GeoPark Limited (GPRK): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la exploración energética latinoamericana, Geopark Limited surge como una potencia estratégica, aprovechando modelos de negocio innovadores para transformar la producción de hidrocarburos. Este lienzo de modelo comercial integral revela cómo la compañía navega por los complejos desafíos del mercado, combinando experiencia tecnológica de vanguardia con estrategias operativas sostenibles en Colombia, Chile y Brasil. Al centrarse en las técnicas de exploración de baja eficiencia y baja eficiencia y asociaciones estratégicas, Geopark demuestra un enfoque único para el desarrollo de la energía que promete la capacidad de recuperación económica y la responsabilidad ambiental.

Geopark Limited (GPRK) - Modelo de negocio: asociaciones clave

Empresas conjuntas estratégicas con compañías de energía locales en América Latina

Geopark ha establecido asociaciones estratégicas con compañías de energía clave en América Latina, específicamente en:

País	Empresa asociada	Enfoque de asociación
Colombia	Ecopetrol	Exploración y producción compartida
Chile	ENAP	Exploración en alta mar
Argentina	YPF	Desarrollo de recursos no convencionales

Colaboración con proveedores de servicios de perforación y exploración

Geopark mantiene asociaciones críticas con proveedores de servicios especializados:

• Schlumberger - Tecnologías de perforación avanzada
• Halliburton - Servicios de exploración y pozos
• Baker Hughes - apoyo geológico y geofísico

Asociaciones tecnológicas para técnicas de exploración avanzada

Socio tecnológico	Enfoque tecnológico	Monto de la inversión
CGG	Imagen sísmica	$ 3.2 millones
TGS	Análisis de datos del subsuelo	$ 2.7 millones

Instituciones financieras que apoyan las inversiones de exploración e producción

Las asociaciones financieras clave de Geopark incluyen:

• Goldman Sachs - Capacidad de crédito de $ 250 millones
• Citibank - Línea de crédito giratorio de $ 175 millones
• Banco Interamericano de Desarrollo - Inversión de energía sostenible de $ 100 millones

Geopark Limited (GPRK) - Modelo de negocio: actividades clave

Exploración de petróleo y gas en los mercados sudamericanos

Geopark opera en múltiples países sudamericanos con activos activos de exploración y producción:

País	Bloques de exploración	Superficie de producción (km²)
Colombia	7 bloques de exploración	375,000
Argentina	3 bloques de exploración	225,000
Brasil	2 bloques de exploración	150,000
Chile	1 bloque de exploración	50,000

Operaciones de producción de hidrocarburos sostenibles

Métricas de producción para 2023:

• Producción total: 36,652 barriles de aceite equivalente por día (BOEPD)
• Producción de petróleo: 31,652 boepd
• Producción de gas: 5,000 boepd

Desarrollo y optimización de activos

Asignación de gastos de capital para 2024:

Categoría de activos	Monto de inversión (USD)
Exploración	$ 65 millones
Optimización de producción	$ 45 millones
Desarrollo de infraestructura	$ 30 millones

Cumplimiento ambiental y gestión de riesgos

Métricas de desempeño ambiental:

• Objetivo de reducción de emisiones de carbono: 15% para 2025
• Tasa de reciclaje de agua: 62%
• Puntuación de cumplimiento ambiental: 94%

Innovación tecnológica continua en métodos de extracción

Desglose de inversión tecnológica:

Área tecnológica	Inversión (USD)
Recuperación de petróleo mejorada	$ 12 millones
Monitoreo de yacimientos digitales	$ 8 millones
Exploración impulsada por IA	$ 5 millones

Geopark Limited (GPRK) - Modelo de negocio: recursos clave

Derechos de tierra y exploración

Geopark posee derechos de exploración en múltiples regiones:

País	Superficie de exploración	Tipo de derechos
Colombia	91,882 acres netos	Exploración en tierra
Chile	146,838 acres netos	En alta mar y en tierra
Brasil	47,216 acres netos	Exploración en tierra

Experiencia geológica y geofísica

• Equipo técnico de 157 profesionales de geociencia especializados
• Experiencia promedio de 18 años en el sector energético
• Tecnologías avanzadas de interpretación sísmica

Composición del equipo de gestión

Posición de liderazgo	Años de experiencia	Antecedentes de la industria
CEO	25 años	Desarrollo de energía internacional
director de Finanzas	20 años	Estrategia financiera en el sector energético

Equipo e infraestructura

Equipo de producción: 12 plataformas de perforación, 37 plataformas de producción

