\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, 2026 (\u201cFirst Quarter\u201d or \u201c1Q2026\u201d). A conference call to discuss these results will be held on May 7, 2026, at 10:00 am (Eastern Daylight Time).<\/p>\n
\nGeoPark performed strongly in 1Q2026, combining solid operational execution with disciplined financial management. The Company benefited from a constructive pricing environment and effective commercial execution, while maintaining cost efficiency and navigating market volatility through its risk management strategy. During the quarter, GeoPark strengthened its financial and liquidity position, while advancing its strategic priorities, positioning the Company to deliver resilient performance and long-term value creation.<\/p>\n
FIRST QUARTER 2026 FINANCIAL SUMMARY<\/b><\/p>\n
\nBrent prices materially strengthened during the quarter, averaging $77.9\/bbl, driven by geopolitical disruptions. This stronger benchmark environment supported an improvement in GeoPark\u2019s realized pricing, with the Company delivering a combined realized price of $60.4\/bbl in 1Q2026, compared to $54.8\/bbl in 4Q2025. While the benefit of higher benchmark prices was partially moderated by the Company\u2019s hedging strategy and wider Vasconia differentials during the quarter, GeoPark continued to capture attractive pricing levels through disciplined commercial execution and risk management.<\/p>\n
\nProduction from Colombia and Argentina (excluding the divestment of Ecuador and Brazil assets) increased by 1% versus 4Q2025, reinforcing the production inflection achieved in 2025. Sales volumes1<\/sup> improved by 8%, including the commercialization of deferred sales volumes produced during 4Q2025.<\/p>\n \nAs a result, total revenue increased by 16% compared to 4Q2025, supported by higher sales volumes and an improved realized price, in line with the Company\u2019s disciplined approach to risk management.<\/p>\n \nIn 1Q2026, GeoPark reported Adjusted EBITDA2<\/sup> of $71.3 million (56% margin), 54% higher than 4Q2025. This was driven by the revenue performance described above, as well as improved operating costs, which decreased to $14.7 per barrel of produced boe from $15.8 per boe in 4Q2025, despite an adverse exchange rate impact in Colombia and Argentina during the quarter.<\/p>\n \nBuilding on a strong operating performance, with operating profit increasing to $58.0 million in 1Q2026 from $20.6 million in 4Q2025, net income for the quarter totaled $20.2 million. Reported net income included non-recurring items including the break-up fee receivable related to the transaction with Frontera Energy, net of associated transaction costs and other items. Compared to 4Q2025, net income was also impacted by a higher income tax charge, reflecting higher taxable income and the 10% tax surcharge in Colombia due to higher oil prices.<\/p>\n \nCapital expenditures totaled $22.0 million in 1Q2026, primarily focused on maintaining and enhancing production through an integrated drilling and workover campaign in the Llanos 34 block (GeoPark operated, 45% WI). During the quarter, the Company also conducted drilling operations at the Bisbita Norte-1 well in the Llanos 123 block (GeoPark operated, 50% WI) and continued infrastructure upgrades on the Loma Jarillosa Este platforms, laying a solid foundation for the upcoming drilling campaign in Vaca Muerta. The Company generated Adjusted EBITDA equal to 3.2x its capital expenditures and delivered ROACE of 19%, underscoring disciplined, returns-focused capital allocation.<\/p>\n \nGeoPark continued to generate solid operating cash flow during the quarter ($32.9 million) supported by operational strength that enabled the Company to fund its investment program. Additional cash inflows during the quarter included $65.0 million in local debt raised to fund the acquisition of Frontera Energy\u2019s E&P assets, $100.3 million from escrow recovery and the break-up fee proceeds related to that transaction, as well as $107.0 million from Grupo Gilinski\u2019s investment in 20% of the company\u2019s shares. As a result, GeoPark\u2019s cash and cash equivalents stood at $274.9 million as of the end of 1Q2026.<\/p>\n \nNet debt stood at $333.1 million at the end of 1Q2026, with a leverage ratio of 1.3x, reflecting a robust capital structure.<\/p>\n \nRegarding hedging, the Company continues to proactively monitor market conditions, maintaining a disciplined risk management approach while preserving strong liquidity and financial flexibility. As of the date hereof, oil price protection for 2026 has been secured through three-way collars covering approximately 19,000 bpd of full-year production, with a first floor of $64.8\/bbl, a second floor of $50\/bbl, and average ceiling prices of $72\/bbl. For 2027, approximately 11,000 bpd of expected production has been hedged on a full-year basis, with comparable levels of downside protection and upside participation.<\/p>\n \nDuring the quarter, GeoPark announced the entry of Grupo Gilinski as a new strategic investor, representing a meaningful shift in the Company\u2019s shareholder composition. This investment introduces a long-term aligned partner with a proven track record in value creation, further strengthening GeoPark\u2019s strategic positioning. The transaction enhances the Company\u2019s financial flexibility and provides additional capacity to actively pursue value-accretive growth opportunities.<\/p>\n \nThe Board declared a quarterly cash dividend of $0.023 per share, payable on June 4, 2026, to shareholders of record at the close of business on May 20, 2026.<\/p>\n \nFelipe Bayon, Chief Executive Officer of GeoPark, said: \u201cWe delivered a strong start to 2026, with significant growth in revenues and EBITDA supported by solid operational execution, improved pricing and disciplined cost management. During the quarter, we further strengthened our balance sheet, increased liquidity and continued advancing our strategic priorities, including the integration of Vaca Muerta and disciplined capital allocation. In addition, the entry of Grupo Gilinski as a strategic long-term aligned partner marks an important milestone, strengthening our shareholder alignment, financial position and providing additional capacity to pursue value-accretive growth opportunities. We remain well positioned to navigate market volatility while capturing opportunities ahead.\u201d<\/p>\n \nSupplementary information is available at the following link:<\/p>\n https:\/\/ir.geo-park.com\/1Q26-SupplementaryRelease<\/a><\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20260506243712\/en\/700773\/3\/Logo.jpg\"){kind=logo}
<\/td>\n<\/tr>\n