Geopark Reports Third Quarter 2021 Results - GeoPark
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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 ended September 30, 2021 (“Third Quarter” or “3Q2021”). A conference call to discuss 3Q2021 financial results will be held on November 11, 2021, 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 and should be read in conjunction with GeoPark’s consolidated financial statements and the notes to those statements for the period ended September 30, 2021, available on the Company’s website.


Operations and Production

  • Consolidated oil and gas production of 37,859 boepd, up 4% compared to 2Q2021
  • Oil production of 32,844 bopd, up 6% compared to 2Q2021 due to increased production in Colombia
  • Full-year 2021 average production revised to 37,000-38,000 boepd (from 38,000-40,000 boepd) due to blockades in the Platanillo block (GeoPark operated, 100% WI) affecting production and development drilling activities since mid-October
  • Platanillo production fully restored on November 4, 2021 with drilling activities to restart by mid- November 2021
  • Consolidated oil and gas production is currently 39,000 boepd

Cash Flow and Profits

  • Revenue of $174.0 million
  • Operating Profit of $81.3 million
  • Profit of $37.0 million
  • Adjusted EBITDA of $86.8 million (including cash hedge losses of $22.4 million)

Investments and Balance Sheet

  • Capital expenditures of $30.6 million
  • Every $1 invested in Capital expenditures yielded $2.8 in Adjusted EBITDA
  • Cash in hand of $76.8 million
  • Net debt to LTM Adjusted EBITDA ratio of 2.2x (2.7x in December 2020)

Portfolio Consolidation and Management

  • Argentina: accepted an offer to divest non-core Argentina assets for a consideration of $16 million, with closing expected by 2021 year-end or early 2022
  • Peru: obtained final approval to transfer 100% of the Morona block to Petroperu following the Supreme Decree issued by the Peruvian Government
  • Brazil: Manati gas field divestment process ongoing, expected to close in 1H2022

SPEED / ESG+ Achievements and Recognitions

  • Fast, aggressive and immediate actions to reduce emissions: a 35-40% reduction by 2025 or sooner, a 40-60% reduction by 2025-2030 and Net zero emissions intensity by 2050 or sooner (all Scope 1 and 2)
  • GeoPark honored with the Equipares Silver Award by Colombian Ministry of Labor, measuring commitment to promote equality, inclusion and diversity

Read the full press release.