Capital financiero

Métrica financiera	Valor 2023
Inversión de capital total	$ 325 millones
Efectivo y equivalentes	$ 187 millones
Presupuesto de exploración	$ 95 millones

Geopark Limited (GPRK) - Modelo de negocio: propuestas de valor

Exploración y producción de hidrocarburos de alta eficiencia

Geopark Limited demuestra la eficiencia operativa a través de métricas de producción específicas:

Métrico	2023 rendimiento
Producción diaria promedio	34,200 barriles de aceite equivalente por día
Regiones operativas	Colombia, Argentina, Brasil, Chile
Reservas probadas	68.7 millones de barriles de aceite equivalente

Estrategias operativas de bajo costo y bajo carbono

Las iniciativas de reducción de carbono de Geopark incluyen:

• Reducción de la intensidad de las emisiones de gases de efecto invernadero
• Implementación de tecnologías de eficiencia energética
• Invertir en infraestructura de energía renovable

Métrica de gestión de carbono	2023 rendimiento
Reducción de emisiones de carbono	Reducción del 15% en comparación con la línea de base 2022
Inversión en tecnologías limpias	$ 12.5 millones asignados para la reducción de emisiones

Desarrollo de energía sostenible

Las métricas de sostenibilidad de Geopark demuestran el compromiso:

Indicador de sostenibilidad	2023 datos
Inversión de ESG	$ 8.3 millones
Proyectos de desarrollo comunitario	17 programas comunitarios activos

Crecimiento dirigido en los mercados de energía latinoamericana

Estrategia de expansión del mercado centrada en regiones clave:

• Colombia: centro de producción primaria
• Argentina: expansión de recursos no convencionales
• Brasil: oportunidades de exploración estratégica

Mercado	2023 inversión	Crecimiento de la producción
Colombia	$ 95.6 millones	Aumento de la producción del 22%
Argentina	$ 42.3 millones	Aumento de la producción del 12%

Soluciones de suministro de energía competitivas y confiables

Posicionamiento competitivo de Geopark:

Ventaja competitiva	2023 rendimiento
Costo operativo por barril	$12.50
Confiabilidad de producción	98.7% de tiempo de actividad operativo
Cuota de mercado en América Latina	3.2% de la producción regional de petróleo

Geopark Limited (GPRK) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con compradores de energía nacionales e internacionales

Geopark Limited mantiene contratos estratégicos de suministro de energía a largo plazo con clientes clave en múltiples regiones. A partir de 2023, la compañía reportó 15 acuerdos de suministro activos a largo plazo con compradores de energía en Colombia, Chile y Argentina.

Región	Número de contratos	Duración promedio del contrato
Colombia	8	7.5 años
Chile	4	6.2 años
Argentina	3	5.9 años

Participación directa con las partes interesadas del mercado energético regional

Geopark se involucra activamente con las partes interesadas regionales del mercado energético a través de múltiples canales:

• Participación de la conferencia de la industria trimestral
• Reuniones ejecutivas directas con equipos de adquisición de energía
• Foros anuales de participación de las partes interesadas
• Talleres de mercado de energía regional dirigidos

Comunicación transparente sobre el rendimiento operativo

La compañía proporciona transparencia operativa detallada a través de:

• Informes financieros trimestrales
• Informes anuales de sostenibilidad
• Intercambio de datos de producción en tiempo real
• Llamadas a la conferencia de inversores y analistas

Métrica de informes	Frecuencia	Plataforma de divulgación
Desempeño financiero	Trimestral	Sitio web de relaciones con los inversores
Estadísticas de producción	Mensual	Presentaciones de inversores
Métricas de sostenibilidad	Anualmente	Informe ESG integral

Soluciones de suministro de energía personalizadas

Geopark desarrolla soluciones de suministro de energía personalizadas basadas en requisitos específicos del cliente, con un enfoque en:

• Estructuras de contrato flexibles
• Compromisos de volumen personalizados
• Mecanismos de precios adaptativos
• Soporte geológico y técnico especializado

Plataformas digitales para interacciones con el cliente

Geopark utiliza plataformas digitales avanzadas para mejorar la comunicación del cliente y la prestación de servicios:

Plataforma digital	Función principal	Tasa de participación del usuario
Portal de clientes	Datos de producción en tiempo real	87%
Aplicación móvil	Gestión de contratos	65%
Panel de informes seguro	Seguimiento de rendimiento	72%

Geopark Limited (GPRK) - Modelo de negocio: canales

Equipo de ventas directo dirigido a los mercados de energía

Geopark Limited mantiene un equipo de ventas dedicado centrado en los mercados de energía en América Latina, específicamente en países como Colombia, Chile, Brasil y Argentina.

