Impartial vitality firm GeoPark Restricted has reported internet earnings of $15.3 million for the third quarter of 2024, down from $26.3 million for the corresponding interval a yr prior. The corporate mentioned in a media launch that the outcome was primarily affected by a 6 % devaluation of the Colombian peso on deferred earnings tax calculations and a one-off expense of $5.4 million associated to the acquisition of Repsol property in Colombia and Vaca Muerta property.
For the complete yr 2024, the corporate reported a internet revenue of $96.4 million, down from $111.1 million for 2023. The corporate attributed the drop to the components that affected This fall earnings.
GeoPark reported $77.7 million in adjusted EBITDA for This fall 2024, down from $117.8 million for This fall 2023. This decline was primarily as a consequence of lowered manufacturing (31,489 barrels of oil equal per day (boepd) vs. 38,315 boepd), decrease realized costs ($59.6/barrel vs. $67.1/barrel), and one-off bills of $3.2 million associated to organizational optimization and a retroactive adjustment in Ecuador, the corporate mentioned.
- Advertisement -
Adjusted EBITDA got here at $416.9 million for 2024, down from $451.9 million for 2023, as a consequence of decrease manufacturing (33,937 boepd vs. 36,563 boepd) and one-off bills, though increased realized costs ($65.6/barrel vs. $64.0/barrel) supplied some offset. Elevated royalties and financial rights had a impartial influence, GeoPark mentioned. Regardless of decrease revenues, the working margin improved to 41 % from 36 %.
Strategic capital allocation led to a 41 % improve in possible reserves (2P) in 2024, primarily from the addition of 74.6 million barrels of oil equal (mmboe) from Vaca Muerta, the corporate mentioned. As of December 31, 2024, confirmed reserves (1P) reached 102.0 mmboe, whereas 2P reserves totaled 162.2 mmboe, extending the 1P reserve life index (RLI) by 54 % to eight.2 years and the 2P RLI by 44 % to 13.1 years. GeoPark mentioned it now has a balanced and diversified portfolio, combining the expansion potential of Vaca Muerta with mature manufacturing from Llanos 34 and CPO-5 blocks.
“Non permanent manufacturing disruptions and decline in our core Llanos fields made 2024 a difficult yr for GeoPark. Regardless of this, we prolonged our reserves life, made a game-changing acquisition in Vaca Muerta, held true to our commitments on effectivity, security, and sustainability, returned over $73 million to shareholders, and proactively enhanced our monetary flexibility via refinancing senior notes and repaying debt. Our ongoing 2025 work program consists of Vaca Muerta and supplies a stable basis for future progress and worth enhancement”, Andrés Ocampo, Chief Government Officer of GeoPark, mentioned.
GeoPark mentioned it began 2025 by issuing $550 million in senior notes due 2030, with an 8.75 % coupon, enhancing monetary flexibility and increasing common debt maturity from 2.0 to 4.6 years. Proceeds helped repurchase $405.3 million of 2027 notes and settle Vaca Muerta acquisition obligations.
The corporate additionally mentioned it’s centered on maximizing manufacturing and effectivity at its Llanos 34 and CPO-5 blocks in Colombia, whereas additionally growing the Mata Mora Norte Block and exploring the Confluencia Sur Block in Vaca Muerta. GeoPark added it’s going to proceed to judge inorganic progress alternatives in important property and basins as a part of its North Star technique.
To contact the writer, e-mail andreson.n.paul@gmail.com
What do you suppose? We’d love to listen to from you, be part of the dialog on the
Rigzone Vitality Community.
The Rigzone Vitality Community is a brand new social expertise created for you and all vitality professionals to Communicate Up about our business, share data, join with friends and business insiders and interact in an expert group that can empower your profession in vitality.
