GeoPark Reports Fourth Quarter and Full-Year 2020 Results - GeoPark
Go Back

GeoPark Reports Fourth Quarter and Full-Year 2020 Results

March 10, 2021

STRONG FREE CASH FLOW GENERATION FROM LOW BREAKEVENS & CAPITAL EFFICIENCY

EXPANDED WORK PROGRAM ACCELERATES PROFITABLE GROWTH IN 2021

Bogota, Colombia – 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 (“Fourth Quarter” or “4Q2020”) and for the year ended December 31, 2020 (“Full-year” or “FY2020”). A conference call to discuss 4Q2020 and FY2020 financial results will be held on March 11, 2021 at 10:00 am (Eastern Standard 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 year ended December 31, 2020, available on the Company’s website.

FOURTH QUARTER AND FULL-YEAR 2020 HIGHLIGHTS

Profitable Production Growth

  • Annual average production of 40,192 boepd in 2020, extending 18-year track record
  • Consolidated oil and gas production of 39,304 boepd
  • CPO-5 block (GeoPark non-operated, 30% WI) produced 10,310 bopd gross, 55% higher than 3Q2020

Free Cash Flow Generation

  • Revenue of $106.7 million / Full-year Revenue of $393.7 million
  • Cash flow from operations of $77.1 million / Full-year Cash flow from operations of $168.7 million
  • Adjusted EBITDA of $56.0 million / Full-year Adjusted EBITDA of $217.5 million
  • Full-year non-cash accounting impairments in Chile, Peru, Argentina and Brazil of $133.9 million and write-offs of $52.7 million for an operating loss of $110.7 million / Full-year Net loss of $233.0 million
  • Capital expenditures of $26.1 million / Full-year 2020 work program of $75.3 million

Cost and Capital Efficiencies

  • Cost and investment reductions of over $290 million¹ across regional platform
  • Full-year Production and operating costs reduced by 26% to $125.1 million
  • Full-Year G&G, G&A and selling expenses reduced by 24% to $71.1 million

Strong Risk-Managed Balance Sheet

  • $201.9 million of Cash & cash equivalents as of Dec. 31, 2020 ($111.2 million as of Dec. 31, 2019)
  • $75 million oil prepayment facility, with $50 million committed and no amounts drawn
  • $125.6 million in uncommitted credit lines
  • Long-term financial debt maturity profile with no bond principal payments until September 2024
  • Continuously adding new hedges for the next 12 months

→ Read the full press release.

_____________________________

¹ Compared to GeoPark’s original work program and budget plans as of the beginning of 2020.