Welcome to our dedicated page for GeoPark news (Ticker: $GPRK), a resource for investors and traders seeking the latest updates and insights on GeoPark stock.
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GeoPark (NYSE: GPRK), a leading Latin American oil and gas company, reported its financial results for Q1 2024. The company achieved $111.5 million in Adjusted EBITDA with a 67% margin and a 15% year-on-year increase in net profit to $30.2 million. Despite a 3% decline in oil and gas production to 35,473 boepd due to divestments, the firm maintained capital efficiency with a 35% return on capital employed. GeoPark's cash reserves grew to $150.7 million, and net leverage remained low at 0.8x. The company continued shareholder returns with a $0.147 per share dividend and a share buyback reducing outstanding shares by 8%. Future focus includes core operations in Colombia, new assets in Vaca Muerta, and exploration in Ecuador.
GeoPark announced the acquisition of non-operated working interest in four adjacent unconventional blocks in the Vaca Muerta shale formation in Argentina, providing immediate access to growing production and reserves profiles. The transaction is valued at $190 million and is expected to close in 3Q2024. The partnership with Phoenix Global Resources offers significant exploration upside and access to a proven operator with strong financial backing. The acquisition aligns with GeoPark's strategy to expand its presence in Latin America and diversify its asset portfolio.
GeoPark announced a new offtake agreement with Vitol, providing improved price realizations and up to $500 million in funding. The agreement allows GeoPark to sell a minimum of 20,000 bopd of production from the Llanos 34 Block, starting on July 1, 2024. GeoPark will receive immediate access to $300 million in funding, with an option to increase to $500 million, for prepaid future oil sales. The agreement offers competitive financing with a SOFR risk-free rate plus a margin of 3.75% per annum, enhancing GeoPark's commercial performance and growth prospects.
GeoPark, a leading Latin American oil and gas explorer, published its 2023 SPEED/Sustainability Report, showing strong results in emissions reduction strategies and significant achievements in social, environmental, and governance areas. The report highlights a 10.6 kg CO2e/boe emissions intensity in 2023 and notable recognitions for sustainability efforts.