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- **Strategic Acquisition**: Vaca Muerta blocks position GeoPark to scale Argentina production to 20,000 BOE/D by 2027, with 62% of 2026 production hedged.
- **Financial Strength**: Q3 2025 EBITDA $71.4 million (57% margin), net leverage 1.2x, $197 million cash. Argentina CapEx 2026 fully funded.
- **Operational Excellence**: Colombia production up 3% QoQ to 28,136 BOE/D, operating costs $12.5/BOE, $15 million efficiency savings.
- **Dividend Discipline**: $0.03/share quarterly dividend, suspended in 2026 for Argentina investment.

**【CEO Summary Section】**
- Acquired 2 high-quality blocks in Vaca Muerta, Argentina, securing full operational control of Loma Jarillosa Este and Puesto Silva Oeste, targeting 20,000 barrels of oil per day by 2027.
- Launched strategic plan with 2030 targets: 42,000-46,000 barrels of oil equivalent per day (BOE/D) production, $520-$550 million adjusted EBITDA, and net leverage ratio of 0.8-1.0.
- Dividend program of $6 million over 4 quarters ($0.03/share quarterly), suspended in 2026 for Argentina investment.
- Q3 2025 production: 28,136 BOE/D (3% QoQ growth), operating costs $12.5/BOE, capturing $15 million in efficiencies.
- Adjusted EBITDA $71.4 million (57% margin), net income $15.9 million (vs. Q2 loss), cash $197 million.
- Hedged 62% of 2026 production with 3-way collars ($65 floor, $73 ceiling).

**【CFO Financial Commentary】**
- Q3 2025: GAAP net income $15.9 million, Non-GAAP EPS $1.08 (exceeds expectations), operating expenses down 5% YoY.
- Capital expenditures $17.5 million, focused on Colombia's Llanos 34 and exploration.
- Repurchased $108 million of 2030 notes, saving $9.5 million annually.
- Strong balance sheet: no principal maturities until 2027, net leverage 1.2x.
- Argentina CapEx 2026: $50-$70 million, fully funded via local credit lines and potential debt issuance.

**【Q&A Key Highlights】**
- **Vaca Muerta Work Program**: 1,100 BOE/D current production, targeting 1,600-1,700 BOE/D by end-2025. Permit submissions for 20,000 BOE/D CPF by Q1 2026. Drilling commitments minimal ($15 million for 1 well in Puesto Silva Oeste).
- **Colombia Operations**: Llanos 34 infill campaign drilled 6 wells at $2.9 million each (30% cost reduction), producing 2,600 BOE/D. Llanos 123 production up 35% YoY to 5,000 BOE/D. Polymer injection project in Llanos 34 to start Q4 2025, targeting 9 wells by end-2026.
- **Commercial Agreement with BP**: Covers 6,500 BOE/D (CPO-5 crude), 12-month deal with export optionality, $50 million credit line for oil prepayments. Discounts $4-$5/bbl vs. Brent, offsetting $12.5/BOE selling expenses.
- **Reserves**: 1P life extended to 5-7 years, 2P to 10 years. Aiming for >100% reserve replacement in 2025.
- **Argentina Regulatory Environment**: Open collaboration with neighbors for infrastructure sharing, permits expected 3-6 months post-submission (Q1 2026).

GeoPark Limited (GPRK) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GPRK

GPRK fundamentals

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