Geopark Ltd Stock Price, News & Analysis

GeoPark Limited (NYSE: GPRK) reports an 8% increase in consolidated oil and gas production for Q3 2022, totaling 38,396 boepd, with a current production rate of approximately 40,000 boepd. The company expects to meet its full-year target of 38,500-40,500 boepd. They redeemed $67 million in debt and generated $250-280 million in free cash flow, yielding a free cash flow yield of 33-37%. A quarterly dividend of $0.127 per share was paid, representing a 4% yield. GeoPark plans to drill 15-18 wells in Q4 2022, continuing its expansion efforts.

GeoPark Limited (NYSE: GPRK) plans to fully redeem its 6.500% senior notes due 2024, amounting to $67,124,000. The redemption is set for September 21, 2022, with the notes being redeemed at 101.625% of the principal plus accrued interest. A notice will be delivered to the noteholders as per the Indenture's requirements. The company emphasizes that this press release does not constitute a securities offer or solicitation. Forward-looking statements are included, highlighting potential risks related to the expectations of the redemption process.

GeoPark Limited (NYSE: GPRK) has declared a quarterly cash dividend of $0.127 per share, totaling $7.5 million, payable on September 8, 2022. This marks a 50% increase from the previous dividend of $0.082 per share declared on June 10, 2022. The Company aims to return value to shareholders while maintaining self-funded work programs and reducing debt.

GeoPark Limited (GPRK) reported robust financial results for 2Q2022, with consolidated oil and gas production up 14% to 38,940 boepd, and significant revenue growth of 88% to $311.2 million. Adjusted EBITDA surged by 140% to $144.8 million, and net income reached $67.9 million (or $1.13 per share). The company is committed to reducing debt, with cash in hand at $122.5 million and a net leverage ratio of 1.0x. GeoPark approved a 50% increase in quarterly dividends to $7.5 million, highlighting its focus on shareholder returns. Ongoing drilling and production tests aim to further enhance output.

GeoPark Limited (NYSE: GPRK) reported a 14% increase in consolidated oil and gas production for 2Q2022, reaching 38,940 boepd. Colombian production rose 16% to 34,253 boepd, driven by high performance in the Llanos 34 and CPO-5 blocks. The company is actively drilling in high-potential areas and expects to maintain guidance of 38,500-40,500 boepd for the full year. With a self-funded capital program of $200-220 million, GeoPark aims to generate $250-280 million in free cash flow. The company also made strides in emissions reduction and shareholder returns.

GeoPark Limited (NYSE: GPRK) announced the reelection of all existing Directors and the election of four new members to its Board during the recent Annual General Meeting. Reelected Directors secured an average of 77% of votes, while new Independent Directors Brian F. Maxted and Carlos E. Macellari received a 99% majority. The new executive Directors include CEO Andres Ocampo and General Director Marcela Vaca. Sylvia Escovar, the Independent Chair, emphasized that the new board members will enhance the company's strategy in navigating growth and energy transition challenges.

GeoPark Limited (NYSE: GPRK) reported strong production growth, with consolidated oil and gas production reaching 38,726 boepd in April-May 2022, a 2% increase from Q1 2022. Key developments include successful drilling in the CPO-5 block, resulting in a gross production boost of 33%. The company is expanding exploration activities in Colombia’s Llanos Basin with several exploration wells and aims for a self-funded capital expenditure of $200-220 million for drilling 50-55 gross wells. By mid-2022, GeoPark expects to generate $250-280 million in free cash flow.

GeoPark Limited (NYSE: GPRK) announced the receipt of consents for its Consent Solicitation regarding its 5.500% Senior Notes due 2027. This follows a Consent Solicitation Statement issued on June 8, 2022, aimed at amending the indenture governing the notes. The proposed changes aim to address the impact of negative market conditions on the Company’s financial flexibility. The Company expects to execute a supplemental indenture on June 21, 2022, and will offer a Consent Fee of $10.00 per $1,000 principal amount to eligible noteholders. The fee will be paid on June 27, 2022.

GeoPark Limited (NYSE: GPRK) has extended the expiration date for its consent solicitation regarding its 5.500% Senior Notes due 2027, now set to expire at 5:00 p.m. on June 17, 2022. The company is proposing amendments to improve financial flexibility due to adverse market conditions impacting crude oil prices. Additionally, the consent fee for the 2027 Notes has been increased to $10.00 per $1,000 principal amount. The solicitation for the 6.500% Senior Notes due 2024 has been withdrawn, voiding prior consents for those notes.