GeoPark Limited (GPRK): Canvas Business Model [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'exploration énergétique latino-américaine, Geopark Limited apparaît comme une puissance stratégique, tirant parti des modèles commerciaux innovants pour transformer la production d'hydrocarbures. Cette toile complète du modèle commercial révèle comment l'entreprise aborde les défis du marché complexes, combinant une expertise technologique de pointe avec des stratégies opérationnelles durables en Colombie, au Chili et au Brésil. En se concentrant sur les techniques d'exploration à faible teneur en carbone et à haute efficacité et les partenariats stratégiques, Geopark démontre une approche unique du développement de l'énergie qui promet à la fois la résilience économique et la responsabilité environnementale.

GeoPark Limited (GPRK) - Modèle commercial: partenariats clés

Coentreprises stratégiques avec des sociétés d'énergie locales en Amérique latine

Geopark a établi des partenariats stratégiques avec des sociétés énergétiques clés en Amérique latine, en particulier dans:

Pays	Entreprise partenaire	Focus de partenariat
Colombie	Écopetrol	Exploration et partage de la production
Chili	Enap	Exploration offshore
Argentine	YPF	Développement des ressources non conventionnelles

Collaboration avec les fournisseurs de services de forage et d'exploration

GeoPark maintient des partenariats critiques avec des prestataires de services spécialisés:

• Schlumberger - Technologies de forage avancées
• Halliburton - Exploration et services de puits
• Baker Hughes - Support géologique et géophysique

Partenariats technologiques pour les techniques d'exploration avancées

Partenaire technologique	Foyer technologique	Montant d'investissement
Cgg	Imagerie sismique	3,2 millions de dollars
TGS	Analyse des données souterraines	2,7 millions de dollars

Institutions financières soutenant l'exploration et les investissements en production

Les principaux partenariats financiers de Geopark comprennent:

• Goldman Sachs - 250 millions de dollars facilité de crédit
• Citibank - Ligne de crédit renouvelable de 175 millions de dollars
• Banque de développement interaméricaine - 100 millions de dollars d'investissement énergétique durable

Geopark Limited (GPRK) - Modèle d'entreprise: activités clés

Exploration du pétrole et du gaz sur les marchés sud-américains

Geopark opère dans plusieurs pays d'Amérique du Sud avec des actifs actifs et de production:

Pays	Blocs d'exploration	Superficie de production (km²)
Colombie	7 blocs d'exploration	375,000
Argentine	3 blocs d'exploration	225,000
Brésil	2 blocs d'exploration	150,000
Chili	1 bloc d'exploration	50,000

Opérations de production d'hydrocarbures durables

Mesures de production pour 2023:

• Production totale: 36 652 barils de pétrole équivalent par jour (BOEPD)
• Production de pétrole: 31 652 BOEPD
• Production de gaz: 5 000 BOEPD

Développement et optimisation des actifs

Attribution des dépenses en capital pour 2024:

Catégorie d'actifs	Montant d'investissement (USD)
Exploration	65 millions de dollars
Optimisation de la production	45 millions de dollars
Développement des infrastructures	30 millions de dollars

Compliance environnementale et gestion des risques

Métriques de performance environnementale:

• Cible de réduction des émissions de carbone: 15% d'ici 2025
• Taux de recyclage de l'eau: 62%
• Score de conformité environnementale: 94%

Innovation technologique continue dans les méthodes d'extraction

Répartition des investissements technologiques:

Zone technologique	Investissement (USD)
Récupération d'huile améliorée	12 millions de dollars
Surveillance du réservoir numérique	8 millions de dollars
Exploration dirigée par l'IA	5 millions de dollars

GeoPark Limited (GPRK) - Modèle d'entreprise: Ressources clés

Droits terrestres et exploration

Geopark détient les droits d'exploration dans plusieurs régions:

Pays	Superficie d'exploration	Type de droits
Colombie	91 882 acres nets	Exploration à terre
Chili	146 838 acres nets	Offshore et onshore
Brésil	47 216 acres nets	Exploration à terre

