GeoPark Announces Fourth Quarter 2024 Operational Update
GeoPark (NYSE: GPRK) reported its Q4 2024 operational update, showing consolidated average oil and gas production of 31,489 boepd, a 5% decrease from Q3 2024 due to blockades in Colombia. The company's annual average production reached 33,937 boepd.
Key operational highlights include: strong performance in Vaca Muerta with Q4 production of 15,052 boepd gross (19% higher than Q3); successful waterflooding projects in Llanos 34 Block contributing 5,500 gross boepd; and positive exploration results in various blocks. The Mata Mora Norte block showed significant reserves according to D&M's interim report, with net 1P reserves of 39.1 mmboe, 2P reserves of 75.2 mmboe, and 3P reserves of 142.8 mmboe.
The company maintained 10 rigs in operation at end-2024, completed 43 wells throughout the year, and achieved zero recordable incidents in Q4 2024 in GeoPark-operated assets.
GeoPark (NYSE: GPRK) ha riportato il suo aggiornamento operativo del Q4 2024, mostrando una produzione media consolidata di petrolio e gas di 31.489 boepd, una diminuzione del 5% rispetto al Q3 2024 a causa di blocchi in Colombia. La produzione media annuale dell'azienda ha raggiunto 33.937 boepd.
I punti salienti operativi includono: una forte performance in Vaca Muerta con una produzione nel Q4 di 15.052 boepd lordi (19% superiore al Q3); progetti di iniezione d'acqua di successo nel Blocco Llanos 34 che hanno contribuito con 5.500 boepd lordi; e risultati esplorativi positivi in vari blocchi. Il blocco Mata Mora Norte ha mostrato riserve significative secondo il rapporto intermedio di D&M, con riserve nette 1P di 39,1 mmboe, riserve 2P di 75,2 mmboe, e riserve 3P di 142,8 mmboe.
L'azienda ha mantenuto 10 trivelle in operazione a fine 2024, completando 43 pozzetti durante l'anno, e ha raggiunto zero incidenti registrabili nel Q4 2024 nei beni gestiti da GeoPark.
GeoPark (NYSE: GPRK) reportó su actualización operacional del Q4 2024, mostrando una producción media consolidada de petróleo y gas de 31,489 boepd, una disminución del 5% con respecto al Q3 2024 debido a bloqueos en Colombia. La producción media anual de la empresa alcanzó 33,937 boepd.
Los puntos destacados operativos incluyen: un desempeño sólido en Vaca Muerta con una producción en el Q4 de 15,052 boepd brutos (un 19% más que en el Q3); proyectos exitosos de inyección de agua en el Bloque Llanos 34 que contribuyeron con 5,500 boepd brutos; y resultados exploratorios positivos en varios bloques. El bloque Mata Mora Norte mostró reservas significativas de acuerdo al informe interino de D&M, con reservas netas 1P de 39.1 mmboe, reservas 2P de 75.2 mmboe, y reservas 3P de 142.8 mmboe.
La empresa mantuvo 10 equipos perforadores en operación a finales de 2024, completó 43 pozos a lo largo del año y logró cero incidentes registrables en el Q4 2024 en los activos operados por GeoPark.
GeoPark (NYSE: GPRK)는 2024년 4분기 운영 업데이트를 보고하며, 31,489 boepd의 통합 평균 석유 및 가스 생산량을 기록했습니다. 이는 콜롬비아의 봉쇄로 인해 2024년 3분기 대비 5% 감소한 수치입니다. 회사의 연간 평균 생산량은 33,937 boepd에 달했습니다.
주요 운영 하이라이트로는: Vaca Muerta에서의 강력한 성과로 4분기 생산량이 15,052 boepd로(3분기 대비 19% 증가); Llanos 34 블록의 성공적인 물주입 프로젝트가 5,500 boepd를 기여; 그리고 다양한 블록에서 긍정적인 탐사 결과가 있었습니다. Mata Mora Norte 블록은 D&M의 중간 보고서에 따르면 1P 순 시추 매장량이 39.1 mmboe, 2P 매장량이 75.2 mmboe, 3P 매장량이 142.8 mmboe로 중요한 매장량을 보였습니다.
회사는 2024년 말까지 10개의 굴착 장비를 운영하며, 연중 43개의 우물을 완공하고, GeoPark가 운영하는 자산에서 2024년 4분기 동안 기록 가능한 사고가 전혀 발생하지 않았습니다.
