GeoPark (GPRK) Investor Day 2025 summary

Strategic direction and growth plans

• Emphasizes a twofold strategy: protecting the existing Colombian base and returning to growth, primarily through expansion in Argentina's Vaca Muerta.

• Production decline in core assets has been reduced from an expected 23% to 14% for 2024, with a goal to keep production flat at 42,000–46,000 barrels per day over the next five years.

• Vaca Muerta acquisition is transformational, targeting an increase from 2,000 to 20,000 barrels per day in three years, with licenses secured through 2057 and 2060.

• Portfolio is being streamlined, with divestments in Ecuador and Brazil to focus on Colombia and Argentina.

• Strategic reset includes disciplined execution, cost efficiency, and capital allocation, with a focus on sustainability and community relations.

Operational excellence and efficiency

• Safety performance is industry-leading, with continuous improvements and use of AI for accident prevention.

• Operational costs have been reduced through technology, such as automated rigs and modular water treatment, achieving the lowest lifting costs among Colombian peers.

• Emissions have been reduced by 40% since 2021, and water recycling initiatives have improved sustainability.

• Workover and infill drilling programs have successfully stabilized production and managed water cut in mature fields.

• Capital efficiency is prioritized, with drilling and completion costs in Vaca Muerta targeted at $13–$15.5 million per well and OpEx expected to drop from $25+ to $6–$7 per barrel.

Financial guidance and capital allocation

• 2025 EBITDA is projected at $300 million, rising to $520–$550 million by decade's end, nearly doubling company size.

• CapEx will increase, especially in 2027–2028, peaking at $240–$250 million per year for Vaca Muerta development, with 70% self-funded and $300–$400 million in new financing planned.

• Colombia's steady-state break-even is $45/bbl, Argentina's is $55/bbl; 99% of production has a break-even below $60/bbl.

• 90% of 2025 production is hedged at $68/bbl, and 63% of 2026 production is hedged at $65/bbl, ensuring cash flow stability.

• Dividend will be reduced to $1.5 million per quarter for four quarters, then suspended to prioritize growth investments.