GeoPark Reports Second Quarter 2026 Results

CONSISTENT OPERATIONAL EXECUTION ACROSS THE PORTFOLIO ACCELERATING IN VACA MUERTA WHILE PRESERVING FINANCIAL STRENGTHBOGOTA, 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 June 30, 2026 (“Second Quarter” or “2Q2026”). A conference call to discuss these results will be held on August 5, 2026, at 10:00 am (Eastern Daylight Time). GeoPark continued to execute its strategy during the second quarter of 2026, delivering stable production, higher revenues and resilient cash generation while accelerating development activities in Vaca Muerta, the Company’s largest organic growth program. SECOND QUARTER 2026 FINANCIAL SUMMARY Brent prices materially strengthened during the quarter, averaging $96.9/bbl, driven by the continuation of geopolitical disruptions. This higher benchmark environment and narrower Vasconia differentials supported an improvement in GeoPark’s realized pricing, with the Company delivering a combined realized price of $67.2/bbl in 2Q20261, compared to $60.4/bbl in 1Q2026. Production from Colombia and Argentina averaged 27,271 boepd, broadly in line with 1Q2026, while sales volumes2 remained stable. As a result, total revenue increased by 12% compared to 1Q2026 to $143.3 million in 2Q2026. In 2Q2026, GeoPark reported Adjusted EBITDA3 of $73.1 million (51% margin), up 3% from 1Q2026. Solid revenue performance largely offset higher operating costs, which increased to $17.9 per produced barrel in 2Q2026 from $14.7 per produced barrel in 1Q2026, primarily reflecting higher energy costs, increased levels of activity carried out during the quarter, and the appreciation of the Colombian and Argentine currencies4. Operating profit stood at $40.8 million in 2Q2026, compared to $58.0 million in 1Q2026, a quarter that included the non-recurring net break-up fee receivable related to the Frontera Energy transaction that amounted to $14.4 million. Net income for the quarter totaled $14.0 million. Capital expenditures totaled $76.4 million in 2Q2026, primarily focused on production and development activities across the portfolio, including drilling, completion, workover and strategic infrastructure investments. In Colombia (36% of total capital expenditures), execution was centered on development and infrastructure optimization in the Llanos blocks and continued drilling and infrastructure projects in the CPO-5 Block. In Argentina (64% of total capital expenditures), execution focused on the advancement of drilling, completion and evacuation infrastructure in Vaca Muerta. The Company delivered ROACE of 19%, underscoring disciplined, returns-focused capital allocation. GeoPark continued to generate solid operating cash flow during the quarter of $108.4 million, supported by operational strength that enabled the Company to fund its investment program and increase its cash position. Cash and cash equivalents stood at $316.3 million as of the end of 2Q2026, compared to $274.9 in 1Q2026. Net debt stood at $317.8 million at the end of 2Q2026, with a net leverage ratio of 1.2x. In June 2026, GeoPark renewed and extended its senior unsecured contingent credit facility, which is available through December 2028, with final maturity in March 2029, with no drawn amounts to date. The 2026 hedging program remains unchanged with oil price protection for 2026 secured through three-way collars covering approximately 19,000 bopd of full-year production, with a first floor of $64.8/bbl, a second floor of $50/bbl, and average price ceilings of $72/bbl. For 2027, approximately 19,000 bopd of expected production has been hedged on a full-year basis, with improved protection levels securing an average first floor of $69.7/bbl, a second floor of $50/bbl, and average price ceilings of $78.6/bbl. The Board declared a quarterly cash dividend of $0.023 per share (approximately $1.5 million), payable on September 2, 2026, to shareholders of record at the close of business on August 19, 2026. GeoPark’s 2026 Annual General Meeting (“AGM”) was held on July 14, 2026. Shareholder participation was broad, with quorum reaching 61.57% of shares entitled to vote. All resolutions submitted for consideration were approved, each with more than 99% of votes cast in favor, reflecting strong shareholder support. ____________________ 1 After hedge (commodity risk management contracts) and earn-out to ex-owners of certain blocks. 