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Share Name | Share Symbol | Market | Type |
---|---|---|---|
GeoPark Limited | NYSE:GPRK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.10 | -0.97% | 10.20 | 10.30 | 10.11 | 10.30 | 435,571 | 01:00:00 |
Quarterly Production up 10% With More Exploration Successes
Shareholder Returns Exceeded Full-year Targets
GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator, today announces its operational update for the three-month period ended December 31, 2023 (“4Q2023”).
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240116601367/en/
Recent Exploration Successes in Colombia & Ecuador (Graphic: Business Wire)
Oil and Gas Production and Operations
2023 Exploration Drilling Added 5,500+ bopd Gross and Opened New Drilling Opportunities
Successful Horizontal Well Drilling Campaign in the Llanos 34 Block (GeoPark operated, 45% WI)
Exceeded Shareholder Return Targets and Maintained a Strong Balance Sheet
Portfolio Management
2024 Work Program: Growing Production, Delineating New Plays and Returning Value
Upcoming Catalysts
Breakdown of Quarterly Production by Country
The following table shows production figures for 4Q2023, as compared to 4Q2022:
4Q2023
4Q2022
Total (boepd)
Oil (bopd)a
Gas (mcfpd)
Total (boepd)
% Chg.
Colombia
34,154
34,061
557
33,749
1%
Ecuador
1,419
1,419
-
1,259
13%
Chile
1,641
345
7,774
2,291
-28%
Brazil
1,101
16
6,510
1,134
-3%
Total
38,315
35,842
14,841
38,433
-0.3%
a)
Includes royalties and other economic rights paid in kind in Colombia for approximately 4,923 bopd in 4Q2023. No royalties were paid in kind in Ecuador, Chile or Brazil. Production in Ecuador is reported before the Government’s production share of approximately 450 bopd.
Quarterly Production
(boepd)4Q2023
3Q2023
2Q2023
1Q2023
4Q2022
Colombia34,154
31,780
33,045
32,580
33,749
Ecuador1,419
659
634
990
1,259
Chile1,641
1,565
1,690
1,988
2,291
Brazil1,101
774
1,212
1,020
1,134
Total a38,315
34,778
36,581
36,578
38,433
Oil35,842
32,510
33,672
33,801
35,451
Gas2,473
2,268
2,909
2,777
2,982
a)
In Colombia, production includes royalties paid in kind, and in Ecuador it is shown before the Government’s production share.
Oil and Gas Production Update
Consolidated:
Average net oil and gas production in 4Q2023 was 38,315 boepd, flat compared to 4Q2022, due to higher production in Colombia and Ecuador that was offset by lower production in Chile and Brazil. Oil represented 93% and 92% of total reported production in 4Q2023 and 4Q2022, respectively.
Compared to 3Q2023, consolidated oil and gas production increased 10%, due to recent exploration successes in Colombia and Ecuador and the resumption of shut-in production in the CPO-5 Block.
Colombia:
Average net oil and gas production in Colombia increased by 1% to 34,154 boepd in 4Q2023 compared to 33,749 boepd in 4Q2022, mainly due to higher production in the CPO-5 Block and to a lesser extent new production in the Llanos 123 Block, partially offset by lower production in the Platanillo Block (GeoPark operated, 100% WI) and the Llanos 34 Block.
Oil and gas production in GeoPark’s main blocks in Colombia in 4Q2023 was as follows:
Recent Activity in the Llanos Basin
Llanos 34 Block
CPO-5 Block
Llanos 123 Block
Llanos 87 Block
Llanos 86 and Llanos 104 blocks (GeoPark operated, 50% WI):
Ecuador:
Average net oil production in Ecuador before the Government’s share increased 13% to 1,419 bopd in 4Q2023, (approximately 969 bopd after the Government’s share), compared to 1,259 bopd in 4Q2022, mainly due to the successful drilling and testing of the Yin 2, Perico Centro 1 and Perico Norte 4 wells in the new combined structural/stratigraphic U-sand play in the Perico Block.
Ecuador is currently producing approximately 2,820 bopd gross.
