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, today announced its operational update for the three-month period ended September 30, 2021 ("3Q2021").
All figures are expressed in US Dollars. Growth comparisons refer to the same period of the prior year, except when otherwise specified.
Highlights
Oil and Gas Production
Drilling Activity in Colombia Accelerates
Currently operating four drilling rigs and three workover rigs in Colombia
In the Llanos 34 block (GeoPark operated, 45% WI):
In the CPO-5 block (GeoPark non-operated, 30% WI):
In the Platanillo block (GeoPark operated, 100% WI):
In the Llanos 94 block (GeoPark non-operated, 50% WI):
Drilling Activity in Ecuador Begins
In the Perico block (GeoPark non-operated, 50% WI):
In the Espejo block (GeoPark operated, 50% WI):
2022 Work Program and Capital Allocation Process
ESG+ Actions
Cash and Shareholder Returns
Market Index Inclusion to Continue Expanding GeoPark's Investor Base
Portfolio Consolidation and Management
Breakdown of Quarterly Production by Country
The following table shows production figures for 3Q2021, as compared to 3Q2020:
3Q2021 |
3Q2020 |
|||||
Total
|
Oil
|
Gas
|
Total
|
% Chg. |
||
Colombia |
31,565 |
31,336 |
1,374 |
|
31,297 |
1% |
Chile |
2,354 |
277 |
12,462 |
|
3,610 |
-35% |
Brazil |
1,791 |
24 |
10,602 |
|
1,581 |
13% |
Argentina |
2,149 |
1,207 |
5,652 |
|
2,357 |
-9% |
Total |
37,859 |
32,844 |
30,090 |
|
38,845 |
-3% |
a) |
Includes royalties paid in kind in Colombia for approximately 1,213 bopd in 3Q2021. No royalties were paid in kind in Brazil, Chile, or Argentina. |
Quarterly Production Evolution
(boepd) |
3Q2021 |
2Q2021 |
1Q2021 |
4Q2020 |
3Q2020 |
Colombia |
31,565 |
29,571 |
31,455 |
31,858 |
31,297 |
Chile |
2,354 |
2,584 |
2,491 |
3,133 |
3,610 |
Brazil |
1,791 |
2,080 |
1,984 |
2,167 |
1,581 |
Argentina |
2,149 |
2,254 |
2,201 |
2,146 |
2,357 |
Total |
37,859 |
36,489 |
38,131 |
39,304 |
38,845 |
Oil |
32,844 |
30,962 |
32,877 |
33,238 |
32,875 |
Gas |
5,015 |
5,527 |
5,254 |
6,065 |
5,970 |
Oil and Gas Production Update
Consolidated:
Oil and gas production in 3Q2021 increased by 4% to 37,859 boepd versus 2Q2021. Compared to 3Q2020, oil and gas production decreased by 3%, resulting from lower production in Chile and Argentina, partially offset by higher production in Colombia and Brazil.
Oil represented 87% and 85% of total reported production in 3Q2021 and 3Q2020, respectively.
Colombia:
Average net oil and gas production in Colombia increased by 1% to 31,565 boepd in 3Q2021 compared to 31,297 boepd in 3Q2020.
Oil and gas production in main blocks in Colombia was:
Main activities in operated and non-operated blocks:
Chile:
Average net production in Chile decreased by 35% to 2,354 boepd in 3Q2021 compared to 3,610 boepd in 3Q2020, resulting from lower gas production in the Jauke and Jauke Oeste gas fields. The production mix during 3Q2021 was 88% gas and 12% light oil (compared to 90% gas and 10% light oil in 3Q2020).
Brazil:
Average net production in Brazil increased 13% to 1,791 boepd in 3Q2021 compared to 1,581 boepd in 3Q2020 in response to higher gas demand in northern Brazil. The production mix was 99% natural gas and 1% oil and condensate in 3Q2021 and 3Q2020.
At the end of September 2021, Petrobras informed that production in the Manati field was preventatively interrupted due to a small gas leak that affected operations from September 28 to October 3. Production in the field was restored and has been flowing normally since then.
