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[6-K] GeoPark Ltd Current Report (Foreign Issuer)

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Rhea-AI Filing Summary

GeoPark (GPRK) outlined a long-term plan and refreshed capital allocation, and reported a 3Q2025 operational update. Management highlighted a growth platform in Argentina’s Vaca Muerta and reaffirmed a disciplined roadmap focused on earnings, balance sheet strength, and future cash flow surplus once the investment phase peaks later in the decade. Guidance at $68/bbl Brent calls for 2025E production of ~30,000 boepd, capex of $90–120 million, and Adjusted EBITDA of ~$300 million, with 2026–2028E averaging 32,000–36,000 boepd and 2029–2030E averaging 42,000–46,000 boepd at $70/bbl, alongside Adjusted EBITDA of $520–550 million and net leverage of 0.8–1.0x.

The Board approved a revised dividend program following the Vaca Muerta acquisition. Between June and October, GeoPark repurchased $100 million of Senior Notes due 2030 below par ($108 million face), reducing gross financial debt by 17% to approximately $540 million and lowering interest by $10 million annually ($40 million cumulative). In 3Q2025, total production was 28,136 boepd versus 33,215 boepd in 3Q2024, with Colombia at 26,208 boepd, Ecuador at 926 boepd, and Brazil at 1,002 boepd. The Vaca Muerta acquisition has closed and will contribute from 4Q2025.

GeoPark (GPRK) ha delineato un piano a lungo termine e rinnovato l'allocazione del capitale, e ha fornito un aggiornamento operativo per il 3Q2025. La direzione ha evidenziato una piattaforma di crescita in Argentina presso Vaca Muerta e ha riaffermato una tabella di marcia disciplinata focalizzata su utili, solidità del bilancio e un futuro surplus di flussi di cassa una volta che la fase di investimento raggiungerà il picco entro la fine del decennio. Le previsioni a $68/bbl Brent prevedono una produzione 2025E di ~30.000 boepd, capex di $90–120 million, e EBITDA rettificato di ~$300 million, con 2026–2028E in media 32.000–36.000 boepd e 2029–2030E in media 42.000–46.000 boepd a $70/bbl, insieme ad EBITDA rettificato di $520–550 million e leva netta di 0.8–1.0x.

Il Consiglio ha approvato un programma di dividendi rivisto a seguito dell’acquisizione di Vaca Muerta. Tra giugno e ottobre, GeoPark ha riacquistato $100 million di Senior Notes in scadenza 2030 sotto il par ($108 million di faccia), riducendo il debito finanziario lordo di 17% a circa $540 million e abbassando gli interessi di $10 million all’anno ($40 million cumulativi). Nel 3Q2025, la produzione totale è stata di 28.136 boepd contro 33.215 boepd nel 3Q2024, con Colombia a 26.208 boepd, Ecuador a 926 boepd e Brasile a 1.002 boepd. L’acquisizione di Vaca Muerta è stata chiusa e contribuirà dal 4Q2025.

GeoPark (GPRK) delineó un plan a largo plazo y actualizó la asignación de capital, y reportó una actualización operativa del 3T2025. La dirección destacó una plataforma de crecimiento en Argentina en Vaca Muerta y reafirmó una hoja de ruta disciplinada centrada en ganancias, fortaleza del balance y un futuro excedente de flujo de caja una vez que la fase de inversión alcance su pico hacia finales de la década. Las proyecciones a $68/bbl Brent para 2025E apuntan a una producción de ~30,000 boepd, capex de $90–120 million, y EBITDA ajustado de ~$300 million, con 2026–2028E promediando 32,000–36,000 boepd y 2029–2030E promediando 42,000–46,000 boepd a $70/bbl, junto con EBITDA ajustado de $520–550 million y deuda neta de 0.8–1.0x.

El Consejo aprobó un programa de dividendos revisado tras la adquisición de Vaca Muerta. Entre junio y octubre, GeoPark recompró $100 million de Senior Notes con vencimiento en 2030 por debajo del par ($108 million de valor nominal), reduciendo la deuda financiera bruta en 17% a aproximadamente $540 million y reduciendo los intereses en $10 million anuales ($40 million acumulativos). En el 3Q2025, la producción total fue de 28,136 boepd frente a 33,215 boepd en el 3Q2024, con Colombia en 26,208 boepd, Ecuador en 926 boepd y Brasil en 1,002 boepd. La adquisición de Vaca Muerta se ha cerrado y contribuirá a partir del 4Q2025.