Región	Tamaño del equipo de ventas	Cobertura del mercado
Colombia	12 representantes de ventas	60% del mercado nacional aguas arriba
Chile	8 representantes de ventas	45% del mercado nacional aguas arriba
Brasil	15 representantes de ventas	35% del mercado regional aguas arriba

Plataformas de comunicación digital

Geopark utiliza múltiples canales digitales para la participación de los clientes y los inversores.

• Sitio web corporativo con datos de producción en tiempo real
• Plataforma digital de relaciones con los inversores
• Página corporativa de LinkedIn con 15,000 seguidores
• Cuenta de Twitter con 8.500 seguidores

Conferencias de la industria y eventos del sector energético

Geopark participa activamente en eventos clave de la industria para expandir su red y visibilidad.

Tipo de evento	Participación anual	Alcance de red
Conferencias internacionales de energía	6-8 conferencias anualmente	500+ profesionales de la industria
Cumbres de energía regional	4-5 cumbres anualmente	350+ socios potenciales

Asociaciones estratégicas con distribuidores regionales

Geopark ha establecido asociaciones de distribución estratégica en América Latina.

• Colombia: Asociación con EcoPetrol
• Chile: acuerdo de distribución con ENAP
• Brasil: colaboración con Petrobras
• Argentina: empresa conjunta con YPF

Portales de informes en línea y relaciones con los inversores

GeoPark proporciona canales integrales de comunicación de inversores digitales.

Característica de portal	Actualizaciones trimestrales	Compromiso de los inversores
Informes financieros anuales	4 informes completos	Tasa de descarga: 12,000 anualmente
Actualizaciones de producción trimestrales	Disponibilidad de datos en tiempo real	15,000 visitantes de portal únicos
Seminarios web de inversores	6 seminarios web por año	1.200 recuento promedio de participantes

Geopark Limited (GPRK) - Modelo de negocio: segmentos de clientes

Empresas de energía nacionales

Geopark sirve a compañías de energía nacionales en América Latina, específicamente en Colombia, Chile y Argentina.

País	National Energy Company	Volumen del contrato (2023)
Colombia	Ecopetrol	18,500 barriles por día
Chile	ENAP	7,200 barriles por día
Argentina	YPF	5.600 barriles por día

Consumidores de energía industrial

Geopark suministra energía a varios sectores industriales en América Latina.

• Sector manufacturero
• Industria minera
• Compañías de transporte
• Operadores de maquinaria agrícola

Organizaciones internacionales de comercio de energía

Geopark se involucra con plataformas y organizaciones internacionales de comercio de energía.

Organización comercial	Volumen comercial (2023)	Alcance geográfico
Vitol	45,000 barriles por día	Global
Traficigura	35,000 barriles por día	Internacional

Empresas regionales de generación de energía

Geopark proporciona recursos energéticos a las entidades regionales de generación de energía.

• Empresas locales de generación de electricidad
• Productores de energía independientes
• Desarrolladores de energía renovable

Fabricantes de productos de petróleo

Geopark suministra petróleo crudo a los fabricantes de productos de petróleo.

Fabricante de productos	Suministro anual (2023)	Producto principal
Refinería de Esmeraldas	2.1 millones de barriles	Diesel, gasolina
Refinerías de Petrobras	1.8 millones de barriles	Derivados del petróleo

Geopark Limited (GPRK) - Modelo de negocio: Estructura de costos

Inversiones de exploración y infraestructura de producción

En 2022, Geopark reportó gastos de capital totales de $ 204.1 millones, con un desglose específico de la siguiente manera:

Categoría de inversión	Monto ($)
Perforación y finalización	146.3 millones
Desarrollo de infraestructura	37.8 millones
Actividades de exploración	20.0 millones

Mantenimiento de tecnología y equipo

Los gastos anuales de tecnología y mantenimiento de equipos de Geopark para 2022 se estimaron en $ 42.5 millones, con áreas de enfoque clave que incluyen:

• Actualizaciones de equipos sísmicos
• Mantenimiento de tecnología de perforación
• Mejora de la infraestructura digital

Gastos de personal operativo

Los gastos totales de personal de Geopark en 2022 ascendieron a $ 89.7 millones, estructurados de la siguiente manera:

