GPRK

Image source: The Motley Fool. Wednesday, Aug. 5, 2026 at 10 a.m. ET Chief Executive Officer - Felipe Bayon Pardo Chief Financial Officer - Jaime Caballero Uribe Chief Operating Officer - Rodolfo Martin Terrado Chief Exploration and Development Officer - Rodrigo Dalle Fiore Shareholder Value and Capital Markets Director - Maria Catalina Escobar Operator: Good morning, and welcome to the GeoPark Limited Conference Call following the results announcement for the second quarter ended June 30, 2026. After the speakers' remarks, there will be a question and answer session. If you would like to ask a question at this time, press 1 on your telephone keypad. If you would like to withdraw your question, If you do not have a copy of the press release, it is available at the Invest With Us section on the company's corporate website at www.geo-park.com. A replay of today's call may be accessed through this web in the Invest With Us section of the GeoPark corporate website. Before we continue, please note that certain statements contained in the results press release and on this conference call are forward looking statements rather than historical facts. And are subject to risks and uncertainties that could cause actual results to differ materially from those described. With respect to such forward looking statements, the company seeks protections afforded by the Private Securities Litigation Reform Act of 2000. These risks include a variety of factors, including competitive development, and risk factors listed from time to time in the company's SEC reports and public releases. Those lists are intended to identify certain principal factors that could cause actual results to differ materially from those described in the forward looking statements. But are not intended to represent a complete list of the company's business. All financial figures included herein were prepared in accordance with IFRS and are stated in US dollars unless otherwise noted. Reserves figures correspond to PRMS standards. On the call today from GeoPark is Felipe Bayon, chief executive officer Jaime Caballero, chief financial officer Martin Terrado, chief operating officer, Rodrigo Dalle Fiore, chief exploration and development officer and Maria Catalina Escobar, shareholder value and capital markets director. And now I will turn the call over to Mr. Felipe Bayon, Mr. Bayon, you may begin. Felipe Bayon Pardo: Good morning, everyone, and thank you for joining us for our second quarter 26 results call. We delivered another quarter of consistent execution. Demonstrating the resilience of our core business while continuing to advance in our strategic priorities. Colombia continues to provide resilient production and cash generation while Argentina is progressing well and becoming an increasingly important contributor to our future growth. During the second quarter, we achieved production on an average of 37.3 thousand barrels of oil equivalent per day performing within our full year guidance and broadly in line with the first quarter. This consistency reflects disciplined reservoir management and the operational capabilities of our teams. In Argentina, execution accelerated significantly during the quarter. We completed drilling on pad 1.03 thousand advancing hydraulic fracturing campaign and secured environmental approval for the next phase of drilling in Loma Jarillosa These milestones reinforce our confidence in the quality of the assets and in our ability to deliver the targeted exit production of approximately 5 thousand-6 thousand barrels of oil equivalent per day by year-end 2026. Importantly, we also secured a dedicated drilling rig under a 3-year agreement providing long term execution certainty for the development of our Vaca Muerta program. In addition, together with Gas y Petroleo del Neuquen, we applied to Argentina's RIGI Investment Incentive Program which supports the development of our unconventional oil hub and reinforces our long term growth strategy. Argentina continues to evolve into a transformational growth platform for GeoPark. In Colombia, Llanos 34 continued benefiting from disciplined reservoir management and secondary recovery initiatives. CPO-5 remained a very stable contributor despite operational challenges experienced earlier in the year, while Llanos 23 continued to perform well through ongoing development activities. Together, these assets continue to provide stable production and cash generation. Importantly, all operations were conducted with strong health and safety performance with no injuries and no major process safety events. The quarter also benefit from a stronger commodity price environment. Brent averaged approximately $97/bbl and narrower Vasconia differential supported higher realized prices partly offset by hedging cost. This operational and commercial performance translated into solid financial results. Revenue increased 12% sequentially to $143.3 million supported by stable production and improved realized prices. Adjusted EBITDA reached $73.1 million representing a 51% margin despite higher energy cost and the strong appreciation of the Colombian and Argentine currencies which impacted our operating cost. Operating profit totaled $40.8 million, compared with the previous quarter it is important to remember that the first quarter results, a nonrecurring breakup fee associated with the Frontera acquisition. Net income for the quarter was $14 million Capital allocation remained disciplined throughout the quarter. We invested approximately $76 million with nearly 2 thirds directed to Argentina as we continue executing the Vaca Muerta development plan while maintaining a 19% return on average capital employed. Our balance sheet remains 1 of GeoPark's key competitive advantages. During the quarter, our cash position increased to $316 million and we reduced net leverage to 1.2x EBITDA. We also renewed and extended a committed contingent credit facility through 2028 providing additional financial flexibility as we execute our investment program. Our disciplined risk management approach also remains unchanged. We continue protecting cash flows through 3 way colors covering approximately 19 thousand barrels per day during 2026, while approximately 19 thousand barrels per day of expected 2027 production has already been protected under similar structures. This approach provides downside protection while preserving upside participation. The board declared a quarterly dividend of $0.023 per share representing the final payment under the dividend framework announced last year. As previously communicated, our capital allocation priorities are now on completing this peak investment phase while preserving balance sheet strength and positioning the company for the next stage of free cash flow generation. Overall, we believe GeoPark is very well positioned. Our Colombian portfolio continues generating resilient cash flows. Argentina is advancing, and our balance sheet provides the financial flexibility to continue with the disciplined pursuit of material inorganic options in Colombia, Argentina, and Venezuela. Would like to recognize the continued commitment of our employees and contractors and their focus on safety, operational excellence, and efficiency to deliver these results. Before closing, I would like to take a moment to thank our shareholders For their continued support reflected in the successful outcome of our annual general meeting all resolutions were approved by more than 99% of votes cast. Following the strengthening of our long term shareholder base earlier this year, with a strategic investment from Grupo Gilinski, we have been glad to welcome a number of other long term shareholders to our company. The AGM approved the appointment of new members to our board of directors. To this effect, I would like to sincerely thank Sylvia Escobar, and Marcela Vaca for their dedication and valuable contributions to GeoPark over the years, and welcome Dorita Gilinski and Camilo Martinez to our board. We look forward to their contributions. Thank you again for joining us. And with that, let's open the floor to your questions. Operator: If you would like to ask a question, please press * on your telephone keypad. To withdraw any questions, press * again. Our first question comes from Alejandro Anibal Demichelis from Jefferies. Please go ahead. Your line is open. Alejandro Anibal Demichelis: Morning, gentlemen. Thank you very much for taking my questions and congratulations on the results. Philippe, couple of questions, if I may, please. First 1 is with the new Colombian administration kind of coming in very shortly, what kind of changes in policies for the sector can you expect, and how do you see those benefiting GeoPark? And then the second question is, you just mentioned some opportunities in Venezuela Maybe you can give us some kind of indication of what are those kinds of size and quality of the opportunities that you have seen in Venezuela, please. Thank you. Felipe Bayon Pardo: Thanks, Alejandro, and good morning. And thanks for joining the call. And thanks for your congratulations on the results. The first thing in terms of Colombia, and I will I will start there. We are very pleased with the incoming government. The government the incoming administration has been very vocal in terms of their support to oil and gas and mining and infrastructure and an overall private investment and creating good conditions for that investment to be received by Columbia. So I think from that point of view, we are we are very, very pleased, especially Alejandro with the backdrop of the current government that has been against industry, you know, quite publicly in terms of no new licensing for oil and gas, and absolutely very, very little support for industry. So from that point of view, I think we are very pleased. We have already had discussions with the incoming administration And as you know, GeoPark is a long term investor in Colombia. Colombia is the source of our cash generation. it is it is where we are actually supporting the growth that we are seeing in Vaca Muerta in particular. So we are very, very pleased with that. And I would say, Alejandro, 1 thing is, we do see some good opportunity set, a good opportunity set in Colombia, both in the conventional and the unconventional hydrocarbons. And also in oil and gas or liquids and gas. As you very well know, Colombia has a structural shortage of gas where the country is importing 30-35% of the gas it uses on a daily basis. And, Alejandro, I would like to create a bridge to Argentina. Which I think is very relevant. As you well know, and I know it was not in the question, but I think it is relevant for context we acquired the areas from Pluspetrol September of last year. In October, we actually started operating And today, we have already drilled our 5 initial horizontal wells and we fracked those wells. So in 9 months, we have gone from entering into an area to fracking the wells. And as a matter of fact, Alejandro, the first well started flowing yesterday. And it will take some time for the cleanup and everything else and stabilizing that production And the bridge I wanna make is we have discussed this before in other calls, how do we bring that expertise from Argentina into Colombia? And when I have spoken to some of the, new members of congress and new members of the incoming government and say, look, GeoPark is a company that has actually fracked, and we have had experience in fracking, so I think that is sort of a differentiator as a company is something that can play very well in terms of Colombia and opportunities. And there is a massive, massive opportunity set in unconventionals in Colombia. So that is something that we are assessing, Alejandro. And so in terms of changes, because that is part of your question is, I think in terms of new licensing rounds, both conventional and unconventional oil and gas, there is a lot of discussion around environmental permitting, so the public audiences with the communities and everything else. So I do sense that there will be some changes But I would like to highlight, Alejandro, that having said all of that, it is not immediate. You know? Inauguration is in a couple days. it is not going to happen on the next day or August 8. It will take some time, but I do see a lot of the right signals from government. And GeoPark is ready to do its part. You know? We are willing to invest. We are willing to grow in Colombia should there be opportunities. And as you know, the technical teams have been looking at these and assessing opportunities. So that is the first part. And you asked about Venezuela. Opportunities in Venezuela. And the first thing I would say is that our thoughts and prayers and support goes to the people that suffered. Or have suffered and are suffering after the earthquakes of June 24th, So over the last months, 4-5 months, myself, the team, we visited Venezuela numerous occasions. There is a lot of, opportunities. I mean, the potential in terms of the oil in place in different licenses in different basins, is very, very large. We are assessing several opportunities. I will not go into details. But we are very pleased in terms of the technical aspects of the licenses, some of the terms that are being discussed, the quality of the people in PDVSA. I would like to highlight that. So there is some very good conversations going on. And, hopefully, we can get some of those opportunities across the finish line. And Alejandro, lastly, will obviously inform the markets and share with the markets any updates, when those, when those happen. Thanks, Alejandro. Alejandro Anibal Demichelis: Thank you very much for the answers. Felipe Bayon Pardo: Thank you. Operator: Our next question comes from the web. Andres Peltaso from Itau BBA asks, what is the estimated CapEx for the remainder of 2026 in Vaca Muerta? Could you provide a breakdown by quarter? Along with the main activities driving the spend? Rodolfo Martin Terrado: Good morning, Andres, this is Martin Terrado. Thanks again for your interest in GeoPark. We are very, very proud Of The Accomplishments We Had In Vaca Muerta. I will go straight to your question, and then I want to expand a little bit on the comments from Felipe. But, basically, for the second half of the year, we expect in the order of $40 million to $50 million of capital investment That is pretty much aligned with what we have done in the first half of the year, which was, as Felipe said, 2-thirds of our capital program for the first half around $55 million So what we have done in the first half on CapEx is mainly workovers drilling and completion. And a little bit of facilities upgrade. As we go into the second half of the year, it is going to switch, and it is gonna go mainly to finishing the facility upgrades, finishing connection to a neighboring operator that has spare capacity, and also the completion of a water disposal well. On top of that, we are going to be building the pad that will be the first pad to be drilled early next year, spotting in December of this year with a rig that Felipe mentioned that has been awarded for our fact mode. So that is a high level. How the split, you can think about it, is going to be around 70-80% of those 40 to 50 in the third quarter and the remaining on the fourth quarter. And I do want to reiterate 1 more time how proud we are of our team accomplishments in Vaca Muerta, during the past months, 9 months that have been full of activity, drilling, completing, doing facilities work. We have fracked 180 stages, incident-free. And the efficiencies that we have seen and with our team during the frac stages are amongst the top quartile. And some of those metrics, I mean, the number of fracs per day we have done several days with 9 fracs per day. that is a benchmark. On our number of hours per day where the frac sets were working, again, several days with 20 days 20 hours per day, fully operational. So that is a little bit of flavor of Vaca Muerta and the