GeoPark (GPRK)은 장기 계획을 제시하고 자본 배분을 재정비했으며 2025년 3분기 운영 업데이트를 보고했습니다. 경영진은 아르헨티나의 바카 무에르타(Vaca Muerta)에서의 성장 플랫폼을 강조했고 투자 단계가 올 연말까지 피크에 도달한 이후의 향후 현금 흐름 잉여에 초점을 맞춘 수익성, 재무상태의 강점, 미래 현금 흐름 여유를 중점으로 한 규율된 로드맵을 재확인했습니다. $68/bbl Brent를 가정한 2025E 생산은 약 30,000 boepd, capex는 $90–120 million, 조정 EBITDA는 약 $300 million이며, 2026–2028E는 평균 32,000–36,000 boepd, 2029–2030E는 평균 42,000–46,000 boepd를 $70/bbl에서 예측하고, 조정 EBITDA는 $520–550 million, 순부채비율은 0.8–1.0x로 제시합니다.

보드는 바카 무에르타 인수 이후 배당 프로그램을 수정 승인했습니다. 6월에서 10월 사이에 GeoPark는 만기 2030년 Senior Notes를 액면가보다 낮은 가격으로 약 $100 million을 상환했고($108 million 면의 가치), 총 부채를 약 17% 감소시켜 약 $540 million으로 만들었으며 연간 이자도 $10 million 감소했습니다($40 million 누적). 2025년 3분기 총 생산은 28,136 boepd로 2024년 3분기 33,215 boepd 대비 감소했으며, 콜롬비아 26,208 boepd, 에콰도르 926 boepd, 브라질 1,002 boepd였습니다. 바카 무에르타 인수는 마감되었으며 2025년 4분기부터 기여할 것입니다.

GeoPark (GPRK) a tracé un plan à long terme et renouvelé l’allocation de capital, et a publié une mise à jour opérationnelle du T3 2025. La direction a mis en avant une plateforme de croissance en Argentine à Vaca Muerta et a réaffirmé une feuille de route disciplinée axée sur les bénéfices, la solidité du bilan et un futur excédent de flux de trésorerie une fois la phase d’investissement atteignant son pic plus tard dans la décennie. Les prévisions à $68/bbl Brent pour 2025E indiquent une production d’environ 30 000 boepd, des capex de $90–120 million et un EBITDA ajusté d’environ $300 million, avec 2026–2028E en moyenne 32 000–36 000 boepd et 2029–2030E en moyenne 42 000–46 000 boepd à $70/bbl, ainsi qu’un EBITDA ajusté de $520–550 million et une dette nette de 0.8–1.0x.

Le Conseil a approuvé un programme de dividendes révisé suite à l’acquisition de Vaca Muerta. Entre juin et octobre, GeoPark a racheté $100 million d’obligations sénior arrivée à échéance en 2030 au dessous de la parité ($108 million de valeur faciale), réduisant la dette financière brute de 17% à environ $540 million et diminuant les intérêts de $10 million par an ($40 million cumulatifs). Au T3 2025, la production totale était de 28 136 boepd contre 33 215 boepd au T3 2024, avec la Colombie à 26 208 boepd, l’Équateur à 926 boepd et le Brésil à 1 002 boepd. L’acquisition de Vaca Muerta est clôturée et contribuera à partir du T4 2025.

GeoPark (GPRK) skizzierte einen langfristigen Plan und aktualisierte die Kapitalallokation und berichtete über ein operatives Update zum 3Q2025. Das Management hob eine Wachstumsplattform in Argentiniens Vaca Muerta hervor und bestätigte eine disziplinierte Roadmap, die auf Gewinne, starke Bilanz und einen zukünftig Überschuss an freiem Cashflow abzielt, sobald die Investitionsphase gegen Ende des Jahrzehnts ihren Höhepunkt erreicht. Die Guidance bei $68/bbl Brent sieht eine 2025E-Produktion von ca. 30.000 boepd, Capex von $90–120 million und einen adjustierten EBITDA von ca. $300 million vor, wobei 2026–2028E durchschnittlich 32.000–36.000 boepd und 2029–2030E durchschnittlich 42.000–46.000 boepd bei $70/bbl liegen sollen, zusammen mit einem adjustierten EBITDA von $520–550 million und einer Nettoverschuldung von 0.8–1.0x.

Der Vorstand hat ein überarbeitetes Dividendenprogramm nach der Vaca Muerta Akquisition genehmigt. Zwischen Juni und Oktober hat GeoPark $100 million an Senior Notes mit Fälligkeit 2030 unter dem Parwert zurückgekauft ($108 million Gesichtswert), was die Bruttofinanzschulden um 17% auf ca. $540 million senkte und die Zinsen um $10 million jährlich reduzierte ($40 million kumulativ). Im 3Q2025 betrug die Gesamtproduktion 28.136 boepd gegenüber 33.215 boepd im 3Q2024, Kolumbien 26.208 boepd, Ecuador 926 boepd und Brasilien 1.002 boepd. Die Vaca Muerta Akquisition ist abgeschlossen und wird ab dem 4Q2025 Beitragen.

