GeoPark Limited Q3 FY2025 earnings call

• On October 16, GeoPark successfully closed the acquisition of 2 high-quality blocks in Vaca Muerta Neuquen, entering a promising unconventional basin. - Launched a new strategic plan and capital allocation framework during Investor Day on October 21, with priorities including sustaining a resilient high-margin base in Colombia and rapidly scaling a transformational platform in Argentina. - In 3Q 2025, had solid operational performance with production exceeding guidance, strong adjusted EBITDA, and captured cost efficiencies. - Started operations in the acquired Vaca Muerta blocks, with initial production and ongoing interventions and optimization efforts. - Approved a revised dividend program totaling approximately USD 6 million over the next 4 quarters, with dividends suspended as investments in Argentina peak starting from 3Q 2026.

In the third quarter of 2025, GeoPark delivered an average consolidated production of 28,136 barrels of oil equivalent per day, which exceeded the 2025 guidance and increased nearly 3% quarter-over-quarter. The adjusted EBITDA reached USD 71.4 million with a 57% margin. Operating costs averaged $12.5 per barrel, fully in line with the 2025 guidance. The company captured more than USD 15 million in efficiencies during the quarter. Net income was USD 15.9 million, and excluding a nonrecurrent exploration write-off, net profit would have been USD 23.4 million. The company invested USD 17.5 million during the quarter, ended the quarter with USD 197 million in cash, and had approximately 62% of the expected 2026 production hedged through 3-way collars.

• In base case 2030, targeting consolidated production of 42,000 to 46,000 barrels of oil equivalent per day, adjusted EBITDA of USD 520 million to USD 550 million, and a net leverage ratio of 0.8 to 1.0. - Revised dividend program: approximately USD 6 million over next 4 quarters, starting with 3Q 2025 payout, dividends suspended as Argentina investments peak from 3Q 2026, to be reviewed as investment cycle progresses and return to positive free cash flow. - On track to release 2026 work program and investment guidance before year end, focused on building and maximizing value from Colombia base and new Argentina assets.

• Include competitive developments and risk factors listed in company's SEC reports and public releases, which could cause actual results to differ materially from forward-looking statements.

Q: Regarding the 2026 Vaca Muerta work program, could you provide more color on upcoming studies, permits, timing, and funding?

A: Felipe Bayon mentioned they started as operator in Vaca Muerta 21 days ago, already started interventions on wells. Martin Terrado added production in both blocks is around 1,100 barrels of oil equivalent per day, shut in 3 wells to install artificial lift, with plans to put them on production within 10 days. CapEx range for 2026 base case is $50 million to $70 million, fully funded with existing credit lines in Argentina and discussions on oil prepayments, debt issuance, etc.

Q: In Colombia, could you comment on the lower CapEx for this quarter and give update on production, exploratory campaigning in Llanos Basin, infill campaign progress, CPO-5 commercial agreement with BP, reserves?

A: Rodolfo Terrado said CapEx low reflects planned activity, production in 3Q was 28,136 barrels of oil equivalent per day, up 3%. Exploratory activity in Llanos Basin with wells like Currucutu and Toritos Este 1, Visvita south. Infill campaign in Llanos 34 drilling wells at $2.9 million each, 30% reduction in cost. CPO-5 commercial agreement with BP started in August, allowing export optionality, blending, and financing, with commercial discount in $4 to $5 vs Brent range. Reserves expected to have positive changes with acquisition and exploratory results, aiming for over 100% reserves replacement.

Q: In Argentina, could you comment on current phase of operations, complexity and timing of regulatory permits?

A: Rodolfo Terrado said production in acquired blocks is around 1,100 barrels of oil equivalent per day, submitting permits by first quarter of 2026, with possibility of leveraging collaborative infrastructure from neighbors, usually taking 3 to 6 months for approval once submitted.

Q: How much do you expect the Vaca Muerta acquisition will add to your 4Q '25 production?

A: Rodolfo Terrado said for the 75 days Vaca Muerta is on production in 4Q '25, it's expected to add around 1,400 to 1,600 barrels of oil per day.