latest updates and insights on Geopark stock.
GeoPark Ltd (NYSE: GPRK) delivers timely updates on its oil and gas exploration activities across Latin America through this centralized news hub. Access official press releases, operational developments, and strategic announcements from the independent energy producer.
This resource provides investors with essential updates including quarterly earnings reports, partnership announcements, and production milestones. Track GeoPark's progress in key markets like Colombia and Brazil through verified updates about reserve expansions, drilling results, and sustainability initiatives.
All content undergoes strict verification to ensure accuracy and relevance for financial decision-making. Discover how GeoPark maintains its position through disciplined risk management and technical expertise in complex geological environments.
Bookmark this page for direct access to primary source materials about GeoPark's operations. Combine these updates with broader market analysis for comprehensive investment research.
GeoPark (NYSE: GPRK), a leading Latin American oil and gas company, reported its financial results for Q1 2024. The company achieved $111.5 million in Adjusted EBITDA with a 67% margin and a 15% year-on-year increase in net profit to $30.2 million. Despite a 3% decline in oil and gas production to 35,473 boepd due to divestments, the firm maintained capital efficiency with a 35% return on capital employed. GeoPark's cash reserves grew to $150.7 million, and net leverage remained low at 0.8x. The company continued shareholder returns with a $0.147 per share dividend and a share buyback reducing outstanding shares by 8%. Future focus includes core operations in Colombia, new assets in Vaca Muerta, and exploration in Ecuador.
GeoPark announced the acquisition of non-operated working interest in four adjacent unconventional blocks in the Vaca Muerta shale formation in Argentina, providing immediate access to growing production and reserves profiles. The transaction is valued at $190 million and is expected to close in 3Q2024. The partnership with Phoenix Global Resources offers significant exploration upside and access to a proven operator with strong financial backing. The acquisition aligns with GeoPark's strategy to expand its presence in Latin America and diversify its asset portfolio.
GeoPark announced a new offtake agreement with Vitol, providing improved price realizations and up to $500 million in funding. The agreement allows GeoPark to sell a minimum of 20,000 bopd of production from the Llanos 34 Block, starting on July 1, 2024. GeoPark will receive immediate access to $300 million in funding, with an option to increase to $500 million, for prepaid future oil sales. The agreement offers competitive financing with a SOFR risk-free rate plus a margin of 3.75% per annum, enhancing GeoPark's commercial performance and growth prospects.
GeoPark, a leading Latin American oil and gas explorer, published its 2023 SPEED/Sustainability Report, showing strong results in emissions reduction strategies and significant achievements in social, environmental, and governance areas. The report highlights a 10.6 kg CO2e/boe emissions intensity in 2023 and notable recognitions for sustainability efforts.
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