\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 March 31, 2025 (\u201cFirst Quarter\u201d or \u201c1Q2025\u201d). A conference call to discuss these financial results will be held on May 8, 2025, at 10:00 am (Eastern Daylight Time).\n<\/p>\n
\nGeoPark\u2019s profitable, dependable, and sustainable platform continued to deliver in 1Q2025, driven by the focused execution of its 2025 Work Program and the consistent application of disciplined capital allocation. Solid operational results across core operated and non-operated assets enabled GeoPark to exceed its pro forma production guidance of 35,000 boepd, while maintaining a competitive cost structure and advancing key strategic initiatives. The Company\u2019s commitment to portfolio resilience, capital efficiency, and operational excellence has allowed it to navigate lower Brent prices and heightened market volatility, while maintaining the flexibility to pursue value-accretive growth opportunities.\n<\/p>\n
\nOperational figures include estimated pro forma production from the Mata Mora Norte Block (GeoPark non-operated, 45% WI) and Confluencia Norte Block (GeoPark non-operated, 50% WI) both in Vaca Muerta, Argentina. The Company\u2019s 1Q2025 financial results do not include the consolidation of production, revenues, or costs related to these assets, which remain subject to the completion of regulatory approvals by the relevant provincial authorities. We continue to work diligently to advance the approval process.\n<\/p>\n
FIRST QUARTER 2025 FINANCIAL SUMMARY<\/b><\/p>\n
\nIn 1Q2025 GeoPark reported Adjusted EBITDA1<\/sup> of $87.9 million (64% Adj. EBITDA margin), a 13% increase compared to 4Q2024, mainly driven by strong cost discipline and higher realization prices that offset the lower production when excluding Vaca Muerta.\n<\/p>\n \nOperating costs per produced barrel of oil equivalent (boe) decreased to $12.3 in 1Q2025 from $14.5 in 4Q2024, within the range set for 2025 ($12-14 per boe). As part of its ongoing efforts to enhance competitiveness and profitability, the Company launched a comprehensive efficiency program aimed at generating $5\u20137 million in annual savings. The program focuses on optimizing expenditures, improving asset returns, and streamlining the corporate structure. To date, 90% of the targeted savings have already been achieved, with additional initiatives underway to fully reach the program\u2019s objectives.\n<\/p>\n \nNet profit for the quarter amounted to $13.1 million, compared to $15.3 million in 4Q2024, mainly due to one-off costs related to the partial repurchase of the 2027 Notes and higher financial cost associated to the issuance of the 2030 Notes. This strategic decision capitalized on favorable market conditions to successfully extend the average debt maturity to 4.6 years and reduce near-term refinancing risk.\n<\/p>\n \nDuring 1Q2025, GeoPark invested $22.6 million to strengthen operations and support future growth. Investments focused primarily on workover campaigns, completion activities and infrastructure development in the Llanos 34 Block (GeoPark operated, 45% WI), as well as exploration drilling activity in the Llanos 123 Block (GeoPark operated, 50% WI), both in Colombia. On a pro forma basis, GeoPark invested an additional $23.8 million2<\/sup> to advance key development and infrastructure projects in Vaca Muerta, including the completion and fracture of three wells in PAD 9 and the drilling of four wells in PAD 12. Adjusted EBITDA to capital expenditures ratio of 3.9x and a return on average capital employed (ROACE) of 27% showed continued robust capital efficiency.\n<\/p>\n \nLiquidity remained strong, with a cash balance of $308.0 million, further enhanced by the divestment of the non-core Llanos 32 and Manati blocks, which resulted in a $15.8 million cash inflow and a $3.2 million net gain (with an additional $7-8 million gain from Manati expected upon closing). The Company closed the period with net debt of $349.4 million and a strong leverage ratio of 0.9x, underscoring disciplined financial management and a resilient debt structure.\n<\/p>\n \nGeoPark proactively maintains strong downside protection against oil price volatility, with approximately 70% of its expected 2025 pro forma production \u2014 including volumes from Vaca Muerta \u2014 covered by hedging instruments with floor prices between $68 and $70 per barrel.\n<\/p>\n \nDemonstrating its continued commitment to shareholder returns, GeoPark declared a quarterly cash dividend of $0.147 per share (approximately $7.5 million), payable on June 5, 2025.\n<\/p>\n \nAndr\u00e9s Ocampo, Chief Executive Officer of GeoPark, said: \u201cOur first-quarter performance underscores the strength and resilience of the Company we have built together\u2014efficient, disciplined, and future-focused. Through rigorous execution and proactive risk management, we delivered a stronger balance sheet, a healthier cash position, and a more robust debt profile\u2014achieving solid financial results despite a volatile market environment. I am profoundly grateful to everyone who has contributed to this chapter of GeoPark\u2019s journey. The significant steps we\u2019ve taken to strengthen our team and streamline our portfolio have positioned us to unlock greater value and build a more powerful platform for growth in the years to come.\u201d\n<\/p>\n \nSupplementary information is available at the following link:\n<\/p>\n https:\/\/ir.geo-park.com\/1Q25-SupplementaryRelease<\/a><\/p>\n FIRST QUARTER 2025 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 Commitment to Disciplined Capital Allocation<\/b><\/p>\n Continued Shareholder Value Return<\/b><\/p>\n Sustainability and Corporate Governance<\/b><\/p>\n\n
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