GeoPark Reports Second Quarter 2018 Results - GeoPark
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GeoPark Reports Second Quarter 2018 Results

August 8, 2018

SUBSURFACE AND OPERATIONAL RESULTS DRIVE FINANCIAL PERFORMANCE: HIGHER OIL AND GAS PRODUCTION, RECORD EBITDA, COST EFFICIENCY IMPROVEMENTS, STRONGER BALANCE SHEET

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 June 30, 2018 (“Second Quarter” or “2Q2018”).

A conference call to discuss 2Q2018 Financial Results will be held on Thursday August 9, 2018 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. As a result, this release should be read in conjunction with consolidated financial statements and the notes to those statements for the period ended June 30, 2018, available on the Company’s website.

SECOND QUARTER 2018 HIGHLIGHTS

Record Oil and Gas Production

  • Consolidated oil and gas production up 37% to 35,870 boepd (up 11% compared to 1Q2018)
  • Oil production increased by 38% to 30,249 bopd (up 11% compared to 1Q2018)
  • Colombian production increased by 33% to 27,940 boepd (up 6% compared to 1Q2018)
  • Gas production increased by 34% to 33.7 mmcfpd (up 16% compared to 1Q2018)
  • Five drilling rigs currently being operated by GeoPark (three in Colombia, one in Argentina and one in Chile)

Growing Cash Generation

  • Revenues more than doubled to $159.3 million
  • Adjusted EBITDA increased by 125% to $83.3 million, a new record high
  • Operating profit increased more than three times to $52.0 million
  • Net Income increased to $5.5 million gain from $1.1 million loss

Continuing Cost Advantages

  • Operating costs in the Llanos 34 block (GeoPark operated, 45% WI) of $3.9 per barrel
  • Consolidated operating costs of $8.5 per boe and Colombia $5.9 per boe

Stronger Balance Sheet

  • Net debt to Adjusted EBITDA ratio improved to 1.3x from 2.2x
  • Cash position of $105.2 million

Improving Market Liquidity

  • •Average daily stock trading volume climbed to $8.7 million in June, $6.5 million in the past three months

Community Award

  • GeoPark Colombia team received the “Good Neighbor” award from the ANH for its excellent social practices in Colombia. GeoPark was selected from among 107 different initiatives by a panel consisting of the United Nations, Ministry of Mines and Energy and the ANH

→ Read the full press release.