GeoPark (GPRK) Q1 2026 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q1 2026, with production of 27,249 boepd, sequential revenue and EBITDA growth, and robust cost management.

• Advanced growth initiatives in Argentina's Vaca Muerta, including drilling and infrastructure upgrades, targeting a ramp-up to 5,000–6,000 boepd by year-end.

• Maintained robust asset performance in Colombia, with notable gains in Llanos 123 and resilience in CPO-5 despite social disruptions.

• Strengthened liquidity and financial flexibility, supported by Grupo Gilinski's strategic investment and disciplined capital allocation.

• Benefited from improved Brent pricing, disciplined execution, and cost control, supporting a constructive financial outlook.

Financial highlights

• Revenues reached $128.4 million, up 16% sequentially, driven by an 8% increase in sales volumes and higher realized prices, though down 7% year-over-year.

• Adjusted EBITDA was $71.3 million (56% margin), up 54% sequentially but down 19% year-over-year.

• Operating profit rose to $58 million from $20.6 million in Q4 2025; net income was $20.2 million, up from $13.1 million in Q1 2025.

• Operating costs decreased to $14.7/boe from $15.8/boe; structure costs fell to $4/boe.

• Cash and cash equivalents increased to $274.9 million as of March 31, 2026.

Outlook and guidance

• Production guidance for Argentina's Vaca Muerta set to increase to 5,000–6,000 boepd by December 2026.

• CapEx guidance for 2026 remains $190–$220 million, with potential acceleration of activities in Vaca Muerta and Colombia under review.

• Maintains a disciplined risk management approach, with oil price protection for 2026 and 2027 through three-way collars covering significant production volumes.

• Dividend suspension commencing with 3Q2026; Board will reassess dividends after peak investment phase and resumption of positive free cash flow.

• Long-term investment plan of $1 billion over 2026–2028, with $600 million allocated for 2026–2028.