GeoPark Argentina Obtains AA+(arg) Credit Rating and Approval From Argentine Regulator to Issue up to $500 Million in Debt Securities
GeoPark (NYSE: GPRK) announces that its subsidiary, GeoPark Argentina, has received approval from the Argentinian securities regulator to issue up to $500 million in debt securities over the next five years. Additionally, GeoPark Argentina has obtained an AA+(arg) credit rating from FIX, Fitch Ratings' local Argentine affiliate.
The strong rating is attributed to GeoPark Argentina's existing reserves, production, cash flow generation, and a robust production plan in the Mata Mora Norte Block. This block is currently producing over 12,500 boepd gross and is expected to generate $90-100 million in Adjusted EBITDA for GeoPark in full-year 2024. By 2028-2030, the block is projected to reach plateau production of around 40,000 boepd gross, contributing approximately $300 million net per year in Adjusted EBITDA.
GeoPark Argentina plans to fund its capital expenditures through ongoing cash flow generation and debt raised in the domestic capital market. The company has also secured over $100 million in local credit lines in Argentina, with no amount drawn as of the release date.
GeoPark (NYSE: GPRK) annuncia che la sua filiale, GeoPark Argentina, ha ricevuto l'approvazione dall'autorità di vigilanza dei valori mobiliari argentina per emettere fino a 500 milioni di dollari in titoli di debito nei prossimi cinque anni. Inoltre, GeoPark Argentina ha ottenuto un rating creditizio AA+(arg) da FIX, l'affiliata locale di Fitch Ratings in Argentina.
Il rating elevato è attribuito alle riserve esistenti di GeoPark Argentina, alla produzione, alla generazione di flussi di cassa e a un solido piano di produzione nel Blocco Mata Mora Norte. Questo blocco attualmente produce oltre 12.500 boepd lordi e si prevede che genererà 90-100 milioni di dollari in EBITDA aggiustato per GeoPark nell'intero anno 2024. Entro il 2028-2030, il blocco dovrebbe raggiungere una produzione di plateau di circa 40.000 boepd lordi, contribuendo con circa 300 milioni di dollari netti all'anno in EBITDA aggiustato.
GeoPark Argentina prevede di finanziare le sue spese in conto capitale attraverso la generazione continua di flussi di cassa e il debito raccolto nel mercato dei capitali domestico. L'azienda ha anche assicurato oltre 100 milioni di dollari in linee di credito locali in Argentina, senza alcun importo utilizzato alla data di rilascio.
GeoPark (NYSE: GPRK) anuncia que su filial, GeoPark Argentina, ha recibido la aprobación del regulador de valores argentino para emitir hasta 500 millones de dólares en valores de deuda en los próximos cinco años. Además, GeoPark Argentina ha obtenido una calificación crediticia AA+(arg) de FIX, la afiliada local de Fitch Ratings en Argentina.
La alta calificación se atribuye a las reservas existentes de GeoPark Argentina, su producción, la generación de flujo de caja y un robusto plan de producción en el Bloque Mata Mora Norte. Este bloque produce actualmente más de 12,500 boepd brutos y se espera que genere 90-100 millones de dólares en EBITDA ajustado para GeoPark en el año completo 2024. Para 2028-2030, se proyecta que el bloque alcanzará una producción de meseta de alrededor de 40,000 boepd brutos, contribuyendo aproximadamente 300 millones de dólares netos al año en EBITDA ajustado.
GeoPark Argentina planea financiar sus gastos de capital a través de la generación continua de flujo de caja y deuda obtenida en el mercado de capitales local. La compañía también ha asegurado más de 100 millones de dólares en líneas de crédito locales en Argentina, sin haber utilizado ninguna cantidad a la fecha del comunicado.
GeoPark (NYSE: GPRK)는 자회사인 GeoPark Argentina가 아르헨티나 증권 규제 기관으로부터 향후 5년 동안 5억 달러의 부채 증권을 발행할 수 있는 승인을 받았다고 발표했습니다. 또한, GeoPark Argentina는 Fitch Ratings의 현지 아르헨티나 자회사인 FIX로부터 AA+(arg) 신용 등급을 받았습니다.
이 높은 등급은 GeoPark Argentina의 기존 리저브, 생산, 현금 흐름 생성 및 Mata Mora Norte Block의 강력한 생산 계획에 기인합니다. 이 블록은 현재 12,500 boepd 총생산을 초과하며 2024년 전체 연도에 대해 GeoPark에 9천만 ~ 1억 달러의 조정 EBITDA를 생성할 것으로 예상됩니다. 2028-2030년까지 이 블록은 약 40,000 boepd 총생산에 도달할 것으로 예상되며, 연간 약 3억 달러의 순수익을 조정 EBITDA로 기여할 것입니다.
GeoPark Argentina는 자본 지출을 지속적인 현금 흐름 생성과 국내 자본 시장에서 조달한 부채를 통해 자금을 조달할 계획입니다. 이 회사는 또한 아르헨티나에서 1억 달러 이상의 현지 신용 한도를 확보했으며, 발표일 현재 사용된 금액이 없습니다.
GeoPark (NYSE: GPRK) annonce que sa filiale, GeoPark Argentina, a reçu l'approbation de l'autorité de régulation des valeurs mobilières argentine pour émettre jusqu'à 500 millions de dollars en titres de créance au cours des cinq prochaines années. De plus, GeoPark Argentina a obtenu une notation de crédit AA+(arg) de FIX, l'affilié argentin de Fitch Ratings.