أورَت GeoPark (GPRK) خطة طويلة الأجل وجددت تخصيص رأس المال، وأعلنت عن تحديث تشغيلي للربع الثالث من 2025. وأبرزت الإدارة منصة نمو في فاكّا موييتّا (Vaca Muerta) في الأرجنتين وأعادت تأكيد خارطة طريق منضبطة تركز على الأرباح وقوة الميزانية وتدفق نقدي مستقبلي زائد بمجرد بلوغ مرحلة الاستثمار ذروتها في وقت لاحق من العقد. التوجيه عند $68/bbl Brent يتوقع إنتاج 2025E نحو 30,000 boepd، ونفقات رأس المال $90–120 million، وEBITDA المعدل نحو $300 million، مع مداواة 2026–2028E بمتوسط 32,000–36,000 boepd و2029–2030E بمتوسط 42,000–46,000 boepd عند $70/bbl، إلى جانب EBITDA المعدل نحو $520–550 million ورهن صافٍ قدره 0.8–1.0x.

وافقت المجلس على برنامج توزيعات معدّل عقب استحواذ Vaca Muerta. بين يونيو وأكتوبر، أعادت GeoPark شراء $100 million من سندات الشيوخ المستحقة 2030 بأقل من قيمتها الاسمية ($108 million وجه)، مما خفض الدين المالي الإجمالي بنسبة 17% إلى نحو $540 million وخفض الفوائد بمقدار $10 million سنوياً ($40 million إجمالاً). في 3Q2025، بلغ إجمالي الإنتاج 28,136 boepd مقارنة بـ 33,215 boepd في 3Q2024، وتوزع الإنتاج كولومبيا 26,208 boepd، الإكوادور 926 boepd، والبرازيل 1,002 boepd. تم إغلاق استحواذ Vaca Muerta وستساهم اعتباراً من 4Q2025.

GeoPark (GPRK) 制定了长期计划并重新配置资本分配，同时公布了 2025 年第三季度的运营更新。 管理层强调了阿根廷瓦卡穆埃塔（Vaca Muerta）上的增长平台，并重申了一条以盈利、资产负债表强度和未来现金流剩余为核心的纪律性路线图，一旦投资阶段在本世纪晚些时候达到顶峰，未来现金流将实现盈余。以 $68/bbl Brent 为指引，2025E 的产量约为 30,000 boepd，资本支出为 $90–120 million，调整后的 EBITDA 约为 $300 million，2026–2028E 的平均为 32,000–36,000 boepd，2029–2030E 的平均为 42,000–46,000 boepd，油价为 $70/bbl，同时调整后的 EBITDA 为 $520–550 million，净杠杆率为 0.8–1.0x。

董事会批准了在 Vaca Muerta 收购后修订的股息计划。在 6 月至 10 月之间，GeoPark 以低于票面价回购了 $100 million 的 2030 年到期高级票据（面值 $108 million），将总净债务降低了 17% 至约 $540 million，并将利息每年降低 $10 million（累计 $40 million）。2025 年第三季度，总产量为 28,136 boepd，而 2024 年第三季度为 33,215 boepd，哥伦比亚 26,208 boepd，厄瓜多尔 926 boepd，巴西 1,002 boepd。Vaca Muerta 收购已完成，将从 2025 年第 4 季起贡献。

Positive
  • Repurchased $100 million of 2030 notes below par ($108 million face), cutting gross debt by 17% to ~$540 million.
  • Annual interest savings of $10 million and cumulative savings of $40 million from the debt repurchase.
  • Multi-year guidance targets Adjusted EBITDA of $520–550 million in 2029–2030 at $70/bbl and net leverage of 0.8–1.0x.
Negative
  • 3Q2025 total production of 28,136 boepd declined 15% from 33,215 boepd in 3Q2024.

Insights

Debt cut 17% and multi‑year growth plan signal balance-sheet focus.

GeoPark pairs a multi-year production and EBITDA roadmap with tangible de-risking: repurchasing $100 million of 2030 notes below par trimmed gross debt by 17% to about $540 million. That translates into annual interest savings of $10 million, improving coverage as capex steps up for development, particularly in Vaca Muerta.

The plan targets 2025E Adjusted EBITDA near $300 million at $68/bbl, rising to $520–550 million in 2029–2030 at $70/bbl, while net leverage declines to 0.8–1.0x. Actual delivery will depend on commodity prices and executing the investment program within the stated capex ranges.

Operationally, 3Q2025 production was 28,136 boepd versus 33,215 boepd in 3Q2024. The closing of Vaca Muerta, expected to contribute from 4Q2025, is a near-term catalyst for volumes, with future disclosures to detail pace and capital timing.

GeoPark (GPRK) ha delineato un piano a lungo termine e rinnovato l'allocazione del capitale, e ha fornito un aggiornamento operativo per il 3Q2025. La direzione ha evidenziato una piattaforma di crescita in Argentina presso Vaca Muerta e ha riaffermato una tabella di marcia disciplinata focalizzata su utili, solidità del bilancio e un futuro surplus di flussi di cassa una volta che la fase di investimento raggiungerà il picco entro la fine del decennio. Le previsioni a $68/bbl Brent prevedono una produzione 2025E di ~30.000 boepd, capex di $90–120 million, e EBITDA rettificato di ~$300 million, con 2026–2028E in media 32.000–36.000 boepd e 2029–2030E in media 42.000–46.000 boepd a $70/bbl, insieme ad EBITDA rettificato di $520–550 million e leva netta di 0.8–1.0x.