Categoría de personal	Monto ($)
Personal de operaciones directas	62.3 millones
Personal administrativo y administrativo	27.4 millones

Iniciativas de cumplimiento ambiental y sostenibilidad

Geopark invirtió $ 18.6 millones en programas de cumplimiento y sostenibilidad ambiental durante 2022, incluyendo:

• Tecnologías de reducción de emisiones de carbono
• Sistemas de gestión del agua
• Proyectos de conservación de biodiversidad

Gastos de investigación y desarrollo

Geopark asignó $ 12.3 millones a actividades de investigación y desarrollo en 2022, centrándose en:

• Técnicas mejoradas de recuperación de aceite
• Tecnologías avanzadas de mapeo geológico
• Estrategias de integración de energía renovable

Geopark Limited (GPRK) - Modelo de negocio: flujos de ingresos

Ventas de petróleo crudo

Para el año fiscal 2022, Geopark reportó ventas totales de petróleo crudo de 21,085 barriles por día (BOPD), con un precio promedio realizado de $ 75.7 por barril.

Región	Producción de aceite (BOPD)	Precio promedio ($/barril)
Colombia	16,085	$72.3
Argentina	5,000	$78.5

Ingresos de producción de gas natural

En 2022, Geopark generó ingresos por gas natural de $ 98.4 millones, con volúmenes de producción de 39.6 millones de pies cúbicos por día (MMCFD).

• Producción de gas natural de Colombia: 25.6 MMCFD
• Producción de gas natural de Argentina: 14.0 MMCFD

Tarifas del contrato de exploración y producción

Las tarifas de contrato de Geopark para los servicios de exploración y producción en 2022 totalizaron $ 45.2 millones.

Tipo de servicio	Tarifas del contrato ($)
Servicios de exploración	$ 22.7 millones
Optimización de producción	$ 22.5 millones

Estrategias de monetización de activos

En 2022, Geopark implementó estrategias de monetización de activos que generan $ 67.5 millones en ingresos adicionales.

• Ventas de activos: $ 42.3 millones
• Acuerdos de empresa conjunta: $ 25.2 millones

Cartera de productos energéticos diversificados

Los ingresos totales para 2022 fueron de $ 575.6 millones, con el siguiente desglose:

Producto	Ingresos ($)	Porcentaje
Petróleo crudo	$ 376.2 millones	65.4%
Gas natural	$ 98.4 millones	17.1%
Tarifas de contrato	$ 45.2 millones	7.9%
Monetización de activos	$ 55.8 millones	9.6%

GeoPark Limited (GPRK) - Canvas Business Model: Value Propositions

You're looking at the core value GeoPark Limited (GPRK) delivers to its stakeholders, grounded in its late 2025 operational and financial performance. This isn't about future promises; it's about what the numbers show right now, especially after integrating the Vaca Muerta assets.

One key value is the high-margin production platform. For the third quarter of 2025, GeoPark Limited reported an Adjusted EBITDA margin of 57%. This level of profitability demonstrates strong cost control, with operating costs at a competitive $12.5 per barrel of produced boe in 3Q2025.

Capital efficiency is another pillar. The company achieved a capital-efficient reserve replacement, reporting a 2025 Finding, Development, and Acquisition (FD&A) cost of $4.3 per boe on a 2P basis. This cost structure supports the long-term asset build-out, which is crucial for sustained returns.

The asset base provides geographic diversification across Latin America. GeoPark Limited's 2025 Work Program was built on operations spanning Colombia, Argentina, Brazil, and Ecuador, although the company was actively divesting non-core interests in Ecuador and Brazil as of late 2025. The core value now centers on the combined strength of the established Colombian base and the transformational growth platform in Argentina's Vaca Muerta formation.

For shareholders, GeoPark Limited emphasizes reliable returns. The initial 2025 plan targeted an annual dividend of approximately $30 million. Following the Vaca Muerta acquisition, the Board approved a revised program targeting a total distribution of approximately $6 million over the subsequent four quarters, commencing with the 3Q2025 payout of $1.5 million (or $0.03 per share).

The company offers a long-term production runway, evidenced by its reserve metrics as of December 31, 2025. The 2P Reserve Life Index (RLI) stands at 12.7 years. This longevity is supported by a 2P Reserve Replacement Ratio of 430% for 2025, with total 2P reserves reaching 121 million barrels of oil equivalent.