2 Sales volumes expressed in barrel of oil equivalent per day. 3 For reconciliations, see “Reconciliation of Adjusted EBITDA to Profit Before Income Tax” table below. 4 Approximately 85% of the Company’s operating cost base is denominated in local currencies. Board of Directors and Committees Update As part of its ongoing efforts to strengthen corporate governance, improve oversight effectiveness and streamline decision-making, the Board of Directors approved a revised committee structure, reducing the number of standing committees from six to four. The new structure comprises the Audit Committee, chaired by Robert Bedingfield; the Nomination & Compensation Committee, chaired by Gabriel Gilinski; the Corporate Affairs Committee, chaired by James F. Park; and the Technical Committee, chaired by Brian Maxted. The revised framework consolidates overlapping responsibilities and clarifies the allocation of key governance, risk, sustainability, compensation and technical oversight matters across the Board and its committees. Additionally, the Board appointed Mr. James F. Park as the Chair of the Board, and Felipe Bayon, the Company’s Chief Executive Officer, as Vice Chair. CEO Comment Felipe Bayon, Chief Executive Officer of GeoPark, said: “Our second quarter results demonstrate the consistency of our execution and the strength of our portfolio. While maintaining stable production and resilient cash generation, we continued to advance the largest investment program in our recent history, reaching important milestones in Argentina ahead of schedule while preserving financial discipline and a strong balance sheet. Colombia continues to provide a robust platform of production and cash flow through disciplined reservoir management and operational excellence. As we move through this peak investment period, we remain focused on executing safely and efficiently, allocating capital with discipline and creating sustainable long-term value for our shareholders”. Supplementary information is available at the following link: https://ir.geo-park.com/2Q26-SupplementaryRelease SECOND QUARTER 2026 HIGHLIGHTS Oil and Gas Production and Operations 2Q2026 consolidated average oil and gas production of 27,271 boepd5 8 rigs in operation (4 drilling and 4 workover) at the end of 2Q2026 Operational activity accelerated in 2Q2026, with 6 wells drilled and completed in the Llanos 34 and Llanos 123 blocks, and 5 wells in Vaca Muerta undergoing hydraulic fracturing Revenue, Adjusted EBITDA and Net Profit Revenue of $143.3 million compared to $128.4 million in 1Q2026 Adjusted EBITDA of $73.1 million compared to $71.3 million in 1Q2026 Operating profit of $40.8 million compared to $58.0 million in 1Q2026 Net profit of $14.0 million compared to $20.2 million in 1Q2026 Cost Structure and Capital Efficiency Operating costs of $17.9 per produced boe in 2Q2026 Capital expenditures of $76.4 million Last-twelve months Return on Average Capital Employed (ROACE) of 19% Balance Sheet and Liquidity Cash and cash equivalents of $316.3 million as of June 30, 2026 Last-twelve months net leverage of 1.2x and no principal debt maturities until January 2027 New unsecured committed credit facility in place, with no amounts drawn Hedging and Risk Management As part of the Company’s risk management strategy to protect pricing and support earnings stability, 2Q2026 revenue reflected a $41.2 million impact from commodity risk management contracts 19,000 bopd of full-year 2026 production has been protected through 3-way collars with average strikes of $64.8/$50.0/$72.0 per boe For 