GeoPark (NYSE: GPRK) a publié sa mise à jour opérationnelle du T4 2024, affichant une production moyenne consolidée de pétrole et de gaz de 31.489 boepd, soit une baisse de 5 % par rapport au T3 2024 en raison de blocages en Colombie. La production moyenne annuelle de l'entreprise a atteint 33.937 boepd.
Les points saillants opérationnels comprennent : une performance solide à Vaca Muerta avec une production au T4 de 15.052 boepd bruts (19 % de plus qu’au T3); des projets d'injection d'eau réussis dans le Bloc Llanos 34 contribuant à 5.500 boepd bruts; et des résultats d'exploration positifs dans divers blocs. Le bloc Mata Mora Norte a montré d'importantes réserves selon le rapport intermédiaire de D&M, avec des réserves nettes 1P de 39,1 mmboe, des réserves 2P de 75,2 mmboe et des réserves 3P de 142,8 mmboe.
L'entreprise a maintenu 10 foreuses en opération à la fin de 2024, a complété 43 puits tout au long de l'année et a atteint zéro incident enregistrable au T4 2024 dans les actifs gérés par GeoPark.
GeoPark (NYSE: GPRK) hat sein Betriebsupdate für das 4. Quartal 2024 veröffentlicht und eine konsolidierte durchschnittliche Öl- und Gasproduktion von 31.489 boepd gemeldet, was einem Rückgang von 5% im Vergleich zum 3. Quartal 2024 aufgrund von Blockaden in Kolumbien entspricht. Die jährliche durchschnittliche Produktion des Unternehmens erreichte 33.937 boepd.
Zu den wichtigsten operativen Höhepunkten gehören: eine starke Leistung in Vaca Muerta mit einer Produktion im 4. Quartal von 15.052 boepd brutto (19% höher als im 3. Quartal); erfolgreiche Wasserflutprojekte im Llanos 34 Block, die 5.500 brutto boepd beitrugen; und positive Explorationsergebnisse in verschiedenen Blöcken. Der Mata Mora Norte Block zeigte gemäß dem vorläufigen Bericht von D&M erhebliche Reserven mit Nettomengen von 1P von 39,1 mmboe, 2P von 75,2 mmboe und 3P von 142,8 mmboe.
Das Unternehmen betrieb Ende 2024 10 Bohranlagen, schloss im Laufe des Jahres 43 Bohrungen ab und verzeichnete im 4. Quartal 2024 in den von GeoPark betriebenen Anlagen null registrierbare Vorfälle.
- Strong Vaca Muerta performance with 19% production increase in Q4
- Successful waterflooding projects contributing 5,500 gross boepd in Llanos 34
- Significant reserves in Mata Mora Norte: 39.1 mmboe (1P), 75.2 mmboe (2P)
- Zero recordable safety incidents in Q4 2024
- Environmental licenses approved for Llanos 86 and 104 blocks
- Q4 2024 production declined 5% vs Q3 2024 due to blockades
- 18% year-over-year production decrease in Q4 (31,489 vs 38,315 boepd)
- CPO-5 block production dropped 17% due to field blockades
- Platanillo Block operations shut in due to cost structure
Insights
The Q4 operational update reveals several concerning trends. Production declined
However, there are bright spots in the Vaca Muerta assets, which achieved record production of 16,060 boepd in November. The promising D&M interim reserves report showing 75.2 mmboe of 2P reserves provides a valuable hedge against Colombian reserve declines. The successful Confluencia Norte pad reaching 4,700 boepd demonstrates strong execution in the unconventional portfolio.
The shift toward Vaca Muerta while managing decline rates in Colombia represents a critical strategic pivot. GeoPark's ability to offset mature asset declines with new unconventional growth will be key for maintaining production levels and free cash flow generation.
The operational metrics paint a complex picture. The deployment of 10 active rigs (4 drilling, 6 workover) shows commitment to field development, but blockade-related disruptions in Colombia highlight ongoing above-ground risks. The waterflooding campaign in Llanos 34 delivering 5,500 boepd demonstrates effective reservoir management, though this represents only
The Vaca Muerta results are particularly encouraging. The three-well pad in Confluencia Norte achieving comparable per-well performance to four-well pads in Mata Mora Norte suggests strong execution and potential cost efficiencies. The zero recordable incidents in operated assets also reflects solid operational practices.