Here's a quick look at the key metrics underpinning these value propositions:

Metric	Value	Period/Basis
Adjusted EBITDA Margin	57%	3Q2025
FD&A Cost (2P Basis)	$4.3 per boe	2025 Year-End
2P Reserve Life Index (RLI)	12.7 years	As of December 31, 2025
Targeted Annual Dividend	Approximately $30 million	2025 Plan
Actual Quarterly Dividend	$1.5 million	3Q2025 Payout

The strength of the asset base is further detailed by its composition and efficiency targets:

• Total 2P Reserves: 121 mmboe as of December 31, 2025.
• 2P Reserve Replacement Ratio: 430% for 2025.
• 2025 Production Guidance (Base Case): 35,000 boepd (± 2,500 boepd range).
• Vaca Muerta contribution to 2025 reserves: Represents 30% of total 2025 reserves.
• Colombia 2P Reserves Growth (Ex-Divestments): Increased by approximately 2.6 mmboe.

Finance: draft 13-week cash view by Friday.

GeoPark Limited (GPRK) - Canvas Business Model: Customer Relationships

You're looking at the relationships GeoPark Limited (GPRK) maintains with the entities that buy its product, govern its operations, and fund its growth as of late 2025. These relationships are critical, especially given the recent major acquisition in Argentina.

Transactional, high-volume sales contracts with crude oil purchasers.

GeoPark Limited (GPRK) manages sales through established commercial channels, ensuring consistent offtake for its production volumes. The company actively manages price risk through hedging, which is a key part of the commercial relationship framework.

• As of August 5, 2025, approximately 87% of expected 2025 production was hedged with price floors between $68-$70/bbl.
• The company reported a $4.9 million gain from commodity risk management contracts recognized in 2Q2025 revenue.
• For 2026, protection was secured for approximately 9,000 boepd of 1H2026 and 8,000 boepd of 2H2026 production.
• Following the Vaca Muerta acquisition closing on October 16, 2025, crude is being sold locally, and procurement is underway to secure the activity plan for 2026.

Direct engagement with national governments for concession agreements.

Operating across Latin America means direct, formal relationships with host governments are central to asset tenure and development. The recent Vaca Muerta acquisition highlights this, involving specific provincial government agreements.

Governmental/Regulatory Aspect	Asset/Block	Key Metric/Detail
Concession Agreement Transfer	Loma Jarillosa Este and Puesto Silva Oeste (Vaca Muerta, Argentina)	5% Working Interest (WI) to be transferred to state-owned Gas y Petróleo del Neuquen
Acquisition Effective Date	Vaca Muerta Assets	October 16, 2025
Royalty Rate (Historical Reference)	Manati field (Brazil)	Royalties calculated at 7.5% of gas production
Royalties Paid in Kind (3Q2025)	Colombia Operations	Approximately 4,612 bopd in 3Q2025

The operational consolidation in Vaca Muerta began less than 10 days after closing, showing rapid alignment with the new governmental partners.

Investor relations focus to communicate disciplined capital allocation and returns.

Investor communications in late 2025 centered on the new long-term strategy, emphasizing discipline following the Vaca Muerta investment phase. The focus is on maintaining balance sheet strength while delivering returns.

Financial Metric/Action	Period/Reference Point	Reported Value or Target
Target ROACE (2025 Guidance)	2025 Work Program	> 30%
Planned Annual Dividend (2025)	2025 Work Program	Approximately $30 million
Revised Dividend Distribution	Commencing 3Q2025 Payout	Total expected distribution of approximately $6 million over four quarters
Quarterly Dividend Declared	2Q2025 Results Payout	$0.147 per share (approximately $7.5 million)
Debt Reduction	As of October 2025 announcement	Gross financial debt reduced by 17% (approximately $540 million)
Net Debt to EBITDA Target	Long-term (post-investment phase)	0.8-1.0x

The Board approved the suspension of dividends commencing with the 3Q2026 results, aligning with increased capital expenditures for Vaca Muerta.

Long-term, defintely stable relationships with key service contractors.

Operational excellence is underpinned by efficiency gains achieved through contractor relationships, particularly in drilling and well intervention. These relationships translate directly into cost savings and improved cycle times.

• New-generation rig operations achieved 30% cost savings compared to the 2024 drilling campaign.
• Average drilling cost dropped from $245/ft to $171/ft.
• The cost efficiency program captured $12.5 million in efficiencies by the end of July 2025, equating to about $17.5 million in annualized structural savings.
• Workover campaigns, like the one focused on 18 wells in 3Q2025, exceeded plan by 4% in water production reduction.

Proactive communication during operational disruptions (e.g., temporary blockades).