Il Consiglio ha approvato un programma di dividendi rivisto a seguito dell’acquisizione di Vaca Muerta. Tra giugno e ottobre, GeoPark ha riacquistato $100 million di Senior Notes in scadenza 2030 sotto il par ($108 million di faccia), riducendo il debito finanziario lordo di 17% a circa $540 million e abbassando gli interessi di $10 million all’anno ($40 million cumulativi). Nel 3Q2025, la produzione totale è stata di 28.136 boepd contro 33.215 boepd nel 3Q2024, con Colombia a 26.208 boepd, Ecuador a 926 boepd e Brasile a 1.002 boepd. L’acquisizione di Vaca Muerta è stata chiusa e contribuirà dal 4Q2025.

GeoPark (GPRK) delineó un plan a largo plazo y actualizó la asignación de capital, y reportó una actualización operativa del 3T2025. La dirección destacó una plataforma de crecimiento en Argentina en Vaca Muerta y reafirmó una hoja de ruta disciplinada centrada en ganancias, fortaleza del balance y un futuro excedente de flujo de caja una vez que la fase de inversión alcance su pico hacia finales de la década. Las proyecciones a $68/bbl Brent para 2025E apuntan a una producción de ~30,000 boepd, capex de $90–120 million, y EBITDA ajustado de ~$300 million, con 2026–2028E promediando 32,000–36,000 boepd y 2029–2030E promediando 42,000–46,000 boepd a $70/bbl, junto con EBITDA ajustado de $520–550 million y deuda neta de 0.8–1.0x.

El Consejo aprobó un programa de dividendos revisado tras la adquisición de Vaca Muerta. Entre junio y octubre, GeoPark recompró $100 million de Senior Notes con vencimiento en 2030 por debajo del par ($108 million de valor nominal), reduciendo la deuda financiera bruta en 17% a aproximadamente $540 million y reduciendo los intereses en $10 million anuales ($40 million acumulativos). En el 3Q2025, la producción total fue de 28,136 boepd frente a 33,215 boepd en el 3Q2024, con Colombia en 26,208 boepd, Ecuador en 926 boepd y Brasil en 1,002 boepd. La adquisición de Vaca Muerta se ha cerrado y contribuirá a partir del 4Q2025.

GeoPark (GPRK)은 장기 계획을 제시하고 자본 배분을 재정비했으며 2025년 3분기 운영 업데이트를 보고했습니다. 경영진은 아르헨티나의 바카 무에르타(Vaca Muerta)에서의 성장 플랫폼을 강조했고 투자 단계가 올 연말까지 피크에 도달한 이후의 향후 현금 흐름 잉여에 초점을 맞춘 수익성, 재무상태의 강점, 미래 현금 흐름 여유를 중점으로 한 규율된 로드맵을 재확인했습니다. $68/bbl Brent를 가정한 2025E 생산은 약 30,000 boepd, capex는 $90–120 million, 조정 EBITDA는 약 $300 million이며, 2026–2028E는 평균 32,000–36,000 boepd, 2029–2030E는 평균 42,000–46,000 boepd를 $70/bbl에서 예측하고, 조정 EBITDA는 $520–550 million, 순부채비율은 0.8–1.0x로 제시합니다.

보드는 바카 무에르타 인수 이후 배당 프로그램을 수정 승인했습니다. 6월에서 10월 사이에 GeoPark는 만기 2030년 Senior Notes를 액면가보다 낮은 가격으로 약 $100 million을 상환했고($108 million 면의 가치), 총 부채를 약 17% 감소시켜 약 $540 million으로 만들었으며 연간 이자도 $10 million 감소했습니다($40 million 누적). 2025년 3분기 총 생산은 28,136 boepd로 2024년 3분기 33,215 boepd 대비 감소했으며, 콜롬비아 26,208 boepd, 에콰도르 926 boepd, 브라질 1,002 boepd였습니다. 바카 무에르타 인수는 마감되었으며 2025년 4분기부터 기여할 것입니다.

GeoPark (GPRK) a tracé un plan à long terme et renouvelé l’allocation de capital, et a publié une mise à jour opérationnelle du T3 2025. La direction a mis en avant une plateforme de croissance en Argentine à Vaca Muerta et a réaffirmé une feuille de route disciplinée axée sur les bénéfices, la solidité du bilan et un futur excédent de flux de trésorerie une fois la phase d’investissement atteignant son pic plus tard dans la décennie. Les prévisions à $68/bbl Brent pour 2025E indiquent une production d’environ 30 000 boepd, des capex de $90–120 million et un EBITDA ajusté d’environ $300 million, avec 2026–2028E en moyenne 32 000–36 000 boepd et 2029–2030E en moyenne 42 000–46 000 boepd à $70/bbl, ainsi qu’un EBITDA ajusté de $520–550 million et une dette nette de 0.8–1.0x.

