Colombia & Argentina : 

GeoPark Reports First Quarter 2026 Results

05/06/2026

Strong Operational Performance Continues

Strengthened Financial Capacity and Flexibility

GeoPark Limited, (Link)  a leading independent energy company with over 20 years of successful operations across Latin America, reports its consolidated financial results for the three-month period ended March 31, 2026 .

GeoPark performed strongly in 1Q2026, combining solid operational execution with disciplined financial management. The Company benefited from a constructive pricing environment and effective commercial execution, while maintaining cost efficiency and navigating market volatility through its risk management strategy.

During the quarter, GeoPark strengthened its financial and liquidity position, while advancing its strategic priorities, positioning the Company to deliver resilient performance and long-term value creation.

FIRST QUARTER 2026 FINANCIAL SUMMARY

Brent prices materially strengthened during the quarter, averaging $77.9/bbl, driven by geopolitical disruptions. This stronger benchmark environment supported an improvement in GeoPark’s realized pricing, with the Company delivering a combined realized price of $60.4/bbl in 1Q2026, compared to $54.8/bbl in 4Q2025.

While the benefit of higher benchmark prices was partially moderated by the Company’s hedging strategy and wider Vasconia differentials during the quarter, GeoPark continued to capture attractive pricing levels through disciplined commercial execution and risk management.

Production from Colombia and Argentina (excluding the divestment of Ecuador and Brazil assets) increased by 1% versus 4Q2025, reinforcing the production inflection achieved in 2025. Sales volumes1 improved by 8%, including the commercialization of deferred sales volumes produced during 4Q2025.

As a result, total revenue increased by 16% compared to 4Q2025, supported by higher sales volumes and an improved realized price, in line with the Company’s disciplined approach to risk management.

In 1Q2026, GeoPark reported Adjusted EBITDA2 of $71.3 million (56% margin), 54% higher than 4Q2025. This was driven by the revenue performance described above, as well as improved operating costs, which decreased to $14.7 per barrel of produced boe from $15.8 per boe in 4Q2025, despite an adverse exchange rate impact in Colombia and Argentina during the quarter.

Building on a strong operating performance, with operating profit increasing to $58.0 million in 1Q2026 from $20.6 million in 4Q2025, net income for the quarter totaled $20.2 million.

Reported net income included non-recurring items including the break-up fee receivable related to the transaction with Frontera Energy, net of associated transaction costs and other items. Compared to 4Q2025, net income was also impacted by a higher income tax charge, reflecting higher taxable income and the 10% tax surcharge in Colombia due to higher oil prices.

Capital expenditures totaled $22.0 million in 1Q2026, primarily focused on maintaining and enhancing production through an integrated drilling and workover campaign in the Llanos 34 block (GeoPark operated, 45% WI). During the quarter, the Company also conducted drilling operations at the Bisbita Norte-1 well in the Llanos 123 block (GeoPark operated, 50% WI) and continued infrastructure upgrades on the Loma Jarillosa Este platforms, laying a solid foundation for the upcoming drilling campaign in Vaca Muerta.

The Company generated Adjusted EBITDA equal to 3.2x its capital expenditures and delivered ROACE of 19%, underscoring disciplined, returns-focused capital allocation.

GeoPark continued to generate solid operating cash flow during the quarter ($32.9 million) supported by operational strength that enabled the Company to fund its investment program. Additional cash inflows during the quarter included $65.0 million in local debt raised to fund the acquisition of Frontera Energy’s E&P assets, $100.3 million from escrow recovery and the break-up fee proceeds related to that transaction, as well as $107.0 million from Grupo Gilinski’s investment in 20% of the company’s shares. As a result, GeoPark’s cash and cash equivalents stood at $274.9 million as of the end of 1Q2026.

Net debt stood at $333.1 million at the end of 1Q2026, with a leverage ratio of 1.3x, reflecting a robust capital structure.

The Company continues to proactively monitor market conditions, maintaining a disciplined risk management approach while preserving strong liquidity and financial flexibility.

As of the date hereof, oil price protection for 2026 has been secured through three-way collars covering approximately 19,000 bpd of full-year production, with a first floor of $64.8/bbl, a second floor of $50/bbl, and average ceiling prices of $72/bbl.