answer to your question. Operator: Our next question also comes from the web. It comes from Alvaro Pelaez from BTG Pactual. They ask given the given the currently favorable oil market outlook, and the fact that it generated $41 million in hedging losses, why would you increase your hedging position in 2027? And secondly, they ask, are the wells you are planning to tie in Argentina in 2H 2026 within the RIGI proposal? If so, will you only tie in the wells until the RIGI application is approved? Felipe Bayon Pardo: Thanks, Alvaro. And this is Felipe, and I will start with the second question, and then I will ask Jaime to take the first 1. If that is all right. Just to continue with the conversation around Vaca Muerta. So as I was mentioning earlier, the wells that we have drilled are being put into production as we speak. So we are not going to wait Actually, the first well it started flowing yesterday. And, we have some, facilities that we need to start in the pad of the wells. So we will be seeing some increase in production in Vaca Muerta, and at the end of the year from around 5 thousand-6 thousand barrels per day. We are expecting, I mean, a statement from the government around RIGI. We have had some very good discussions over the last few months but we will wait for that approval on the RIGI when it comes. And that will eventually and if it is granted, we will cover everything else, our factory drilling and the big investments on the completion of 1 portion of the pipeline a full processing facilities, and the factory mode drilling. So the wells that we have drilled will be connected or in the next and put into production in the next few days and weeks. Jaime Caballero Uribe: Jaime? Sure. Hi, Alvaro. Hi, everybody. In the matter of hedging, I think we need to start first with, you know, what is the purpose of hedging. And know, our goal at GeoPark is to deliver strong double digits risk adjusted returns under any market period. And in that context, having the possibility of delivering predictable cash flow in a period where we are going to be having increased investment and where we have persistent volatility, is key. And that is that is what we are seeing. If we wanna put color on that, we are going through a phase in the company where as we are growing our exposure to Vaca Muerta, there is increased capital deployment And as you all know, those who have been following us, we also have a an inorganic ambition that would also require that. So that is that is why we believe that hedging needs to be part of the equation. And it will continue to be part of the equation. In that context, when we look at 2027, currently, we see that there we were under market conditions that allow us to obtain some very attractive floors for our pricing. To give you an example, over the last few weeks, we have been able to attain positions where we are accessing floors of $75/bbl and ceilings of $85-$86/bbl. In that price environment of $75-$86, the company can deliver very, very, very attractive cash flow very attractive returns, and that is good. And it also gives us the comfortable position that we know as we engage in more investments in Vaca Muerta or elsewhere that the balance sheet of the company is not gonna be compromised. So that is the rationale, Alvaro. Felipe Bayon Pardo: Thank you, Jaime. Operator: And our next question comes from Gustavo Sadka from Bradesco. Please go ahead. Your line is open. Analyst: Hello. Good morning, everyone. So I have a couple questions here. My first 1 is about cost. We saw a strong uptake in cost this quarter. It seems to be driven by the Colombian peso and Argentina peso. Appreciation and energy cost. Based on how these variables evolve recently, it is reasonable to expect normalization in the second half of the year. Or should we expect costs to remain at this level? And my second question is a follow-up on the Colombia question. This unconventional potential in Colombia should be now a possibility with this new government. Does GeoPark think conventional development is something that we could see in all GeoPark's blocks? Or this would or would GeoPark have to pursue new bidding rounds? And also in conventional oil in Colombia, are new bidding rounds something that could attract interest for GeoPark? These are my questions. Thank you. Felipe Bayon Pardo: Thanks, Gustavo, and good morning, and thanks for being in the call today. Good morning. And, yes, you have mentioned and we have reported, there is upward pressure on our operating cost from both the Colombian and Argentine currencies appreciation versus the dollar. And Martin will give us a bit of a flavor in terms of magnitudes and everything else. And I think also because of energy. And we need to be sure that we have, factored something that is upcoming, which is El Nino. You know, the phenomenon of El Nino with droughts and very little rain that will eventually take energy prices higher up. We have done a lot of work in terms of getting ready for that, and Martin will take us through that. But we do see, Gustavo, that from the initial guidance that was $13-$15/bbl, we are outside of the guidance, and we are moving north. If you will. We will be higher up in terms of where we end up the year. So, Martin, why do not you give us a bit more details around that? And then I will take the other question. Rodolfo Martin Terrado: Yes. So hello, Gustavo. Thanks again for your for your question. So the increase in operating cost as was stated by Felipe during the first half of the year reflects basically the combination of the FX impacts and the higher energy demand. And prices in Llanos 34. So it is demand and prices for Llanos 34. When we look at a unit basis, the lifting cost increase in the first quarter of this year from 14.7 to the quarter which has finished 17.8. So the average that we had for the first half was 16.2. And our guidance has been 13-15. So it is outside of the guidance. For the full year, we currently expect the lifting cost to pretty much stay within where they are. So our guidance for the second half on finishing the year is in the order of $17-$19/bbl now. This is mainly again, if you look at each of the effects, the FX of exchange rate is in the order of $2.1-$2.5/bbl in our OpEx, and the impact on the energy costs that are rising about 1.5. So what we are doing on this matter, we have some long term long-term initiatives, which is connections to the electric grid. We are already connected, but we have 2 initiatives which are already ongoing. To have a greater flexibility. Those will be coming next year and the year after. We have already signed a contract on biomass energy. But for short term, our focus is on getting the lower energy cost, looking at instead of spot, what we can do on fixed contracts. And also on different sources. So we are looking at different sources that could be available such as fuel and others. And then we look inside. And what is it that we can do to improve our efficiency energy efficiency? And I will give you 1 example so that I do not extend that much, but 1 example is in the past year, we have captured all of our gas and we are generating out of that gas around 1.5 MW. And our field consumes in the order of 65 MW. So those are things that we are looking working internally and with our contractors to see, you know, can we reduce the energy consumption of our pumps and so forth. And finally, 1 of the numbers that we have done so that you get a sense, we have done some sensitivity. And for each 100 pesos per US dollar, that the exchange rate changes, for the for the for the remaining of the year, it will mean around $2.5 million either above or below in our OpEx. So it is considerable and, like I said, we are working on all those fronts. Thanks. Felipe Bayon Pardo: Thanks, Martin. And I would just add that, Gustavo. Obviously, we are we are doing everything in terms of our own remit of responsibilities in terms of ensuring that our operations are safe and efficient and reliable. And we will see where the exchange rate will go. You know? Last week, the central bank intervened with the purchase of dollars. The dollar has gone up a bit, but, know, we will need to operate efficiently and reliably. And we will continue to do what is within our own hands in terms of our operations. I will I will move on to your question on Colombia. And I will I do not wanna repeat myself, but we are very excited with the incoming government. They have been supportive of, industry overall, of investment. Of rule of law, and they are very keen on trying to do things quickly. You know? And that is why I was mentioning our experience in Vaca Muerta. You know, from receiving the operation to fracking in 9 months. With drilling wells in the middle of that. So we can be very agile. We can be very nimble, and we can operate safely. And we are definitely interested definitely interested in the unconventional potential in Colombia. Absolutely. So I mean, a lot of our team members have a lot of experience in unconventionals. And 1 of the strategic reasons behind Vaca Muerta, which is a great investment for the company, and even better with the RIGI opportunity or possibility, is to bring some of that expertise and know how back to Colombia. So doing the fracking and doing the unconventional development and bringing some of that experience back to Colombia. So if there is no bidding, in unconventionals and conventionals, we will obviously look at that. You know? We are we have a strong foothold in Colombia. We like operating here. We are committed to the country. So we will definitely look at the opportunities as they come and be very proactive in terms of, capturing some of those opportunities. Thanks, Gustavo. Thanks for the questions. Operator: And our next question comes from the web. it is from Joaquin Robet from Balanz. The first question reads, water flooding has helped support production at LL a 34. How do you plan to keep output stable going forward? And secondly, with a strong hedge position in place for 2H 2026, how should we think about expected hedging results over the next 2 quarters? Felipe Bayon Pardo: Thanks, Joaquin. And I will ask Rodrigo to take the first 1, and Jaime, if you can take the second 1. Rodrigo. Rodrigo Dalle Fiore: Hello, Joaquin. Thank you for your question. Actually, waterflooding is key not only in production but represents 25% of the production of the Llanos 34 today. Those are key to the development plan. But waterflood is not the only thing that we are executing and doing in the field. We are we are executing an infill development, an infill drilling program with a relative with very successful last year with 6 wells. We started this year with the 7, and we are moving to the north of the field with another 7 wells in that area. Actually, we are executing a work program where we execute, we expect to finish the year with more than 25 workovers in the field. And we have 4 wells injecting polymer today. We expect to finish the year with 9 injectors and for next year, for the beginning of next year, we want to add another 9 wells for a total of 18 wells in polymer flood. So we are doing a lot of things to keep production stable, This is impossible to do it if we are not very detailed in the disciplined operation. And also have a very strong alignment with our partner. So that is key also in this relationship that we have. If you ask about the future, what we are thinking about the future, most of the activity in waterflooding and polymer are located in the southwest of the field, What we expect is to move to the Northwest Northeast of the field with new injector wells, so the waterflooding is not there yet. that is the plan for the rest of this year. And next year with more infill drilling wells, injector wells in term of the water and polymer as well. So that is the plan that we have to keep production stable. In Llanos 34. Very well, Rodrigo. Thank you. Felipe Bayon Pardo: Jaime. Jaime Caballero Uribe: Yes. And Joaquin, moving on to the question around hedging. Basically, 2026 position has remained unchanged since the last call that we have had. It was a position that was acquired probably at the back end of last year or early, 20 thousand barrels a day of barrels that we have hedged. We are we have a growing set of volumes in 3Q and 4Q that can get to about 25 thousand bbl/d after Vaca Muerta production ramps up. So that is remained unchanged since the last call. The floors and ceilings associated to that production are $65/bbl on the floor end and ceilings of about $72-$73/bbl That position provides price support for a full year EBITDA that is in excess of $250 million despite the cost escalation that we have been talking about. Today. So even in these scenarios of, when you think about the ranges that Martin spoke about, the $17-$19/bbl potentially of OpEx cost escalation, we are expecting to have an EBITDA that is strong and competitive. Thanks. Felipe Bayon Pardo: Thank you, Jaime, and thanks, Joaquin. Operator: Our next question comes from the web as well. It comes from Isabella Pacheco from Bank of America. It reads, what are your expectations on social unrest under the new administration in Colombia? Can GeoPark do anything to work around it? Felipe Bayon Pardo: Thanks, Isabella, and thanks for the question. 1 of the things that in GeoPark we value. it is part of our core values. it is this long term relationships with the communities, and the overall environment in which we operate And I will probably share something with you, Isabella, I joined the company just over a year ago. And 1 of the key reasons why I joined GeoPark is the way in which GeoPark conducted its businesses. In terms of being a safe operator, a reliable operator, an operator that in terms of both the environment and the communities did things very well. So I think I mean, its history, GeoPark has built very strong relationships with the local communities in terms of some of them providing goods and works and actually working in some of our fields with the authorities and the likes and that is not gonna change. You know, with the incoming administration. I think we will just continue to strengthen how we do things in terms of our activities, working with those communities, our social investment, and a long term view and a long term view. So we will be we will be watchful. We will be very, very proactive. And always sort of approaching this in a matter that is respectful and that actually has this long term view in mind. Thanks, Isabella. Operator: And our last question from the web comes from Peter Low from Jefferies. On inorganic growth opportunities. Is GeoPark considering only oil focused assets or gas assets a possibility as well. Particularly in Colombia, where natural gas looks to be experiencing a multiyear supply demand imbalance. Thank you. Felipe Bayon Pardo: Thanks, Peter. Thanks for the question. Yeah. I mean, we have been indeed focused in oil. We, I mean, we produce some gas, and we do some self power generation. In the field But gas and gas plays and gas opportunities is something that we have looked at throughout the years. So we are not closed to gas opportunities, as you rightly point out, there is a deficit in terms of demand of gas in Colombia, And I would probably just add that we firmly believe there are opportunities, gas opportunities in Colombia. Some of them associated with unconventionals that we have already mentioned in the call. So if through fracking of and developing the unconventionals, we can get some gas to the market, that is something that we are ready to pursue. there is bigger opportunities around gas, but those are outside of the remit of the company. You know, things like the offshore And probably the other thing, and I will tie it back to a question that was made earlier, is there could be some opportunities, cross border opportunities with Venezuela around gas. So that is something else that we have looked at, and we are not close to that. So definitely gas is something that we should the right opportunity come, we want to be involved, and we will continue to be proactive in that space. Thanks, Peter. Operator: And we have no further questions. Would like to turn the call back over to the company's CEO, Felipe Bayon, for closing remarks. Felipe Bayon Pardo: Thank you. Thanks a lot. And, again, thanks for participating this morning and this afternoon in this call for our Q2 results Very, very thrilled with what is going on in terms of how we have managed to implement strategy which is absolutely, as we have discussed before, 2 main things, protecting what we have, and we have some good operating results in Colombia and in Argentina and Vaca Muerta. And going back to a path of growth. which Vaca Muerta has actually delivered to us so far, and we are very happy with that. And going forward, we have talked about opportunities in Colombia. So, we will continue to work on those. Opportunities in Venezuela. And I just wanna highlight that there is some potential opportunities in Argentina as well. You know, there is an upcoming round before the end of the month, and we should be participating in that round as we want to grow our presence in Argentina. And 1 last thing I would say, you know, given where we are with the current environment, the incoming government, before we have said that we wanted to be probably around $190 million to $220 million of CapEx. We see an opportunity of accelerating. Some activities that are accretive in value and we see that the CapEx number could go all the way to $250 million. So I think that just reinforces our commitment to the geographies and countries in which we operate, and our willingness to continue to provide value to shareholders. So thanks again for your interest in the company. And for joining today's call. Have a great day, and stay safe. Operator: This concludes today's conference call. Thank you for your participation. 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Interested in Geopark Ltd? Here are five stocks we like better. Strong Q2 financial performance: GeoPark’s production reached 27,271 barrels of oil equivalent per day, while revenue rose 12% sequentially to $143.3 million and adjusted EBITDA totaled $73.1 million, a 51% margin. Vaca Muerta investment is accelerating: GeoPark plans to invest $40 million–$50 million in Argentina during the second half of 2026 and expects Vaca Muerta production to reach 5,000–6,000 barrels of oil equivalent per day by year-end. Higher costs and expanded capital flexibility: Rising currency and energy costs pushed full-year lifting-cost guidance to $17–$19 per barrel. The company reduced net leverage to 1.2 times EBITDA, hedged much of its 2026 production, and said capital spending could increase to as much as $250 million for value-accretive opportunities. Geopark (NYSE:GPRK) reported second-quarter 2026 production of 27,271 barrels of oil equivalent per day and said stable Colombian operations and accelerating development activity in Argentina supported sequential revenue growth and continued investment in its Vaca Muerta program. Chief Executive Officer Felipe Bayon said production was within the company’s full-year guidance and broadly consistent with the first quarter, citing disciplined reservoir management and operating execution. Revenue rose 12% from the prior quarter to $143.3 million, while adjusted EBITDA reached $73.1 million, representing a 51% margin. Operating profit was $40.8 million and net income totaled $14 million. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling Bayon said the quarter benefited from a stronger commodity-price environment, with Brent averaging about $97 per barrel and a narrower Vasconia differential supporting realized prices. Higher energy costs and appreciation in the Colombian and Argentine currencies increased operating costs, however. GeoPark said it completed drilling on Pad 1030 in Argentina, advanced its hydraulic fracturing campaign and obtained environmental approval for the next drilling phase at Loma Jarillosa Este. The company has secured a dedicated drilling rig through a three-year agreement for its Vaca Muerta development program. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Bayon said the company’s first well in the recently drilled group began flowing the day before the call, though it will require cleanup and time to stabilize production. GeoPark expects Vaca Muerta production to reach approximately 5,000 to 6,000 barrels of oil equivalent per day by the end of 2026. The company and Gas y Petróleo del Neuquén also applied to Argentina’s RIGI Investment Incentive Program. Bayon said the wells already drilled will be connected and put into production in the coming days and weeks and will not wait for a decision on the RIGI application. If approved, the program would cover future factory-mode drilling and larger investments, including pipeline and processing infrastructure, he said. → No Hangover: Revisiting Microsoft One Week After Earnings Chief Operating Officer Martín Terrado said GeoPark expects to invest $40 million to $50 million in Vaca Muerta during the second half of 2026, following roughly $55 million of spending in the first half. About 70% to 80% of the second-half investment is expected in the third quarter, with the remainder in the fourth quarter. Second-half work is expected to focus on completing facility upgrades, connecting to a neighboring operator with spare capacity, completing a water-disposal well and building a pad for drilling expected to begin early next year. Terrado said the company completed 180 fracture stages without incidents and recorded several days with nine fracture stages per day. In Colombia, Bayon said Llanos 34 continued to benefit from reservoir management and secondary recovery work, while CPO-5 remained stable despite operational challenges earlier in the year. Llanos 123 also continued to perform through development activities. Chief Exploration and Development Officer Rodrigo Dalle Fiore said water flooding accounts for 25% of current production at Llanos 34 and remains central to the field’s development plan. The company is also conducting infield drilling, workovers and polymer-injection activity. GeoPark expects to finish the year with more than 25 workovers and nine polymer injectors, and plans to add another nine polymer wells at the beginning of next year. Terrado said lifting costs increased from $14.70 per barrel in the first quarter to $17.80 per barrel in the second quarter, producing a first-half average of $16.20 per barrel, above prior guidance of $13 to $15 per barrel. The company now expects full-year lifting costs to finish in a range of $17 to $19 per barrel. He attributed the increase primarily to currency movements and higher energy demand and prices at Llanos 34. Terrado said foreign-exchange effects accounted for approximately $2.10 to $2.50 per barrel of operating expenses, while energy costs added about $1.50 per barrel. The company is pursuing energy-efficiency measures, fixed-price supply arrangements, expanded grid flexibility and biomass-energy initiatives. GeoPark invested about $76 million during the quarter, with nearly two-thirds directed to Argentina. Cash increased to $316 million and net leverage declined to 1.2 times EBITDA. The company also renewed and extended a committed contingent credit facility through 2028. The board declared a quarterly dividend of $0.023 per share, which Bayon described as the final payment under the dividend framework announced last year. He said the company’s capital-allocation priorities are completing its peak investment phase, maintaining balance-sheet strength and positioning for future free-cash-flow generation. Chief Financial Officer Jaime Caballero said GeoPark has hedged about 20,000 barrels per day of 2026 production, with volumes rising to roughly 25,000 barrels per day in the third and fourth quarters as Vaca Muerta output increases. The 2026 hedges carry floors of $65 per barrel and ceilings of approximately $72 to $73 per barrel. Caballero said the company has also established 2027 positions with floors around $75 per barrel and ceilings of $85 to $86 per barrel. Bayon said GeoPark sees opportunities for conventional and unconventional oil and gas investment in Colombia, citing support for the sector from the incoming administration. He also said the company is assessing opportunities in Venezuela and could consider gas opportunities, including those linked to Colombia’s gas supply-demand imbalance. In Argentina, GeoPark plans to participate in an upcoming round before month-end as it seeks to expand its presence. Bayon added that the company’s capital spending, previously expected to be about $190 million to $220 million, could rise to as much as $250 million if it accelerates activities management considers value-accretive. Geopark Ltd. (NYSE:GPRK) is an independent oil and gas exploration and production company focused on Latin America. Founded in 2002 and with corporate offices in Canada and regional headquarters in Bogotá, Colombia, Geopark pursues the discovery and development of unconventional and conventional hydrocarbon resources. The company's strategy emphasizes asset consolidation in established basins alongside disciplined capital allocation to maximize production efficiency. The company's core operations are centered in Colombia's Llanos Basin, where it holds interests in several producing blocks that deliver light crude oil to local and export markets. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Geopark Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Revenue: $143.3 million, up 12% sequentially. Adjusted EBITDA: $73.1 million, representing a 51% margin. Operating Profit: $40.8 million. Net Income: $14 million for the quarter. Production: Averaged 27,271 barrels of oil equivalent per day. Capital Expenditures: Approximately $76 million invested, with nearly two-thirds directed to Argentina. Cash Position: Increased to $316 million. Net Leverage: Reduced to 1.2 times EBITDA. Return on Average Capital Employed: 19%. Dividend: Quarterly dividend of $0.023 per share declared. Warning! GuruFocus has detected 3 Warning Signs with GPRK. Is GPRK fairly valued? Test your thesis with our free DCF calculator. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. GeoPark Ltd (NYSE:GPRK) delivered consistent production of 27,271 boe/d in Q2 2026, in line with full-year guidance and supported by disciplined reservoir management. The company achieved strong financial results with revenue up 12% sequentially to $143.3 million and adjusted EBITDA of $73.1 million, reflecting a 51% margin. GeoPark Ltd (NYSE:GPRK) reduced net leverage to 1.2x EBITDA and increased cash to $316 million, strengthening its balance sheet and financial flexibility. Execution in Argentina's Vaca Muerta accelerated, with drilling completed on PAD 1,030, environmental approval secured for the next phase, and a three-year rig contract ensuring long-term development certainty. The company secured a committed contingent credit facility through 2028 and maintains a disciplined hedging program, protecting cash flows with floors at $75/bbl for 2027. GeoPark Ltd (NYSE:GPRK) is well-positioned for inorganic growth opportunities in Colombia, Argentina, and Venezuela, with a strong shareholder base and board support. Operating costs increased due to the appreciation of the Colombian and Argentine currencies and higher energy costs, pushing lifting costs above guidance to $16.2/bbl in H1 2026. The company expects lifting costs to remain elevated at $17-$19/bbl for the full year, exceeding the initial guidance of $13-$15/bbl. Hedging losses of $41 million in Q2 2026 negatively impacted financial results, and the company plans to increase hedging positions for 2027, which may limit upside in a favorable oil price environment. GeoPark Ltd (NYSE:GPRK) faces potential operational challenges from the upcoming El Nino phenomenon, which could drive energy prices higher and further pressure costs. The company's capital expenditure guidance has been increased to up to $250 million, reflecting accelerated activities, which may strain cash flows during the peak investment phase. Geopolitical and regulatory uncertainties remain, including the transition to a new Colombian administration and the pending approval of the RIGI incentive program in Argentina. Q: With the new Colombian administration coming in very shortly, what kind of changes on policies for the sector can you expect, and how do you see those benefiting GeoPark? Also, can you provide some indication of the opportunities you see in Venezuela? A: Felipe Bayon, CEO, expressed strong optimism about the incoming Colombian government, which has signaled support for oil, gas, mining, and private investment, contrasting with the current administration's stance against new licensing. He noted that GeoPark has already held discussions with the incoming team and sees a significant opportunity set in both conventional and unconventional hydrocarbons, especially given Colombia's structural gas shortage. Regarding Venezuela, Bayon stated the company is evaluating several opportunities with large oil-in-place potential, praising the technical aspects of the licenses and the quality of people at PDVSA, though he did not provide specific details. Q: What is the estimated CapEx for the remainder of 2026 in Vaca Muerta, and could you provide a breakdown by quarter along with the main activities driving the spend? A: Martin Tirado, COO, stated that for the second half of the year, GeoPark expects capital investment of approximately $40 million to $50 million, aligned with the first half's spending. The focus will shift from drilling and completion to finishing facility upgrades, connecting to a neighboring operator with spare capacity, and completing a water disposal well. They will also begin building the pad for the first well to be drilled early next year. The spending split is expected to be around 70% to 80% in the third quarter, with the remainder in the fourth quarter. Tirado also highlighted operational efficiency, noting they have tracked 180 stages incident-free and achieved top-quartile fracking metrics, including nine fracs per day. Q: Given the favorable oil market outlook and the $41 million in hedging losses, why would you increase your hedging position in 2027? Also, are the wells you plan to tie in Argentina in 2H26 within the RIGI proposal? A: Jaime Caballero, CFO, explained that hedging is crucial for delivering predictable cash flow during a period of increased investment and persistent volatility. He noted that current market conditions allow for attractive floors of $75 per barrel and ceilings of $85-$86 per barrel for 2027, which still enables the company to deliver strong returns while protecting the balance sheet. On the RIGI question, Felipe Bayon, CEO, clarified that the wells already drilled are being put into production immediatelythe first well started flowing the day before the calland will not wait for RIGI approval. The RIGI program, once approved, would cover future factory drilling and larger investments in pipelines and processing facilities. Q: We saw a stronger uptick in costs this quarter, driven by currency appreciation and energy costs. Is this level reasonable for the second half of the year? Also, is unconventional potential in Colombia now a possibility with the new government, and would new bidding rounds be of interest? A: Martin Tirado, COO, confirmed that lifting costs have risen to $17.8 per barrel in Q2 from $14.7 in Q1, with the first-half average at $16.2, exceeding the original $13-$15 guidance. He revised full-year guidance to $17-$19 per barrel, attributing the increase to FX impacts of $2.1-$2.5 per barrel and higher energy costs of about $1.5. The company is pursuing long-term initiatives like grid connections and biomass energy contracts, but near-term focus is on fixed-price contracts and energy efficiency. Felipe Bayon, CEO, added that the company is very interested in Colombia's unconventional potential, and the experience gained in Vaca Muertafrom receiving operations to fracking in nine monthspositions GeoPark well to bring that expertise back to Colombia. He confirmed they would actively pursue new bidding rounds in both conventional and unconventional assets. Q: Water flooding has helped support production at LLA 34. How do you plan to keep output stable going forward? And with a strong hedge position for 2H26, how should we think about expected hedging results? A: Rodrigo Fiori, Chief Exploration and Development Officer, detailed that water flooding represents 25% of LLA 34's production, but the company is executing a multi-pronged strategy including an infield drilling program (seven wells this year, moving north with another seven), over 25 workovers, and expanding polymer injection from four wells to 18 by early next year. The plan is to expand water flooding to the northwest and northeast of the field. Jaime Caballero, CFO, stated that the 2026 hedge position remains unchanged, covering about 20,000 barrels per day, growing to 25,000 as Vaca Muerta ramps up, with floors at $65 and ceilings at $72-$73. This position supports full-year EBITDA in excess of $250 million, even with the cost escalation discussed. Q: What are your expectations on social unrest under the new administration in Colombia, and can GeoPark do anything to work around it? A: Felipe Bayon, CEO, emphasized that GeoPark's core values include building long-term relationships with communities, which has been a key reason he joined the company. He stated that the company's approach of being a safe, reliable operator with strong community engagement will not change under the new administration. GeoPark will continue to strengthen its social investment and maintain a respectful, long-term view in its operations, working proactively with local communities and authorities. Q: On inorganic growth opportunities, is GeoPark considering only oil-focused assets, or are gas assets a possibility as well, particularly in Colombia where natural gas is experiencing a supply-demand imbalance? A: Felipe Bayon, CEO, confirmed that while the company has been focused on oil, it is not closed to gas opportunities. He acknowledged Colombia's structural gas deficit and believes there are gas opportunities, particularly associated with unconventionals, which the company is ready to pursue through fracking. He also mentioned potential cross-border gas opportunities with Venezuela, though larger offshore opportunities are outside the company's remit. GeoPark will remain proactive in the gas space should the right opportunity arise. Q: Could you provide more detail on the cost increases and what is being done to mitigate them? A: Martin Tirado, COO, provided a detailed breakdown, noting that the exchange rate impact is approximately $2.1-$2.5 per barrel on OpEx, and rising energy costs add about $1.5 per barrel. He explained that for every 100 pesos per U.S. dollar change in the exchange rate, it impacts OpEx by around $2.5 For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Delivered stable production of 37.3 thousand boepd, supported by disciplined reservoir management in Colombia and accelerated execution in Argentina. Achieved a significant milestone in Vaca Muerta by moving from asset acquisition to hydraulic fracturing within nine months, with the first well beginning flow in early August. Revenue increased 12% sequentially to $143.3 million, driven by a stronger Brent price environment and narrower Vasconia differentials. Operating costs faced upward pressure from the appreciation of Colombian and Argentine currencies and higher energy costs, leading to a 51% EBITDA margin. Strengthened the balance sheet with a cash position of $316 million and reduced net leverage to 1.2x EBITDA, providing flexibility for inorganic growth. Strategic partnership with Grupo Gilinski and new board appointments signal a strengthening long-term shareholder base and governance structure. Targeting exit production of 5,000-6,000 boepd in Argentina by year-end 2026, supported by a new 3-year dedicated drilling rig agreement. Anticipating full-year capital expenditure to potentially reach $250 million, an increase from the previous $190-$220 million range to accelerate value-accretive activities. Revised lifting cost guidance upward to $17-$19 per barrel for the second half of 2026 due to persistent currency and energy price headwinds. Maintaining a robust hedging strategy with floors of $75 and ceilings of $85-$86 for 2027 to protect cash flow during high-investment phases. Actively assessing material inorganic opportunities in Colombia, Argentina, and Venezuela, including potential participation in upcoming Argentine bidding rounds. Applied for Argentina's RIGI Investment Incentive Program to support long-term unconventional oil hub development and infrastructure. Monitoring the El Niño phenomenon, which is expected to drive energy prices higher due to droughts impacting hydroelectric power in Colombia. Navigating a political transition in Colombia; management expressed optimism regarding the incoming administration's vocal support for private oil and gas investment. Reported $41 million in hedging losses for the quarter, though management defends the strategy as essential for predictable cash flow during capital-intensive growth. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management is assessing several high-potential licenses in Venezuela, citing strong technical aspects and constructive discussions with PDVSA. Expressed confidence that the incoming Colombian government will be more supportive of the industry than the previous administration, particularly regarding new licensing rounds. Expected H2 2026 investment in Argentina is $40-$50 million, primarily focused on facility upgrades, water disposal, and preparing the first 2027 drilling pad. Confirmed that current wells will be tied into production immediately rather than waiting for RIGI approval to ensure near-term volume growth. Implementing short-term fixes like switching from spot to fixed energy contracts and long-term solutions such as biomass energy and grid connections. Noted that every 100-peso change in the exchange rate impacts operating expenses by approximately $2.5 million for the remainder of the year. Open to gas-focused assets to address Colombia's structural shortage, specifically through unconventional development and potential cross-border opportunities with Venezuela. Plans to leverage technical expertise gained in Argentina's Vaca Muerta to pursue massive unconventional opportunities in Colombia.

CONSISTENT OPERATIONAL EXECUTION ACROSS THE PORTFOLIO ACCELERATING IN VACA MUERTA WHILE PRESERVING FINANCIAL STRENGTH BOGOTA, Colombia, August 04, 2026--(BUSINESS WIRE)--GeoPark Limited ("GeoPark" or the "Company") (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, reports its consolidated financial results for the three-month period ended June 30, 2026 ("Second Quarter" or "2Q2026"). A conference call to discuss these results will be held on August 5, 2026, at 10:00 am (Eastern Daylight Time). GeoPark continued to execute its strategy during the second quarter of 2026, delivering stable production, higher revenues and resilient cash generation while accelerating development activities in Vaca Muerta, the Company’s largest organic growth program. SECOND QUARTER 2026 FINANCIAL SUMMARY Brent prices materially strengthened during the quarter, averaging $96.9/bbl, driven by the continuation of geopolitical disruptions. This higher benchmark environment and narrower Vasconia differentials supported an improvement in GeoPark’s realized pricing, with the Company delivering a combined realized price of $67.2/bbl in 2Q20261, compared to $60.4/bbl in 1Q2026. Production from Colombia and Argentina averaged 27,271 boepd, broadly in line with 1Q2026, while sales volumes2 remained stable. As a result, total revenue increased by 12% compared to 1Q2026 to $143.3 million in 2Q2026. In 2Q2026, GeoPark reported Adjusted EBITDA3 of $73.1 million (51% margin), up 3% from 1Q2026. Solid revenue performance largely offset higher operating costs, which increased to $17.9 per produced barrel in 2Q2026 from $14.7 per produced barrel in 1Q2026, primarily reflecting higher energy costs, increased levels of activity carried out during the quarter, and the appreciation of the Colombian and Argentine currencies4. Operating profit stood at $40.8 million in 2Q2026, compared to $58.0 million in 1Q2026, a quarter that included the non-recurring net break-up fee receivable related to the Frontera Energy transaction that amounted to $14.4 million. Net income for the quarter totaled $14.0 million. Capital expenditures totaled $76.4 million in 2Q2026, primarily focused on production and development activities across the portfolio, including drilling, completion, workover and strategic infrastructure investments. In Colombia (36% of total capital expenditures), execution was centered on development and infrastructure optimization in the Llanos blocks and continued drilling and infrastructure projects in the CPO-5 Block. In Argentina (64% of total capital expenditures), execution focused on the advancement of drilling, completion and evacuation infrastructure in Vaca Muerta. The Company delivered ROACE of 19%, underscoring disciplined, returns-focused capital allocation. GeoPark continued to generate solid operating cash flow during the quarter of $108.4 million, supported by operational strength that enabled the Company to fund its investment program and increase its cash position. Cash and cash equivalents stood at $316.3 million as of the end of 2Q2026, compared to $274.9 in 1Q2026. Net debt stood at $317.8 million at the end of 2Q2026, with a net leverage ratio of 1.2x. In June 2026, GeoPark renewed and extended its senior unsecured contingent credit facility, which is available through December 2028, with final maturity in March 2029, with no drawn amounts to date. The 2026 hedging program remains unchanged with oil price protection for 2026 secured through three-way collars covering approximately 19,000 bopd of full-year production, with a first floor of $64.8/bbl, a second floor of $50/bbl, and average price ceilings of $72/bbl. For 2027, approximately 19,000 bopd of expected production has been hedged on a full-year basis, with improved protection levels securing an average first floor of $69.7/bbl, a second floor of $50/bbl, and average price ceilings of $78.6/bbl. The Board declared a quarterly cash dividend of $0.023 per share (approximately $1.5 million), payable on September 2, 2026, to shareholders of record at the close of business on August 19, 2026. GeoPark’s 2026 Annual General Meeting ("AGM") was held on July 14, 2026. Shareholder participation was broad, with quorum reaching 61.57% of shares entitled to vote. All resolutions submitted for consideration were approved, each with more than 99% of votes cast in favor, reflecting strong shareholder support. Board of Directors and Committees Update As part of its ongoing efforts to strengthen corporate governance, improve oversight effectiveness and streamline decision-making, the Board of Directors approved a revised committee structure, reducing the number of standing committees from six to four. The new structure comprises the Audit Committee, chaired by Robert Bedingfield; the Nomination & Compensation Committee, chaired by Gabriel Gilinski; the Corporate Affairs Committee, chaired by James F. Park; and the Technical Committee, chaired by Brian Maxted. The revised framework consolidates overlapping responsibilities and clarifies the allocation of key governance, risk, sustainability, compensation and technical oversight matters across the Board and its committees. Additionally, the Board appointed Mr. James F. Park as the Chair of the Board, and Felipe Bayon, the Company’s Chief Executive Officer, as Vice Chair. CEO Comment Felipe Bayon, Chief Executive Officer of GeoPark, said: "Our second quarter results demonstrate the consistency of our execution and the strength of our portfolio. While maintaining stable production and resilient cash generation, we continued to advance the largest investment program in our recent history, reaching important milestones in Argentina ahead of schedule while preserving financial discipline and a strong balance sheet. Colombia continues to provide a robust platform of production and cash flow through disciplined reservoir management and operational excellence. As we move through this peak investment period, we remain focused on executing safely and efficiently, allocating capital with discipline and creating sustainable long-term value for our shareholders". Supplementary information is available at the following link: https://ir.geo-park.com/2Q26-SupplementaryRelease SECOND QUARTER 2026 HIGHLIGHTS Oil and Gas Production and Operations 2Q2026 consolidated average oil and gas production of 27,271 boepd5 8 rigs in operation (4 drilling and 4 workover) at the end of 2Q2026 Operational activity accelerated in 2Q2026, with 6 wells drilled and completed in the Llanos 34 and Llanos 123 blocks, and 5 wells in Vaca Muerta undergoing hydraulic fracturing Revenue, Adjusted EBITDA and Net Profit Revenue of $143.3 million compared to $128.4 million in 1Q2026 Adjusted EBITDA of $73.1 million compared to $71.3 million in 1Q2026 Operating profit of $40.8 million compared to $58.0 million in 1Q2026 Net profit of $14.0 million compared to $20.2 million in 1Q2026 Cost Structure and Capital Efficiency Operating costs of $17.9 per produced boe in 2Q2026 Capital expenditures of $76.4 million Last-twelve months Return on Average Capital Employed (ROACE) of 19% Balance Sheet and Liquidity Cash and cash equivalents of $316.3 million as of June 30, 2026 Last-twelve months net leverage of 1.2x and no principal debt maturities until January 2027 New unsecured committed credit facility in place, with no amounts drawn Hedging and Risk Management As part of the Company’s risk management strategy to protect pricing and support earnings stability, 2Q2026 revenue reflected a $41.2 million impact from commodity risk management contracts 19,000 bopd of full-year 2026 production has been protected through 3-way collars with average strikes of $64.8/$50.0/$72.0 per boe For 2027, approximately 19,000 bopd of expected production has been hedged on a full-year basis, through 3-way collars with improved protection levels, securing average strikes of $69.7/$50.0/$78.6 per boe Shareholder Value Return Quarterly cash dividend of $0.023 per share, or approximately $1.5 million, payable on September 2, 2026 to shareholders of record at the close of business on August 19, 2026, representing the final dividend under the revised program approved by the Board and announced in October 2025 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 press release and its supplementary information do not contain all the Company’s financial information and the Company’s consolidated financial statements and corresponding notes for the period are available on the Company’s website. CONFERENCE CALL INFORMATION GeoPark management will host a conference call on Wednesday, August 5, 2026, at 10:00 am (Eastern Daylight Time) to discuss the 2Q2026 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: https://events.q4inc.com/attendee/950665507 Interested parties may participate in the conference call by dialing the numbers provided below United States Participants: +1 646-307-1963Global Dial-In Numbers:https://registrations.events/directory/international/itfs.html Passcode: 8385569 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 of the website at www.geo-park.com. Rounding amounts and percentages: Certain amounts and percentages included in this press release and its supplementary information have been rounded for ease of presentation. Percentage figures included in this press release and its supplementary information have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. In addition, certain other amounts that appear in this press release and its supplementary information may not sum due to rounding. This press release and its supplementary information contain certain oil and gas metrics, including information per share, operating netback, reserve life index and others, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods. CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION This press release and its supplementary information contain 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 expected production, investment program, drilling operations, returns-based growth and sustainable value creation. 