GeoPark Reports First Quarter 2021 Results

(BUSINESS WIRE)–GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil and Argentina reports its consolidated financial results for the three-month period (“First Quarter” or “1Q2021”). A conference call to discuss 1Q2021 financial results will be held on May 6, 2021 at 10:00 am (Eastern Daylight Time).

All figures are expressed in US Dollars and growth comparisons refer to the same period of the prior year, except when specified. Definitions and terms used herein are provided in the Glossary at the end of this document. This release does not contain all of the Company’s financial information and should be read in conjunction with GeoPark’s consolidated financial statements and the notes to those statements for the period ended March 31, 2021, available on the Company’s website.

FIRST QUARTER 2021 HIGHLIGHTS

Strong Free Cash Flow from Profitable Low-Breakeven Production

  • Consolidated oil and gas production of 38,131 boepd
  • Revenue of $146.6 million
  • Operating Profit of $15.9 million / Net Loss of $10.3 million
  • Operating Netback of $79.4 million / Adjusted EBITDA of $66.5 million (both including protective cash hedge losses of $20.6 million)
  • Capital expenditures of $20.3 million
  • Every $1 invested yielded $3.9 in Operating Netback

Successful Debt Reduction

  • $187.6 million of cash & cash equivalents as of March 31, 2021
  • $75 million oil prepayment facility, with $50 million committed and no amounts drawn
  • $106.2 million in uncommitted credit lines
  • Strategic deleveraging executed in April 2021 resulted in significant debt reduction with extended maturities and lower cost of debt

Self-Funded, Expanded 2021 Work Program

  • Full-year 2021 work program of $130-150 million, targeting 41,000-43,0001 boepd average production and operating netbacks of $330-370 million assuming Brent at $50-55 per bbl2
  • Flexible to quickly adapt to any oil price scenario

Shareholder Value Returns

  • Quarterly Dividend of $0.0205 per share ($1.25 million), paid on April 13, 2021
  • Quarterly Dividend of $0.0205 per share ($1.25 million), to be paid on May 28, 2021
  • Resumed discretionary share buyback program, having acquired 119,289 shares for $1.2 million since November 6, 2020, while executing self-funded and flexible work programs, and paying down debt

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Powered by WordPress.com.

Up ↑

%d bloggers like this: