GeoPark Reports Third Quarter 2020 Results - GeoPark
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GeoPark Reports Third Quarter 2020 Results

November 4, 2020

LOW BREAKEVEN PRODUCTION DRIVING POWERFUL CASH FLOW GENERATION EXTRAORDINARY & QUARTERLY CASH DIVIDEND AND SHARE BUYBACK PROGRAM RE-ENGAGED WORK PROGRAM AND INITIATED DRILLING ON THE CPO-5 BLOCK

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, Peru, Argentina, Brazil, Chile and Ecuador reports its consolidated financial results for the three-month period ended September 30, 2020 (“Third Quarter” or “3Q2020”). A conference call to discuss 3Q2020 financial results and the work program and investment guidelines for 2021 will be held on November 5, 2020 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 period ended September 30, 2020 and 2019, available on the Company’s website.

THIRD QUARTER 2020 HIGHLIGHTS

Expanded Production and Restarted Work Program

  • Consolidated oil and gas production of 38,845 boepd in 3Q2020, up 5% compared to 2Q2020
  • Resumed drilling with three wells put on production in the Llanos 34 block (GeoPark operated, 45% WI)
  • Reopened temporarily shut-in production and producing 40,000 boepd by the end of 3Q2020
  • Currently drilling the Indico 2 appraisal well in the CPO-5 block (GeoPark non-operated, 30% WI)

 

Implemented Decisive Cost and Investment Reduction Plan

  • Cost and investment reductions totaled over $290 million across regional platform
  • Further improving GeoPark’s cost efficiencies with ongoing cost-cutting initiatives at all levels
  • Production and operating costs reduced by 32% to $28.4 million
  • Operating costs per boe1 reduced by 22% to $6.3 per boe
  • G&A/G&G costs reduced by 30% to $13.1 million

→ Read the full press release.