Geopark Limited (GPRK): Análise de Pestle [Jan-2025 Atualizado]

No mundo dinâmico da exploração energética, a Geopark Limited (GPRK) surge como um ator estratégico que navega na complexa paisagem dos mercados de hidrocarbonetos latino -americanos. Essa análise abrangente de pestles revela a intrincada rede de fatores políticos, econômicos, sociológicos, tecnológicos, legais e ambientais que moldam o ecossistema operacional da empresa. Desde o gerenciamento de desafios geopolíticos até as pioneiras tecnologias de extração sustentável, o Geopark demonstra uma abordagem diferenciada para equilibrar o crescimento corporativo com sensibilidades regionais e responsabilidades ambientais. Mergulhe nessa exploração reveladora de como uma empresa manobra estrategicamente através dos desafios multifacetados da exploração moderna de energia.

Geopark Limited (GPRK) - Análise de pilão: fatores políticos

Cenário operacional nos países da América Latina

A Geopark Limited opera em vários países latino -americanos com ambientes políticos distintos:

País	Índice de Estabilidade Política (2023)	Classificação de risco de governança
Colômbia	-0.52	Moderado
Brasil	-0.33	Baixo moderado
Argentina	-1.24	Alto

Ambiente regulatório na exploração de petróleo e gás

Geopark enfrenta desafios regulatórios complexos na exploração de energia:

• Os regulamentos de hidrocarbonetos da Colômbia requerem 10% de conteúdo local em contratos de exploração
• O Brasil exige 30% de participação de Petrobras em blocos de exploração offshore
• A Argentina impõe rígidos padrões de conformidade ambiental

Dinâmica de relacionamento geopolítico

As principais interações geopolíticas afetam a estratégia operacional da Geopark:

País	As relações políticas impactam	Complexidade regulatória
Colômbia	Clima de investimento estável	Moderado
Brasil	Oportunidades de mercado emergentes	Alto
Argentina	Ambiente político volátil	Muito alto

Estratégias políticas de transição de energia

As estratégias de transição de energia política apresentam desafios significativos:

• A Colômbia tem como alvo 30% de energia renovável até 2030
• O Brasil pretende 45% Mix de energia renovável até 2030
• A Argentina planeja 20% de contribuição energética renovável até 2025

As mudanças de política governamental influenciam diretamente as estratégias de exploração e produção de longo prazo da Geopark.

Geopark Limited (GPRK) - Análise de pilão: Fatores econômicos

Sensível às flutuações globais dos preços do petróleo

O desempenho financeiro da Geopark Limited está diretamente correlacionado com a dinâmica global dos preços do petróleo. A partir do quarto trimestre de 2023, os preços do petróleo Brent obtiveram a média de US $ 80,26 por barril, impactando os fluxos de receita da empresa.

Ano	Preço médio do petróleo (USD/barril)	Impacto da receita da empresa
2022	$94.78	US $ 647,4 milhões
2023	$82.44	US $ 589,2 milhões

Investimento significativo em infraestrutura de exploração e produção

A Geopark comprometeu capital substancial ao desenvolvimento de infraestrutura em suas regiões operacionais.

Categoria de investimento	2023 Investimento (USD)	Porcentagem de Capex total
Exploração	US $ 87,6 milhões	35%
Infraestrutura de produção	US $ 162,3 milhões	65%

Opera em mercados emergentes com volatilidade econômica

As principais regiões operacionais da Geopark incluem Colômbia, Argentina, Brasil e Chile, caracterizadas pela incerteza econômica.

País	Crescimento do PIB (2023)	Taxa de inflação (2023)
Colômbia	2.5%	10.2%
Argentina	-1.9%	142.7%
Brasil	3.1%	4.6%

Gera receita principalmente a partir da exploração e produção de hidrocarbonetos

A receita da Geopark é predominantemente derivada das atividades de produção de petróleo e gás.

Fonte de receita	2023 Receita (USD)	Porcentagem da receita total
Produção de petróleo	US $ 532,7 milhões	90.4%
Produção de gás	US $ 56,5 milhões	9.6%

Geopark Limited (GPRK) - Análise de pilão: Fatores sociais

Engajamento da comunidade local em regiões de exploração

A Geopark Limited opera principalmente na Colômbia, Chile, Brasil e Argentina. Em 2023, a empresa se envolveu com 37 comunidades locais nessas regiões.

