GeoPark (NYSE:GPRK) Bolsa

GeoPark

GeoPark Ltd is a Latin American oil and gas exploration and production company with assets in Colombia, Ecuador, Chile, Brazil, and Argentina. The company generates revenue from the sale of crude oil, condensate, and natural gas, net of value-added tax and discounts related to the sale and overriding royalties due to the ex-owners of oil and gas properties where the royalty arrangements represent a retained working interest in the property.

GeoPark Ltd

GeoPark Limited ("GeoPark" or the "Company") (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPRK#NYSE">GPRK</a>), a leading independent energy company with over 20 years of successful operations across Latin America, today announced divestments of certain non-core assets and cost reduction initiatives to better position the Company for profitable, dependable and sustainable long-term growth.
In line with its commitment to disciplined capital allocation, the Company will divest the non-core, non-operated Llanos 32 Block in Colombia and Manati gas field in Brazil for an aggregate total consideration of $20 million1 (net of $12 million liabilities related to decommissioning or retirement obligations, with respect to the Manati gas field). Combined, these assets had aggregate net 1P PRMS reserves of 2.9 mmboe (60% oil, 40% natural gas) at 2024 year-end and an average production of 712 boepd in 2024. Together, the assets represented approximately 1,500 boepd in the 2025 plan, with an associated adjusted EBITDA2 of $10-13 million at $70-80/bbl Brent.
Furthermore, GeoPark is evaluating strategic options for its assets in Ecuador.
In addition to the timely monetization of the above non-core assets, GeoPark is currently implementing targeted cost reduction and cost efficiency measures that the Company expects will deliver annual savings of approximately $5-7 million in OPEX/G&amp;A costs. These initiatives include immediate adjustments to structure costs, including reductions in our workforce and to consultants, contractors, and other administrative expenses.

News

Asset Sales

GPRK

GeoPark Sells Non-Core Oil and Gas Assets in Colombia and Brazil for $20M

GeoPark (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPRK#NYSE">GPRK</a>) reported quarterly earnings of $0.30 per share which missed the analyst consensus estimate of $0.35 by 14.29 percent. This is a 36.17 percent decrease over earnings of $0.47 per share from the same period last year. The company reported quarterly sales of $143.70 million which beat the analyst consensus estimate of $141.00 million by 1.91 percent. This is a 28.04 percent decrease over sales of $199.70 million the same period last year.

Earnings

Earnings Beats

Earnings Misses

GeoPark Q4 EPS $0.30 Misses $0.35 Estimate, Sales $143.70M Beat $141.00M Estimate

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This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Earnings Scheduled For March 5, 2025

Offerings

GeoPark Announced The Pricing Of $550,000,000 Aggregate Principal Amount Of 8.750% Senior Notes Due 2030

Geopark Limited Announced Today Geopark And Repsol Have Mutually Agreed Not to Proceed With The Transaction Previously Announced On November 29, 2024, Which Included Repsol's 45% Working Interest In The Cpo-9 Block And Its 25% Interest In Sierracol Energy Arauca LLC.

Geopark Said Unable To Proceed With CPO-9 Block Acquisition

WIIM

GeoPark shares are trading higher after the company announced it acquired two respective stakes for oil projects in Colombia.

Geopark Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPRK#NYSE">GPRK</a>) shares are trading higher premarket on Friday. The company disclosed that it has signed Sale and Purchase Agreements with Repsol Exploración S.A. and Repsol E&amp;P S.A.R.L to acquire Repsol&#8217;s <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/b42238963/geopark-announces-exclusive-binding-agreement-to-acquire-repsol-exploration-and-production-assets-" rel="noreferrer noopener">upstream oil and gas assets in Colombia</a>.
The total consideration for the potential acquisition is approximately $530 million, which will be funded through a mix of cash resources and debt.
This includes a non-recourse amortizing debt facility of up to $345 million, led and arranged by Macquarie Bank Limited, highlighting the assets&#8217; secure and strong cash generation profile.
The acquisition includes assets in Colombia&#8217;s Llanos Basin. It covers 100% of Repsol Colombia O&amp;G Limited, holding a 45% stake in the CPO-9 Block (operated by Ecopetrol), and a 25% interest in SierraCol Energy Arauca LLC.
Combined production from these assets was approximately 16,000 boepd net to Repsol as of September 2024.
This acquisition aligns with GeoPark&#8217;s &#8220;North Star&#8221; growth strategy, providing access to valuable, competitively advantaged assets in proven basins.
The transaction is contingent on the satisfaction of certain conditions and customary regulatory approvals, including the waiver or non-execution of preemptive rights by Repsol&#8217;s current partners.
GeoPark had a cash balance of $123.4 million <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/b41788517/geopark-reports-third-quarter-2024-results" rel="noreferrer noopener">at the end of September</a>.
Price Action: GPRK shares are up 2.20% at $9.29 premarket at the last check Friday.
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Photo via Shutterstock.

Equities

Small Cap

GeoPark Seals $530 Million Colombian Oil & Gas Asset Acquisition Deal With Repsol

GeoPark Inks Binding Agreement To Acquire Repsol's 45% Stake In CPO-9 And 25% In Llanos Norte Oil Projects In Colombia

The Confluencia Norte Block recently completed its first pad of three unconventional wells, which began production in mid-October. This development confirms the presence of the Vaca Muerta formation at the westernmost edge of the block. The pad includes a vertical pilot well, drilled specifically for data acquisition, along with three horizontal wells reaching a total measured depth of 6,300 meters, with 3,000 meters of lateral extension. A high intensity fracturing program was executed across 135 stages, resulting in a current gross production rate of 4,000 bopd during the ongoing flowback and well testing phase, with production currently being transported to and marketed through The Mata Mora Norte Block facility

GeoPark's Confluencia Norte Block Delivers 4,000 BOPD, Confirms High Potential In Vaca Muerta Exploration

GeoPark (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPRK#NYSE">GPRK</a>) reported quarterly earnings of $0.48 per share which missed the analyst consensus estimate of $0.62 by 22.58 percent. This is a 9.09 percent increase over earnings of $0.44 per share from the same period last year. The company reported quarterly sales of $159.50 million which beat the analyst consensus estimate of $159.00 million by 0.32 percent. This is a 16.98 percent decrease over sales of $192.13 million the same period last year.

GeoPark Q3 EPS $0.48 Misses $0.62 Estimate, Sales $159.50M Beat $159.00M Estimate

JP Morgan analyst Felipe Dos Santos maintains GeoPark (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPRK#NYSE">GPRK</a>) with a Overweight and lowers the price target from $12 to $11.

Price Target

Analyst Ratings

JP Morgan Maintains Overweight on GeoPark, Lowers Price Target to $11

GeoPark Receives Approval From The Argentinian Securities Regulator To Issue Up To $500M In Debt Securities Over Next Five Years

JP Morgan analyst Felipe Dos Santos maintains GeoPark (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPRK#NYSE">GPRK</a>) with a Overweight and raises the price target from $11.5 to $12.

JP Morgan Maintains Overweight on GeoPark, Raises Price Target to $12

Guidance

GeoPark Maintains FY24 EBITDA $420M-$550M

GeoPark (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPRK#NYSE">GPRK</a>) reported quarterly earnings of $0.48 per share which missed the analyst consensus estimate of $0.70 by 31.43 percent. The company reported quarterly sales of $190.20 million which missed the analyst consensus estimate of $194.50 million by 2.21 percent. This is a 4.33 percent increase over sales of $182.30 million the same period last year.

GeoPark Q2 2024 GAAP EPS $0.48 Misses $0.70 Estimate, Sales $190.20M Miss $194.50M Estimate

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Shares of oil and gas stocks are trading lower despite Middle East tensions. Weak US economic data may be weighing on demand outlook.

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<li>Integra LifeSciences Holdings Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IART#NASDAQ">IART</a>) dipped 20.5% to $25.00 in pre-market trading after the company reported second-quarter results and lowered its FY24 outlook.</li>
<li>NewAmsterdam Pharma Company N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NAMS#NASDAQ">NAMS</a>) fell 13.8% to $16.26 in pre-market trading as the company announced topline data from pivotal Phase 3 BROOKLYN clinical trial evaluating Obicetrapib in patients wth Heterozygous Familial Hypercholesterolemia.</li>
<li>EZCORP, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EZPW#NASDAQ">EZPW</a>) shares declined 8.8% to $9.41 in pre-market trading.</li>
<li>GeoPark Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPRK#NYSE">GPRK</a>) shares fell 6.5% to $9.52 in pre-market trading. GeoPark, last week, issued second quarter operational update.</li>
<li>Immutep Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IMMP#NASDAQ">IMMP</a>) shares dipped 6.5% to $2.03 in pre-market trading. Immutep, last week, announced successful meeting with the FDA on Phase III design in non-small cell lung cancer.</li>
<li>Iovance Biotherapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IOVA#NASDAQ">IOVA</a>) shares fell 5.4% to $8.75 in pre-market trading.</li>
<li>ICL Group Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICL#NYSE">ICL</a>) shares fell 4.1% to $4.43 in pre-market trading. ICL will release second quarter results before the opening of the TASE market on Wednesday, Aug. 14.</li>
<li>PDD Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) slipped 3% to $126.84 in pre-market trading.</li>
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Abbott, Integra LifeSciences And Other Big Stocks Moving Lower In Monday's Pre-Market Session

A bankruptcy judge has approved a crucial settlement between the joint venture behind Exxon Mobil Corporation&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xom#NYSE">XOM</a>) $10-billion Golden Pass liquefied natural gas project in Texas and the lead contractor, Zachry Holdings Inc. The decision allows other companies to take over and complete the project, which had faced significant delays.
Located near the Louisiana border, the Golden Pass LNG facility&#39;s construction had been nearly halted after Zachry Holdings filed for Chapter 11 bankruptcy in March. The filing came after the project, known as GPX, experienced cost overruns totaling at least $2.4 billion beyond its original budget. Consequently, Zachry Holdings let go of thousands of workers, severely impacting the construction timeline.
QatarEnergy holds a 70% stake in the Golden Pass LNG venture, while ExxonMobil owns the rest. The approved settlement involves transferring Zachry&#39;s unfinished work to CB&amp;I LLC, a unit of McDermott International Inc., and Chiyoda International Corp. However, the timeline for restarting construction and completing the project remains uncertain. The first LNG cargoes were initially expected in the first half of 2025.
The settlement fully resolves the financial and legal disputes among the parties involved. Zachry Holdings stated that the agreement would expedite its bankruptcy restructuring process, allowing the company to emerge stronger and better positioned for growth.
The Golden Pass LNG project, situated at the Sabine Pass site of a former gas-import terminal, is designed to process natural gas for LNG exports. It is one of two significant U.S. LNG facilities slated to considerably boost the supply of superchilled fuel from the world&#39;s top exporter within the next 12 months.
The development marks a significant step forward for the Golden Pass LNG project, which has faced numerous challenges and delays. This ambitious project aligns with ExxonMobil&#39;s strategic vision to enhance the natural gas supply chain from the world&#39;s leading exporter.
<h3>Zacks Rank &amp; Stocks to Consider</h3>
ExxonMobil currently carries a Zack Rank #4 (Sell).
Investors interested in the&nbsp;energy&nbsp;sector may look at some better-ranked companies mentioned below. These three companies presently sport a Zacks Rank #1 (Strong Buy).
SM Energy&nbsp;Company&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sm#NYSE">SM</a>) is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company&#39;s attractive oil and gas investments should create long-term shareholder value.
The Zacks Consensus Estimate for SM&#39;s 2024 and 2025 earnings per unit is pegged at $7.09 and $8.66, respectively. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Sunoco LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sun#NYSE">SUN</a>) is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes more than 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value and Growth Score of A.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.26, respectively. The partnership has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
GeoPark Ltd.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gprk#NYSE">GPRK</a>), based in Hamilton, Bermuda, is an explorer, operator and consolidator in the oil and gas sector. The company primarily operates in Chile, Colombia, Brazil and Argentina. It has a Zacks Style Score of A for Value and B for Growth.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $3.23 and $3.98, respectively. The company has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
<a href="https://www.zacks.com/stock/news/2310319/exxonmobil-s-xom-gpx-project-set-to-resume-after-settlement?cid=CS-BENZ-FT-analyst_blog|company_news_energy_sector-2310319">To read this article on Zacks.com click here.</a>

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ExxonMobil's GPX Project Set to Resume After Settlement

GeoPark Limited (&quot;GeoPark&quot; or the &quot;Company&quot;) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPRK#NYSE">GPRK</a>), a leading independent Latin American oil and gas explorer, operator and consolidator, today announces its operational update for the three-month period ended June 30, 2024 (&quot;2Q2024&quot;).
Oil and Gas Production and Operations
<ul>
<li>2Q2024 consolidated average oil and gas production of 35,608 boepd, up slightly versus 1Q2024</li>
<li>Production increased&nbsp;11%&nbsp;in Ecuador and&nbsp;3%&nbsp;in Colombia, offsetting suspended production at the Manati gas field in Brazil (GeoPark non-operated,&nbsp;10%&nbsp;WI) due to unscheduled maintenance</li>
<li>As of July 1, 2024,1&nbsp;GeoPark is producing over 41,000 boepd, adding approximately 5,700 boepd on a proforma basis from the Mata Mora Norte Block (GeoPark non-operated,&nbsp;45%&nbsp;WI) in Argentina</li>
<li>11 rigs currently in operation (7 drilling rigs and 4 workover rigs), including one drilling rig in Argentina</li>
</ul>
Llanos 34 Block (GeoPark operated,&nbsp;45%&nbsp;WI): Secondary Recovery Underway
<ul>
<li>2Q2024 average production of 23,039 bopd net (51,198 boepd gross),&nbsp;3%&nbsp;lower than 1Q2024 due to sporadic blockades and weather-associated flooding</li>
<li>Three horizontal wells were drilled in 2Q2024, including the first two in the Jacana field which initiated testing in April and June 2024, respectively</li>
<li>Eight horizontal wells in aggregate have been put on production since the beginning of the horizontal well drilling program in early 2023, currently contributing&nbsp;16%&nbsp;of total production in the block</li>
<li>Waterflooding projects performing above plan, delivering around 3,700 bopd in 2Q2024,&nbsp;13%&nbsp;of total production in the block</li>
</ul>
CPO-5 Block (GeoPark non-operated,&nbsp;30%&nbsp;WI): Record High Quarterly Production
<ul>
<li>2Q2024 record average production of 7,921 boepd net (26,403 boepd gross) after putting the Indico-3 development well on production</li>
<li>The Lark 1 exploration well in the northern part of the block reached total depth in July 2024 and will delineate hydrocarbon potential in the Ubaque and the Guadalupe Formations, initiating testing by the end of July</li>
<li>Increased seismic coverage to&nbsp;85%&nbsp;after completing the acquisition of 232 sq. km of 3D seismic,2&nbsp;currently being processed</li>
</ul>
Llanos Exploration: Drilling Success Continues
<ul>
<li>Llanos 123 Block (GeoPark operated,&nbsp;50%&nbsp;WI):
<ul>
<li>Drilled the Toritos Norte 1 appraisal well during June 2024, testing the Barco Formation and currently producing 520 bopd gross</li>
<li>The Toritos 2 appraisal well reached total depth in July 2024, and will initiate testing in the Barco Formation in August 2024</li>
</ul>
</li>
<li>Llanos 86 and Llanos 104 Blocks (GeoPark operated,&nbsp;50%&nbsp;WI):
<ul>
<li>Processing 650+ sq. km of 3D seismic, targeting exploration drilling in 1Q2025</li>
</ul>
</li>
</ul>
Ecuador: Stepping up Production and Exploration
<ul>
<li>Perico Block (GeoPark non-operated,&nbsp;50%&nbsp;WI):
<ul>
<li>Production increased&nbsp;11%&nbsp;compared to 1Q2024, reaching 1,652 bopd net during the quarter due to the contribution from the Perico Centro 2 appraisal well in May 2024</li>
</ul>
</li>
<li>Espejo Block (GeoPark operated,&nbsp;50%&nbsp;WI):
<ul>
<li>Drilled the Espejo Sur 3 exploration well in June 2024, testing the U-Sand Formation, currently producing 400 bopd gross</li>
</ul>
</li>
</ul>
Argentina: Vaca Muerta Adds Pro forma Production
<ul>
<li>2Q2024 average production of 12,508 bopd gross from the Mata Mora Norte Block</li>
<li>Encouraging initial results of Mata Mora Norte 2223 well, producing an average of 2,136 boepd gross during 2Q2024, in line with the best producing well in the block</li>
<li>Transaction effective date July 1, 2024. Regulatory closing of acquisition is expected by end of 3Q2024</li>
</ul>
Upcoming Catalysts 3Q2024
<ul>
<li>Drilling 8-10 gross wells in 3Q2024 for the base business and 6-8 gross wells in Argentina, targeting conventional, unconventional, short-cycle development, injector, appraisal and exploration projects</li>
<li>Key projects include:
<ul>
<li>Llanos 34 Block: Drilling the first well with short radius design, the first horizontal well targeting the Guadalupe Formation and two additional waterflooding injection patterns</li>
<li>CPO-5 Block: Drilling one appraisal well</li>
<li>Llanos 123 Block: Drilling one appraisal well</li>
<li>Perico Block: Executing workover campaign</li>
<li>Espejo Block: Drilling one exploratory well</li>
<li>Mata Mora Norte Block: Drilling four unconventional horizontal wells</li>
<li>Confluencia Norte Block (GeoPark non-operated,&nbsp;50%&nbsp;WI): Drilling three unconventional exploration wells</li>
</ul>
</li>
</ul>

GeoPark Reports 35,608 Barrels Of Oil Equivalent Per Day in Q2 with 11% Growth in Ecuador, 11 New Rigs

Press Releases

GEOPARK ANNOUNCES COMMENCEMENT OF CASH TENDER OFFER FOR ANY AND ALL OF ITS OUTSTANDING 5.500% SENIOR NOTES DUE 2027

GeoPark Announces Proposed Offering of Senior Notes

GEOPARK ANNOUNCES TENDER RESULTS OF CASH TENDER OFFER FOR ANY AND ALL OF ITS OUTSTANDING 5.500% SENIOR NOTES DUE 2027 (CUSIP NOS. 37255B AB5; G38327 AB1 / ISIN NOS. US37255BAB53; USG38327AB13)

GeoPark Limited Prices Offering of U.S.$550,000,000 8.750% Senior Notes Due 2030

GeoPark Successfully Completes a $550 Million Notes Offering and Refinances More Than 80% of its Outstanding Notes Due 2027

GeoPark Announces Pro Forma 2P Reserve Replacement of 480%

GeoPark Reports Fourth Quarter and Full-Year 2024 Results

Portfolio Strengthening: GeoPark Divests Non-Core Assets & Implements Cost Efficiency Initiatives

GeoPark Announces the Filing of Its Form 20-F for Fiscal Year 2024

GeoPark Publishes Its 2024 SPEED/Sustainability Report

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