Le Conseil a approuvé un programme de dividendes révisé suite à l’acquisition de Vaca Muerta. Entre juin et octobre, GeoPark a racheté $100 million d’obligations sénior arrivée à échéance en 2030 au dessous de la parité ($108 million de valeur faciale), réduisant la dette financière brute de 17% à environ $540 million et diminuant les intérêts de $10 million par an ($40 million cumulatifs). Au T3 2025, la production totale était de 28 136 boepd contre 33 215 boepd au T3 2024, avec la Colombie à 26 208 boepd, l’Équateur à 926 boepd et le Brésil à 1 002 boepd. L’acquisition de Vaca Muerta est clôturée et contribuera à partir du T4 2025.

GeoPark (GPRK) skizzierte einen langfristigen Plan und aktualisierte die Kapitalallokation und berichtete über ein operatives Update zum 3Q2025. Das Management hob eine Wachstumsplattform in Argentiniens Vaca Muerta hervor und bestätigte eine disziplinierte Roadmap, die auf Gewinne, starke Bilanz und einen zukünftig Überschuss an freiem Cashflow abzielt, sobald die Investitionsphase gegen Ende des Jahrzehnts ihren Höhepunkt erreicht. Die Guidance bei $68/bbl Brent sieht eine 2025E-Produktion von ca. 30.000 boepd, Capex von $90–120 million und einen adjustierten EBITDA von ca. $300 million vor, wobei 2026–2028E durchschnittlich 32.000–36.000 boepd und 2029–2030E durchschnittlich 42.000–46.000 boepd bei $70/bbl liegen sollen, zusammen mit einem adjustierten EBITDA von $520–550 million und einer Nettoverschuldung von 0.8–1.0x.

Der Vorstand hat ein überarbeitetes Dividendenprogramm nach der Vaca Muerta Akquisition genehmigt. Zwischen Juni und Oktober hat GeoPark $100 million an Senior Notes mit Fälligkeit 2030 unter dem Parwert zurückgekauft ($108 million Gesichtswert), was die Bruttofinanzschulden um 17% auf ca. $540 million senkte und die Zinsen um $10 million jährlich reduzierte ($40 million kumulativ). Im 3Q2025 betrug die Gesamtproduktion 28.136 boepd gegenüber 33.215 boepd im 3Q2024, Kolumbien 26.208 boepd, Ecuador 926 boepd und Brasilien 1.002 boepd. Die Vaca Muerta Akquisition ist abgeschlossen und wird ab dem 4Q2025 Beitragen.

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of October 2025

 

 

 

Commission File Number: 001-36298

 

GeoPark Limited

(Exact name of registrant as specified in its charter)

 

Calle 94 N° 11-30 8° piso

Bogota, Colombia

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F

X

   Form 40-F  
         
         
 

 

 

GEOPARK LIMITED

 

TABLE OF CONTENTS

 

ITEM  
1.

Press Release dated October 21, 2025 titled “GeoPark Outlines New Long-Term Strategic Plan and Capital Allocation Framework Ahead of 2025 Investor Day”

2.

Press Release dated October 20, 2025 titled “GeoPark Announces Third Quarter Update 2025 Operational Update”

 

 

Item 1

 

 

FOR IMMEDIATE DISTRIBUTION

  

GEOPARK OUTLINES NEW LONG-TERM STRATEGIC PLAN AND CAPITAL ALLOCATION FRAMEWORK AHEAD OF 2025 INVESTOR DAY

 

Bogota, Colombia – October 21, 2025 – GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, today presents its long-term strategic plan, operational priorities, and updated capital allocation framework ahead of its 2025 Investor Day, hosted today at the New York Stock Exchange and virtually. The event features presentations by GeoPark’s Chief Executive Officer, Felipe Bayon, and key members of the executive team, followed by a Q&A session. The corresponding presentation materials will be posted live on the “Invest with Us” section of the Company’s website, and a replay will be made available on the same website shortly after the event concludes.

 

Management will discuss the recently closed acquisition of the Loma Jarillosa Este and Puesto Silva Oeste blocks in the Vaca Muerta formation in Neuquén Province, Argentina, and outline GeoPark’s strategic path to renewed growth.

 

The Company’s strategic plan outlines a disciplined roadmap for value creation, leveraging GeoPark’s strong foundation in Colombia and its new long-term growth platform in Vaca Muerta. The Company expects to deliver sustainable earnings growth, maintain balance sheet strength, and generate transformational cash flow surplus once the investment phase peaks later in the decade.