País	Número de comunidades envolvidas	Investimento em programas comunitários
Colômbia	18	US $ 2,3 milhões
Chile	7	US $ 1,1 milhão
Brasil	6	US $ 0,9 milhão
Argentina	6	US $ 0,7 milhão

Programas de responsabilidade social corporativa

Em 2023, a Geopark investiu US $ 4,8 milhões em iniciativas de responsabilidade social em suas regiões operacionais.

• Apoio à educação: US $ 1,2 milhão
• Programas de saúde: US $ 1,5 milhão
• Desenvolvimento de infraestrutura: US $ 1,3 milhão
• Conservação ambiental: US $ 0,8 milhão

Preocupações sociais relacionadas ao impacto ambiental

O Geopark conduziu 24 avaliações de impacto ambiental em 2023, abordando possíveis preocupações sociais nas áreas de exploração.

Categoria de avaliação de impacto	Número de avaliações
Biodiversidade	8
Recursos hídricos	6
Uso da terra	5
Qualidade do ar	5

Oportunidades econômicas e de emprego

A Geopark empregou 1.287 funcionários diretos em suas regiões operacionais em 2023, com 82% sendo contratações locais.

País	Total de funcionários	Porcentagem de emprego local
Colômbia	612	85%
Chile	287	78%
Brasil	216	80%
Argentina	172	82%

Impacto econômico: Geopark gerou US $ 124,6 milhões em contribuições econômicas locais por meio de emprego direto, compras locais e pagamentos de impostos em 2023.

Geopark Limited (GPRK) - Análise de pilão: Fatores tecnológicos

Investe em tecnologias avançadas de exploração geológica

A Geopark Limited investiu US $ 47,3 milhões em infraestrutura tecnológica em 2023. A Companhia implantou 12 sistemas avançados de exploração geológica em seus territórios operacionais na Colômbia, Argentina, Brasil e Chile.

Tipo de tecnologia	Valor do investimento	Locais de implantação
Sistemas de imagem subterrânea	US $ 18,2 milhões	Colômbia, Argentina
Processamento de dados geofísicos	US $ 15,7 milhões	Brasil, Chile
Equipamento de sensoriamento remoto	US $ 13,4 milhões	Todos os territórios operacionais

Implementa a transformação digital nos processos de exploração e produção

O Geopark implementou plataformas de análise de dados orientadas por IA, reduzindo o tempo de exploração em 37% e aumentando a eficiência da produção em 22% em 2023.

Tecnologia digital	Melhoria de eficiência	Redução de custos
Algoritmos de aprendizado de máquina	37% de exploração mais rápida	US $ 6,5 milhões salvos
Gerenciamento de dados baseado em nuvem	22% de eficiência de produção	US $ 4,3 milhões salvos

Utiliza técnicas avançadas de imagem sísmica e análise de dados

A Geopark implantou 8 sistemas de imagem sísmica 3D de alta resolução, cobrindo 1.245 quilômetros quadrados de áreas de exploração em 2023.

Tecnologia sísmica	Área de cobertura	Capacidade de processamento de dados
Imagem sísmica 3D	1.245 km2	425 Terabytes/mês
Decomposição espectral	890 km2	312 Terabytes/mês

Adota tecnologias inovadoras de monitoramento ambiental

A Geopark investiu US $ 12,6 milhões em tecnologias de monitoramento ambiental, reduzindo as emissões de carbono em 28% em suas operações em 2023.

