GeoPark Limited ("GeoPark" or the "Company") (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator, today announces its operational update for the three-month period ended March 31, 2024 ("1Q2024").
Oil and Gas Production and Operations
Llanos 34 Block: Production Reached a Twelve-Month High
CPO-5 Block: New Record Production Levels
Exploration & Appraisal: Key Projects in Key Acreage
2024 Guidance Remains Unchanged
Upcoming Catalysts
Breakdown of Quarterly Production by Country
The following table shows production figures for 1Q2024, as compared to 1Q2023:
|
1Q2024 |
1Q2023 |
|||||
Total (boepd) |
Oil (bopd)a |
Gas (mcfpd) |
Total (boepd) |
% Chg. |
|||
Colombia |
32,832 |
32,738 |
557 |
|
32,580 |
+1% |
|
Ecuador |
1,483 |
1,483 |
- |
|
990 |
+50% |
|
Brazil |
893 |
13 |
5,283 |
|
1,020 |
-12 |
% |
Chileb |
264 |
21 |
1,459 |
|
1,988 |
-87 |
% |
Total (as reported) |
35,473 |
34,255 |
7,305 |
|
36,578 |
-3 |
% |
Total Pro forma (without Chile) |
35,209 |
34,234 |
5,846 |
|
34,590 |
2 |
% |
a) | Includes royalties and other economic rights paid in kind in Colombia for approximately 5,916 bopd in 1Q2024. No royalties were paid in kind in Ecuador, Chile or Brazil. Production in Ecuador is reported before the Government's production share of approximately 439 bopd. |
|
b) | Production in Chile in 1Q2024 reflects production until closing of the divestment transaction in January 2024 |
Quarterly Production
(boepd) |
1Q2024 |
4Q2023 |
3Q2023 |
2Q2023 |
1Q2023 |
Colombia |
32,832 |
34,154 |
31,780 |
33,045 |
32,580 |
Ecuador |
1,483 |
1,419 |
659 |
634 |
990 |
Brazil |
893 |
1,101 |
774 |
1,212 |
1,020 |
Chile |
264 |
1,641 |
1,565 |
1,690 |
1,988 |
Total a |
35,473 |
38,315 |
34,778 |
36,581 |
36,578 |
Oil |
34,255 |
35,842 |
32,510 |
33,672 |
33,801 |
Gas |
1,218 |
2,473 |
2,268 |
2,909 |
2,777 |
a) | In Colombia, production includes royalties paid in kind, and in Ecuador it is shown before the Government's production share. |
Reporting Date for 1Q2024 Results Release, Conference Call and Webcast
GeoPark will report its 1Q2024 financial results on Wednesday, May 15, 2024, after the market close.
GeoPark management will host a conference call on May 16, 2024, at 10:00 am (Eastern Daylight Time) to discuss the 1Q2024 financial results.
To listen to the call, participants can access the webcast located in the Invest with Us section of the Company's website at www.geo-park.com, or by clicking below:
|
Interested parties may participate in the conference call by dialing the numbers provided below:
|
United States Participants: +1 404-975-4839 |
Global Dial-In Numbers:
|
Passcode: 950684 |
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 Invest with Us section of the Company's website at www.geo-park.com after the conclusion of the live call.
NOTICE
Additional information about GeoPark can be found in the "Invest with Us" 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. Percentages included in this press release have not in all cases been calculated on the basis of such rounded amounts, but on the basis of such amounts prior to rounding. For this reason, certain percentages in this press release may vary from those obtained by performing the same calculations on the basis of the amounts in the financial statements. Similarly, certain other amounts included 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 by the use of 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, drilling campaign, production guidance and capital expenditures. 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.
Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order 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 (SEC).
Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption and losses. Annual production per day is obtained by dividing total production by 365 days.
1 Seismic area represented as full fold.
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