GeoPark (GPRK) Q2 2026 earnings summary

Executive summary

• Achieved average production of 27,271 boe/d in Q2 2026, consistent with Q1 and within full-year guidance.

• Delivered stable production and higher revenues, with operational execution across the portfolio and accelerated development in Vaca Muerta.

• Maintained resilient cash generation, supporting investment programs and increasing cash position.

• Secured a dedicated drilling rig for Vaca Muerta under a 3-year agreement, ensuring long-term execution certainty.

• All operations maintained strong health and safety performance, with no injuries or major process safety events.

Financial highlights

• Revenue rose 12% sequentially to $143.3 million in Q2 2026, driven by stable production and improved realized prices.

• Adjusted EBITDA reached $73.1 million (51% margin), up 3% from Q1 2026.

• Operating profit was $40.8 million; net income totaled $14.0 million for the quarter.

• Cash and cash equivalents increased to $316.3 million from $274.9 million in Q1 2026; net leverage reduced to 1.2x EBITDA.

• Capital expenditures of $76.4 million, with 36% in Colombia and 64% in Argentina, focused on drilling and infrastructure.

Outlook and guidance

• Targeting exit production of 5,000–6,000 boe/d in Argentina by year-end 2026.

• CapEx for Vaca Muerta in 2H 2026 expected at $40–$50 million, with 70–80% in Q3 and the remainder in Q4.

• Full-year CapEx guidance could increase to $250 million to accelerate value-accretive activities.

• Lifting cost guidance revised upward to $17–$19/bbl for the year due to FX and energy cost pressures.

• 2026 and 2027 production hedged with three-way collars, providing price protection for approximately 19,000 bopd each year.