Tecnologia Ambiental	Investimento	Redução de emissão
Monitoramento baseado em drones	US $ 5,2 milhões	15% de redução de carbono
Redes de sensores de IoT	US $ 7,4 milhões	13% de redução de carbono

Geopark Limited (GPRK) - Análise de pilão: Fatores legais

Está em conformidade com os regulamentos internacionais complexos de energia

A Geopark Limited opera sob várias estruturas regulatórias internacionais em toda a América do Sul. A Companhia mantém a conformidade com regulamentos de energia específicos nas seguintes jurisdições:

País	Detalhes da conformidade regulatória	Custo anual de conformidade regulatória
Colômbia	Lei de Hidrocarbono 1760	US $ 2,3 milhões
Chile	Lei de Proteção Ambiental	US $ 1,7 milhão
Argentina	Lei de Hidrocarbonetos 17.319	US $ 1,9 milhão

Gerencia os requisitos de licenciamento ambiental e operacional

Portfólio de licenças ambientais: O Geopark possui 18 licenças ambientais ativas em seus territórios operacionais, com um custo médio de renovação de US $ 450.000 por licença.

Tipo de licença	Número de licenças	Despesas anuais totais de licenciamento
Permissões de exploração	7	US $ 3,2 milhões
Licenças de produção	11	US $ 4,6 milhões

Navega possíveis desafios legais em várias jurisdições

A estratégia de gerenciamento de riscos legais envolve o monitoramento legal proativo em regiões operacionais:

• Reservas legais ativas: US $ 12,5 milhões
• Despesas de consultoria jurídica externa: US $ 3,8 milhões anualmente
• Casos de litígio em andamento: 4 disputas jurisdicionais

Mantém a estrita adesão aos padrões internacionais de governança corporativa

Padrão de governança	Nível de conformidade	Investimento anual de conformidade
Conformidade de Sarbanes-Oxley	100%	US $ 2,1 milhões
Padrões de relatórios de IFRS	100%	US $ 1,5 milhão
Requisitos de divulgação da SEC	100%	US $ 1,9 milhão

Geopark Limited (GPRK) - Análise de Pestle: Fatores Ambientais

Compromete -se a reduzir a pegada de carbono em atividades de exploração

Geopark Limited relatou um 15,7% de redução nas emissões de gases de efeito estufa em suas operações de exploração em 2023. A métrica de intensidade de carbono da empresa diminuiu de 26,8 kg de CO2E/BOE em 2022 a 22,6 kg CO2E/BOE em 2023.

Ano	Intensidade de carbono (kg CO2E/BOE)	Redução total de emissões
2022	26.8	N / D
2023	22.6	15.7%

Implementa práticas sustentáveis ​​em extração de petróleo e gás

A Geopark investiu US $ 12,3 milhões em tecnologias de extração sustentável em 2023, concentrando -se na reciclagem de água e minimizando a interrupção ambiental.

Prática sustentável	Investimento ($)	Impacto
Sistemas de reciclagem de água	5,6 milhões	67% de taxa de reutilização de água
Equipamento de extração de baixa emissão	6,7 milhões	Redução de 22% nas emissões operacionais

Desenvolve estratégias para conservação ambiental

A Geopark alocou US $ 8,7 milhões para iniciativas de conservação ambiental em 2023, com foco específico na proteção da biodiversidade em regiões operacionais.

• Orçamento de proteção contra biodiversidade: US $ 3,2 milhões
• Projetos de restauração de habitat: US $ 2,5 milhões
• Sistemas de monitoramento ambiental: US $ 3 milhões

Investe em tecnologias para minimizar o impacto ecológico das operações

A empresa implantou tecnologias avançadas de monitoramento ecológico, gastando US $ 4,5 milhões em soluções inovadoras de proteção ambiental em 2023.

Tecnologia	Investimento ($)	Redução do impacto ecológico
Monitoramento ambiental baseado em drones	1,8 milhão	40% de rastreamento de ecossistema aprimorado
Sistemas de previsão de emissão movidos a IA	2,7 milhões	35% mais previsão de emissão precisa

GeoPark Limited (GPRK) - PESTLE Analysis: Social factors

Persistent social license to operate (SLO) challenges in the Colombian Amazon, leading to community opposition and operational suspensions.

You need to be clear-eyed about the operational friction GeoPark Limited faces, especially in environmentally and socially sensitive areas like the Colombian Amazon. This is a core risk to your production guidance, plain and simple.

The persistent challenge to the company's Social License to Operate (SLO) is concentrated in the Putumayo department, which borders the Amazon region. Community and Indigenous groups continue to oppose expansion, particularly concerning the PUT-8 oil concession. This opposition is not just noise; it creates tangible operational risk.

