Oil and Gas 360


Bogota, Colombia – May 5, 2021 – 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, Ecuador, Chile, Brazil and Argentina reports its consolidated financial results for the three-month period (“First Quarter” or “1Q2021”). A conference call to discuss 1Q2021 financial results will be held on May 6, 2021 at 10:00 am (Eastern Daylight Time).

GeoPark Reports First Quarter 2021 Results- oil and gas 360

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, 2021, available on the Company’s website.


Strong Free Cash Flow from Profitable Low-Breakeven Production  

  • Consolidated oil and gas production of 38,131 boepd
  • Revenue of $146.6 million
  • Operating Profit of $15.9 million / Net Loss of $10.3 million
  • Operating Netback of $79.4 million / Adjusted EBITDA of $66.5 million (both including protective cash hedge losses of $20.6 million)
  • Capital expenditures of $20.3 million
  • Every $1 invested yielded $3.9 in Operating Netback

Successful Debt Reduction 

  • $187.6 million of cash & cash equivalents as of March 31, 2021
  • $75 million oil prepayment facility, with $50 million committed and no amounts drawn
  • $106.2 million in uncommitted credit lines
  • Strategic deleveraging executed in April 2021 resulted in significant debt reduction with extended maturities and lower cost of debt

Self-Funded, Expanded 2021 Work Program 

  • Full-year 2021 work program of $130-150 million, targeting 41,000-43,000[1] boepd average production and operating netbacks of $330-370 million assuming Brent at $50-55 per bbl[2]
  • Flexible to quickly adapt to any oil price scenario

Shareholder Value Returns 

  • Quarterly Dividend of $0.0205 per share ($1.25 million), paid on April 13, 2021
  • Quarterly Dividend of $0.0205 per share ($1.25 million), to be paid on May 28, 2021
  • Resumed discretionary share buyback program, having acquired 119,289 shares for $1.2 million since November 6, 2020, while executing self-funded and flexible work programs, and paying down debt

James F. Park, Chief Executive Officer of GeoPark, said: “Thanks again to the GeoPark team for its relentless discipline and for delivering another period of important achievements, driving forward our performance and improving our Company overall. Our powerful cash generation was again demonstrated by being able to simultaneously carry out three key initiatives: expand our exploration and development investment program; pay down debt, extend maturities and strengthen our balance sheet; and return cash to our shareholders. We appreciate the support of the investment community which has backed our plan and efforts over many years – including just awarding us the lowest yield ever for any B-rated issue in Latin America. With our foundational low-cost, low-risk, big-upside asset inventory, our strong and consistently successful oil and gas operating team, and our ahead-of-the-game SPEED (ESG+) strategy, we are looking forward to the remainder of 2021 and the abundant opportunities ahead.”

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