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GeoPark Limited (symbol: GPRK) is a leading independent Latin American oil and gas exploration and production company. The firm has established operations and growth platforms in multiple countries, including Colombia, Chile, Brazil, Argentina, Peru, and Ecuador. GeoPark's primary revenue sources are the sale of crude oil, condensate, and natural gas, net of value-added tax and sales discounts.
GeoPark is renowned for its experienced management and technical teams, which have enabled consistent year-to-year growth in production and reserves. The company boasts an attractive portfolio of high-potential oil and gas assets and maintains a strong balance sheet supported by consistent cash flow.
The company takes a conservative, risk-balanced approach to business and actively explores new project opportunities across Latin America. GeoPark has developed an extensive network of partners and capital to fuel its growth, alongside an in-house culture focused on commitment, care, and excellence.
Recently, GeoPark announced the preliminary and final results of its tender offer to purchase its common shares. The company accepted 4,369,181 shares at a final purchase price of U.S.$10.00 per share, an endeavor that highlights its robust financial health and strategic focus on maximizing shareholder value. The tendered shares represent approximately 7.87% of GeoPark's issued and outstanding common shares, resulting in a total cost of around U.S.$43.7 million.
The Dealer Manager for the offer was BTG Pactual US Capital, LLC, and Georgeson LLC acted as the Information Agent. Computershare Trust Company, N.A. served as the Depositary. This tender offer exemplifies GeoPark's ongoing dedication to optimizing its capital structure and delivering value to its shareholders.
GeoPark Limited (NYSE: GPRK) reported an operational update for the first quarter of 2023, revealing a 4% decline in average oil and gas production to 36,578 boepd, attributed primarily to temporary production shut-ins and localized blockades in Colombia. Current production levels are around 38,000 boepd. Notably, the Llanos 34 block is now producing 54,799 bopd, and GeoPark recently drilled its first horizontal well in the Tigana field, yielding over 3,000 bopd. The company declared a quarterly dividend of $0.13 per share, totaling $7.5 million, and aims to return 40-50% of free cash flow to shareholders. As of March 31, 2023, GeoPark reports cash reserves of $145 million, up from $129 million at year-end 2022.
GeoPark Limited (NYSE: GPRK) has announced the filing of its Form 20-F for the fiscal year ending December 31, 2022. This filing, which is available on the SEC's website and the company's official site, contains audited financial statements. Shareholders may request a hard copy of the complete 2022 Form 20-F at no cost. The filing reflects the company's commitment to transparency and regulatory compliance, a key aspect for maintaining investor confidence.
GeoPark Limited (NYSE: GPRK) has declared a quarterly cash dividend of $0.13 per share, totaling $7.5 million. The payment will be made on March 31, 2023, to shareholders of record by March 22, 2023. GeoPark aims to return approximately 40-50% of its free cash flow after taxes to shareholders while executing self-funded work programs. The dividend announcement reflects the company's commitment to shareholder value amidst fluctuating market conditions. Notably, the company’s free cash flow is calculated as Adjusted EBITDA minus capital expenditures, and it faces uncertainties regarding tax impacts in Colombia.
GeoPark Limited (NYSE: GPRK) reported record financial results for 4Q2022, with revenue reaching $231.0 million, a 14% increase year-over-year. Full-year revenue totaled $1.05 billion, while net profit surged to $52.2 million for the quarter and $224.4 million for the year. Production averaged 38,433 boepd in the fourth quarter, and the company achieved a 60% return on capital employed. GeoPark reduced $170 million in gross debt in 2022, enhancing its balance sheet with cash in hand amounting to $128.8 million. Shareholder returns tripled, with dividends increasing 236% and share buybacks 206%. The company forecasts 2023 production guidance of 39,500-41,500 boepd.
GeoPark Limited (GPRK) announced an independent assessment of its oil and gas reserves as of December 31, 2022, revealing significant figures. The company holds certified 2P reserves of 110 million BOE, with a net present value (after tax) of $1.6 billion. The 1P reserves total 69.9 million BOE with an NPV10 after tax of $1.1 billion. The company expects to generate an adjusted EBITDA of $510-580 million in 2023 and a free cash flow of $120-140 million. Looking forward, GeoPark aims to return 40-50% of free cash flow to shareholders while continuing to expand production and drilling operations.
GeoPark Limited (NYSE: GPRK) reports a 7% increase in average oil and gas production to 38,433 boepd for 4Q2022, achieving annual guidance. Despite production delays at CPO-5 and reduced gas demand at Manati, annual production reached 38,620 boepd. New development wells in the CPO-5 block tested over 11,000 bopd, expected to resume production soon. The company plans a 2023 capital expenditure of $200-220 million with anticipated free cash flow of $120-140 million. A quarterly dividend of $0.127 per share was paid, indicating strong shareholder returns.
GeoPark Limited (NYSE: GPRK) has declared a quarterly cash dividend of
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