\nGeoPark Limited (\u201cGeoPark\u201d or the \u201cCompany\u201d) (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, reports its consolidated financial results for the three-month period ended December 31, 2024 (\u201cFourth Quarter\u201d or \u201c4Q2024\u201d) and for the year ended December 31, 2024 (\u201cFull Year\u201d or \u201cFY2024\u201d). A conference call to discuss these financial results will be held on March 6, 2025, at 10:00 am (Eastern Standard Time).\n<\/p>\n
FOURTH QUARTER AND FULL-YEAR 2024 FINANCIAL SUMMARY<\/b><\/p>\n
\nGeoPark\u2019s 4Q2024 and FY2024 results reflect a challenging operational environment in our key assets, a lower Brent price, higher costs and one-off impacts on our performance. However, despite these challenges our financial results remained resilient, demonstrating our ability to adapt and sustain strong profitability. Operating profit remained solid, highlighting a robust cash generation capacity and disciplined financial management amidst the portfolio transformation that is underway.\n<\/p>\n
\nGeoPark delivered $77.7 million in Adjusted EBITDA1<\/sup> in 4Q2024 compared to $117.8 million in 4Q2023, primarily due to lower average production (31,489 boepd vs. 38,315 boepd), lower realized prices ($59.6\/bbl vs. $67.1\/bbl), and one-off expenses of $3.2 million primarily related to organizational structure optimization and a retroactive overhead adjustment in Ecuador. FY2024 Adjusted EBITDA amounted to $416.9 million compared to $451.9 million in 2023, impacted by lower production (33,937 boepd vs. 36,563 boepd) and the one-off expenses explained above, partially offset by higher realized prices ($65.6\/bbl vs. $64.0\/bbl). Increased royalties and economic rights paid in kind had a neutral impact on Adjusted EBITDA, reducing revenue, and production and operating costs. Despite lower revenues, operating margin increased to 41% from 36% in 2023, highlighting GeoPark\u2019s strong financial discipline and operational efficiency.\n<\/p>\n \nNet profit in 4Q2024 was $15.3 million, compared to $26.3 million in 4Q2023, mainly impacted by the effect during the quarter of the 6% Colombian peso devaluation over deferred income tax calculation, and one-off expenses of $5.4 million associated to the offer to purchase certain Repsol assets in Colombia and the acquisition of assets in Vaca Muerta. FY2024 net profit reached $96.4 million compared to $111.1 million in 2023, primarily due to the same factors.\n<\/p>\n \nDuring 2024, GeoPark invested $191.3 million in organic capital expenditures to drill 36 wells2<\/sup>. Each dollar invested in capital expenditures yielded $2.2 in Adjusted EBITDA, and the return on average capital employed (ROACE) reached 34%. GeoPark\u2019s acquisition of four unconventional hydrocarbon blocks in Vaca Muerta, Argentina, became effective on July 1, 2024, delivering average production of 15,052 boepd gross (reaching a record of 16,060 boepd gross during November 2024) in 4Q2024, 19% higher than 3Q2024. These production volumes are not reflected in GeoPark\u2019s 2024 consolidated production numbers as the closing of the transaction is pending regulatory approvals. As of December 31, 2024, GeoPark had already made advanced payments associated with the Vaca Muerta transaction totaling $54.1 million, including $38.0 million towards the upfront consideration for the working interest in the Mata Mora and Confluencia Blocks and $16.1 million for the acquisition of midstream capacity. At closing, GeoPark will pay $152.0 million plus an interim period adjustment.3<\/sup><\/p>\n \nStrategic capital allocation underpinned a probable reserves (2P) increase of 41% in 2024 versus 2023 on a pro-forma basis, supported by the addition of 74.6 mmboe from Vaca Muerta. At December 31, 2024, proven reserves (1P) of 102.0 mmboe and 2P reserves of 162.2 mmboe extended the 1P reserve life index (RLI) by 54% to 8.2 years, and the 2P RLI by 44% to 13.1 years. After a pivotal year in 2024, GeoPark now has a strategically balanced and diversified portfolio that combines the high growth trajectory and potential of the Vaca Muerta blocks with the established, mature production flows from the Llanos 34 and CPO-5 blocks.