Expertise géologique et géophysique

• Équipe technique de 157 professionnels de la géoscience spécialisés
• Expérience moyenne de 18 ans dans le secteur de l'énergie
• Technologies d'interprétation sismique avancée

Composition de l'équipe de gestion

Poste de direction	Années d'expérience	Contexte de l'industrie
PDG	25 ans	Développement international de l'énergie
Directeur financier	20 ans	Stratégie financière dans le secteur de l'énergie

Équipement et infrastructure

Équipement de production: 12 plates-formes de forage, 37 plateformes de production

Capital financier

Métrique financière	Valeur 2023
Investissement total en capital	325 millions de dollars
Espèce et équivalents	187 millions de dollars
Budget d'exploration	95 millions de dollars

GeoPark Limited (GPRK) - Modèle d'entreprise: propositions de valeur

Exploration et production d'hydrocarbures à haute efficacité

GeoPark Limited démontre l'efficacité opérationnelle grâce à des mesures de production ciblées:

Métrique	Performance de 2023
Production quotidienne moyenne	34 200 barils de pétrole équivalent par jour
Régions opérationnelles	Colombie, Argentine, Brésil, Chili
Réserves éprouvées	68,7 millions de barils de pétrole équivalent

Stratégies opérationnelles à faible coût et à faible teneur en carbone

Les initiatives de réduction du carbone de Geopark comprennent:

• Réduire l'intensité des émissions de gaz à effet de serre
• Mise en œuvre des technologies d'efficacité énergétique
• Investir dans une infrastructure d'énergie renouvelable

Métrique de gestion du carbone	Performance de 2023
Réduction des émissions de carbone	Réduction de 15% par rapport à 2022
Investissement dans les technologies propres	12,5 millions de dollars alloués à la réduction des émissions

Développement énergétique durable

Les mesures de durabilité de Geopark démontrent l'engagement:

Indicateur de durabilité	2023 données
Investissement ESG	8,3 millions de dollars
Projets de développement communautaire	17 programmes communautaires actifs

Croissance ciblée sur les marchés de l'énergie latino-américaine

La stratégie d'expansion du marché s'est concentrée sur les régions clés:

• Colombie: centre de production primaire
• Argentine: élargir les ressources non conventionnelles
• Brésil: opportunités d'exploration stratégique

Marché	2023 Investissement	Croissance de la production
Colombie	95,6 millions de dollars	Augmentation de la production de 22%
Argentine	42,3 millions de dollars	Augmentation de la production de 12%

Solutions d'approvisionnement énergétique compétitives et fiables

Positionnement concurrentiel de Geopark:

Avantage concurrentiel	Performance de 2023
Coût de fonctionnement par baril	$12.50
Fiabilité de la production	98,7% de disponibilité opérationnelle
Part de marché en Amérique latine	3,2% de la production régionale de pétrole

GeoPark Limited (GPRK) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec les acheteurs d'énergie nationaux et internationaux

GeoPark Limited maintient des contrats stratégiques d'approvisionnement en énergie à long terme avec des clients clés dans plusieurs régions. En 2023, la société a déclaré 15 accords d'approvisionnement à long terme actifs avec des acheteurs d'énergie en Colombie, au Chili et en Argentine.

Région	Nombre de contrats	Durée du contrat moyen
Colombie	8	7,5 ans
Chili	4	6,2 ans
Argentine	3	5,9 ans

Engagement direct avec les parties prenantes du marché régional de l'énergie

Geopark s'engage activement avec les parties prenantes du marché régional de l'énergie par le biais de plusieurs canaux:

• Participation de la conférence de l'industrie trimestrielle
• Réunions exécutives directes avec des équipes d'approvisionnement en énergie
• Forums annuels d'engagement des parties prenantes
• Ateliers du marché régional de l'énergie ciblé

Communication transparente sur la performance opérationnelle

La société assure une transparence opérationnelle détaillée à travers:

• Rapports financiers trimestriels
• Rapports annuels de durabilité
• Partage de données de production en temps réel
• Investisseur et conférences téléphoniques d'analystes