For 2027, approximately 11,000 bpd of expected production has been hedged on a full-year basis, with comparable levels of downside protection and upside participation.

GeoPark announced the entry of Grupo Gilinski as a new strategic investor, representing a meaningful shift in the Company’s shareholder composition. This investment introduces a long-term aligned partner with a proven track record in value creation, further strengthening GeoPark’s strategic positioning. The transaction enhances the Company’s financial flexibility and provides additional capacity to actively pursue value-accretive growth opportunities.

The Board declared a quarterly cash dividend of $0.023 per share, payable on June 4, 2026, to shareholders of record at the close of business on May 20, 2026.

Felipe Bayon, Chief Executive Officer of GeoPark, said: “We delivered a strong start to 2026, with significant growth in revenues and EBITDA supported by solid operational execution, improved pricing and disciplined cost management.

During the quarter, we further strengthened our balance sheet, increased liquidity and continued advancing our strategic priorities, including the integration of Vaca Muerta and disciplined capital allocation.

In addition, the entry of Grupo Gilinski as a strategic long-term aligned partner marks an important milestone, strengthening our shareholder alignment, financial position and providing additional capacity to pursue value-accretive growth opportunities.

We remain well positioned to navigate market volatility while capturing opportunities ahead.”

Supplementary information is available at the following link:

https://ir.geo-park.com/1Q26-SupplementaryRelease

1 Sales volumes expressed in barrel of oil equivalent per day.
2 For reconciliations, see “Reconciliation of Adjusted EBITDA to Profit Before Income Tax” table below.

FIRST QUARTER 2026 HIGHLIGHTS

Oil and Gas Production and Operations

• 1Q2026 consolidated average oil and gas production of 27,249 boepd 3, performing above plan
• 9 rigs in operation (4 drilling and 5 workover) at the end of 1Q2026
• Initiated drilling in the Loma Jarillosa Este Block in Vaca Muerta
• 4 wells drilled and completed in 1Q2026
• 3 Reported in the 1Q2026 Operational Update.

Revenue, Adjusted EBITDA and Net Profit

• Revenue of $128.4 million compared to $110.3 million in 4Q2025
• Adjusted EBITDA of $71.3 million compared to $46.3 million in 4Q2025
• Operating profit of $58.0 million compared to $20.6 million in 4Q2025
• Net profit of $20.2 million compared to $31.1 million in 4Q2025

Cost Structure and Capital Efficiency

• Operating costs of $14.7 per boe and structure costs of $4.0 per boe in 1Q2026
• Capital expenditures of $22.0 million
• 1Q2026 Adjusted EBITDA to capital expenditures ratio of 3.2x
• Return on Average Capital Employed (ROACE) of 19%

Balance Sheet and Liquidity

• Cash and cash equivalents of $274.9 million as of March 31, 2026
• Full-Year net leverage of 1.3x and no principal debt maturities until January 2027
• Hedging and Risk Management

As part of the Company’s risk management strategy to protect pricing and support earnings stability, 1Q2026 revenue reflected a $10.2 million impact from commodity risk management contracts

As of the date hereof, approximately 19,000 bpd of full-year production has been protected through 3-way collars with average strikes of $64.8/$50.0/$72.0 per boe
For 2027, approximately 11,000 bpd of expected production has been hedged on a full-year basis, with comparable levels of downside protection and upside participation.

Shareholder Value Return

Quarterly cash dividend of $0.023 per share, or approximately $1.5 million, payable on June 4, 2026, to shareholders of record at the close of business on May 20, 2026, in line with the revised dividend program approved by the Board

Dividend suspension commencing with the 3Q2026 results
The Board will reassess dividends once positive free cash flow generation resumes after the peak investment phase, consistent with GeoPark’s disciplined, returns-based capital framework

 

 

 GeoPark First Quarter 2026 Operational Update

27 Apr 2026

• Disciplined Execution Supports Solid Core Asset Performance
• Drilling Starts in Vaca Muerta Supporting Next Phase of Growth

GeoPark, a leading independent energy company with over 20 years of successful operations across Latin America, has announced its operational update for the three-month period ended March 31, 2026.

GeoPark delivered a solid operational start to 2026, with production from its continuing operations in Colombia and Argentina increasing versus 4Q2025 and performing above plan, confirming the inflection point achieved in 2025.