 

Strategic Overview

·Balanced Portfolio: Colombia remains the core of GeoPark’s operations, generating stable cash flow from low-cost, high-margin barrels, while Argentina becomes a transformational growth driver following the completion of the Vaca Muerta acquisition and starting to operate the Loma Jarillosa Este and Puesto Silva Oeste blocks on October 16, 2025.

·Disciplined Execution: The long-term strategic plan prioritizes efficiency, operational excellence, and capital discipline while maintaining operational, commercial and financial flexibility to support future opportunities and shareholder returns.

·Strong Financial Position: The plan is fully funded with available liquidity, internally generated cash flow, and access to diverse sources in local and international credit markets.

 

Operational and Financial Guidance

 

 

2025E1

($68/bbl Brent)

2026 – 2028E Avg

($68/bbl Brent)

2029 – 2030E Avg

($70/bbl Brent)

Production (boepd) ~30,000 32,000 - 36,000 42,000 - 46,000
Capex ($ million per year) 90 - 120 290 - 320 220 - 250
Adj EBITDA2 ($ million per year) ~300 345 - 375 520 - 550
Net Leverage (x) 1.5 – 1.7 1.6 - 1.8 0.8 – 1.0

 

 

 

1 Pro forma including Argentina on a full year basis.

2 The Company is unable to present a quantitative reconciliation of full-year 2025 Adjusted EBITDA and Net Leverage, which are forward-looking non-GAAP measures, because it cannot reliably predict certain components that may have a material impact on these metrics. In the case of Adjusted EBITDA, such components include potential write-offs of unsuccessful exploration efforts, impairment losses on non-financial assets, and other items affecting net income. In the case of Net Leverage, this measure also incorporates elements that cannot be reasonably estimated in advance, such as potential changes in total debt, cash balances, and other non-operational factors.

 

 

Dividend and Capital Allocation Update

 

As disclosed in the 2Q2025 earnings release, the Company’s Board of Directors (the “Board”) has been reviewing capital allocation priorities over recent quarters, considering the Company’s evolving growth strategy, balance sheet commitments, and shareholder return policy relative to peers and overall market.

 

Following the completion of the Vaca Muerta acquisition, and considering its projected capital needs, the Board has approved a revised dividend program:

·Total expected distribution of approximately $6 million over the next four quarters, equivalent to $1.5 million per quarter, commencing with the 3Q2025 results payout and ending with the 2Q2026 results payout.

·Dividend suspension commencing with the 3Q2026 results, aligned with increased capital expenditures for Vaca Muerta.

·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.

 

Lastly, between June and October of this year the Company completed a $100 million debt repurchase program of its Senior Notes due 2030 below par ($108 million face value), aimed at strengthening the Company’s balance sheet and capturing material cost reduction opportunities, consistent with the commitment to deliver a lean, resilient and competitive organic business. Gross financial debt was reduced by 17% (approximately $540 million as of the date hereof, and following these repurchases) resulting in annual and cumulative interest savings of $10 million and $40 million, respectively.

 

Felipe Bayon, Chief Executive Officer of GeoPark, said: “We are repositioning GeoPark for a new phase of disciplined growth. Building on a stable, cash-generating base, we’re unlocking new unconventional opportunities in Argentina to drive scale, resilience, and sustainable returns. We will be entering a period of heightened investment to support this strong growth opportunity. The decisions we are announcing today reflect the Board’s commitment to maximizing long-term shareholder value and capital efficiency. At the appropriate time, we will reassess dividend distributions considering oil prices, capital requirements, and broader strategic priorities. We have a proven track record of disciplined capital allocation and are investing now to deliver greater and more sustainable returns in the future.”

 

Investor Day Webcast Details:

 

A live webcast of the Investor Day begins at 8:30 a.m. Eastern Time today and concludes at approximately 11:00 a.m.  Due to space limitations, in-person attendance is by invitation only; however, the virtual event is open to all interested parties.

 

Additional details and webcast registration are available here:

 

https://app.webinar.net/95qLE98o8Ge

 

 

 

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
   

NOTICE

 

Additional information about GeoPark can be found in the Invest with Us section of the website at www.geo-park.com

 

Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption and losses.

 

All evaluations of future net revenue contained in the D&M Reports are after the deduction of cash royalties, development costs, operating expenses, production and profit taxes, fees, earn out payments, well abandonment costs, and country income taxes from the future gross revenue. It should not be assumed that the estimates of future net revenues presented in the tables represent the fair market value of the reserves. The actual production, revenues, taxes and development, and operating expenditures with respect to the reserves associated with the Company’s properties may vary from the information presented herein, and such variations could be material. In addition, there is no assurance that the forecast price and cost assumptions contained in the D&M Report will be attained, and variances could be material.

