GeoPark Reports Results for the Fourth Quarter and Full Year Ended December 31,2017 - GeoPark
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Bogotá, 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, Peru, Argentina, Brazil, and Chile reports its consolidated financial results for the three- month period ended December 31, 2017 (“Fourth Quarter” or “4Q2017”), and its audited annual results for 2017.

A conference call to discuss 4Q2017 Financial Results will be held on March 8, 2018 at 10:00 a.m. 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. As a result, investors should read this release in conjunction with GeoPark’s consolidated financial statements and the notes to those statements for the years ended December 31, 2017 and 2016 available on the Company’s website.


Record Oil and Gas Production

  • Consolidated production up 30% to 30,654 boepd with current production of 33,000 boepd
  • Colombia production up 39% to 24,378 boepd
  • Annual average production up 23% to 27,586 boepd

Record Oil and Gas Reserves

  • Certified consolidated proven (1P) reserves of 97 million boe
  • Certified consolidated proven and probable (2P) reserves of 159.2 million boe

Record Oil and Gas Asset Valuation – Total and Per Share

  • Certified 1P NPV10 up 38% to $1.5 billion (equivalent to net debt adjusted NPV10 of $18.3 per share)
  • Certified 2P NPV10 up 21% to $2.3 billion (equivalent to net debt adjusted NPV10 of $29.2 per share)
  • Colombia 2P NPV10 up 38% to $1.4 billion (equivalent to net debt adjusted NPV10 of $15.8 per share)

Record Capital Investment and Cost Efficiencies

  • Finding and development costs: Consolidated 2P of $4.0/boe / Colombia 2P of $2.8/boe
  • Full year 2017 operating costs of $7.3 per boe / Colombia $5.6 per boe / Llanos 34 $4.3 per boe
  • Full year 2017 operating netback/capital expenditure ratio of 2.2x
  • Capital investment program of $105.6 million in 2017 generated $404 million in 2P NPV10

Record Cash Flow/Adjusted EBITDA Growth

  • Adjusted EBITDA more than doubled – up 105% to $55.2 million / full year up 124% to $175.8 million
  • Operating netback up 77% to $69.8 million / full year up 87% to $228.3 million
  • Full year cash flow from operating activities up 72% to $142.2 million
  • Net loss reduced to $3.4 million / full year net loss of $17.8 million

Read the full press release.