GeoPark (GPRK) Q3 2025 earnings summary

Executive summary

• Achieved strong operational and financial results in Q3 2025, including the acquisition and integration of two Vaca Muerta blocks in Argentina, securing full operational control and entering a major unconventional basin.

• Launched a new strategic plan targeting 42,000–46,000 boe/d production, $520–$550 million Adjusted EBITDA, and a net leverage ratio of 0.8–1.0x by 2030.

• Board approved a revised dividend program of $0.03/share per quarter for four quarters, to be suspended as Argentina investments peak.

• Board rejected a $9/share unsolicited offer from Parex and formed a special committee to evaluate alternatives.

Financial highlights

• Q3 2025 average consolidated production was 28,136 boe/d, up nearly 3% quarter over quarter and above guidance.

• Adjusted EBITDA reached $71.4 million with a 57% margin, stable versus Q2, supported by higher volumes and steady prices.

• Net income was $15.9 million, turning positive from a net loss in the previous quarter; excluding a non-recurring exploration write-off, net profit was $23.4 million.

• Operating cost averaged $12.5/boe, down from $15.0 year-over-year, with over $15 million in efficiencies captured YTD.

• Ended Q3 with $197 million in cash; repurchased $108 million of 2030 notes below par, generating $9.5 million in annual cash savings.

Outlook and guidance

• Targeting 2030 consolidated production of 42,000–46,000 boe/d, adjusted EBITDA of $520–$550 million, and net leverage ratio of 0.8–1.0.

• 2026 work program and investment guidance to be released before year-end, with focus on scaling Vaca Muerta operations.

• Dividends to be suspended from Q3 2026 as Argentina investments peak, with future reviews tied to free cash flow recovery.