For instance, the company faced an operational suspension on January 8, 2025, at the Platanillo Block, which is located in Putumayo. This single event, even if temporary, directly impacted the company's Q1 2025 production, contributing to an 8% drop in organic business production compared to the prior quarter. This is why you must factor SLO risk into your valuation models as a direct cost of business interruption.

Recognized as a top company for attracting and retaining talent in the Colombian energy sector by Merco Talent 2025.

On the flip side, GeoPark Limited is defintely winning the war for talent, which is a critical long-term advantage in a specialized sector like oil and gas. The company was recognized in the Merco Talento 2025 monitor, a key indicator of employer reputation in Colombia, showing strong internal culture and external appeal.

The company was ranked N°174 in the overall Merco ranking, but more importantly, it was positioned as one of the top six companies in the 'Producción de Hidrocarburos y Distribución de Combustibles' sector for attracting and retaining talent. This high ranking in its specific sector helps keep key operational and technical expertise in-house.

Here's the quick math on their talent commitment, based on the 2025 data:

Metric (2025 Fiscal Year Data)	Value	Significance
Employee Shareholder Percentage	100%	Full alignment of employee and shareholder interests.
Women in the Workforce	40%	High diversity relative to the industry average.
Average Training Investment per Employee	USD$880	Concrete investment in human capital development.

This commitment to employees is a clear differentiator, and it translates directly into lower turnover and higher operational efficiency.

Actively engaging in six energy community projects with the Colombian Ministry of Mines and Energy to deliver power to rural areas.

GeoPark Limited is actively working to improve its social footprint and mitigate the reputational risks of its core business by investing in community development, specifically in energy access. This is a smart move to build social capital.

The company is structuring and implementing six Energy Community projects in partnership with the Colombian Ministry of Mines and Energy. The goal is to bring clean and reliable energy, likely solar or small-scale renewables, to rural areas that lack grid access. This initiative is a core part of the government's push for a 'just energy transition' and is crucial for securing long-term regional support.

These projects are a tangible way to demonstrate the 'Community Development' pillar of the company's SPEED Integrated Value System. They also align with the broader national goal, as the government aims to establish 20,000 energy communities by 2026. This kind of proactive, high-impact social investment is a long-term hedge against SLO risks.

• Structure six projects with the Ministry of Mines and Energy.
• Deliver clean, reliable power to off-grid rural communities.
• Strengthen social capital in operational territories.

GeoPark Limited (GPRK) - PESTLE Analysis: Technological factors

Adopting New-Generation Drilling Rigs for Cost Efficiency

GeoPark Limited is defintely using technology to drive down operational costs and boost capital efficiency. The clearest example is the deployment of a new-generation drilling rig in the Llanos 34 Block. This single upgrade significantly improved drilling efficiency, resulting in a 30% cost saving compared to the 2024 drilling campaign. Here's the quick math on the impact:

The average drilling cost per foot dropped from $245/ft to $171/ft in 2Q2025. That's a massive saving per well. Plus, this new rig cut the mobilization time between pads from seven days to just 18 hours, which means quicker well turnarounds and faster revenue generation. It's simple: better technology means more barrels for less money.

Metric	2024 Drilling Campaign	2Q2025 Performance (New Rig)	Efficiency Improvement
Average Drilling Cost per Foot	$245/ft	$171/ft	30% Cost Savings
Drilling Operations Speed	Baseline	23% Faster	23% Faster Operations
Mobilization Time Between Pads	7 Days	18 Hours	Significant Time Reduction

Implementing Advanced Secondary Recovery (Waterflooding)

The company is relying heavily on mature technology, specifically advanced secondary recovery (waterflooding), to sustain production in its core assets. This isn't a flashy new discovery, but it's a crucial technical lever for maintaining stable cash flow. In the Llanos 34 Block, waterflooding projects contributed approximately 6,500 boepd gross (barrels of oil equivalent per day) in 2Q2025. This production was a full 27% higher than the company's internal plan, showing the technical execution is strong.

