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LOW BREAKEVEN PRODUCTION & CAPITAL EFFICIENCY DRIVE FINANCIAL PERFORMANCE
                                                                   
       SELF-FUNDED WORK PROGRAMS, FINANCIAL FLEXIBILITY & BALANCE SHEET STRENGTH

Bogota, Colombia – May 13, 2020 – GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Peru, Argentina, Brazil, Chile and Ecuador reports its consolidated financial results for the three-month period ended March 31, 2020 (“First Quarter” or “1Q2020”). A conference call to discuss 1Q2020 financial results will be held on May 14, 2020 at 10:00 am Eastern Daylight Time.

All figures are expressed in US Dollars and growth comparisons refer to the same period of the prior year, except when specified. Definitions and terms used herein are provided in the Glossary at the end of this document. This release does not contain all of the Company’s financial information and should be read in conjunction with GeoPark’s consolidated financial statements and the notes to those statements for the period ended March 31, 2020 and 2019, available on the Company’s website.
GeoPark - oilandgas360

FIRST QUARTER 2020 HIGHLIGHTS

Driving Continuous Performance

  • Record consolidated oil and gas production of 45,731 boepd following 16% growth
  • Revenue of $133.2 million
  • Adjusted EBITDA of $77.7 million, or $20.1 per boe – and cash hedge gains of $5.6 million
  • Capital Expenditures of $33.7 million
  • Adjusted EBITDA to Capital Expenditures ratio of 2.3x
  • Non-cash accounting impairments in Chile, Peru and Argentina (of $97.5 million) resulting in a net loss of $89.5 million

Rapid Risk-Managed Response in Downturn

  • Immediate protocols and actions in place to protect health and safety of team
  • Over $280 million ongoing cost savings and capital investment reductions across regional platform
  • Temporary production shut-in of 6,500-7,500 boepd to preserve shareholder value and minimize contractor and employee activity and presence in the fields
  • 2020 work program reduced by 75% to $45-50 million targeting 40,000-42,000 boepd average production and operating netbacks of $200-220 million assuming Brent of $30 per bbl[1]

Tools and Safety Nets

  • $165.5 million of cash and cash equivalents
  • $75 million oil prepayment facility, with $50 million committed
  • Approximately $130.7 million in uncommitted credit lines
  • Extensive hedging position with 26,000 bopd hedged in 2Q2020, 17,500 bopd in 3Q2020 and 11,000 bopd in 4Q2020
  • Long-term financial debt maturity profile with no principal payments until September 2024
  • S&P and Fitch reaffirmed GeoPark’s long-term corporate credit rating at B+

Better and Stronger for the Long Term

  • Successful operational takeover and full integration of high potential Amerisur Resources Plc (“Amerisur”) assets
  • Identifying and protecting critical people, tools and capabilities necessary for the short, medium and long-term
  • Streamlining and improving business across portfolio in all departments and capabilities
  • Ready to expand work program at Brent prices of $35-40 per barrel

James F. Park, Chief Executive Officer of GeoPark, said: “Any reflection on these strong first quarter results needs to begin by expressing profound gratitude and admiration for the GeoPark men and women who are working day and night pushing through this downturn and continuously making our Company perform, protecting our shareholders and positioning us for the new world on the other side. Across six countries, our team moved with quickness and agility to protect the health and safety of employees, contractors and communities and ensure that our hydrocarbons keep flowing to markets. Because of our risk-managed business model and track-record, our team simultaneously attacked every component and dimension of our Company to preserve cash and cut over $280 million in capital, operating and structure costs to be prepared for however long the pandemic, global economic shut-down and flooded oil markets endure. We worked with trusted partners and governments to adjust programs and secure additional financial support, if ever needed. As a long-term opportunity-driven company working in the most attractive hydrocarbon region today, we also are looking ahead with excitement and to take advantage of this time to streamline and improve our overall business – and more strongly position GeoPark for continued economic growth and success.”

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