GeoPark said 2025 was a “turning point,” averaging 28,233 boepd (above guidance) with early contributions from its Vaca Muerta assets, and an agreed Frontera acquisition that would more than double reserves to a pro‑forma ~40,000 boepd, while targeting a 20,000 boepd Argentina plateau by 2028.
Lower realized prices (average $58.1/boe in 2025 vs. $65.6/boe in 2024) left adjusted EBITDA at $277 million for the year and $46 million in Q4, but management reported $32 million of structural cash savings with an expected ~$45 million annualized run‑rate and normalized OpEx/G&A of about $13/$4.5 per barrel.
Balance sheet and shareholder actions: GeoPark ended the year with >$100 million cash and 1.6x net leverage, repurchased >$100 million of 2030 notes (generating a $10 million gain and ~$9.5 million annual interest savings), declared a quarterly dividend of $0.03 per share, and has >84% of 2026 production hedged.
Geopark (NYSE:GPRK) executives said 2025 represented a “turning point” for the company, highlighting that it delivered or exceeded full-year guidance across key metrics despite a lower oil price environment, while advancing a portfolio reset that includes a new unconventional platform in Argentina and an agreed acquisition of Frontera Energy’s Colombian upstream assets.
CEO Felipe Bayón said full-year 2025 production averaged 28,233 boepd, above the upper end of guidance. Fourth-quarter volumes averaged 28,351 boepd, broadly in line with the prior quarter and reflecting initial contribution from the company’s Vaca Muerta assets in Argentina.
In Colombia, management said production stabilized earlier than anticipated, supported by base output in Llanos 34, sustained contribution from CPO-5, and drilling success in Llanos 123. Bayón also pointed to early results from a polymer injection recovery project in Llanos 34, which began in December.
In Argentina, management said production began contributing ahead of plan after GeoPark closed the acquisition of the Loma Jarillosa Este and Puesto Silva Oeste blocks in October. The company emphasized that operations were integrated safely, noting later in the call that work in Vaca Muerta had been “incident-free with no recordables.”
GeoPark said 2025 financial performance largely reflected lower realized prices. The company’s realized price averaged $58.1 per boe in 2025, down from $65.6 per boe in 2024. Adjusted EBITDA totaled $277 million for the year, within guidance. Fourth-quarter adjusted EBITDA was $46 million, which management attributed to lower prices and several non-recurring and timing-related items such as deferred sales volumes, logistics adjustments, and Vaca Muerta startup costs. Bayón said some of these effects would be reversed in first-quarter 2026 results.
Capital spending was $98 million in 2025, which management said was in line with plan and supported a 2.8x adjusted EBITDA-to-CapEx ratio and an 18% ROIC.
Executives highlighted “structural efficiencies” achieved in 2025, including average operating costs of $13.4 per barrel and G&A of $4.8 per barrel, both within guidance. The company also reported $32 million in structural cash savings and said it expects a run-rate of about $45 million in annualized savings in 2026 and beyond.
In response to questions on fourth-quarter cost one-offs, CFO Jaime Caballero said the quarter included about $7 million of non-recurring startup costs tied to the reinitiation of the Platanillo operation in Putumayo and Vaca Muerta activities in Argentina. He said roughly two-thirds of that impact was in OpEx and one-third in G&A. He also cited $2 million to $3 million of seasonal effects in the quarter from labor-related provisions and year-end items.
Caballero said normalized costs would be around $13 per barrel for OpEx and $4.5 per barrel for G&A, while reiterating 2026 guidance for lifting costs of $13-$15 per barrel and G&A of about $4 per barrel. COO Martín Terrado added that January and February numbers suggested some fourth-quarter impacts had already rolled off.