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 press release and its supplementary information 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. Non-GAAP Measures: The Company believes Adjusted EBITDA, free cash flow and operating netback per boe, which are each non-GAAP measures, are useful because they allow the Company to more effectively evaluate its operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company’s calculation of Adjusted EBITDA, free cash flow, and operating netback per boe may not be comparable to other similarly titled measures of other companies. Adjusted EBITDA: The Company defines Adjusted EBITDA as profit for the period before net finance costs, income tax, depreciation, amortization and certain non-cash items such as impairments and write-offs of unsuccessful exploration and evaluation assets, accrual of stock options and stock awards, unrealized results on commodity risk management contracts and other non-recurring events. Adjusted EBITDA is not a measure of profit or cash flow as determined by IFRS. The Company excludes the items listed above from profit for the period in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, profit for the period or cash flow from operating activities as determined in accordance with IFRS or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure and significant and/or recurring write-offs, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. For a reconciliation of Adjusted EBITDA to the IFRS financial measure of profit, see the accompanying financial tables and the supplementary information. Operating Netback per boe: Operating netback per boe should not be considered as an alternative to, or more meaningful than, profit for the period or cash flow from operating activities as determined in accordance with IFRS or as an indicator of the Company’s operating performance or liquidity. Certain items excluded from operating netback per boe are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure and significant and/or recurring write-offs, as well as the historic costs of depreciable assets, none of which are components of operating netback per boe. The Company’s calculation of operating netback per boe may not be comparable to other similarly titled measures of other companies. View source version on businesswire.com: https://www.businesswire.com/news/home/20260804527487/en/ Contacts For further information, please contact: INVESTORS: Maria Catalina EscobarShareholder Value and Capital Markets [email protected] Miguel BelloInvestor Relations [email protected] Maria Alejandra VelezInvestor Relations [email protected] MEDIA: Communications [email protected]

Sustained Production and Accelerated Execution Across Core Assets Secured Three-Year Drilling Rig Contract to Support Vaca Muerta Growth BOGOTA, Colombia, July 21, 2026--(BUSINESS WIRE)--GeoPark Limited ("GeoPark" or the "Company") (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, announces its operational update for the three-month period ended June 30, 2026 ("2Q2026"). GeoPark delivered solid operational performance in 2Q2026, maintaining stable production levels while advancing development activities across its core assets in Colombia and accelerating execution in Vaca Muerta in Argentina. Oil and Gas Production and Operations 2Q2026 consolidated average oil and gas production of 27,271 boepd, stable versus 27,249 boepd in 1Q2026 8 rigs in operation (4 drilling and 4 workover) Operational activity accelerated in 2Q2026, with 6 wells drilled and completed in the Llanos 34 and Llanos 123 blocks, and 5 wells drilled in Vaca Muerta, currently undergoing hydraulic fracturing Health and Safety performance remained solid year to date, with zero LTI, TRI and Tier 11 Llanos 34 Block: Secondary Recovery Supports Sustained Production Levels 2Q2026 average production of 15,697 boepd net (34,883 boepd gross), versus 15,734 boepd in 1Q2026 Waterflooding projects continued to deliver strong results in 2Q2026, contributing 7,178 boepd gross, or 20.6% of total production in the block Polymer flooding project progressed according to plan, currently injecting in four patterns, with new patterns expected during 2H2026 Continued drilling efficiency improvements: Last two vertical wells reached one mile of measured depth in less than 24 hours CPO-5 Block: Continued Indico Field Performance 2Q2026 average production of 6,132 boepd net (20,440 boepd gross), 0.4% higher than 1Q2026, supported by Indico field performance Perico-2 development well was drilled during 2Q2026, encountering 24 feet of net pay and confirming the expected oil-water contact Argentina: Accelerating Execution & On Track to Triple Production by end-2026 2Q2026 average production of 1,400 boepd gross, flat versus 1,430 boepd in 1Q2026 Loma Jarillosa Este Block: During 2Q2026, GeoPark completed drilling on Pad 1030, including three new horizontal wells Entered into a three-year agreement with Helmerich & Payne to deploy a dedicated drilling rig, along with associated drilling services to develop the Loma Jarillosa Este and Puesto Silva Oeste blocks. First spud expected in late 4Q2026 Entered into agreements with Pan American Energy S.L., Sucursal Argentina for crude oil processing and export services, securing evacuation capacity for certain volumes from GeoPark’s Loma Jarillosa Este and Puesto Silva Oeste blocks. The agreements continue in force through December 31, 2027, with an option to extend for up to two additional three-month periods by mutual agreement. The agreement to export crude oil provides access to the Puerto Rosales and Punta Colorada export terminals GeoPark and Gas y Petróleo del Neuquén applied to Argentina’s Large Investment Incentive Regime (Régimen de Incentivo para Grandes Inversiones, or RIGI) program to accelerate the development of GeoPark’s Vaca Muerta unconventional oil hub, supporting over $1 billion in investment and targeting production growth from 1,500 to 20,000 boepd within the next three years Llanos 123 Block: Development Drilling Supports Continued Growth 2Q2026 average production of 3,171 boepd net (6,342 boepd gross), 1.7% higher than 1Q2026 and 57.9% higher than 2Q2025 Currucutu-3 development well encountered 62 feet of net pay in the Barco Formation and is currently producing 910 bopd with a 19.7% water cut Currucutu-1 workover completed in Lower Mirador interval and currently producing 455 bopd with a 1% water cut Putumayo: Stable Production and Reactivation of the OBA Pipeline 2Q2026 average production of 873 boepd in the Platanillo Block2 (GeoPark operated, 100% WI) versus 859 boepd in 1Q2026, supported by operational optimizations and the current price environment Transportation through the OBA pipeline was reactivated in mid-June 2026, after deliveries through this route had not been used since early 2026 due to regulatory measures in Ecuador GeoPark continues producing in the field while preserving flexibility for future capital allocation decisions Upcoming Catalysts 3Q2026 Drilling 6-7 gross wells in 3Q2026 in Colombia and completing hydraulic fracturing in Argentina Key projects include: 2026 Annual General Meeting Results GeoPark’s 2026 Annual General Meeting ("AGM") was held on July 14, 2026. Shareholder participation was broad, with quorum reaching 61.57% of shares entitled to vote. All resolutions submitted for consideration were approved, each with more than 99% of votes cast in favor, reflecting strong shareholder support. Following the AGM, GeoPark’s Board remains composed of nine directors. Gabriel Gilinski, who joined the Board in March 2026 following Mr. Varma’s resignation in January 2026, was elected by shareholders at the meeting, and Dorita Gilinski and Camilo Martinez were elected as new directors, while the terms of office of Sylvia Escovar and Marcela Vaca ended at the conclusion of the AGM. GeoPark thanks Ms. Escovar and Ms. Vaca for their dedicated service and welcomes Ms. Gilinski and Mr. Martinez, whose experience and perspectives are expected to further strengthen the Board. The approved resolutions also included the appointment of Ernst & Young Audit S.A.S. (a member of Ernst & Young Global) as auditor of the Company and the authorization of the Audit Committee to determine the remuneration of the auditor. In connection with the nomination of director candidates for the 2026 Annual General Meeting, the Board determined that a majority of the director nominees qualify as independent under the Company’s Corporate Governance Guidelines, the applicable independence standards of the U.S. Securities and Exchange Commission and the New York Stock Exchange. Breakdown of Quarterly Production by Country The following table shows production figures for 2Q2026, as compared to 2Q2025: Quarterly Production Reporting Date for 2Q2026 Results Release, Conference Call and Webcast GeoPark will report its 2Q2026 results on Tuesday, August 4, 2026, after market close. GeoPark management will host a conference call on Wednesday, August 5, 2026, at 10:00 am (Eastern Standard Time) to discuss the 2Q2026 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: https://events.q4inc.com/attendee/950665507 Interested parties may participate in the conference call by dialing the numbers provided below United States Participants: +1 646-307-1963Global Dial-In Numbers:https://registrations.events/directory/international/itfs.html Passcode: 8385569 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, the Company’s drilling campaign, waterflooding projects, polymer flooding projects, production guidance, closing of acquisition transactions and production consolidation. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260720738411/en/ Contacts For further information, please contact: INVESTORS: Maria Catalina EscobarShareholder Value and Capital Markets [email protected] Miguel BelloInvestor Relations [email protected] Maria Alejandra VelezInvestor Relations [email protected] MEDIA: Communications [email protected]

Image source: The Motley Fool. Thursday, May 7, 2026 at 10 a.m. ET Chief Executive Officer — Felipe Bayon Pardo Chief Financial Officer — Jaime Caballero Uribe Chief Operating Officer — Rodolfo Terrado Need a quote from a Motley Fool analyst? Email [email protected] Felipe Bayon Pardo: Good morning, everyone, and thank you for joining us for our first quarter 2026 results call. We delivered a strong start to the year with results that reflect consistent operational execution, improved benchmark pricing and the financial discipline we have been reinforcing across the businesses, all this while advancing our strategic priorities. During the quarter, we achieved average production of 27,249 barrels of oil equivalent per day from both our operations in Colombia and Argentina, performing within our 2026 guidance and higher than our fourth quarter of 2025. This performance confirms the inflection point we accomplished at the end of 2025 and reflects stable base production, solid execution, and continued progress across our portfolio. During the quarter, our operational focus was not only on maintaining the strength of our core assets, but also on advancing our growth initiatives, particularly in Vaca Muerta, Argentina. In Vaca Muerta, we successfully initiated drilling activities in the Loma Jarillosa Este block while continuing to progress key infrastructure, marking an important step forward in the development of these assets. These milestones reflect a disciplined transition into execution as we continue to position Argentina as a key contributor to our future growth. We expect production to increase from 1,430 barrels of oil equivalent per day as of the first quarter 2026 to 5,000 to 6,000 barrels of oil equivalent per day by December 2026. In Colombia, performance across the portfolio demonstrated the resilience and quality of our asset base. In Llanos 34, secondary recovery, particularly water flooding, played a critical role in supporting production and mitigating the effects of natural decline and temporary operational factors during the quarter. CPO-5 delivered production above plan, highlighting its underlying strength despite social disruptions. In Llanos 123, production increased by 13% versus the prior quarter, supported by strong base performance and continued progress in the Bisbita waterflooding project, reinforcing the positive momentum of the asset. Importantly, all operations were conducted with strong health and safety performance and with zero injuries and no major process safety events. The quarter benefited from a constructive pricing environment with Brent averaging $77.9 per barrel. This translated into a combined realized price of $60.4 per barrel compared to $54.8 per barrel in the prior quarter. While wider differentials and our hedging program moderated the upside, we were still able to capture a meaningful improvement through disciplined commercial execution and active risk management. This operational and pricing performance translated into strong financial results. Revenues reached $128.4 million. This is up 16% compared to the fourth quarter, supported by an 8% increase in sales volumes, including the commercialization of deferred volumes from the last year. Adjusted EBITDA was $71.3 million, representing a 56% margin and a 54% increase versus the prior quarter, reflecting both higher revenues and improved cost performance. Operating profit increased to $58 million from $20.6 million in the fourth quarter and net income for the period was $20.2 million, even after the impact of nonrecurring items and a higher tax charge associated with the increased profitability and the oil price-related surcharge in Colombia. Cost performance remained very strong with operating costs decreasing to $14.7 per barrel from $15.8 per barrel in the fourth quarter of 2025 within our full year guidance. Structure costs have a trajectory from $5.6 per barrel in the fourth quarter of 2025 to $4 per barrel in the first quarter of this year, which also confirms the positive impact of all the interventions we initiated last year and the organizational focus on efficiency and cost control. We invested $22 million during the quarter, primarily resulting in a 3.4x EBITDA to CapEx ratio and a return on average capital employed of 19%, underscoring our disciplined returns-based capital allocation. Our balance sheet remains strong. We generated operating cash flows of $32.9 million, fully funding our investment program. In addition, we enhanced our liquidity position through several strategic actions, including $65 million in local debt raised to pursue the Frontera acquisition, $100.3 million from escrow recovery and breakup fee of the unconsummated Frontera deal, and a $107 million equity investment from the Grupo Gilinski, who joined as a new long-term strategic partner. As a result, we ended the quarter with a robust cash position of $274.9 million, giving us flexibility and optionality to pursue value-accretive growth opportunities. Net debt stood at $333.1 million with a leverage ratio of 1.3x, reflecting a solid and flexible capital structure with no principal debt maturities, until January 2027. This positions us well to navigate volatility while maintaining the flexibility to execute our plans. In terms of risk management, we have secured oil price protection covering approximately 19,000 barrels of production per day for 2026 through three white collars with downside protection and retained upside participation. For 2027, we have already hedged approximately 11,000 barrels per day under similar structures, reinforcing visibility and stability in our cash flows. Overall, we are delivering consistent operational execution and strengthening our financial position, supported by a high-quality asset base and disciplined capital management. With all this in the backdrop, the Board declared a quarterly dividend of $0.023 per share. Finally, the entry of Grupo Gilinski as a strategic investor represents a very significant milestone, strengthening our shareholder base and aligning the company with a long-term partner that enhances our financial flexibility to pursue growth opportunities in a disciplined way. Our strategy remains clear and unchanged. Protecting and maximizing the value of our core assets in Colombia while advancing Argentina as a key driver of transformational growth. At the same time, we remain committed to identifying and evaluating value-accretive opportunities that fit our capabilities and our disciplined approach to capital allocation. This includes opportunities both in Colombia and Argentina and also a careful and structured effort to understand potential in other parts of the region, including Venezuela. Before closing, I would like to recognize the continued commitment of our teams. Their focus on safety, operational excellence and efficiency is what allows us to consistently deliver these results. Thank you again for joining us. And with that, let's open the floor to your questions. Operator: [Operator Instructions] Up first is Daniel Guardiola from BTG. Daniel Guardiola: I have actually a lot of questions, but I'm going to keep it down to two to three, so my colleagues can actually also ask. My first one is on the development of the Argentina story. And I wanted to ask you personally, Felipe, what concrete evidence do you think investors should be looking at over the next 6 to 12 months to really validate the Argentina equity story for you? That's my first. Perhaps we can go one by one, if that's okay with you guys. Felipe Bayon Pardo: Thanks for being here. Thanks for joining the call. And thanks for the question on Argentina. And where I start, Daniel, is, and you'll recall that we've referenced this in prior calls. September of last year, we signed a deal with Pluspetrol in the office of the Governor of Neuquen. And only 21 days after signing, we took over the operation from Pluspetrol. So, a lot of support, a lot of help and a lot of good work with people in the ecosystem of Vaca Muerta in Neuquen. And we've done workovers, and Martin can go into some of the details and specifics. But we've done workovers on the wells. We've started upgrading facilities. And probably the most important thing, Daniel, we've already drilled three horizontal sections that range between 2,200, 2,300 meters to 3,000 meters within or as specified with our time prognosis and budget. So that's very good news. And you'll recall, Daniel, that we actually took advantage of a window of opportunity of a rig that was working. And remember, this is a Nabors rig, the same company that we used to drill our wells in Colombia. So, we have long-standing relationship. And those wells, those three horizontal sections have been drilled successfully. What's coming up in the next 6 to 12 months, fracking the wells. So, there will be these three wells with a couple of additional wells. So that should happen in June. We will be drilling some additional wells to manage water, for example, which is a key component. As I've mentioned, we're upgrading facilities. And the other thing, Daniel, which I think is fundamental, in the next few weeks, we will be signing the contract for the factory drilling rig that should start in December. So, I want to, one, say, look, we've actually delivered on the commitments and promises we've made. And we're building on that track record going forward to ensure that we can continue to grow our operations in Argentina. So, we're very, very, very confident. We're very comfortable with the team. There's already 45 people working in the operations in Argentina with close to four to five additional people indirectly working for us. And for the last thing, Daniel, that I've mentioned, as you well know, RIGI and a very important part of what companies, not only in oil and gas are looking to do in Argentina, we should be applying for RIGI in the next few weeks or so. So, lots of things happening, but we're very thrilled with how the operations and the results are going. Daniel Guardiola: My second question is on hedging, especially considering that you have a very significant portion of your next 12 months, actually 18 months already hedged at lower prices when you compare against spot prices. And I wanted to ask you actually two things. I mean, if oil prices were to remain around, I don't know, $90 per barrel, what will be the estimated hedging losses you will have to account for this year? And if there is any way for you to unwind the current structure of hedging contracts that you have in place at this point? Jaime Caballero Uribe: Daniel, thanks for your question. This is Jaime here, of course. So, on hedging, as you know, Daniel, and everybody who has been following us for a while knows that we've had a long-standing strategy in the company where we seek cash flow stability, and that is particularly important in a context of where we're going to have increasing capital commitments associated to Vaca Muerta. So, the way that we think about the finance structure of the company is we need to make sure that we can support our growth agenda and that we have the cash flow predictability to do so. Prices will come and go, but it's the volumes that we can deliver and it's the growth trajectory that we can deliver what's actually going to end up creating value for our shareholders over the long run. So, in that context, we've covered 19,000 barrels a day of our production for this year on average. We see things that are in the $72 or $73 range. And if current market conditions continue over the next months, we will indeed materialize some hedge losses if those price dynamics continue, which is uncertain, as you well know. And to take your scenario, if you will, the way that I would characterize it is if we have average Brent prices in the $80 to $90 kind of band on a full year basis this year, we will indeed have losses in the derivatives, which are going to be in the $60 million to $120 million range. This is not a surprise. This is something that we model continuously. Obviously, the exact numbers are going to depend in exactly what is the price trajectory that occurs on a month-by-month basis. Now the flip side of this story is that at the same time, whilst you're seeing those losses in derivatives, we are capturing the benefit of the healing of the hedges, which are well above our plan, and we're also capturing improved price differentials as well associated to those Brent prices if they remain high. So, our EBITDA is going to be also in the very high end of our guidance, too. So, there is a loss in derivative, but our EBITDA is going to be significantly higher than the one that we projected earlier in the year. With all that in mind, we are not contemplating unwinding our existing positions for 2026. There are all sorts of mechanisms in place to do that. As we reflected on it, our conclusion is that, that would be a distraction and that would put us in a territory of speculating on how prices are going to evolve over the coming months. So, to that end, the focus of our strategy now is actually on taking advantage of the positive market outlook to secure our 2027 hedging program, and that's where we're focusing our attention now. Daniel Guardiola: Thanks, Jaime, very thorough answer. And just the last one, very quick one on royalties. Can you share with us what percentage of royalties paid in cash and at what price is the settlement established? And the reason why I'm asking this is to try to better understand whether cash royalty payments are further limiting the company's upside in the current high oil price environment. Felipe Bayon Pardo: Sure, Daniel. So, the quick answer is very little. So only about 16%, 17% of our royalties are paid in cash. Everything else is paid in kind. The formula, as you know, has multiple elements to it. But if I were to simplify, essentially what you're seeing is you take the Brent headline price and you apply to that a holistic discount from wellhead to an analog FOB export. So that is about a $13 discount more or less. And on that basis, we calculate it. Operator: The next question today comes from Alejandro Demichelis from Jefferies. Alejandro Anibal Demichelis: Just one quick question. Felipe, you talked about your strategy not changing. You have a stronger balance sheet. Now you have a new reference shareholder. So, could you please give us a little bit more detail on what are those opportunities that you're seeing kind of in Argentina, maybe looking at Venezuela, maybe something else in Colombia or somewhere else? Felipe Bayon Pardo: Alejandro, and thanks for being here. Thanks for your question. Always good talking to you. Yes. So, the strategy has not changed, which is what I was referring to in my remarks earlier. So, we've basically done a reset of the business in Colombia. We've stabilized production, and we're very happy with that. So, things like waterflooding, infill drilling in the fields are actually working very well. So we're pleased with that. So that's point number one. And I've referred to this as protecting what we have and maximizing value. The second thing is around growing. And Vaca Muerta, and I did share some of the highlights or milestones with Daniel earlier in terms of some of the things we're looking at, and that's great. We're very pleased. We're very, very pleased with how Argentina is going. And in terms of the growth angle, I'll refer to Venezuela, which is one of the things that we've mentioned, and I particularly mentioned in my remarks earlier today. There's the new shareholder, a reference shareholder, as you've described it, which has been great for the company in terms of long-term alignment and the view of further growing GeoPark, which is great. And in that sense, it's been quite direct and open that both from the shareholder point of view and our company, we said, yes, we're looking at Venezuela. This is basically a very comprehensive assessment of opportunities around different basins; there's different types of opportunities in Venezuela. These are world-class resources in Venezuela. There's been the new hydrocarbon law, which is promulgated back in January, which is very, very good. There's different sort of mechanisms through which one could actually enter into Venezuela in terms of CEPP or Empresas Mixtas or better mixture. Good progress on sanctions as well. And our teams have actually visited the country now talking to key players, stakeholders, and we will continue with that, with these assessments and basically screening in detail potential opportunities at some stage. But again, we want to be always very aligned with strategy. This is an opportunity as a country entry that would eventually support this growth side of the strategy. So that's how we are addressing it, Andres. But let me just finish by saying very pleased with a very strong quarter. Strategy is unchanged, delivering on strategy and some potential upsides that we're assessing. Operator: And next, we will take questions from the web. The first question is from Andres Peltaso, 'can you provide more detail on activity in Vaca Muerta for the remainder of 2026 and '27? You already started drilling some wells left by Pluspetrol. Any other pads wells expected to be drilled for the remainder of 2026 that will deliver production this year? And can you walk me through the fracking put on production, water encroachment sequence expected in 2026?' Felipe Bayon Pardo: Thanks, Andres. And I'll ask Martin to take this in a lot more detail. I just want to go back, Alejandro, and apologise as I missed up your name in the last answer. So, thanks, Andres. And Martin, can you take us through some of the details, please? Rodolfo Terrado: Absolutely, Felipe. And Andres, again, thanks for your interest in GeoPark. I'll start by saying that when we took over Vaca Muerta in our presentation in New York, we had five swing lanes in our strategy, production optimization, environmental, facilities, evacuation and drilling. And we're making progress as planned or even better than planned in all of those fronts. I will touch on each of your questions. I do want to recognize and again, mention what Felipe was saying, what we have accomplished since October 16. So, what we've done so far is, and this all has been incident-free, which is one of our values. We've done six workovers in two campaigns. The first campaign started the day that we were taking over the assets. The second campaign happened early this year. And we, in the second campaign, did it in shorter time than the first campaign. We have also brought a rig like Felipe was saying, in our Loma Jarillosa Este, we have already finished drilling the three horizontal wells. Again, this is in a pad that has five wells, two wells were fully drilled by the previous operator. So, our task was to drill like Felipe was saying, in the order of average of 2,600 meters within 10 meters of thickness, these three horizontals. We've done it in 14.7 days. And when you benchmark to the two wells that were already drilled horizontal, it's a very drastic reduction in time. So very proud of our drilling and completion and logistics team. We have also awarded and started the Loma Jarillosa Este upgrade. This is where the fluids are going today, and we need that upgraded. We knew that we needed that upgraded and it was part of our plan so that we can manage the production for all of that pad and also connections so that tracking of water and oil is not necessary. We have also optimized our OpEx, specifically around fracking. So, although the production has been about the same order of when we got the block, OpEx have come down. And we have also submitted the environmental permits, and we had a successful public hearing about 10 days ago. So very proud of that. When we look at, okay, what else, it's coming in 2026. I'll say that the first one is about fracking. The five wells that are in the pad that is fully drilled. That is already awarded and the frac set will move in June. So that will be around 30 to 45 days, that we will be doing more than 200 fracs stages in all the five wells. Following the frac, as you're aware, Andres, when you start putting the wells on production, you do it in a protocol way so that you are opening the plugs and water will be coming. So, we expect initially about order of 2,000 to 3,000 barrels of water in the initial stages. And then when we start putting everything on production, which will be around September, we will be having 6,000 to 8,000 barrels of water with the production of oil that will be coming. This is something that always happens in unconventionals is the flash water production from the stimulation and then the wells go to very low water cuts. So, what we expect is in this quarter, we're going to be doing the fracs. While we're doing the fracs, you will see in future calls that part of the production will be temporarily coming down because we want to avoid any frac hits with the existing wells that have been drilled and are on production. But then after that, starting in September, we will be ramping up and putting all the wells on production to a peak like Felipe was saying, in the order of 5,000 to 6,000 barrels of oil per day for all of our operations in Vaca Muerta. The other