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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 (GPRK) reported robust financial results for Q4 and FY2021, achieving a 90% increase in revenue to $202.4 million. Full-year revenue rose 75% to $688.5 million, with a net profit of $61.1 million. The company successfully reduced debt by $105 million, with a net leverage of 1.9x. A significant capital expenditure program of $160-180 million is underway for 2022, with a target production increase of 5-10%. Shareholders will benefit from a doubled quarterly cash dividend and a discretionary share buyback program.
GeoPark Limited (NYSE: GPRK) has announced its independent oil and gas reserves assessment for 2021, certified by DeGolyer and MacNaughton. The company reported 2P reserves of 136 million BOE in Colombia with a net present value after tax of $2 billion. Highlights include a 117% reserve replacement rate of proven developed reserves and average production of 55,971 bopd. Future capital expenditures are projected to be $160-180 million for 2022 with expected free cash flow of up to $250 million at higher oil prices.
GeoPark Limited (NYSE: GPRK) has announced its first hydrocarbon discovery in the Perico block in Ecuador. The Jandaya 1 well, drilled to a depth of 10,975 feet, encountered 70-80 feet of potential hydrocarbon reservoir across three formations, with a primary focus on the Hollin formation. Initial production tests yielded 750 barrels of oil per day and 0.8 million standard cubic feet of gas. The company plans to continue exploration activities, including drilling in the Tui prospect and further seismic studies in the Espejo Block as part of a $160-180 million capital expenditure program for 2022.
GeoPark Limited (NYSE: GPRK) reported a 4% decline in quarterly average oil and gas production in 4Q2021, totaling 37,928 boepd. Reasons include reduced gas output and the impact of community protests in Colombia's Putumayo basin. Significant increases were noted in Colombia's Llanos 34 block, achieving 58,270 bopd gross. The company plans to drill 40-48 gross wells in its 2022 program, anticipating $90-250 million in free cash flow depending on oil prices. A dividend of $0.041 per share was also announced.
GeoPark Limited (NYSE: GPRK) has announced the retirement of Board member Pedro Aylwin, effective December 31, 2021. Aylwin served as Head of Legal and Governance since 2011 and contributed to the company’s governance improvements and growth. The Board will not replace him, reducing its size to six members and increasing the independent member majority to 66.6%. Chairman Sylvia Escovar expressed gratitude for Aylwin's contributions, wishing him well in future endeavors.
GeoPark Limited (NYSE: GPRK) has initiated a multi-year drilling campaign in Colombia's CPO-5 Block, with the spudding of the Indico 4 well. The company operates six drilling rigs and three workover rigs across three basins. In November 2021, consolidated oil and gas production averaged 38,915 boepd, with exit production at 39,500 boepd. For 2022, GeoPark plans $160-180 million in capital expenditures, targeting 40-48 wells, and anticipates generating $90-140 million in free cash flow. The Colombian government recognized the company for its sustainable community development initiatives.
GeoPark Limited (NYSE: GPRK) has unveiled a comprehensive Greenhouse Gas (GHG) emissions reduction strategy aimed at substantial decreases in emissions intensity. The plan targets a 35-40% reduction in Scope 1 and 2 emissions by 2025, escalating to 40-60% by 2030, with aspirations for net-zero emissions by 2050. This initiative, developed with Kearney consulting, leverages current operations in Colombia, Ecuador, Chile, Brazil, and Argentina, focusing on solar energy and reduced carbon intensity.
GeoPark Limited (NYSE: GPRK) has outlined its work program and investment guidelines for 2022, projecting production growth of 5-10% to average 35,500-37,500 boepd. A capital expenditure of
GeoPark Limited (NYSE: GPRK) announced a quarterly cash dividend of $0.041 per share, totaling $2.5 million, payable on December 7, 2021. This dividend rewards shareholders of record as of November 23, 2021. Additionally, the company renewed its share repurchase program, allowing for the buyback of up to 10% of outstanding shares, approximately 6,074,000 shares, until November 10, 2022. GeoPark aims to enhance shareholder value while maintaining strong operational performance and generating free cash flow.
GeoPark Limited (NYSE: GPRK) reported strong financial results for 3Q2021, with revenues of $174.0 million, an increase of 77% year-over-year. Oil production reached 32,844 bopd, up 6% from 2Q2021, while adjusted EBITDA rose 55% to $86.8 million. Despite disruptions due to protests in the Platanillo block, production was restored by November 4, 2021. The company is divesting non-core assets in Argentina for $16 million and expects to close this transaction by early 2022. A quarterly dividend of $0.041 per share is payable on December 7, 2021.
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