\n<\/p>\n \nUnderscoring its commitment and ability to continue rewarding shareholders by making the highest annual payout in the Company’s history, GeoPark returned $73.7 million to shareholders in FY2024 through dividends and buybacks, which represents a 14% capital return yield4<\/sup>. The 2024 buyback program, implemented in the form of a Dutch Auction, allowed GeoPark to reduce its outstanding shares by 8% to 51.2 million.\n<\/p>\n \nAt end-2024 GeoPark\u2019s cash balance was $276.8 million, including $124.8 million of organic cash proceeds and $152 million withdrawn under the offtake and prepayment agreement with Vitol to fund the closing payments associated to the Vaca Muerta transaction. Net leverage remained low at 0.9x, and debt profile remains resilient, with no significant maturities scheduled until 2030.\n<\/p>\n \nGeoPark started 2025 by completing an offering of $550 million senior notes due 2030 with an 8.75% coupon. The transaction enhances the Company\u2019s financial flexibility and mitigates refinancing risk by extending the Company\u2019s average debt maturity from 2.0 years to 4.6 years. Proceeds were partially used to repurchase $405.3 million of the 2027 Notes and repay obligations related to the Vaca Muerta acquisition, strengthening GeoPark\u2019s capital structure.\n<\/p>\n \nGeoPark remains focused on maximizing production and driving efficiencies at its Llanos 34 and CPO-5 blocks in Colombia, while advancing its appraisal and exploration campaign to unlock additional growth. In Vaca Muerta, efforts will be directed towards developing the Mata Mora Norte Block and continuing the exploration campaign in the Confluencia Sur Block. As part of its North Star strategy, GeoPark will also continue to evaluate value accretive inorganic opportunities that offer growth in big assets, big basins and big plays.\n<\/p>\n \nAndr\u00e9s Ocampo, Chief Executive Officer of GeoPark, said: \u201cTemporary production disruptions and decline in our core Llanos fields made 2024 a challenging year for GeoPark. Despite this, we extended our reserves life, made a game-changing acquisition in Vaca Muerta, held true to our commitments on efficiency, safety and sustainability, returned over $73 million to shareholders, and proactively enhanced our financial flexibility through refinancing senior notes and repaying debt. Our ongoing 2025 work program includes Vaca Muerta and provides a solid foundation for future growth and value enhancement.\u201d\n<\/p>\n \nSupplementary information is available at the following link:\n<\/p>\n https:\/\/ir.geo-park.com\/4Q24-SupplementaryRelease<\/a><\/p>\n FOURTH QUARTER AND FULL-YEAR 2024 HIGHLIGHTS<\/b><\/p>\n Oil and Gas Production and Operations<\/b><\/p>\n Revenue, Adjusted EBITDA and Net Profit<\/b><\/p>\n Cost and Capital Efficiency<\/b><\/p>\n Balance Sheet Reflects Financial Quality<\/b><\/p>\n Record Shareholder Value Return<\/b><\/p>\n Effective SPEED Values System and Commitment to Sustainability<\/b><\/p>\n OTHER NEWS<\/b><\/p>\n GeoPark Appoints New Chief Exploration and Development Officer<\/b><\/p>\n \nGeoPark is pleased to announce the appointment of Rodrigo Dalle Fiore to the position of Chief Exploration and Development Officer. Rodrigo brings over 20 years of experience in Latin America\u2019s oil and gas industry, with a strong background in unconventional resources, strategic growth, and operational leadership. Since joining GeoPark in 2023, Rodrigo has played a key role in expanding the Company\u2019s footprint in Vaca Muerta. Prior to GeoPark, he held senior leadership positions at Ecopetrol, where he led new energy initiatives, E&P development, and international assets. He began his career at Pan American Energy, rising to Operations Manager of Cerro Drag\u00f3n, one of Argentina\u2019s largest oil fields.\n<\/p>\n\n
\n
\n
\n
\n
\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20250305852061\/en\/700773\/3\/Logo.jpg\"){kind=logo}
<\/td>\n<\/tr>\n