When operations are disrupted, GeoPark Limited (GPRK) communicates the impact and the recovery plan clearly to stakeholders. This was evident following blockades in 2Q2025.

• Temporary blockades at the CPO-5 Block in 2Q2025 resulted in 16 days of shut-in production.
• The CPO-5 Block's 2Q2025 production was down 8% from 1Q2025, primarily due to these shut-ins.
• By 3Q2025, production in the CPO-5 Block rebounded, reaching 7,075 bopd net, up 16% from 2Q2025, reflecting reduced downtime.
• A force majeure flooding event also impacted the Llanos 34 Block in 3Q2025, which was communicated alongside the performance metrics.

Finance: draft 13-week cash view by Friday.

GeoPark Limited (GPRK) - Canvas Business Model: Channels

You're looking at how GeoPark Limited (GPRK) gets its product-crude oil, condensate, and natural gas-to the market as of late 2025. It's all about the physical and contractual pathways they use to turn barrels in the ground into cash in the bank.

Direct sales of crude oil and condensate to international and regional buyers

GeoPark Limited (GPRK) relies on established offtake agreements for its primary revenue driver, crude oil and condensate sales. A key example is the agreement with the Dutch commodities trading firm Vitol to sell a minimum of 20,000 bopd of production specifically from the Llanos 34 Block in Colombia. This agreement, which started in July 2024, was structured to improve price realizations by 15 cents per barrel versus the then-current agreement. The company's overall production profile for 2025 was guided to be approximately 97% oil and 3% natural gas.

The realized prices you see reflect the market and these sales structures. For instance, the combined realized price per barrel of oil equivalent (boe) in the first quarter of 2025 (1Q2025) was $62.8/boe. By the second quarter of 2025 (2Q2025), this figure had softened slightly to $57.1/bbl.

Pipeline and transportation infrastructure for delivery from fields (e.g., Llanos 34)

Getting the oil out of the fields requires dedicated infrastructure, which is a critical part of the channel. For the strategically important Llanos 34 Block in Colombia, GeoPark Limited (GPRK) established a crucial transport route back in 2019 by connecting the block to the Oleoducto de Los Llanos (ODL) pipeline. This infrastructure supports the block's production, which for the third quarter of 2025 (3Q2025) averaged 16,953 boepd net (or 37,674 boepd gross).

The operational efficiency of these transport links is key to maintaining low costs, which for 2Q2025 stood at a competitive $12.3 per barrel of produced boe.

Sales of natural gas to local utilities or industrial customers

While oil dominates the mix, natural gas sales are also a component, though the portfolio is actively being streamlined. GeoPark Limited (GPRK) recently divested its 10% stake in the Manati natural gas field offshore Brazil for a total consideration of $1 million. Despite the divestment activity, the remaining interest in Manati showed operational improvement in 3Q2025, with output increasing from an average of 350 to 1,000 boepd during the quarter. For context on the gas revenue stream, the sale of gas in 1Q2024 was $3.5 million, though the summary for 1Q2025 showed a dash (-) for this line item.

Trading desks for managing commodity hedging contracts

GeoPark Limited (GPRK) uses its trading desk capabilities to manage commodity price volatility through hedging contracts, which directly impacts realized revenue. As of August 5, 2025, the company had proactively hedged approximately 87% of its expected 2025 production, using Brent price floors between $68-$70/bbl. This hedging strategy delivered tangible results, with a $4.9 million gain from commodity risk management contracts recognized in the 2Q2025 revenue. Earlier in the year, around May 4, 2025, about 70% of the expected 2025 pro forma production was protected via hedging instruments with floors in the $68 to $70 per barrel range.

Export terminals for crude oil shipments

While specific terminal names aren't detailed in the latest operational updates, the connection of major assets like Llanos 34 to the ODL pipeline serves as the primary route to market, which ultimately connects to export facilities. The company's overall production in 1Q2025 was 29,076 boepd (or 36,279 boepd pro forma including Vaca Muerta), all of which must flow through these established transportation and export channels.

Here's a quick look at the production volumes that feed these channels through the first three quarters of 2025:

Metric	1Q2025 (Consolidated)	2Q2025 (Consolidated)	3Q2025 (Consolidated)	2025 Guidance (Oil/Gas Mix)
Average Net Production (boepd)	29,076	27,380	28,136	Target: 35,000
Llanos 34 Net Production (boepd)	N/A	17,605	16,953	N/A
Crude Oil Sales Revenue ($ million)	137.1	N/A	N/A	N/A

The company is actively managing its asset base, evidenced by the divestment of non-core assets like the Llanos 32 Block in Colombia and the Manati gas field in Brazil, which together represented projected output of approximately 1,500 boe/day in the 2025 business plan.

