Geopark Ltd Stock Price, News & Analysis

GeoPark Limited (NYSE: GPRK) reported its 2Q2021 financial results with consolidated revenue of $165.6 million, a 198% increase year-over-year. Oil and gas production averaged 36,489 boepd, affected by protests in Colombia, which were resolved by the end of the quarter.

Despite a net loss of $2.5 million, the company recorded a 19.2 million operating profit and strong Adjusted EBITDA of $60.5 million. A quarterly dividend of $0.041 per share will be paid on August 31, 2021.

GeoPark Limited (NYSE: GPRK) reported operational updates for 2Q2021, with consolidated oil and gas production at 36,489 boepd, primarily affected by protests in Colombia. Current production has rebounded to 38,000-39,000 boepd. Revised guidance for 2021 anticipates average production of 38,000-40,000 boepd, down from earlier estimates due to the disruptions. The company executed a deleveraging process, enhancing its debt profile and reporting $85 million in cash equivalents. Shareholders received quarterly dividends totaling $2.5 million and a resumption of share buybacks, indicating a focus on returning value.

Gerald O'Shaughnessy, co-founder and second-largest shareholder of GeoPark Limited (GPRK), addressed the 2021 Annual General Meeting's preliminary voting results. He noted that approximately 37% of unaffiliated shareholders opposed the election of the four targeted director nominees. O'Shaughnessy emphasized that this indicates a desire for change and plans to advocate for shareholder value maximization, aiming to unlock the company's full potential.

GeoPark Limited (NYSE: GPRK) announced the reelection of all Directors for a term ending at the 2022 Annual General Meeting, with over 70.9% support from shareholders. Directors include Sylvia Escovar (Chair), James Park (CEO), and others. The Company emphasized its commitment to governance and maintaining shareholder relationships. Additionally, former nominee Maria Fernanda Suarez's Director appointment is postponed until April 2022 due to new Colombian legislation. The Company aims to adhere to legal standards and values shareholders' insights.

Gerald O’Shaughnessy, co-founder and major shareholder of GeoPark (GPRK), has issued a letter urging shareholders to oppose the re-election of four directors at the upcoming Annual General Meeting. He criticizes the current Board for a lack of oversight and failure to address key strategic issues, particularly concerning high debt levels and underperformance relative to peers. O’Shaughnessy emphasizes the need for a more independent Board to enhance shareholder value and considers the current governance practices detrimental to the Company’s future.

Gerald O’Shaughnessy, co-founder and second largest shareholder of GeoPark Limited (GPRK), has issued a letter urging shareholders to vote against four incumbent board members at the upcoming Annual General Meeting. He criticizes the board for failing to address strategic issues and for allowing CEO Jim Park to operate without proper oversight. O’Shaughnessy highlights concerns over high leverage, declining book value, and the lack of transparency in governance. He argues that voting against these directors is crucial for improving shareholder value and ensuring better corporate governance.

GeoPark Limited (NYSE: GPRK) announced a positive revision from Institutional Shareholder Services (ISS), recommending shareholders vote "FOR" all eight Director nominees at the upcoming AGM on July 15, 2021. This change follows the resignation of Mr. Pedro Aylwin Chiorrini from the Nomination Committee, enhancing board independence. ISS acknowledged GeoPark's commitment to improving corporate governance and noted that the company is executing a successful strategy focused on Colombia, bolstered by recent acquisitions and board diversification.

Manchester Financial Group, LP, a major shareholder of GeoPark Limited (NYSE: GPRK), has issued an open letter advocating for a withhold-the-vote campaign against four current directors.

Douglas F. Manchester, Chairman of the Board, expressed support for Gerald O’Shaughnessy’s initiative to enhance shareholder value by changing the board. The directors targeted for opposition are:

• Pedro Aylin
• Robert Bedingfield
• Constantin Papadimitriou
• James Park

GeoPark Limited (NYSE: GPRK) reported a production update amid ongoing protests in Colombia affecting logistics. The protests led to production curtailments starting May 8. By June, production resumed to normal levels in the Llanos basin and the Platanillo block, which had been shut since May 12, is now active again. The company’s total oil and gas production is currently estimated at 38,000-39,000 boepd, with a projected average of 36,500 boepd in 2Q2021.

GeoPark adapted by implementing alternative logistics to reduce downtime.