Métrique de rapport	Fréquence	Plate-forme de divulgation
Performance financière	Trimestriel	Site Web de relations avec les investisseurs
Statistiques de production	Mensuel	Présentations des investisseurs
Métriques de durabilité	Annuellement	Rapport ESG complet

Solutions d'alimentation énergétique personnalisées

Geopark développe des solutions d'approvisionnement en énergie sur mesure en fonction de l'exigences spécifiques du client, avec un accent sur:

• Structures contractuelles flexibles
• Engagements de volume personnalisés
• Mécanismes de tarification adaptative
• Support géologique et technique spécialisé

Plateformes numériques pour les interactions des clients

GeoPark utilise des plateformes numériques avancées pour améliorer la communication et la prestation de services des clients:

Plate-forme numérique	Fonction primaire	Taux d'engagement des utilisateurs
Portail client	Données de production en temps réel	87%
Application mobile	Gestion des contrats	65%
Tableau de tableau de bord sécurisé	Suivi des performances	72%

GeoPark Limited (GPRK) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les marchés énergétiques

GeoPark Limited maintient une équipe de vente dédiée axée sur les marchés de l'énergie à travers l'Amérique latine, en particulier dans des pays comme la Colombie, le Chili, le Brésil et l'Argentine.

Région	Taille de l'équipe de vente	Couverture du marché
Colombie	12 représentants des ventes	60% du marché national en amont
Chili	8 représentants des ventes	45% du marché national en amont
Brésil	15 représentants commerciaux	35% du marché régional en amont

Plateformes de communication numérique

Geopark utilise plusieurs canaux numériques pour l'engagement des clients et des investisseurs.

• Site Web d'entreprise avec des données de production en temps réel
• Plateforme numérique des relations avec les investisseurs
• Page d'entreprise LinkedIn à 15 000 abonnés
• Compte Twitter avec 8 500 abonnés

Conférences de l'industrie et événements du secteur de l'énergie

Geopark participe activement à des événements clés de l'industrie pour étendre son réseau et sa visibilité.

Type d'événement	Participation annuelle	Réalisation de réseautage
Conférences énergétiques internationales	6-8 conférences par an	Plus de 500 professionnels de l'industrie
Sommets énergétiques régionaux	4-5 sommets par an	350+ partenaires potentiels

Partenariats stratégiques avec les distributeurs régionaux

Geopark a établi des partenariats de distribution stratégique à travers l'Amérique latine.

• Colombie: partenariat avec Ecopetrol
• Chili: accord de distribution avec ENAP
• Brésil: collaboration avec Petrobras
• Argentine: coentreprise avec YPF

Portails de rapports en ligne et de relations avec les investisseurs

Geopark fournit des canaux de communication complets des investisseurs numériques.

Caractéristique du portail	Mises à jour trimestrielles	Engagement des investisseurs
Rapports financiers annuels	4 rapports complets	Taux de téléchargement: 12 000 par an
Mises à jour de production trimestrielles	Disponibilité des données en temps réel	15 000 visiteurs de portail uniques
Webinaires des investisseurs	6 webinaires par an	1 200 dénombrements de participants moyens

GeoPark Limited (GPRK) - Modèle d'entreprise: segments de clientèle

Compagnies énergétiques nationales

Geopark dessert les sociétés énergétiques nationales en Amérique latine, en particulier en Colombie, au Chili et en Argentine.

Pays	Société nationale d'énergie	Volume de contrat (2023)
Colombie	Écopetrol	18 500 barils par jour
Chili	Enap	7 200 barils par jour
Argentine	YPF	5 600 barils par jour

Consommateurs d'énergie industrielle

Geopark fournit de l'énergie à divers secteurs industriels en Amérique latine.

• Secteur manufacturier
• Industrie minière
• Sociétés de transport
• Opérateurs de machines agricoles

Organisations internationales de trading d'énergie

Geopark s'engage dans les plateformes et organisations internationales de trading d'énergie.

Organisation commerciale	Volume de trading (2023)	Portée géographique
Vitol	45 000 barils par jour	Mondial
Trafigura	35 000 barils par jour	International

Compagnies de production d'électricité régionale

Geopark fournit des ressources énergétiques aux entités régionales de production d'électricité.