However, the shut-in of Platanillo field due to cost structure raises concerns about operating margins in the current price environment. The 2025 drilling program targeting 3-6 wells in Colombia and 4 wells in Argentina appears measured, balancing capital discipline with maintaining production.
MAXIMIZING RECOVERY IN
VACA MUERTA DELIVERS STRONG PRODUCTION RESULTS
Oil and Gas Production and Operations
-
4Q2024 consolidated average oil and gas production of 31,489 boepd,1
5% lower than 3Q2024 due to blockades affecting operations in the Llanos 34 (GeoPark operated,45% WI) and CPO-5 (GeoPark non-operated,30% WI) blocks inColombia - Annual average oil and gas production of 33,937 boepd 1
- 10 rigs in operation (4 drilling and 6 workover) at end-2024, including one drilling rig in Vaca Muerta
- 43 wells drilled in 2024 (including 7 wells in Vaca Muerta)
- Zero recordable incidents in 4Q2024 in GeoPark-operated assets
Llanos 34 Block: Enhanced Recovery Through Waterflooding Campaign
-
4Q2024 average production of 19,342 boepd net (42,981 boepd gross),
5% lower than 3Q2024. The decline was partially compensated by the good performance of workover and drilling campaigns, mainly due to production put on at the Curucucu 4 well (currently producing 800 boepd gross) -
Waterflooding projects continued to deliver strong results in 4Q2024 (5,500 gross boepd),
13% of total production in the block. Three new injector wells started operations in October and December - Two development wells have been added to the drilling campaign (Tigui 26 and Curucucu 2)
CPO-5 Block: Production Impacted by Blockades
-
4Q2024 average production of 6,402 boepd net (21,342 boepd gross),
17% lower than 3Q2024, impacted by blockades in the Indico field - Cante Flamenco 2: Appraisal well reached total depth (TD) in September 2024, finding 14 ft of net pay in the Lower Mirador Formation and 15 ft of net pay in the Ubaque Formation, and is currently in testing and evaluation
- 3D Seismic: New prospective opportunities were identified from 232 sq km of new 3D seismic and will be evaluated in the following months
Vaca Muerta: Strong Performance Adds Pro forma Production and Reserves
-
4Q2024 average production of 15,052 boepd gross (reaching a record of 16,060 boepd gross during November 2024),
19% higher than 3Q2024, driven by steady growth in the Mata Mora Norte Block (GeoPark non-operated,45% WI) and put-on production from the first exploration pad in the Confluencia Norte Block (GeoPark non-operated,50% WI) - Confluencia Norte: The first pad was put on production, peaking at 4,700 boepd gross and representing the first Vaca Muerta production in Rio Negro province. The pad has three wells (3000m lateral length each), and on a per-well basis is comparable to the pads on Mata Mora Norte, which have four wells.
- Mata Mora Norte: DeGolyer & MacNaughton (D&M) has prepared an Interim Reserves Report as of June 30, 20242 showing:
- Net 1P reserves of 39.1 million barrels of oil equivalent (mmboe)
- Net 2P reserves of 75.2 mmboe
- Net 3P reserves of 142.8 mmboe
GeoPark will issue a release on the full DeGolyer & MacNaughton 2024 report in February and expects that increased reserves in Vaca Muerta will help compensate potential declines in reserves in
Llanos Exploration: Drilling Success Increases Production by
-
4Q2024 average production of 1,792 boepd net (3,584 boepd gross),
13% higher than 3Q2024 mainly driven by appraisal results from the Llanos 123 Block (GeoPark operated,50% WI):
- The Toritos Sur-2 appraisal well reached TD in November 2024 and is currently awaiting testing
- The Saltador-2 appraisal well was drilled in November 2024. Productivity was low, and it was completed as a disposal well
- The Bisbita Oeste-1 appraisal well reached TD in late December 2024, and will be tested in January 2025
-
Llanos 86 and Llanos 104 Blocks (GeoPark operated,
50% WI):
- Environmental licenses were approved, permitting the initiation of exploratory and development activities in both blocks
- 3D seismic: Final processing has been completed, identifying new opportunities to be drilled in the following months
Putumayo: Exploration Campaign Underway
-
Platanillo Block (GeoPark operated,
100% WI): The field had been shut in due to its cost structure -
PUT-8 Block (GeoPark operated,
50% WI):