In Colombia, successful waterflooding performance in the Llanos 34 Block, solid base production in the CPO-5 Block despite temporary blockades, and appraisal activity in the Llanos 123 Block supported the quarter.

In Argentina, the Company initiated drilling activities in the Loma Jarillosa Este Block and continued advancing key infrastructure upgrades.

Oil and Gas Production and Operations

• 1Q2026 consolidated average oil and gas production of 27,249 boepd
  Excluding the Ecuador and Brazil assets divested after 4Q2025,
• production from Colombia and Argentina increased 1% versus 4Q2025 and was above plan, reinforcing the production inflection achieved in 2025
• 9 rigs in operation (4 drilling and 5 workover)
• 4 wells drilled and completed in 1Q2026 in Llanos 34 (GeoPark operated, 45% WI) and Llanos 123 Blocks (GeoPark operated, 50% WI)
• Strong Health & Safety and Process Safety performance, with zero LTI, TRI, TIER 1, and MVCs 1

Llanos 34 Block: Secondary Recovery and Development Activity Support Base Production

1Q2026 average production of 15,734 boepd net (34,964 boepd gross), 2.5% lower than 4Q2025, reflecting natural decline, temporary operational disruptions, and a delay in the drilling and workover campaign, partially offset by strong secondary recovery performance

• Workover campaign resumed in March and is expected to be accelerated for the remainder of 2026
• Waterflooding projects continued to deliver strong results in 1Q2026, contributing 6,535 boepd gross, or 18.7% of total production in the block
• Polymer flooding project continued to advance according to plan, with injection starting in December 2025 in two patterns and additional patterns coming up in 2026
• CPO-5 Block: Production Above Plan but Impacted by Temporary Blockades

1Q2026 average production of 6,109 boepd net (20,363 boepd gross), 7.7% lower than 4Q2025, mainly impacted by temporary blockades affecting operations during February. Blockades have since been resolved. Despite these disruptions, 1Q2026 production came in 16% above plan

Development and exploration drilling activity will start at the end of April. GeoPark continues working with the operator to advance upcoming activity and mitigate the impact of temporary operational disruptions

Argentina: Loma Jarillosa Este Advances Drilling and Infrastructure Upgrades

• 1Q2026 average production of 1,430 boepd gross, driven by Loma Jarillosa Este (GeoPark operated, 100% WI)
• Initiated drilling of the remaining 3 of 5 lateral sections of Pad-1030, which had been partially drilled by the previous operator. The first two wells reached their respective target depths on April 1, 2026, and April 15, 2026
• Executed a second artificial lift installation campaign in 3 wells, reducing total shut-in time by 10 days versus the previous intervention
• Initiated construction of the first stage of the expansion of the Loma Jarillosa Este gathering station to 10,000 bopd capacity from 6,000 bopd, as well as adding water disposal and gas treatment facilities
• Public hearing for the Loma Jarillosa Este environmental Impact Assessment (EIA) successfully held on April 15, 2026

Colombia:  Llanos 123 Block  Base production and Bisbita waterflooding drive production growth

1Q2026 average production of 3,118 boepd net (6,236 boepd gross), 13% higher than 4Q2025 mainly driven by positive base production performance and the Bisbita waterflooding project results

Bisbita Norte-1ST1 development well reached total depth in March 2026 and is currently under evaluation

Bisbita Sur-1ST2 development well is currently awaiting testing

Putumayo: Platanillo Continues Producing in Current Price Environment

1Q2026 average production of 859 boepd in the Platanillo Block 2(GeoPark operated, 100% WI), supported by the current price environment and operational efficiencies
GeoPark continues producing in the field while preserving flexibility for future capital allocation decisions

Upcoming Catalysts 2Q2026

Drilling 5 gross wells in 2Q2026 in Colombia and fracking 5 wells in Argentina, targeting conventional, unconventional, development, appraisal and exploration projects
Key projects include:

1. 1. 1. – Llanos 34 Block: Drilling 2 infill wells in the Jacana area and 1 horizontal well in the Tigana field
      2. – CPO-5 Block: Drilling 1 development well in the CPH field, close to the Jacana Field
      3. – Argentina: Fracking of a 5-well pad. Additionally, drilling 1 water disposal well and 1 monitoring well, while finalizing the tender process for a dedicated drilling rig for factory mode execution
      4. – Llanos 123 Block: Drilling 1-2 development wells in the Toritos Field
      5. – Llanos 86 Block (GeoPark operated, 50% WI): Drilling 1 exploration well

Other – Market Conditions

Unusually volatile market conditions prevailed in 1Q2026, including material movements in Brent, regional differentials, and specific disruptions in Ecuador.