2027, approximately 19,000 bopd of expected production has been hedged on a full-year basis, through 3-way collars with improved protection levels, securing average strikes of $69.7/$50.0/$78.6 per boe Shareholder Value Return Quarterly cash dividend of $0.023 per share, or approximately $1.5 million, payable on September 2, 2026 to shareholders of record at the close of business on August 19, 2026, representing the final dividend under the revised program approved by the Board and announced in October 2025 ____________________ 5 Reported in the 2Q2026 Operational Update. CONSOLIDATED OPERATING PERFORMANCE Key performance indicators: Key Indicators 2Q2026 1Q2026 2Q2025 1H2026 1H2025 Oil productiona (bopd) 27,162 27,141 27,151 27,152 28,056 Gas production (mcfpd) 654 649 1,371 650 999 Average net production (boepd) 27,271 27,249 27,380 27,260 28,223 Brent oil price ($ per bbl) 96.9 77.9 66.8 87.5 70.8 Combined realized priceb ($ per boe) 67.2 60.4 57.4 63.8 60.2 ⁻ Oilc ($ per bbl) 89.5 67.4 57.5 78.4 61.5 ⁻ Gas ($ per mcf) 0.8 1.5 5.8 1.2 5.8 - Commodity risk management contracts ($ per bbl) (19.3) (4.8) 2.4 (12.1) 1.1 Sale of crude oil ($ million) 184.5 138.6 114.2 323.1 251.4 Sale of purchased crude oil ($ million) — — — — 0.4 Sale of gas ($ million) 0.0 0.0 0.7 0.0 0.7 Commodity risk management contracts ($ million) (41.2 ) (10.2 ) 4.9 (51.4 ) 4.7 Revenue ($ million) 143.3 128.4 119.8 271.7 257.1 Production & operating costsd ($ million) (53.1 ) (37.7 ) (32.6 ) (90.7 ) (68.0 ) G&G, G&Ae ($ million) (12.5 ) (10.6 ) (12.1 ) (23.1 ) (23.6 ) Selling expenses ($ million) (4.4 ) (8.8 ) (3.0 ) (13.2 ) (5.1 ) Operating profit ($ million) 40.8 58.0 7.1 98.8 57.5 Adjusted EBITDA ($ million) 73.1 71.3 71.5 144.4 159.5 Adjusted EBITDA ($ per boe) 34.3 33.5 34.3 33.9 37.3 Net (loss) profit ($ million) 14.0 20.2 (10.3 ) 34.2 2.7 Capital expenditures ($ million) 76.4 22.0 23.9 98.4 46.6 Cash and cash equivalents ($ million) 316.3 274.9 266.0 316.3 266.0 Short-term financial debt ($ million) 192.5 166.6 30.8 192.5 30.8 Long-term financial debt ($ million) 441.6 441.4 594.8 441.6 594.8 Net debt ($ million) 317.8 333.1 359.5 317.8 359.5 Dividends paid ($ per share) 0.023 0.030 0.147 0.053 0.294 Shares repurchased (million shares) — — — — — Basic shares – at period end (million shares) 64,896 64,683 51,568 64,896 51,568 Weighted average basic shares (million shares) 64,776 55,603 51,529 60,168 51,405 a) Includes royalties and other economic rights paid in kind in Colombia for approximately 5,457 bopd, 4,157 bopd, and 4,236 bopd in 2Q2026, 1Q2026 and 2Q2025, 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 $1.2 million, $1.3 million, and $0.9 million in 2Q2026, 1Q2026 and 2Q2025, 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 1H2026 (In millions of $) Colombia Argentina Ecuador Brazil Corporate Total Adjusted EBITDA 144.5 3.9 (0.0 ) (0.5 ) (3.5 ) 144.4 Depreciation (51.3 ) (4.7 ) — — — (56.1 ) Write-offs (3.8 ) — — — — (3.8 ) Impairment — — — — — — Share based payment (0.2 ) (0.1 ) — — (2.4 ) (2.7 ) Lease Accounting - IFRS 16 2.6 0.0 — — — 2.6 Others (2.1 ) (1.3 ) (0.1 ) 0.2 17.7 14.3 OPERATING PROFIT (LOSS) 89.7 (2.2 ) (0.1 ) (0.3 ) 11.8 98.8 Financial costs, net (31.6 ) Foreign exchange charges, net (2.3 ) PROFIT BEFORE INCOME TAX 64.9 1H2025 (In millions of $) Colombia Argentina Ecuador Brazil Corporate Total Adjusted EBITDA 161.3 (2.1 ) 5.3 (2.4 ) (2.6 ) 159.5 Depreciation (56.6 ) — (4.1 ) (0.2 ) — (61.0 ) Write-offs (5.9 ) — — — — (5.9 ) Impairment — — (31.0 ) — — (31.0 ) Share based payment (0.4 ) (0.1 ) (0.0 ) (0.0 ) (2.0 ) (2.6 ) Lease Accounting - IFRS 16 2.5 — 0.0 0.5 — 2.9 Others 0.4 (1.5 ) (0.3 ) (0.6 ) (2.5 ) (4.4 ) OPERATING PROFIT (LOSS) 101.3 (3.7 ) (30.1 ) (2.8 ) (7.2 ) 57.5 Financial costs, net (31.5 ) Foreign exchange charges, net (3.3 ) PROFIT BEFORE INCOME TAX 22.8 CONFERENCE CALL INFORMATIONRead the full story here

GeoPark Reports Second Quarter 2026 Results

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