Terrado also discussed operational cost reduction work in Argentina and Putumayo. He said OpEx in Argentina was about $32 per barrel when GeoPark took over and had been reduced to roughly $22-$27 per barrel, with an expectation to reach $10-$12 per barrel by year-end as production grows. For Putumayo, he said OpEx started around $45 per barrel during the restart and had moved to below $40 per barrel, while noting the company would decide the future of Putumayo in the coming weeks following an Ecuador government announcement that GeoPark would no longer transport crude through Ecuador.
Bayón said GeoPark ended the year with over $100 million in cash and net leverage of 1.6x, with no material debt maturities until 2027. The company repurchased more than $100 million of its 2030 notes below par, which management said generated a $10 million gain and $9.5 million in annual interest savings.
On risk management, GeoPark said over 84% of 2026 production is hedged through three-way collars and that hedging has already begun for 2027.
The board declared a quarterly dividend of $0.03 per share. Bayón said the board plans to reassess shareholder distributions after free cash flow normalizes following peak Vaca Muerta investments.
Management framed two major transactions as reshaping GeoPark’s outlook:
Argentina (Vaca Muerta): GeoPark closed the Loma Jarillosa Este and Puesto Silva Oeste acquisition in October, obtaining operational control and outlining a path to a 20,000 boepd plateau by 2028.
Colombia (Frontera assets): In January 2026, the company announced an agreed acquisition of Frontera Energy’s Colombian upstream assets, which Bayón said would more than double reserves and bring expected pro forma production of about 40,000 boepd net to GeoPark.
Bayón also shared additional deal process updates, including formal approval from Colombia’s antitrust regulator, the Superintendencia de Industria y Comercio (SIC). He said Frontera scheduled its AGM for April 10 and that GeoPark continued to work with Frontera toward closing under the existing arrangement agreement, even as Frontera evaluates a competing offer from Parex.
Addressing Parex’s director nominations at GeoPark, Bayón said the board would review nominations through established governance processes and that shareholders did not need to take action at the time of the call. Later, responding to a question on potential conflicts, Bayón said he believed there was a conflict of interest and characterized Parex’s approach as a “deliberate and hostile strategy” directed at GeoPark.
GeoPark also discussed its limited-duration shareholder rights plan, saying it is in place for one year and expires on June 3. Bayón said the board would discuss whether to renew it and would communicate any decision to the market.
During Q&A, management also addressed market conditions tied to Venezuelan heavy crude flows. Caballero said GeoPark has seen a widening differential on Colombia’s Vasconia reference—moving from about $3-$4 in mid-2025 to roughly $7-$8 currently—attributing the change to increased Venezuelan supply and seasonal refinery demand factors. He said the company is seeking to mitigate exposure by increasing FOB exports tied more to Brent, citing CPO-5 volumes sold at Coveñas for export.
Looking to operational execution in Argentina, GeoPark said it expects to mobilize a Nabors rig in early March for a limited drilling campaign, including completing horizontal branches on three wells and then fracturing all five wells on the pad. Terrado reiterated a Vaca Muerta exit rate for 2026 of 5,000-6,000 boepd “within guidelines.”
On the polymer flood project in Llanos 34, Chief Exploration and Development Officer Rodrigo Dalle Fiore said the company started in December with two initial wells, expects to add two more in March or April, and plans to add five more wells in the second half of the year, with an intent to potentially accelerate that schedule. He said GeoPark is not expecting early production results in the initial period, but operational performance and polymer concentration targets are tracking well. Dalle Fiore cited modeled recovery-factor improvement expectations of 3% to 7% in injected areas, with about 5% as an average expectation based on experience and analogs.
Geopark Ltd. (NYSE:GPRK) is an independent oil and gas exploration and production company focused on Latin America. Founded in 2002 and with corporate offices in Canada and regional headquarters in Bogotá, Colombia, Geopark pursues the discovery and development of unconventional and conventional hydrocarbon resources. The company’s strategy emphasizes asset consolidation in established basins alongside disciplined capital allocation to maximize production efficiency.
The company’s core operations are centered in Colombia’s Llanos Basin, where it holds interests in several producing blocks that deliver light crude oil to local and export markets.
