GeoPark Limited reported its consolidated financial results for the first quarter ended March 31, 2025. The company delivered Adjusted EBITDA of $87.9 million, representing a 13% increase from 4Q2024, with a 64% operating margin. Operating costs per produced barrel of oil equivalent decreased to $12.3, aligning with the 2025 guidance.
Net profit for the quarter was $13.1 million, a decrease from $15.3 million in 4Q2024, primarily due to one-off costs related to debt refinancing. Pro forma consolidated average oil and gas production reached 36,279 boepd, exceeding the 2025 guidance of 35,000 boepd. However, organic business production was 8% lower than 4Q2024 due to the operational suspension of the Platanillo Block and the divestiture of the Llanos 32 Block.
Vaca Muerta production reached a record high of 17,358 boepd gross in February 2025, but these figures are not yet consolidated into GeoPark's financial results due to pending regulatory approvals. The company maintained strong liquidity with a $308.0 million cash balance and a net leverage ratio of 0.9x. Its hedging program covered approximately 70% of expected 2025 pro forma production with floor prices between $68 and $70 per barrel.
CEO Andrés Ocampo announced his departure, effective June 1, 2025, marking a significant leadership transition for the company. GeoPark also declared a quarterly cash dividend of $0.147 per share, payable on June 5, 2025. The company's efficiency program is on track, having already captured 90% of the targeted $5 million to $7 million in annual savings.
For investors, the report presents a mixed outlook with strong operational performance and financial discipline, but also challenges from one-off costs and the delayed consolidation of Vaca Muerta assets. The CEO transition adds an element of change to the company's strategic direction.
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