Brent averaged $77.9/bbl in the quarter. Prices were in the low $60s/bbl in January, rising into the low $70s/bbl by late February before accelerating sharply in March amid escalating geopolitical tensions.

In line with the above, Vasconia differentials widened to approximately -$9.0/bbl at the weakest point of the quarter before recovering and stabilizing at -$1.0/bbl in March, averaging -$6.0/bbl in 1Q2026 versus -$3.0/bbl in 4Q2025. Medanito and Oriente followed a similar trajectory, with early-quarter weakness followed by material recovery.

In aggregate, GeoPark’s combined realized price was $60.4/bbl in 1Q2026, versus $54.8/bbl in 4Q2025, reflecting stronger Brent prices and the recovery in differentials toward quarter-end, despite a $7.0/bbl impact from hedges and earn-outs.

Additional detail on pricing, differentials, hedges and others will be provided in GeoPark’s 1Q2026 results release and accompanying Supplementary Information.

Source: GeoPark

 

 

Colombia:

Arrow Exploration results

13 May 2026

Arrow Exploration Corp, the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, has provided an update on operational activity at the Icaco field on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50 percent beneficial interest.

Icaco-1 Exploration Well

The Icaco 1 exploration well (IC-1) was spud May 5, 2026, and reached target depth on May 9, 2026.

The IC-1 well was drilled, on time and under budget,

1. to a total measured depth of 7800 feet (7524 feet true vertical depth) and
2. encountered multiple hydrocarbon-bearing intervals.
3. Log analysis shows
   1. 1. 30 feet of pay in the Carbonera C7 formation,
      2. 15 feet of pay in the Gacheta formation and
      3. 26 feet of pay in the Ubaque formation.

Arrow plans to production test the IC-1 well in the three formations that are hydrocarbon-bearing on petrophysical analysis, the Carbonera C7, Gacheta and Ubaque. After tests and clean up of the wells has been completed, over the coming weeks, Arrow will provide production testing results.

Marshall Abbott, CEO of Arrow commented:

‘We are very encouraged by the well log results of the Icaco 1 exploration well.

The upcoming tests, and any subsequent development wells, will give Arrow an indication of the magnitude of the discovery.

These initial drilling results are better than we anticipated and display once again the hydrocarbon density of the Tapir Block.’

‘The Icaco prospect, highlighted by the proprietary 3-D seismic, supports the scope and repeatability of this suite of conventional reservoirs in Tapir Block.”

Arrow has now drilled five successful exploration wells in the Tapir Block which have subsequently resulted in 40 development wells.

This demonstrates significant value additions to the Company. Management looks forward to updating shareholders on the exciting progress at Icaco in the near term.’

Source: Arrow Exploration

 

 

 

 

Colombia:

Frontera Energy obtains order approving plan of arrangement

5 May 2026

Frontera Energy of Canada obtained a final order from the Supreme Court of British Columbia approving the plan of arrangement pursuant to which Parex Resources, through its wholly-owned subsidiary, Parex AcquisitionCo Inc. will acquire all of Frontera’s Colombian upstream business consisting of

1. oil and gas exploration and production assets in Colombia,
2. its reverse osmosis water treatment facility and
3. its palm oil plantation.

The granting of the Final Order was a condition to the completion of the Arrangement.

Completion of the Arrangement remains subject to the satisfaction or waiver of the remaining conditions precedent set out in the arrangement agreement entered into between Frontera, Parex and the Purchaser in respect of the Arrangement.

If all remaining conditions are satisfied or waived, the Company expects the Arrangement to be completed in May 2026.

Additional information is contained in the circular of Frontera dated March 30, 2026 prepared in respect of the Arrangement, a copy of which is available under Frontera’s profile on SEDAR at www.sedarplus.ca. including data on a significant footprint in midstream assets in Colombia, such as Puerto Bahia and the ODL pipeline and exploration and development assets with interests in 18 blocks in Colombia and Guyana.