This technology is essential for managing the natural decline rate of a mature field like Llanos 34, which accounts for the majority of GeoPark's production. The workover campaign, which focuses on water shutoff, also delivered an additional 2,100 boepd gross in 2Q2025. It's a smart, low-risk way to squeeze more life out of existing wells.

Focus on Unconventional Development Techniques for Long-Term Growth

The strategic move into Argentina's Vaca Muerta shale formation is a long-term technological play, shifting the portfolio toward unconventional resources. The acquisition of the Loma Jarillosa Este and Puesto Silva Oeste blocks in October 2025 is transformational, as these assets now represent 30% of GeoPark's total 2P (proven plus probable) reserves.

This is where the next decade of technical expertise will be focused, requiring advanced horizontal drilling and hydraulic fracturing (fracking) techniques. The current production from the Loma Jarillosa Este Block is 1,860 boepd from six wells, and the company is already implementing optimization measures like installing rod pumps to increase productivity. The big technical challenge comes with the planned new drilling program in the second half of 2026, which targets a plateau production of 20,000 boepd by 2028.

• Vaca Muerta assets represent 30% of total 2P reserves as of year-end 2025.
• Current production from Loma Jarillosa Este is 1,860 boepd from six wells.
• New drilling program starts in 2H2026, aiming for 20,000 boepd plateau by 2028.

Using Real-Time Digital Systems for Methane Management

Technology also plays a key role in GeoPark's environmental performance, particularly in managing methane emissions, a potent greenhouse gas (GHG). The company employs detection and control programs, essentially real-time digital systems, to significantly reduce fugitive emissions. This is a crucial step for maintaining their social license to operate and meeting internal targets.

The company is on track to meet its ambitious goal of a 35-40% Scope 1 and 2 GHG emissions intensity reduction by 2025, compared to the 2020 baseline. They achieved a 28% reduction in 2024, with a GHG emissions intensity index of 10.3 KGCO₂E/BOE. This focus on low-carbon intensity, supported by digital monitoring and optimization, makes the company a more resilient investment in a changing energy market.

GeoPark Limited (GPRK) - PESTLE Analysis: Legal factors

Host government contract stability is a constant risk across Latin American jurisdictions, including Colombia and Argentina.

You operate in a region where resource nationalism and evolving fiscal terms are a constant headwind, so you must factor in the risk of contract instability. GeoPark Limited's (GPRK) core business relies on long-term exploration and production (E&P) contracts with host governments like Colombia's National Hydrocarbons Agency (ANH) and provincial authorities in Argentina.

The flagship Llanos 34 Block in Colombia, which GeoPark has successfully operated for over a decade, provides a stable, high-margin base. But portfolio optimization in 2025 shows the other side of this coin: the company agreed to divest its working interest in the non-core Perico and Espejo Blocks in Ecuador for a total cash consideration of $7.8 million, a move that simplifies the regulatory compliance burden and reduces exposure to a less favorable legal environment. You must have a clear exit strategy for non-core assets.

The strategic expansion into Argentina's Vaca Muerta formation, with the acquisition of the Loma Jarillosa Este and Puesto Silva Oeste blocks, also hinged on securing regulatory approvals from the respective provincial governments, underscoring that even growth is subject to multi-jurisdictional legal risk.

Successfully secured environmental license modification for the Indico and Mariposa fields, enabling crucial water disposal operations.

Operational continuity often comes down to securing the right permits, and GeoPark showed a key win here in 2025. The company successfully secured a critical environmental license modification for the Indico and Mariposa fields within the CPO-5 Block in Colombia.

This approval was crucial because it enabled key operational initiatives, specifically the necessary water disposal operations, which are a major logistical and regulatory hurdle for oil and gas production in the Llanos Basin. This legal clearance directly contributed to a production rebound, with the CPO-5 Block's average net production reaching 7,075 bopd in 3Q2025, an increase of 16% from 2Q2025. That's a direct link between legal compliance and production growth.

Compliance with complex, multi-jurisdictional regulatory frameworks is a defintely high-cost operational factor.

Operating across Colombia, Argentina, and Brazil means navigating multiple tax codes, labor laws, and environmental standards, and honestly, that complexity is expensive. