GeoPark (GPRK) Q3 2026 earnings summary

Executive summary

• Q3 production averaged 27,973 boe/d, up 3% QoQ, as stable Colombian output and Vaca Muerta growth supported production; wider crude differentials and higher costs pressured results.

• Expansion advanced in Argentina and Venezuela, while a $550 million senior notes issuance after quarter-end supported planned investment.

Financial highlights

• Revenue was $116.2 million, down 19% QoQ; Adjusted EBITDA was $45.8 million, down 37%, with a 39% margin.

• Combined realized price fell to $56.20/boe from $67.20/boe in Q2; commodity risk management contracts reduced revenue by $36.4 million versus $41.2 million in Q2.

• Operating costs rose to $20.70/boe from $17.90/boe, reflecting energy costs, well interventions and local-currency appreciation.

• Operating cash flow was $16.3 million; free cash flow before debt service was negative $55.5 million amid investment and working-capital needs.

Outlook and guidance

• FY2026 production and Adjusted EBITDA are expected within guidance, supported by Argentina and Colombia production and Q4 hedge optimization.

• Bare operational takeover is targeted before year-end 2026; 2027 plans include 100–150 well reactivations and ~25 workovers, with drilling expected to begin in 2028.

• Vaca Muerta development is ahead of schedule, bringing forward investment and expected production growth; initial Corralera commitments are expected to use available cash.

• Colombian energy cost mitigation is expected to begin in Q4, with a goal to move ~75% of energy demand to fixed pricing during 2027.