GeoPark Reports First Quarter 2026 Results

Strong Operational Performance Continues Strengthened Financial Capacity and FlexibilityBOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), 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 (“First Quarter” or “1Q2026”). A conference call to discuss these results will be held on May 7, 2026, at 10:00 am (Eastern Daylight Time). 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. Regarding hedging, 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. During the quarter, 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 boepd3, 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 $1.5 million, payable on June 4, 2026, to shareholders of record at the close of business on May 20, 2026, in line with the revised dividend program approved by the Board Dividend suspension commencing with the 3Q2026 results The Board will reassess dividends once positive free cash flow generation resumes after the peak investment phase, consistent with GeoPark’s disciplined, returns-based capital framework CONSOLIDATED OPERATING PERFORMANCE Key performance indicators: Key Indicators 1Q2026 4Q2025 1Q2025 Oil productiona (bopd) 27,141 27,431 28,972 Gas production (mcfpd) 649 5,524 624 Average net production (boepd) 27,249 28,351 29,076 Brent oil price ($ per bbl) 77.9 63.1 74.9 Combined realized priceb ($ per boe) 60.4 54.8 62.8 Oilc ($ per bbl) 67.4 54.5 65.3 Gas ($ per mcf) 1.5 4.0 — Sale of crude oil ($ million) 138.6 100.1 137.1 Sale of purchased crude oil ($ million) — — 0.4 Sale of gas ($ million) 0.0 2.5 — Commodity risk management contracts ($ million) (10.2) 7.7 (0.2) Revenue ($ million) 128.4 110.3 137.3 Production & operating costsd ($ million) (37.7) (39.8) (35.4) G&G, G&Ae ($ million) (10.6) (15.4) (11.5) Selling expenses ($ million) (8.8) (8.5) (2.2) Operating profit ($ million) 58.0 20.6 50.4 Adjusted EBITDA ($ million) 71.3 46.3 87.9 Adjusted EBITDA ($ per boe) 33.5 23.0 40.2 Net profit (loss) ($ million) 20.2 31.1 13.1 Capital expenditures ($ million) 22.0 34.3 22.6 Cash and cash equivalents ($ million) 274.9 100.3 308.0 Short-term financial debt ($ million) 166.6 18.5 19.0 Long-term financial debt ($ million) 441.4 535.1 638.4 Net debt ($ million) 333.1 453.2 349.4 Dividends paid ($ per share) 0.030 0.030 0.147 Shares repurchased (million shares) — — — Basic shares – at period end (million shares) 64,683 51,707 51,318 Weighted average basic shares (million shares) 55,603 51,684 51,281 a) Includes royalties and other economic rights paid in kind in Colombia for approximately 4,157 bopd, 3,890 bopd, and 4,869 bopd in 1Q2026, 4Q2025 and 1Q2025, respectively. No royalties were paid in kind in other countries. Production in Ecuador is reported before the Government’s production share. b) After the effect of earn-out to ex-owners of certain blocks. c) Before the effect of earn-out to ex-owners of certain blocks. d) Production and operating costs include operating costs, royalties and economic rights paid in cash, share-based payments and purchased crude oil. e) G&A and G&G expenses include non-cash, share-based payments for $1.3 million, $1.1 million, and $1.4 million in 1Q2026, 4Q2025 and 1Q2025, respectively. These expenses are excluded from the Adjusted EBITDA calculation. 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 press release and its supplementary information do not contain all the Company’s financial information and the Company’s consolidated financial statements and corresponding notes for the period are available on the Company’s website. RECONCILIATION OF ADJUSTED EBITDA TO PROFIT BEFORE INCOME TAX 1Q2026 (In millions of $) Colombia Argentina Ecuador Brazil Corporate Total Adjusted EBITDA 72.4 1.2 (0.0) (0.3) (2.1) 71.3 Depreciation (23.6) (2.4) — — — (26.0) Write-offs (1.7) — — — — (1.7) Share based payment (0.1) (0.0) — — (1.2) (1.4) Lease Accounting - IFRS 16 1.2 0.0 — — — 1.3 Others (2.5) (0.2) (0.0) (0.1) 17.4 14.6 OPERATING PROFIT (LOSS) 45.8 (1.5) (0.0) (0.4) 14.1 58.0 Financial costs, net (16.0) Foreign exchange charges, net (0.5) PROFIT BEFORE INCOME TAX 41.5 1Q2025 (In millions of $) Colombia Argentina Ecuador Brazil Corporate Total Adjusted EBITDA 88.4 (1.2) 3.4 (1.5) (1.1) 87.9 Depreciation (29.7) — (2.1) (0.2) — (32.0) Write-offs (5.9) — — — — (5.9) Share based payment (0.3) (0.1) (0.0) (0.0) (1.2) (1.5) Lease Accounting - IFRS 16 1.3 — 0.0 0.2 — 1.5 Others 0.9 (0.1) (0.0) (0.3) (0.1) 0.4 OPERATING PROFIT (LOSS) 54.7 (1.4) 1.3 (1.8) (2.4) 50.4 Financial costs, net (21.6) Foreign exchange charges, net (3.3) PROFIT BEFORE INCOME TAX 25.5 CONFERENCE CALL INFORMATIONRead the full story here

GeoPark Reports First Quarter 2026 Results

Autres actualités de l'entreprise