GeoPark reports first quarter 2017 results - GeoPark
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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, Chile, Brazil, Argentina, and Peru reports its consolidated financial results for the three- month period ended March 31, 2017 (“First Quarter” or “1Q2017”).

A conference call to discuss 1Q2017 Financial Results will be held on May 11, 2017 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. As a result, this release should be read in conjunction with GeoPark’s consolidated financial statements and the notes to those statements for the period ended March 31, 2017, available on the Company’s website.



Record oil and gas production

  • Consolidated oil and gas production rose by 12% to a record 25,180 boepd
  • Oil production increased by 25% to 20,487 bopd, representing 81% of total production
  • Gas production declined by 24% to 28.2 mmcfpd
  • Current production of 26,500 boepd 

Exploration, appraisal and development drilling success

In Colombia, Llanos 34 Block (GeoPark operated with a 45% WI):

  • Exploration: Chiricoca 1 well discovered in a new oil field and currently producing 950 bopd gross. Sinsonte 1 well testing western fault trend was unsuccessful and was plugged and abandoned. Jacamar 1 well currently being drilled
  • Appraisal: Jacana 11 well completed, testing and currently producing 3,200 bopd and Jacana Sur 2 appraisal well waiting for completion and testing in the coming weeks
  • Development: Tigana Sur 6 well completed, tested and currently producing 1,700 bopd gross. Jacana Sur 1 well drilled, completed and currently testing 900 bopd gross from Guadalupe formation and Jacana 7 well drilled, completed and currently testing at 1,175 bopd gross from Guadalupe formation. Jacana 8 well drilled and completed with testing planned during May 


Self-funding program drives financial performance

  • Revenue increased 82% to $66.7 million
  • Operating netbacks more than doubled to $24.0 per boe
  • Adjusted EBITDA jumped over three times to $38.8 million or $19.0 per boe
  • Cash flow from operations of $45.2 million almost doubled capex of $23.5 million
  • Net income of $5.8 million

Balance sheet deleveraging and strengthening

  • Financial debt repayment of $11.3 million during the quarter
  • Gross debt to Adjusted EBITDA declined sharply from 5.3x to 3.2x
  • Net debt to Adjusted EBITDA decreased from 4.3x to 2.6x
  • Hedged 55-60% of 2Q2017 oil production at a Brent price floor of $50-$54/bbl
  • Ended the quarter with $70.3 million in cash and cash equivalents

Read the full press release.