thing that we're doing is we're already doing the engineering for the central processing facility that as we ramp up from the current levels and the 6,000 by the end of the year to 20,000 by 2028, we will need that central processing facility, and that's already on the works. The other thing that we're doing right now is going back to the water production to be efficient instead of fracking that water, we're already drilling. The rig that drilled the horizontals is now drilling water injection disposal well and also an observatory well that is part of the regulation that is required for water disposal. So, we will have that in place by the time we start putting the pad with the five wells on production. The other thing that we're looking at is RIGI. So that's something that we're considering and shortly, we will communicate. That is part of our strategy. And the other component to have a successful 2027, which we have been working and we're finalizing the signature of the contract is the factory mode drilling, which is with a company that is in country and the rig that will be assigned to us as a rig that is in country. So that eliminates any type of mobilization from overseas. And we feel very good about that. We will be signing that contract, like Felipe said, in the next coming weeks. If you think about 2027, okay, what are we going to be doing in 2027? So, the key milestones and our priorities are basically around with the factory drilling that will start in December. In 2027, we will be fully drilling and completing two pads with ten wells put on production. And we will finish 2027 starting the drilling on the third pad. We will also be constructing the central processing facility, and it should be on stream by the end of 2027. So high level, I think I'll cover most of the questions that you have, Andres, but if there are any follow-ups, we will be glad to answer. And he does have a follow-up. On the barrels you have not hedges, are you realizing full Brent upside or you realize them below Brent spot prices? Yes, Andres. So, the barrels that are not hedged are at market conditions. So, they float, if you will, with market conditions. And currently, they are absolutely benefiting from the Brent upside. Operator: And the next web question is from Joaquin Robet from Balanz. Joaquin Robet: Given the current Brent environment, are you considering revising 2026 CapEx guidance upward? If so, where would incremental drilling be allocated? And what production response should we expect? Felipe Bayon Pardo: Thanks, Joaquin. And just to go back to the guidance, we've talked about $190 million to $220 million for the year. And that's Vaca Muerta, as Martin was explaining, a lot of activity going on there and a lot of activity going on in Colombia. So, what are we looking at as we taking into account the current market conditions is year-end activities in Colombia. And I mentioned earlier that we're very, very happy and we're very, I mean, enthused by the water flooding response by the infill drilling. So, there's opportunities that we're assessing as we speak, but these would be year-end activities. So probably the impact they'll have is more towards 2027 in terms of production. But it's something that we're working with the teams, and we'll communicate when we're ready in terms of putting those down as CapEx for the year. And the other thing that even though there's a lot of things happening in Vaca Muerta, the drilling getting the factory drilling rig, upgrading the facilities and basically contracting or signing the contract for the CPF, we may consider accelerating some of the activities in Vaca Muerta. Remember that the guidance has been, over the period, it's $1 billion, $600 million for '26, '27, '28. But within that frame, there may be some things from '27 that we accelerate and bring into '26. But just a sort of heads up, but it's something that we are assessing. And once we finish all the work and we'll be ready to communicate, we'll let you guys know. Operator: Your next web question is from Vicente Falanga from Bradesco. How is priority in terms of capital allocation? Is M&A still a priority? Any potential conversations? Felipe Bayon Pardo: Thanks, Vicente. And I'll give you some thoughts and then Jaime can go into more detail. But the priorities for allocating CapEx have not changed. I go back to the protecting what we have, which is working in the assets in Colombia, stabilizing production and generating more value. And again, reducing the lifting costs, being very efficient and ensuring that we arrest decline and reset the businesses. So that's not changed. And there will be CapEx allocated to that. And then growth, and there's CapEx allocated to that growth. But M&A is a priority for the company, but we will do it in a way that's very thoughtful, that's very disciplined, that's actually a result of being very comprehensive in terms of assessing opportunities and ensuring that these opportunities create value and as such, fully [Break] Operator: Ladies and gentleman, please remain on the line while we reconnect the speaker. Jaime Caballero Uribe: Okay. Inorganic growth absolutely continues to be a priority for the company. And the context for that is a recognition, I'd say, of two fundamentals. The first one is that the energy sector continues to offer massive value creation opportunities for our shareholders. And the second one is that in that context, reserves growth is, therefore, in the long-term interest of our shareholders. So, we need to make sure that we expand our reserves offer, that we have a long-term inventory of opportunities that we can drill and that we can use to increase production. So that's the context by which we are pursuing inorganic. The other important consideration is that we believe that the company is very well positioned to capture these opportunities and probably now more than ever in the recent past, given the performance that we are delivering and given the financial condition in which we are in, thanks to the actions that we've taken over the last number of months. So, as we tested this with our shareholders, there is a broad consensus that inorganic growth is a priority and that we should pursue that. And we have the balance sheet and capabilities to do so. So where are we focusing on? No surprise here. Colombia is our backyard. We will continue to monitor all opportunities that Colombia provides very selectively as we have been doing in the past. And we'll see where that takes us. The upcoming elections could perhaps change the landscape too and create new opportunities that are probably now more difficult to assess. So that's something that we're monitoring. Argentina, our focus is in Vaca Muerta and particularly in the oil window, we have a narrow focus to that extent. That's where we think that we can bring our capabilities and particularly around the hubs that we have already created with Loma Jarillosa Este and Puesto Silva Oeste. So, anything that complements that is going to be of interest for us. And last but not least, as Felipe mentioned, Venezuela is an emerging priority for us, where we're actually seeing that the mix of positive political developments, regulatory environment increasingly tells us that sort of conditions that we can see there are competitive in the context of international benchmarks. So that's what we're working on. And we will continue to have a lens of capital discipline of value accretion for shareholders. That's unchanged. Operator: Thank you Jaime. And we do have a follow-up from Vicente. How are you seeing the development of oil regulation in Venezuela so far? Do you like it? Felipe Bayon Pardo: Thanks, Vicente. I think I referred to some of this earlier. But clearly, there's lots of changes happening very recently in terms of the hydrocarbon law initially, then all the progress that has been made around sanctions, which is very, very relevant as well. And as I've mentioned, our teams have engaged with stakeholders in this very comprehensive review of opportunities and screening opportunities in different basins. And clearly, it's a world-class petroleum and gas resource in terms of what Venezuela has to offer. And I'd say that, yes, the regulations do work. Jaime was saying, that these are competitive. And when we come to the time to assess some specifics on those, this will need to compete with some other opportunities that we have and maintain and remain very disciplined in terms of allocating CapEx. But yes, we're, I think we're very comfortable, and we're being very, very disciplined and thorough. Operator: And at this time, there are no further questions. I'd like to hand the call back to Felipe Bayon for any additional or closing remarks. Felipe Bayon Pardo: Thank you, Lisa, and thanks for your help today. And thanks, everyone, for being here today, for joining the call. Thanks for your interest in the company and your questions and your feedback because it does help us in terms of what the markets are seeing with everything going on with the uncertainty, volatility, all the geopolitical changes that are almost daily in terms of what's going on. So, thanks for that. We had a very strong quarter in terms of our results from a safety standpoint of view and from ensuring that all the people that work with us go back home or to the headquarters in the same condition as they arrive, to their working stations. We delivered on production. We had a very good financial delivery as well. And our shareholder base has shifted towards a longer-term view, shareholder base, which is very good in terms of the alignment it brings with the strategy that we had relayed and shared with the market some months ago. So very pleased with how things are going. And once again, thanks for joining today, and have a great day. Operator: And once again, everyone, that does conclude today's conference. We would like to thank you all for your participation. You may now disconnect. Before you buy stock in GeoPark, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and GeoPark wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $463,900!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,294,401!* That performance is why people listen. With a track record of beating the S&P 500 by nearly 5x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of June 1, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. GeoPark (GPRK) Q1 2026 Earnings Transcript was originally published by The Motley Fool

Interested in Geopark Ltd? Here are five stocks we like better. GeoPark said it had a strong first quarter, with production of 27,249 boe/d, revenue up 16% sequentially to $128.4 million, and adjusted EBITDA jumping 54% to $71.3 million. Management highlighted lower operating costs and improved realized pricing as key drivers. Argentina remains the main growth story, as the company advanced drilling and infrastructure work at Vaca Muerta’s Loma Jarillosa Este block. GeoPark expects production there to rise from 1,430 boe/d in Q1 to 5,000–6,000 boe/d by December 2026. The company’s balance sheet and capital program remain disciplined, with $274.9 million in cash, net debt of $333.1 million, and no principal maturities until January 2027. GeoPark reaffirmed 2026 capex of $190 million to $220 million and continues to hedge a significant portion of output. Geopark (NYSE:GPRK) reported what Chief Executive Officer Felipe Bayón described as a “strong start to the year,” citing stable production, improved oil pricing, cost reductions and progress on the company’s growth plans in Argentina during its first-quarter 2026 earnings call. The company produced an average of 27,249 barrels of oil equivalent per day in the quarter ended March 31, 2026, from operations in Colombia and Argentina. Bayón said production was within 2026 guidance and above the fourth quarter of 2025, reflecting “stable base production, solid execution, and continued progress across our portfolio.” → Wells Fargo’s Comeback Is Real—But Not Risk-Free Revenue rose 16% from the prior quarter to $128.4 million, supported by an 8% increase in sales volumes, including commercialization of deferred volumes from 2025. Adjusted EBITDA increased 54% sequentially to $71.3 million, representing a 56% margin. Operating profit rose to $58 million from $20.6 million in the fourth quarter, while net income was $20.2 million. GeoPark said it continued to advance its Vaca Muerta plans in Argentina, where it began drilling activity in the Loma Jarillosa Este block and continued infrastructure work. Bayón said Argentina is expected to become a key contributor to future growth, with production projected to rise from 1,430 barrels of oil equivalent per day in the first quarter to 5,000 to 6,000 barrels of oil equivalent per day by December 2026. → Rocket Lab Posts Record Q1 Revenue, Raises Q2 Guidance During the question-and-answer session, Bayón said the company had drilled three horizontal sections ranging from about 2,200 to 3,000 meters, on time and on budget. He said the company expects to begin fracking the wells in June and plans to sign a contract in the coming weeks for a “factory drilling rig” expected to start in December. Chief Operating Officer Martín Terrado said GeoPark has completed six workovers since taking over the assets and has made progress across production optimization, environmental work, facilities, evacuation and drilling. He said the five-well pad at Loma Jarillosa Este is fully drilled and that more than 200 frac stages are expected over a 30- to 45-day period. → The Great Crypto Thaw: Regulation Ignites an Infrastructure Boom Terrado said production from the pad is expected to begin ramping around September after initial water flowback, with the company preparing water disposal infrastructure and an observatory well required by regulation. Looking into 2027, he said GeoPark expects to drill and complete two pads with 10 wells put on production, begin drilling a third pad and bring a central processing facility online by year-end. In Colombia, Bayón said the company’s portfolio showed resilience. At Llanos 34, secondary recovery, particularly water flooding, supported production and helped mitigate natural decline and temporary operational factors. CPO-5 produced above plan despite social disruptions, while Llanos 123 production rose 13% from the prior quarter, supported by base performance and continued progress on the Bisvita water flooding project. Bayón said all operations were conducted with zero injuries and no major process safety events. The company benefited from Brent crude averaging $77.90 per barrel during the quarter. GeoPark’s combined realized price was $60.40 per barrel, up from $54.80 in the fourth quarter. Bayón said wider differentials on the company’s hedging program moderated some of the upside, but that disciplined commercial execution and risk management still allowed GeoPark to capture meaningful improvement. Operating costs declined to $14.70 per barrel from $15.80 in the fourth quarter of 2025, remaining within full-year guidance. Bayón said structural costs fell to $4 per barrel from $5.60 per barrel in the prior quarter, reflecting efficiency and cost-control initiatives launched last year. GeoPark invested $22 million during the quarter. Bayón said the company generated $32.9 million in operating cash flow, fully funding the investment program. The company ended the quarter with $274.9 million in cash after actions including $65 million in local debt raised to pursue the Frontera acquisition, $100.3 million from escrow recovery and a breakup fee tied to the unconsummated Frontera deal, and a $107 million equity investment from Grupo Gilinski. Net debt stood at $333.1 million, with leverage of 1.3 times and no principal debt maturities until January 2027. The board declared a quarterly dividend of $0.023 per share. Chief Financial Officer Jaime Caballero said GeoPark has hedged about 19,000 barrels per day of 2026 production through three-way collars