The Government’s production share varies with oil prices and is approximately 30-40%, considering an Oriente crude oil price of $70-100 per barrel.
Chile:
Average net production in Chile decreased 28% to 1,641 boepd in 4Q2023 compared to 2,291 boepd in 4Q2022, resulting from the natural decline of the fields and limited drilling activities.
The production mix was 79% natural gas and 21% light oil in both 4Q2023 and 4Q2022.
Brazil:
Average net production in the Manati field (GeoPark non-operated, 10% WI) in Brazil decreased 3% to 1,101 boepd in 4Q2023 compared to 1,134 boepd in 4Q2022.
The production mix was 99% natural gas and 1% oil and condensate in both 4Q2023 and 4Q2022.
Other News
Divesting Non-Core Operations in Chile
In December 2023, GeoPark signed an agreement with Servicom Chile SPA to divest its non-core and low-netback operations in Chile for $4 million (subject to certain working capital adjustments at the closing date), including its working interest in the Fell, Isla Norte, Flamenco and Campanario blocks. Closing of the transaction is expected to occur in 1Q2024.
In 2023, GeoPark’s operations in Chile produced 1,720 boepd (87% natural gas). Adjusted EBITDA from operations in Chile for the first nine months of 2023 totaled $3.6 million.
GeoPark’s 2024 consolidated average production guidance of 37,000-40,000 boepd does not consider the Chile divestment and currently includes Chile’s 2024 average production, which was estimated at 1,000-1,300 boepd. The Company will update its production guidance after the closing of the transaction, although it expects its Adjusted EBITDA and Free Cash Flow guidance released on November 8, 2023 to remain unchanged by this divestment.
1
Including operated and non-operated wells.
2
Including development, appraisal and exploration wells. Does not include injector wells and wells that are currently under evaluation.
3
Average production from December 1, 2023, to December 31, 2023.
4
Based on GeoPark’s average market capitalization from December 1 to December 29, 2023.
5
Based on GeoPark’s average market capitalization from December 1 to December 29, 2023.
6
Unaudited.
7
GeoPark will no longer report production from Chile after closing of the divestment.
8
GeoPark’s 2024 consolidated production guidance includes 1,000-1,300 boepd of production in Chile, which is currently being divested with closing expected in 1Q2024. GeoPark will update its consolidated production guidance after closing of the divestment.
9
Calculated using GeoPark’s actual average production in 2023 and for 2024, the consolidated production guidance, the latter of which includes production in Chile and will be updated after closing of the divestment.
10
The Company is unable to present a quantitative reconciliation of the 2024 Adjusted EBITDA which is a forward-looking non-GAAP measure, because the Company cannot reliably predict certain of the necessary components, such as write-off of unsuccessful exploration efforts or impairment loss on non-financial assets, etc. Since free cash flow is calculated based on Adjusted EBITDA, for similar reasons, the Company does not provide a quantitative reconciliation of the 2024 free cash flow forecast.
11
Average production from December 1, 2023, to December 31, 2023.
NOTICE
Additional information about GeoPark can be found in the “Invest with Us” section on the website at www.geo-park.com.
Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentages included in this press release have not in all cases been calculated on the basis of such rounded amounts, but on the basis of such amounts prior to rounding. For this reason, certain percentages in this press release may vary from those obtained by performing the same calculations on the basis of the amounts in the financial statements. Similarly, certain other amounts included in this press release may not sum due to rounding.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.
Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including, drilling campaign, production guidance, shareholder returns, Adjusted EBITDA, capital expenditures and free cash flow. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.
Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission (SEC).
Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption and losses. Annual production per day is obtained by dividing total production by 365 days.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240116601367/en/
For further information, please contact:
INVESTORS:
Stacy Steimel ssteimel@geo-park.com Shareholder Value Director T: +562 2242 9600
Miguel Bello mbello@geo-park.com Market Access Director T: +562 2242 9600
Diego Gully dgully@geo-park.com Capital Markets Director T: +55 21 99636 9658
MEDIA: Communications Department communications@geo-park.com
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