Finance: review Q4 2025 sales forecast against Vitol offtake commitment by next Tuesday.

GeoPark Limited (GPRK) - Canvas Business Model: Customer Segments

You're looking at the core groups GeoPark Limited serves with its Latin American E&P (Exploration & Production) output and equity structure as of late 2025. Honestly, in this business, the customer segments are pretty straightforward: it's who buys the barrels and who owns a piece of the company.

The bulk of the business centers on selling crude oil, which represented 100% of consolidated revenue in the First Quarter of 2025 (1Q2025). This means the primary customers are those who process or trade that physical commodity.

Here's a look at the key customer segments GeoPark Limited serves:

• International and national oil trading companies (crude oil and condensate).
• Regional refineries and petrochemical plants.
• Local power generation and industrial gas consumers.
• Financial investors seeking exposure to Latin American E&P (shareholders).
• Government entities (as royalty and tax recipients).

For the oil and condensate buyers, the scale of the operation in 2025 gives you a solid benchmark. For instance, in 3Q2025, GeoPark Limited reported consolidated average oil and gas production of 28,136 boepd (barrels of oil equivalent per day). Deliveries to their offtakers in 1Q2025 totaled 24,309 boepd. To give you context on the pricing environment they sell into, the consolidated realized oil sales price was $65.3 per bbl in 1Q2025, though it settled lower at $57.1/bbl in 3Q2025.

The segment dealing with natural gas is currently smaller, reflecting portfolio changes. Consolidated gas revenue was $3.5 million in 1Q2024, but there was zero consolidated gas revenue recorded in 1Q2025, mainly because of the suspended production at the Manati gas field in Brazil, with the divestment closing expected in 4Q2025.

The financial investors are a critical segment, as they provide the capital base. As of September 30, 2025, the market capitalization stood at $328M, with 51.7 million shares outstanding. Institutional ownership was reported at 31.18%, held by 105 institutional owners filing with the SEC. Major shareholders include entities like Renaissance Technologies Llc and Fourth Sail Capital LP. The commitment to this segment is underscored by the declared quarterly cash dividend, which was $0.147 per share in 1Q2025 and revised to $0.03 per share for 3Q2025.

The government entities are customers in a regulatory sense, receiving payments based on production volume. For example, in Colombia, royalties and other economic rights paid in kind amounted to approximately 4,612 bopd in 3Q2025. The structure of ownership also shows a direct, albeit small, stake held by Governments at 0.02% based on the 1000 largest holdings.

Here's a snapshot of the operational and financial context that frames these customer relationships as of late 2025:

Metric	Value (Latest Reported Period)	Period Reference
Consolidated Revenue	$125.1 million	3Q2025
Consolidated Production	28,136 boepd	3Q2025
Realized Oil Price	$57.1 per bbl	3Q2025
Operating Costs per boe	$12.5	3Q2025
Production Hedged (Floor Price)	87% (at $68-$70/bbl)	2Q2025 expectation
Total 2P Reserves	121 mmboe	Year-end 2025 estimate

It's important to note that GeoPark Limited is actively managing its portfolio to serve these segments better; for instance, they completed the acquisition in Argentina's Vaca Muerta, which is set to contribute to 2025 production starting in 4Q2025, and they are expecting the closing of the divestment of their WI in the Manati gas field during 4Q2025. This portfolio shift directly impacts the gas consumer segment. If onboarding takes 14+ days, churn risk rises for the trading companies waiting on delivery, so logistics are key.

Finance: draft 13-week cash view by Friday.

GeoPark Limited (GPRK) - Canvas Business Model: Cost Structure

You're looking at the cost side of GeoPark Limited (GPRK)'s engine as of late 2025. The company's cost structure is heavily influenced by its operational efficiency in Colombia and the capital intensity required to scale its new platform in Argentina's Vaca Muerta formation. Keeping operating costs low is a key lever for profitability in this commodity business.

The operational costs are definitely competitive. For the third quarter of 2025, GeoPark reported operating costs averaging around $12.5 per barrel of produced boe, which was right in line with the guidance set for the full year 2025. This efficiency is partly due to capturing structural savings; by the end of 3Q2025, the company had realized over $15 million in efficiencies, equating to about $19.5 million in annualized structural savings.