with downside protection and retained upside participation. For 2027, the company has hedged about 11,000 barrels per day under similar structures. In response to an analyst question, Caballero said the company is not considering unwinding its 2026 hedge positions. He said that if average Brent prices fall in the $80 to $90 range for the full year, derivative losses could be in the $60 million to $120 million range, depending on monthly price movements. However, he said EBITDA would also be expected to be at the high end of guidance under that scenario. Bayón said GeoPark’s 2026 capital expenditure guidance remains $190 million to $220 million, though the company is evaluating potential year-end activity in Colombia and could consider accelerating some Vaca Muerta work into 2026. He said any production impact from additional Colombia activity would likely be more visible in 2027. Management said GeoPark’s strategy remains focused on protecting and maximizing core assets in Colombia while advancing Argentina as a growth driver. Bayón also said the company is evaluating value-accretive opportunities in Colombia, Argentina and elsewhere in the region, including Venezuela. Caballero said inorganic growth remains a priority because reserves growth is in shareholders’ long-term interest. He said Colombia remains GeoPark’s “backyard,” while Argentina opportunities would be focused on Vaca Muerta’s oil window, particularly around the company’s existing hub. Bayón said GeoPark is conducting a comprehensive assessment of opportunities in Venezuela, citing world-class oil and gas resources, recent hydrocarbon law changes, progress on sanctions and discussions with stakeholders. He said the company would remain disciplined and compare any Venezuela opportunity against other uses of capital. Geopark Ltd. (NYSE:GPRK) is an independent oil and gas exploration and production company focused on Latin America. Founded in 2002 and with corporate offices in Canada and regional headquarters in Bogotá, Colombia, Geopark pursues the discovery and development of unconventional and conventional hydrocarbon resources. The company's strategy emphasizes asset consolidation in established basins alongside disciplined capital allocation to maximize production efficiency. The company's core operations are centered in Colombia's Llanos Basin, where it holds interests in several producing blocks that deliver light crude oil to local and export markets. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Geopark Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Strong Operational Performance Continues Strengthened Financial Capacity and Flexibility BOGOTA, Colombia, May 06, 2026--(BUSINESS WIRE)--GeoPark Limited ("GeoPark" or the "Company") (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, reports its consolidated financial results for the three-month period ended March 31, 2026 ("First Quarter" or "1Q2026"). A conference call to discuss these results will be held on May 7, 2026, at 10:00 am (Eastern Daylight Time). GeoPark performed strongly in 1Q2026, combining solid operational execution with disciplined financial management. The Company benefited from a constructive pricing environment and effective commercial execution, while maintaining cost efficiency and navigating market volatility through its risk management strategy. During the quarter, GeoPark strengthened its financial and liquidity position, while advancing its strategic priorities, positioning the Company to deliver resilient performance and long-term value creation. FIRST QUARTER 2026 FINANCIAL SUMMARY Brent prices materially strengthened during the quarter, averaging $77.9/bbl, driven by geopolitical disruptions. This stronger benchmark environment supported an improvement in GeoPark’s realized pricing, with the Company delivering a combined realized price of $60.4/bbl in 1Q2026, compared to $54.8/bbl in 4Q2025. While the benefit of higher benchmark prices was partially moderated by the Company’s hedging strategy and wider Vasconia differentials during the quarter, GeoPark continued to capture attractive pricing levels through disciplined commercial execution and risk management. Production from Colombia and Argentina (excluding the divestment of Ecuador and Brazil assets) increased by 1% versus 4Q2025, reinforcing the production inflection achieved in 2025. Sales volumes1 improved by 8%, including the commercialization of deferred sales volumes produced during 4Q2025. As a result, total revenue increased by 16% compared to 4Q2025, supported by higher sales volumes and an improved realized price, in line with the Company’s disciplined approach to risk management. In 1Q2026, GeoPark reported Adjusted EBITDA2 of $71.3 million (56% margin), 54% higher than 4Q2025. This was driven by the revenue performance described above, as well as improved operating costs, which decreased to $14.7 per barrel of produced boe from $15.8 per boe in 4Q2025, despite an adverse exchange rate impact in Colombia and Argentina during the quarter. Building on a strong operating performance, with operating profit increasing to $58.0 million in 1Q2026 from $20.6 million in 4Q2025, net income for the quarter totaled $20.2 million. Reported net income included non-recurring items including the break-up fee receivable related to the transaction with Frontera Energy, net of associated transaction costs and other items. Compared to 4Q2025, net income was also impacted by a higher income tax charge, reflecting higher taxable income and the 10% tax surcharge in Colombia due to higher oil prices. Capital expenditures totaled $22.0 million in 1Q2026, primarily focused on maintaining and enhancing production through an integrated drilling and workover campaign in the Llanos 34 block (GeoPark operated, 45% WI). During the quarter, the Company also conducted drilling operations at the Bisbita Norte-1 well in the Llanos 123 block (GeoPark operated, 50% WI) and continued infrastructure upgrades on the Loma Jarillosa Este platforms, laying a solid foundation for the upcoming drilling campaign in Vaca Muerta. The Company generated Adjusted EBITDA equal to 3.2x its capital expenditures and delivered ROACE of 19%, underscoring disciplined, returns-focused capital allocation. GeoPark continued to generate solid operating cash flow during the quarter ($32.9 million) supported by operational strength that enabled the Company to fund its investment program. Additional cash inflows during the quarter included $65.0 million in local debt raised to fund the acquisition of Frontera Energy’s E&P assets, $100.3 million from escrow recovery and the break-up fee proceeds related to that transaction, as well as $107.0 million from Grupo Gilinski’s investment in 20% of the company’s shares. As a result, GeoPark’s cash and cash equivalents stood at $274.9 million as of the end of 1Q2026. Net debt stood at $333.1 million at the end of 1Q2026, with a leverage ratio of 1.3x, reflecting a robust capital structure. Regarding hedging, the Company continues to proactively monitor market conditions, maintaining a disciplined risk management approach while preserving strong liquidity and financial flexibility. As of the date hereof, oil price protection for 2026 has been secured through three-way collars covering approximately 19,000 bpd of full-year production, with a first floor of $64.8/bbl, a second floor of $50/bbl, and average ceiling prices of $72/bbl. For 2027, approximately 11,000 bpd of expected production has been hedged on a full-year basis, with comparable levels of downside protection and upside participation. During the quarter, GeoPark announced the entry of Grupo Gilinski as a new strategic investor, representing a meaningful shift in the Company’s shareholder composition. This investment introduces a long-term aligned partner with a proven track record in value creation, further strengthening GeoPark’s strategic positioning. The transaction enhances the Company’s financial flexibility and provides additional capacity to actively pursue value-accretive growth opportunities. The Board declared a quarterly cash dividend of $0.023 per share, payable on June 4, 2026, to shareholders of record at the close of business on May 20, 2026. Felipe Bayon, Chief Executive Officer of GeoPark, said: "We delivered a strong start to 2026, with significant growth in revenues and EBITDA supported by solid operational execution, improved pricing and disciplined cost management. During the quarter, we further strengthened our balance sheet, increased liquidity and continued advancing our strategic priorities, including the integration of Vaca Muerta and disciplined capital allocation. In addition, the entry of Grupo Gilinski as a strategic long-term aligned partner marks an important milestone, strengthening our shareholder alignment, financial position and providing additional capacity to pursue value-accretive growth opportunities. We remain well positioned to navigate market volatility while capturing opportunities ahead." Supplementary information is available at the following link: https://ir.geo-park.com/1Q26-SupplementaryRelease FIRST QUARTER 2026 HIGHLIGHTS Oil and Gas Production and Operations 1Q2026 consolidated average oil and gas production of 27,249 boepd3, performing above plan 9 rigs in operation (4 drilling and 5 workover) at the end of 1Q2026 Initiated drilling in the Loma Jarillosa Este Block in Vaca Muerta 4 wells drilled and completed in 1Q2026 Revenue, Adjusted EBITDA and Net Profit Revenue of $128.4 million compared to $110.3 million in 4Q2025 Adjusted EBITDA of $71.3 million compared to $46.3 million in 4Q2025 Operating profit of $58.0 million compared to $20.6 million in 4Q2025 Net profit of $20.2 million compared to $31.1 million in 4Q2025 Cost Structure and Capital Efficiency Operating costs of $14.7 per boe and structure costs of $4.0 per boe in 1Q2026 Capital expenditures of $22.0 million 1Q2026 Adjusted EBITDA to capital expenditures ratio of 3.2x Return on Average Capital Employed (ROACE) of 19% Balance Sheet and Liquidity Cash and cash equivalents of $274.9 million as of March 31, 2026 Full-Year net leverage of 1.3x and no principal debt maturities until January 2027 Hedging and Risk Management As part of the Company’s risk management strategy to protect pricing and support earnings stability, 1Q2026 revenue reflected a $10.2 million impact from commodity risk management contracts As of the date hereof, approximately 19,000 bpd of full-year production has been protected through 3-way collars with average strikes of $64.8/$50.0/$72.0 per boe For 2027, approximately 11,000 bpd of expected production has been hedged on a full-year basis, with comparable levels of downside protection and upside participation Shareholder Value Return Quarterly cash dividend of $0.023 per share, or approximately $1.5 million, payable on June 4, 2026, to shareholders of record at the close of business on May 20, 2026, in line with the revised dividend program approved by the Board Dividend suspension commencing with the 3Q2026 results The Board will reassess dividends once positive free cash flow generation resumes after the peak investment phase, consistent with GeoPark’s disciplined, returns-based capital framework CONSOLIDATED OPERATING PERFORMANCE Key performance indicators: 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 press release and its supplementary information do not contain all the Company’s financial information and the Company’s consolidated financial statements and corresponding notes for the period are available on the Company’s website. RECONCILIATION OF ADJUSTED EBITDA TO PROFIT BEFORE INCOME TAX CONFERENCE CALL INFORMATION GeoPark management will host a conference call on Thursday, May 7, 2026, at 10:00 am (Eastern Daylight Time) to discuss the 1Q2026 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: https://events.q4inc.com/attendee/357739077 Interested parties may participate in the conference call by dialing the numbers provided below: United States Participants: +1 646-307-1963 Global Dial-In Numbers: https://www.netroadshow.com/events/global-numbers?confId=48643 Passcode: 8385569 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. GLOSSARY NOTICE Additional information about GeoPark can be found in the Invest with Us section of the website at www.geo-park.com. Rounding amounts and percentages: Certain amounts and percentages included in this press release and its supplementary information have been rounded for ease of presentation. Percentage figures included in this press release and its supplementary information have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. In addition, certain other amounts that appear in this press release and its supplementary information may not sum due to rounding. This press release and its supplementary information contain certain oil and gas metrics, including information per share, operating netback, reserve life index and others, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods. CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION This press release and its supplementary information contain 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 expected production, investment program, drilling operations, returns-based growth and sustainable value creation. 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 press release and its supplementary information 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. Non-GAAP Measures: The Company believes Adjusted EBITDA, free cash flow and operating netback per boe, which are each non-GAAP measures, are useful because they allow the Company to more effectively evaluate its operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company’s calculation of Adjusted EBITDA, free cash flow, and operating netback per boe may not be comparable to other similarly titled measures of other companies. Adjusted EBITDA: The Company defines Adjusted EBITDA as profit for the period before net finance costs, income tax, depreciation, amortization and certain non-cash items such as impairments and write-offs of unsuccessful exploration and evaluation assets, accrual of stock options and stock awards, unrealized results on commodity risk management contracts and other non-recurring events. Adjusted EBITDA is not a measure of profit or cash flow as determined by IFRS. The Company excludes the items listed above from profit for the period in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, profit for the period or cash flow from operating activities as determined in accordance with IFRS or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure and significant and/or recurring write-offs, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. For a reconciliation of Adjusted EBITDA to the IFRS financial measure of profit, see the accompanying financial tables and the supplementary information. Operating Netback per boe: Operating netback per boe should not be considered as an alternative to, or more meaningful than, profit for the period or cash flow from operating activities as determined in accordance with IFRS or as an indicator of the Company’s operating performance or liquidity. Certain items excluded from operating netback per boe are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure and significant and/or recurring write-offs, as well as the historic costs of depreciable assets, none of which are components of operating netback per boe. The Company’s calculation of operating netback per boe may not be comparable to other similarly titled measures of other companies. View source version on businesswire.com: https://www.businesswire.com/news/home/20260506243712/en/ Contacts For further information, please contact: INVESTORS: Maria Catalina Escobar Shareholder Value and Capital Markets Director [email protected] Miguel Bello Investor Relations Officer [email protected] Maria Alejandra Velez Investor Relations Leader [email protected] MEDIA: Communications Department [email protected]