• Sociétés de production d'électricité locales
• Producteurs d'électricité indépendants
• Développeurs d'énergies renouvelables

Fabricants de produits pétroliers

Geopark fournit du pétrole brut aux fabricants de produits pétroliers.

Fabricant de produits	Approvisionnement annuel (2023)	Produit primaire
Raffinería de esmeraldas	2,1 millions de barils	Diesel, essence
Raffineries de Petrobras	1,8 million de barils	Dérivés du pétrole

GeoPark Limited (GPRK) - Modèle d'entreprise: Structure des coûts

Investissements d'infrastructure d'exploration et de production

En 2022, Geopark a déclaré un total de dépenses en capital de 204,1 millions de dollars, avec une ventilation spécifique comme suit:

Catégorie d'investissement	Montant ($)
Forage et achèvement	146,3 millions
Développement des infrastructures	37,8 millions
Activités d'exploration	20,0 millions

Entretien de la technologie et de l'équipement

Les dépenses annuelles de la technologie et de la maintenance de l'équipement de Geopark pour 2022 ont été estimées à 42,5 millions de dollars, avec des domaines principaux, notamment:

• Mises à niveau des équipements sismiques
• Maintenance des technologies de forage
• Amélioration de l'infrastructure numérique

Dépenses du personnel opérationnel

Les dépenses totales du personnel de Geopark en 2022 s'élevaient à 89,7 millions de dollars, structurées comme suit:

Catégorie de personnel	Montant ($)
Personnel des opérations directes	62,3 millions
Personnel de gestion et administratif	27,4 millions

Initiatives de conformité environnementale et de durabilité

Geopark a investi 18,6 millions de dollars dans les programmes de conformité et de durabilité environnementaux au cours de 2022, notamment:

• Technologies de réduction des émissions de carbone
• Systèmes de gestion de l'eau
• Projets de conservation de la biodiversité

Dépenses de recherche et développement

Geopark a alloué 12,3 millions de dollars aux activités de recherche et développement en 2022, en se concentrant sur:

• Techniques de récupération d'huile améliorées
• Technologies de cartographie géologique avancée
• Stratégies d'intégration des énergies renouvelables

GeoPark Limited (GPRK) - Modèle d'entreprise: Strots de revenus

Ventes de pétrole brut

Pour l'exercice 2022, Geopark a déclaré des ventes totales de pétrole brut de 21 085 barils par jour (BOPD), avec un prix moyen réalisé de 75,7 $ le baril.

Région	Production de pétrole (BOPD)	Prix ​​moyen ($ / baril)
Colombie	16,085	$72.3
Argentine	5,000	$78.5

Revenus de production de gaz naturel

En 2022, Geopark a généré des revenus de gaz naturel de 98,4 millions de dollars, avec des volumes de production de 39,6 millions de pieds cubes par jour (MMCFD).

• Colombie Production de gaz naturel: 25,6 mmcfd
• Production de gaz naturel en Argentine: 14,0 mmcfd

Frais d'exploration et de contrat de production

Les frais de contrat de Geopark pour les services d'exploration et de production en 2022 ont totalisé 45,2 millions de dollars.

Type de service	Frais de contrat ($)
Services d'exploration	22,7 millions de dollars
Optimisation de la production	22,5 millions de dollars

Stratégies de monétisation des actifs

En 2022, Geopark a mis en œuvre des stratégies de monétisation des actifs générant 67,5 millions de dollars de revenus supplémentaires.

• Ventes d'actifs: 42,3 millions de dollars
• Accords de coentreprise: 25,2 millions de dollars

Portfolio de produits énergétiques diversifiés

Le chiffre d'affaires total pour 2022 était de 575,6 millions de dollars, avec la ventilation suivante:

Produit	Revenus ($)	Pourcentage
Huile brute	376,2 millions de dollars	65.4%
Gaz naturel	98,4 millions de dollars	17.1%
Frais de contrat	45,2 millions de dollars	7.9%
Monétisation des actifs	55,8 millions de dollars	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.