However, the cost structure is also characterized by significant upfront spending. Exploration and development activities require substantial capital expenditures, which act as a major fixed cost component, especially with the new growth strategy. Capital expenditures in 3Q2025 totaled $17.5 million, mainly directed toward maintaining and improving production in core assets like Llanos 34. Looking ahead, the planned capital expenditure for 2026 is set between $190-220 million, showing the near-term fixed cost commitment to growth.

Financing this growth involves debt, which brings interest expense into the cost picture. At the close of 3Q2025, GeoPark's net debt stood at $373.4 million. This debt level, while supported by a low leverage ratio of 1.2x at that time, still translates to a significant interest expense burden that must be managed against operating cash flow.

Royalties and economic rights paid to host governments are another layer of cost, often settled in kind rather than cash, particularly in Colombia. This means a portion of the physical production volume is allocated before the company recognizes its revenue-bearing barrels. The cost structure is being actively managed to reduce overhead, too. GeoPark launched a targeted cost efficiency program aiming for $5-7 million in annual savings across Operating Expenses (OPEX) and G&A expenses through reductions in workforce and contractor use.

Here's a quick look at some of the key cost and related metrics from the 3Q2025 period and forward guidance:

Cost/Metric Category	Value (3Q2025 or Latest)	Unit/Context
Operating Costs	$12.5	per barrel of produced boe (3Q2025)
Net Debt	$373.4 million	at end of 3Q2025
Capital Expenditures	$17.5 million	in 3Q2025
Annualized Structural Savings Achieved	$19.5 million	as of end of 3Q2025
Targeted Annual G&A/OPEX Savings	$5-7 million	Annual Target
Royalties Paid In Kind (Colombia)	4,612 bopd	in 3Q2025
Projected 2026 Capital Expenditures	$190-220 million	2026 Guidance
Targeted G&A Cost	$3/bbl	by 2028

The structure of these costs highlights a few critical areas you should watch:

• Sustaining the low operating cost base, targeting near $12/bbl by 2028.
• Managing the fixed cost of capital expenditures, projected to rise to $350-380 million by 2028.
• The impact of interest expense tied to the $373.4 million net debt position.
• The volume impact from royalties paid in kind, which was 4,612 bopd in the third quarter.

Finance: draft 13-week cash view by Friday.

GeoPark Limited (GPRK) - Canvas Business Model: Revenue Streams

You're looking at the core engine of GeoPark Limited's financial performance, which is heavily tied to commodity prices and operational output. The revenue streams are straightforward for an independent exploration and production company, but the recent quarterly figures give us a clear picture of the current operating environment as of late 2025.

Primary revenue from the sale of crude oil is the dominant factor. While the specific revenue percentage for late 2025 isn't explicitly broken out in the latest reports, the production guidance for 2025 indicated a mix weighted at approximately 97% oil and 3% natural gas. This means the vast majority of the top line is directly exposed to Brent crude pricing dynamics.

The other components of the revenue base include the sale of natural gas and condensate. These volumes, while smaller in proportion to oil, still contribute to the overall sales figure.

Looking at the most recent reported periods, GeoPark Limited posted a Q2 2025 revenue of $119.8 million. This was followed by a slight sequential increase in the third quarter, with Q3 2025 revenue reaching $125.1 million, driven by higher volumes and stable realized prices.

The company actively manages price volatility through its hedging program, which generates recognizable gains that flow into revenue. For instance, GeoPark recognized a $4.9 million gain from commodity risk management contracts in its 2Q2025 results. This defensive strategy is key to stabilizing cash flow. The third quarter also saw a contribution from this activity, with a $1.5 million gain from commodity risk management contracts recognized in 3Q2025 revenue.

To give you a snapshot of profitability alongside revenue generation, the Adjusted EBITDA of $71.4 million in 3Q2025 is a critical metric, representing a 57% margin for that quarter. This shows the underlying operational strength even with fluctuating commodity prices.

Here's a quick look at the key revenue-related financial markers from the recent quarters:

Metric	Q2 2025 Value	Q3 2025 Value
Revenue	$119.8 million	$125.1 million
Adjusted EBITDA	$71.5 million (60% margin)	$71.4 million (57% margin)
Commodity Hedging Gain	$4.9 million	$1.5 million

You should also note the specific components that make up the total sales figure, which are subject to various deductions:

• Sale of crude oil (the main driver).
• Sale of natural gas.
• Sale of condensate.
• Revenue is reported net of value-added tax.
• Revenue is net of overriding royalties retained by ex-owners of properties.

Finance: draft 13-week cash view by Friday.