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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) 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.
GeoPark Limited (NYSE: GPRK) has released its operational update for 3Q2021, reporting a consolidated production of 37,859 boepd, a 4% increase from the previous quarter. Oil production rose by 6% to 32,844 bopd, primarily due to growth in Colombia, while gas production fell by 9% due to declines in Chile and Brazil. GeoPark is also actively drilling with four rigs in Colombia, including successful operations in the Llanos 34 block. The company has initiated drilling activities in Ecuador and is focusing on low-risk projects for 2022. Additionally, the quarterly dividend has increased to $0.041 per share.
GeoPark Limited (NYSE: GPRK) has announced a quarterly cash dividend of $0.041 per share, totaling $2.5 million, to be paid on August 31, 2021. This marks a significant increase, doubling from the previous dividend of $0.0205 per share, or $1.25 million in the aggregate. This decision reflects the Company's commitment to deliver shareholder value while pursuing self-funded growth and reducing debt.
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.
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