- The Bienparado Norte-1 exploration well spudded in December 2024 and reached TD in the first week of January. Completion is planned during 1Q2025
- The Bienparado Sur-1 exploration well license was approved in the final week of December 2024, and the well is expected to be drilled in 1Q2025
Upcoming Catalysts 1Q2025
-
Drilling 3-6 gross wells in 1Q2025 in
Colombia and 4 gross wells inArgentina , targeting conventional, unconventional, appraisal and exploration projects - Key projects include:
- Llanos 34 Block: Drilling 1 infill well in the Tigui area and 1 well in the Curucucu field
- CPO-5 Block: Workover campaign to install artificial lift in the Indico field
- Mata Mora Norte Block: Putting on production at PAD-9 (3 wells) and finishing drilling PAD-12 (4 wells)
- Llanos 123 Block: Drilling 1-2 appraisal wells
- PUT-8 Block: Drilling 1 exploration well
Breakdown of Quarterly Production by Country
The following table shows production figures for 4Q2024, as compared to 4Q2023:
|
4Q2024 |
4Q2023 |
|||||
Total
|
Oil
|
Gas
|
Total
|
% Change |
|||
|
29,740 |
29,605 |
808 |
34,154 |
-13 |
% |
|
|
1,749 |
1,749 |
- |
1,419 |
23 |
% |
|
|
- |
- |
- |
1,101 |
-100 |
% |
|
|
- |
- |
- |
1,641 |
-100 |
% |
|
Total |
31,489 |
31,354 |
808 |
38,315 |
-18 |
% |
|
a) |
Includes royalties and other economic rights paid in kind in |
b) |
Closing of the divestment transaction in January 2024. |
Quarterly Production
(boepd) |
4Q2024 |
3Q2024 |
2Q2024 |
1Q2023 |
4Q2023 |
|
29,740 |
31,429 |
33,956 |
32,580 |
34,154 |
|
1,749 |
1,786 |
1,652 |
990 |
1,419 |
|
- |
- |
- |
1,020 |
1,101 |
|
- |
- |
- |
1,988 |
1,641 |
Totalb |
31,489 |
33,215 |
35,608 |
36,578 |
38,315 |
Oil |
31,354 |
33,091 |
35,504 |
33,801 |
35,842 |
Gas |
135 |
124 |
104 |
2,777 |
2,473 |
a) |
Closing of the divestment transaction was reached in January 2024. |
b) |
In |
Reporting Date for 4Q2024 Results Release, Conference Call and Webcast
GeoPark will report its 4Q2024 and full-year 2024 financial results on Wednesday, March 5, 2025, after market close.
GeoPark management will host a conference call on March 6, 2025, at 10:00 am (Eastern Standard Time) to discuss the 4Q2024 and full-year 2024 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/244911827
Interested parties may participate in the conference call by dialing the numbers provided below
United States Participants: +1 404-975-4839
Global Dial-In Numbers:
https://www.netroadshow.com/events/global-numbers?confId=72342
Passcode: 595176
Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast.
An archive of the webcast replay will be made available in the Invest with Us section of the Company’s website at www.geo-park.com after the conclusion of the live call.
NOTICE
Additional information about GeoPark can be found in the “Invest with Us” section on the website at www.geo-park.com.
Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentages included in this press release have not in all cases been calculated on the basis of such rounded amounts, but on the basis of such amounts prior to rounding. For this reason, certain percentages in this press release may vary from those obtained by performing the same calculations on the basis of the amounts in the financial statements. Similarly, certain other amounts included in this press release may not sum due to rounding.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.
Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including, drilling campaign, production guidance, closing of acquisition transaction 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
Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption and losses. Annual production per day is obtained by dividing total production by 365 days.
1 Not including production in Vaca Muerta,
2 Reserves estimates in Vaca Muerta were not provided by the operator and are based on a third party report prepared by D&M as of June 30,2024.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250121961476/en/
INVESTORS:
Maria Catalina Escobar
Shareholder Value and Capital Markets Director
mescobar@geo-park.com
Miguel Bello
Investor Relations Officer
mbello@geo-park.com
Maria Alejandra Velez
Investor Relations Leader
mvelez@geo-park.com
MEDIA:
Communications Department
communications@geo-park.com
Source: GeoPark Limited
FAQ
What was GeoPark's Q4 2024 oil and gas production?
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