Argentina:
Average net production in Argentina decreased by 9% to 2,149 boepd in 3Q2021 compared to 2,357 boepd in 3Q2020. The production mix during 3Q2021 was 56% oil and 44% natural gas (compared to 59% oil and 41% natural gas in 3Q2020).
OTHER NEWS / RECENT EVENTS
Reporting Date for 3Q2021 Results Release and 2022 Work Program and Investment Guidance
GeoPark will report its 3Q2021 financial results on Wednesday, November 10, 2021 after the market close.
In conjunction with the 3Q2021 results press release, GeoPark management will host a conference call on November 11, 2021 at 10:00 am (Eastern Daylight Time) to discuss the 3Q2021 financial results and the work program and investment guidelines for 2022. To listen to the call, participants can access the webcast located in the Investor Support section of the Company's website at www.geo-park.com, or by clicking below:
https://event.on24.com/wcc/r/3404998/49B85E71C767F2F0CD2B7D8F29290C79
Interested parties may participate in the conference call by dialing the numbers provided below:
United States Participants: 1 844-200-6205
International Participants: +1-929-526-1599
Passcode: 477606
Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast.
An archive of the webcast replay will be made available in the Investor Support section of the Company's website at www.geo-park.com after the conclusion of the live call.
GLOSSARY
|
|
ANP |
Brazil's National Agency of Petroleum, Natural Gas and Biofuels |
|
|
Operating netback |
Revenue, less production, and operating costs (net of accrual of stock options and stock awards), selling expenses and realized portion of commodity risk management contracts. Operating netback is equivalent to Adjusted EBITDA net of cash expenses included in Administrative, Geological and Geophysical and Other operating costs |
Bbl |
Barrel |
|
|
Boe |
Barrels of oil equivalent |
Boepd |
Barrels of oil equivalent per day |
Bopd |
Barrels of oil per day |
D&M |
DeGolyer and MacNaughton |
F&D costs
|
Finding and development costs, calculated as capital expenditures divided by the applicable net reserves additions before changes in Future Development Capital |
Km |
Kilometers |
|
|
Mboe |
Thousand barrels of oil equivalent |
Mmbo |
Million barrels of oil |
Mmboe |
Million barrels of oil equivalent |
Mcfpd |
Thousand cubic feet per day |
Mmcfpd |
Million cubic feet per day |
Mm3/day |
Thousand cubic meters per day |
NPV10 |
Present value of estimated future oil and gas revenues, net of estimated direct expenses, discounted at an annual rate of 10% |
PRMS |
Petroleum Resources Management System |
|
|
Sq km |
Square Kilometer |
WI |
Working Interest |
|
|
NOTICE
Additional information about GeoPark can be found in the "Investor Support" section on the website at www.geo-park.com.
Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated based on such rounded figures but based on such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking statements. Many of the forward- looking statements contained in this press release can be identified using forward-looking words such as ??anticipate,'' ??believe,'' ??could,'' ??expect,'' ??should,'' ??plan,'' ??intend,'' ??will,'' ??estimate'' and ??potential,'' among others.
Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including the divestment process of the Manati gas field, expected production growth, expected schedule, economic recovery, payback timing, IRR, drilling activities, demand for oil and gas, oil and gas prices, capital expenditures plan, work program and investment guidelines, our strategic medium and long-term greenhouse gas reduction policy, the potential expansion of our investors' base, our divestment initiative in Argentina regulatory approvals, reserves and exploration resources. Forward-looking statements are based on management's beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors. Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption, and losses, except when specified.
Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them considering new information or future developments or to release publicly any revisions to these statements to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission.
Readers are cautioned that the exploration resources disclosed in this press release are not necessarily indicative of long-term performance or of ultimate recovery. Unrisked prospective resources are not risked for change of development or chance of discovery. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development. There is no certainty that any portion of the prospective resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Prospective resource volumes are presented as unrisked.
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