 

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

 

This press release contains 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 the the Company’s ability to deliver sustainable earnings growth, maintain balance sheet strength, and generate transformational cash flow surplus,  future Adjusted EBITDA, future Net Leverage, potential future dividends, new unconventional opportunities in Argentina, future investments, and the maximization of long-term shareholder value and capital efficiency. 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 the Company’s filings with the U.S. Securities and Exchange Commission (SEC).

 

 

 

Item 2

 

 

FOR IMMEDIATE DISTRIBUTION

 

GEOPARK ANNOUNCES THIRD QUARTER 2025 OPERATIONAL UPDATE

 

SOLID DELIVERY ACROSS CORE ASSETS WITH WATERFLOODING EXCEEDING PLAN
STRATEGIC EXPANSION INTO VACA MUERTA FOLLOWING CLOSURE OF ACQUISITION

 

Bogota, Colombia – October 20, 2025 - GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, announces its operational update for the three-month period ended September 30, 2025 (“3Q2025”).

 

Oil and Gas Production and Operations

·January-September consolidated average oil and gas production of 28,194 boepd

·3Q2025 consolidated average oil and gas production of 28,136 boepd, reflecting solid delivery from core operated and non-operated assets

·Production was 3% higher than 2Q2025, mainly explained by stronger performance across core assets. Ongoing waterflood and workover activities at Llanos 34 (GeoPark operated, 45% WI) delivered higher than expected production, there was improved production from the CPO-5 Block (GeoPark non-operated, 30% WI) in the absence of blockades, and output from the Manati gas field (GeoPark non-operated, 10% WI) in Brazil increased from an average of 350 to 1,000 boepd during the quarter1

·A total of 4 wells were drilled and completed in 3Q2025, bringing the total at end-September to 14 wells

 

Llanos 34 Block: Waterflood and Workovers Sustain Base Amid Weather Impacts

·3Q2025 average production of 16,953 boepd net (37,674 boepd gross), down 4% from 2Q2025 consistent with expected decline rates. Performance was further impacted by a force majeure flooding event and reduced output from the on-site power network

·Waterflooding projects contributed approximately 5,698 boepd gross (15% of gross production), exceeding plan by 14%

·Workover campaign focused on 18 wells, delivering 2,250 boepd gross and reducing water production by 25,200 bwpd from November 2024 to September 2025, exceeding plan by 4%

 

CPO-5 Block: Production Rebound and Reduced Downtime

·3Q2025 average production reached 7,075 bopd net (23,583 bopd gross), up 16% from 2Q2025, primarily driven by strong performance at the Indico field and reduced downtime

·Environmental license modification for the Indico and Mariposa fields has been approved, enabling key operational initiatives including water disposal

 

Llanos Exploration: Drilling Success Continues

·3Q2025 average production increased to 2,180 boepd net (4,360 boepd gross), driven by the Llanos 123 Block (GeoPark operated, 50% WI):

-Currucutu-1: Additional potential identified in the Mirador formation under evaluation. A workover is planned in 1H2026 to assess its productivity

-Toritos Sur-3: Drilled and completed during June 2025 with initial production tests of 1,070 bopd (1% BSW) from the Mirador formation (exploration target) and 630 bopd (<1% BSW) from the Barco formation (development target). An extended production test is in progress for the Lower Mirador to further assess its potential

-Bisbita: Successful injection test completed, and injection is in progress. Waterflood is showing early positive response

 

 

 

1 Closing of the transaction is pending customary regulatory approvals and is expected to occur during 4Q2025.

 

 

Argentina: Vaca Muerta Acquisition Closed and Will Contribute to 2025 Production from 4Q2025

·Year-to-date average oil and gas production of approximately 2,060 boepd, with 3Q2025 average production of 1,660 boepd

·All governmental and regulatory approvals were obtained and public deeds executed on October 16, 2025, marking the effective date for GeoPark’s operational and financial consolidation with respect to starting operations in Vaca Muerta

 

Upcoming Catalysts 4Q2025

·Drilling 3-5 gross wells in Colombia, targeting appraisal and exploration projects

·Key projects include:

-Llanos 123 Block: Drilling up to 4 appraisal wells

-Llanos 104 Block (GeoPark operated, 50% WI): Drilling 1 exploration well

·Platanillo Block (GeoPark operated, 100% WI)2: Production operations have restarted during October, with an initial operating window of 4–6 months.

·Vaca Muerta: Advancing the installation of rod pumps in some wells to increase productivity, securing long lead items, required permits and synergies/options with providers and operators

·Regulatory closing of the divestment of our WI in the Manati gas field is expected to occur during 4Q2025

·Divestment of the Espejo and Perico Blocks in Ecuador is expected to close during 4Q2025

 

Breakdown of Quarterly Production by Country

 

The following table shows production figures for 3Q2025, as compared to 3Q2024:

 

  3Q2025   3Q2024
  Total
(boepd)		 Oil
(bopd)a		 Gas
(mcfpd)		   Total
(boepd)		 % Change
Colombia 26,208 26,208 -   31,429 -17%
Ecuador 926 926 -   1,786 -48%
Brazil 1,002 15 5,920   - -
Total 28,136 27,149 5,920   33,215 -15%

 

a)Includes royalties and other economic rights paid in kind in Colombia for approximately 4,612 bopd in 3Q2025. No royalties were paid in kind in Ecuador or Brazil. Production in Ecuador is reported before the Government’s production share of approximately 241 bopd.

