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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) 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.
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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