Cette notation élevée est attribuée aux réserves existantes de GeoPark Argentina, à sa production, à sa génération de flux de trésorerie et à un solide plan de production dans le Bloc Mata Mora Norte. Ce bloc produit actuellement plus de 12 500 boepd bruts et devrait générer 90 à 100 millions de dollars d'EBITDA ajusté pour GeoPark sur l'année 2024. D'ici 2028-2030, le bloc devrait atteindre une production stable d'environ 40 000 boepd bruts, contribuant environ 300 millions de dollars nets par an en EBITDA ajusté.
GeoPark Argentina prévoit de financer ses dépenses d'investissement par la génération continue de flux de trésorerie et par des dettes levées sur le marché des capitaux domestique. La société a également sécurisé plus de 100 millions de dollars en lignes de crédit locales en Argentine, sans qu'aucun montant n'ait été tiré à la date de publication.
GeoPark (NYSE: GPRK) gibt bekannt, dass ihre Tochtergesellschaft, GeoPark Argentina, die Genehmigung der argentinischen Wertpapieraufsichtsbehörde erhalten hat, um innerhalb der nächsten fünf Jahre bis zu 500 Millionen Dollar an Schuldverschreibungen auszugeben. Darüber hinaus hat GeoPark Argentina eine AA+(arg) Kreditwürdigkeit von FIX, der lokalen Tochtergesellschaft von Fitch Ratings in Argentinien, erhalten.
Die hohe Bewertung wird auf die bestehenden Reserven, die Produktion, die Generierung von Cashflow und einen soliden Produktionsplan im Mata Mora Norte Block zurückgeführt. Block produziert derzeit über 12.500 boepd brutto und wird voraussichtlich im gesamten Jahr 2024 90-100 Millionen Dollar an bereinigtem EBITDA für GeoPark erwirtschaften. Bis 2028-2030 wird erwartet, dass der Block eine Plateau-Produktion von rund 40.000 boepd brutto erreicht und jährlich etwa 300 Millionen Dollar netto an bereinigtem EBITDA beisteuert.
GeoPark Argentina plant, ihre Investitionsausgaben durch die fortlaufende Generierung von Cashflow und durch im heimischen Kapitalmarkt aufgenommenen Schulden zu finanzieren. Das Unternehmen hat außerdem über 100 Millionen Dollar an lokalen Kreditlinien in Argentinien gesichert, wobei zum Zeitpunkt der Veröffentlichung kein Betrag in Anspruch genommen wurde.
- Approval to issue up to $500 million in debt securities over five years
- AA+(arg) credit rating obtained from FIX
- Mata Mora Norte Block producing over 12,500 boepd gross
- Expected $90-100 million in Adjusted EBITDA for GeoPark in full-year 2024
- Projected plateau production of 40,000 boepd gross by 2028-2030
- Estimated $300 million net per year in Adjusted EBITDA at plateau production
- Secured over $100 million in local credit lines in Argentina
- None.
Insights
GeoPark Argentina's approval to issue up to
The Mata Mora Norte Block's current production of 12,500 boepd and projected
GeoPark Argentina's strategy to fund growth through cash flow and domestic debt is prudent, taking advantage of favorable local market conditions. The
GeoPark's expansion into Argentina's Vaca Muerta formation is a strategic move that could significantly boost the company's production and reserves. The Vaca Muerta is known for its vast shale oil and gas resources, comparable to major U.S. shale plays.
The projected production growth from 12,500 boepd to 40,000 boepd in the Mata Mora Norte Block alone is impressive. This
The company's focus on low operational costs is important in the current market environment. The additional exploratory potential in the other acquired blocks could further enhance GeoPark's position in Argentina's unconventional oil and gas sector, potentially making it a significant player in the region.
Following the acquisition of four unconventional blocks in Vaca Muerta earlier this year1, the key factors contributing to the strong rating assigned to GeoPark Argentina by FIX include its existing reserves, production and cash flow generation, alongside a robust production plan in the Mata Mora Norte Block. Additional competitive advantages include low operational costs, conservative leverage, and strong backing from GeoPark.
The Mata Mora Norte Block is currently producing more than 12,500 boepd gross and is expected to generate
To support the expected production growth, GeoPark Argentina plans to fund its capital expenditures through ongoing cash flow generation from the Mata Mora Norte Block and debt raised in the domestic capital market, where attractive rates and terms are currently available.
As of the date of this release, GeoPark Argentina has also secured over
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1 The acquisition of the Vaca Muerta unconventional blocks in
2 The Company is unable to present a quantitative reconciliation of GeoPark Argentina’s full-year 2024 Adjusted EBITDA which is a forward-looking non-GAAP measure, because the Company cannot reliably predict certain of the necessary components, such as write-off of unsuccessful exploration efforts or impairment loss on non-financial assets, etc.
NOTICE
Additional information about GeoPark can be found in the “Invest with Us” section on the website at www.geo-park.com.
Rounding amounts: Certain amounts included in this press release have been rounded for ease of presentation.
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, expected production, expected Adjusted EBITDA, capital expenditures and timing for the closing of the acquisition. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241021165352/en/
For further information, please contact:
INVESTORS:
Maria Catalina Escobar, mescobar@geo-park.com
Shareholder Value and Capital Markets Director
Miguel Bello, mbello@geo-park.com
Investor Relations Officer
Maria Alejandra Velez, mvelez@geo-park.com
Investor Relations Leader
MEDIA:
Communications Department, communications@geo-park.com
Source: GeoPark Limited
FAQ
What is the new credit rating for GeoPark Argentina and who issued it?
How much debt securities is GeoPark Argentina (GPRK) approved to issue?
What is the current production of the Mata Mora Norte Block for GeoPark (GPRK)?
What is the projected Adjusted EBITDA for GeoPark (GPRK) from the Mata Mora Norte Block in 2024?
What is the projected plateau production for GeoPark's (GPRK) Mata Mora Norte Block by 2028-2030?