 

Quarterly Production

 

(boepd) 3Q2025 2Q2025 1Q2025 4Q2024 3Q2024
Colombia 26,208 25,868 27,610 29,740 31,429
Ecuador 926 1,281 1,466 1,749 1,786
Brazil 1,002 231 - - -
Totala 28,136 27,380 29,075 31,489 33,215
Oil 27,149 27,151 28,971 31,354 33,091
Gas 987 228 104 135 124

 

a)In Colombia, production includes royalties and other economic rights paid in kind, and in production in Ecuador is reported before the Government’s production share.

 

 

 

2 GeoPark Colombia S.A.S. holds 100% ownership of Amerisur Exploración Colombia Limited, which is the official contractor and operator of the block.

 

 

Reporting Date for 3Q2025 Results Release, Conference Call and Webcast

 

GeoPark will report its 3Q2025 financial results on Wednesday, November 5, 2025, after market close.

 

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 can join the conference call by using the following dial-in information:

 

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.

 

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

 

NOTICE

 

Additional information about GeoPark can be found in the “Invest with Us” section on the website at www.geo-park.com.

 

Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentages included in this press release have not in all cases been calculated on the basis of such rounded amounts, but on the basis of such amounts prior to rounding. For this reason, certain percentages in this press release may vary from those obtained by performing the same calculations on the basis of the amounts in the financial statements. Similarly, certain other amounts included in this press release may not sum due to rounding.

 

 

 

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

 

This press release contains 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, drilling campaign, production and resumption of operations, and closing of the divestment transactions. 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 U.S. Securities and Exchange Commission (SEC).

 

Oil and gas production figures included in this release 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.

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    GeoPark Limited
     
     
      By: /s/ Jaime Caballero Uribe
        Name: Jaime Caballero Uribe
        Title: Chief Financial Officer
           

Date: October 21, 2025

 

 

Source: View Original Filing on SEC EDGAR

FAQ

What strategic plan did GeoPark (GPRK) present?

GeoPark outlined a long-term plan leveraging its Colombia base and a new growth platform in Vaca Muerta, targeting sustainable earnings, balance sheet strength, and future cash flow surplus.

What are GeoPark’s 2025E guidance figures at $68/bbl Brent?

Production ~30,000 boepd, capex $90–120 million, Adjusted EBITDA ~$300 million, and net leverage of 1.5–1.7x.

How did GeoPark’s 3Q2025 production compare year over year?

Total production was 28,136 boepd vs 33,215 boepd in 3Q2024, a 15% decline.

What debt actions did GeoPark take in 2025?

It repurchased $100 million of Senior Notes due 2030 below par ($108 million face), reducing gross debt by 17% to about $540 million and saving $10 million in annual interest.

What is the status of the Vaca Muerta acquisition for GPRK?

The acquisition has closed and will contribute to production from 4Q2025.

Did GeoPark change its dividend approach?

Yes. The Board approved a revised dividend program following the Vaca Muerta acquisition, reflecting updated capital needs.

What are the 2029–2030E targets at $70/bbl Brent?

Production of 42,000–46,000 boepd, capex $220–250 million, Adjusted EBITDA $520–550 million, and net leverage of 0.8–1.0x.
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Geopark Ltd

NYSE:GPRK

GPRK Rankings

#3883 Ranked by Market Cap
#343 Ranked by Dividends

GPRK Latest News

Oct 21, 2025
GeoPark Outlines New Long-Term Strategic Plan and Capital Allocation Framework Ahead of 2025 Investor Day
Oct 20, 2025
GeoPark Announces Third Quarter 2025 Operational Update
Oct 16, 2025
GeoPark Completes Acquisition in Vaca Muerta and Initiates Operatorship of Two High-Quality Blocks
Oct 2, 2025
GeoPark Announces October 21 Investor Day in New York Highlighting Vaca Muerta Entry and Long-Term Growth Strategies
Sep 25, 2025
GeoPark Enters Vaca Muerta as Operator of Two High Quality Blocks

GPRK Latest SEC Filings

Oct 17, 2025
[6-K] GeoPark Ltd Current Report (Foreign Issuer)
Sep 25, 2025
[6-K] GeoPark Ltd Current Report (Foreign Issuer)
Sep 18, 2025
[SCHEDULE 13D/A] GeoPark Ltd SEC Filing
Sep 18, 2025
[SCHEDULE 13D/A] GeoPark Ltd SEC Filing
Sep 9, 2025
[SD] GEOPARK LIMITED Specialized Disclosure Report

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Oil & Gas E&P
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