GeoPark Continuing Production Up QoQ

GeoPark Ltd averaged 27,249 barrels of oil equivalent a day (boed) in production in the first quarter (Q1) with increases in both its countries of active operation, Colombia and Argentina.

The figure was down from 28,351 boed in Q4 2025 due to GeoPark's divestments in Brazil and Ecuador, the Bogota-based explorer and producer said in an operational update Thursday.

Colombian production before royalties totaled 25,819 boed in the January-March 2026 quarter, compared to 25,629 boed in Q4 2025. Argentina contributed 1,430 boed - before government share deduction - to GeoPark's output in Q1 2026, up from 1,234 boed in Q4 2025.

More than half of GeoPark's production, 15,734 boed net, came from Colombia's Llanos 34 block. Net production from the block fell 2.5 percent from the prior three-month period due to "natural decline, temporary operational disruptions, and a delay in the drilling and workover campaign, partially offset by strong secondary recovery performance", GeoPark said.

In the CPO-5 block, GeoPark's share dropped 7.7 percent quarter-on-quarter to 6,109 boed due to blockades in February. "Blockades have since been resolved", GeoPark said.

"Development and exploration drilling activity [in CPO-5] will start at the end of April. GeoPark continues working with the operator to advance upcoming activity and mitigate the impact of temporary operational disruptions", it said.

Net production from the Llanos 123 block grew 13 percent to 3,118 boed, "mainly driven by positive base production performance and the Bisbita waterflooding project results", GeoPark said.

At Platanillo, GeoPark derived 859 boed. "GeoPark continues producing in the field while preserving flexibility for future capital allocation decisions", it said.

In Argentina, where GeoPark's production comes from the Vaca Muerta unconventional play, country contribution mostly came from the Loma Jarillosa Este block.

GeoPark said it had launched construction for the first-stage expansion of the Loma Jarillosa Este gathering station, which would raise capacity for 10,000 bopd from 6,000 bopd.

GeoPark recently signed a deal to buy Frontera Energy Corp's oil and gas exploration and production assets in Colombia for up to $400 million plus assumed debt. However, the deal did not push through after Canada's Frontera opted for a competing offer by Parex Resources Inc.

In a statement March 9, GeoPark said increasing its price for the Frontera assets "would not meet GeoPark’s expected risk-adjusted return thresholds".

GeoPark is scheduled to release its Q1 2026 results May 6. GeoPark expects the results to benefit from higher realized oil prices.

"Unusually volatile market conditions prevailed in 1Q2026, including material movements in Brent, regional differentials, and specific disruptions in Ecuador", GeoPark said.

"In aggregate, GeoPark’s combined realized price was $60.4/bbl in 1Q2026, versus $54.8/bbl in 4Q2025, reflecting stronger Brent prices and the recovery in differentials toward quarter-end, despite a $7.0/bbl impact from hedges and earn-outs", it added.

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