GeoPark Limited published the transcript of its Fourth Quarter and Full Year 2025 results conference call held on February 26, 2026. The call was attended by CEO and Director Felipe Bayon, CFO Jaime Caballero, COO Martin Terrado, Chief Exploration and Development Officer Rodrigo Dalle Fiore, and Shareholder Value and Capital Markets Director Maria Catalina Escobar, alongside analysts including Jefferies, Auctus Advisors, Balanz Capital, Santander, Bank of America, and Bradesco. Management said 2025 was a “turning point” as the company stabilized production in Colombia, integrated new Vaca Muerta assets in Argentina, and advanced a portfolio reset. Bayon said GeoPark “delivered or exceeded our full year guidance across all key metrics,” with 2025 production averaging 28,233 boe/d and adjusted EBITDA of $277 million despite lower realized prices. He added that fourth-quarter adjusted EBITDA of $46 million reflected “timing-related effects” such as deferred sales, logistics adjustments and Vaca Muerta start-up costs, “some of which will be reversed in our first quarter 2026 results.” Cost guidance and normalization were a key topic. Caballero said fourth-quarter one-offs totaled about $7 million, mainly start-up costs tied to restarting Platanillo in Putumayo and ramping Vaca Muerta, plus $2 million to $3 million of seasonal items, and reiterated 2026 guidance of lifting costs of $13 to $15 per barrel and G&A around $4 per barrel. Terrado detailed operational cost-reduction efforts in Argentina, noting that after taking over operations, OpEx fell from about $32 per barrel to roughly $22 to $27 per barrel, with a target of $10 to $12 per barrel by year-end as production rises. The call also focused on GeoPark’s agreed acquisition of Frontera Energy’s Colombian upstream assets and a competing proposal from Parex. Bayon said the company remains “fully committed to our agreement,” and reported a regulatory milestone: “we received formal approval from SIC,” Colombia’s antitrust authority, while Frontera’s shareholder meeting is scheduled for April 10. On Parex’s board nominations, Bayon said, “I do believe there’s a conflict of interest, absolutely,” adding it reflects “a deliberate and hostile strategy directed at GeoPark.” Operational updates included progress in Argentina and enhanced recovery in Colombia. Terrado said GeoPark expects a Vaca Muerta exit rate of 5,000 to 6,000 bbl/d and is mobilizing a rig in early March to drill and complete a five-well pad, followed by a frac program. In Colombia, Dalle Fiore said the Llanos 34 polymer flood began in December with two wells, with additional wells planned, while recovery-factor uplift is modeled at “between 3% in the pessimistic scenario and 7% in the optimistic scenario.” Management also discussed shareholder returns and governance, including a quarterly dividend of $0.03 per share and a shareholder rights plan that Bayon said “expires on June 3,” with the board to decide later whether to renew. The company also addressed the impact of Venezuelan supply on Colombian heavy-oil differentials; Caballero said Vasconia discounts widened to about $7 to $8 from $3 to $4 mid-year, which GeoPark is mitigating through more Brent-linked FOB exports. The full transcript can be accessed through the link below.

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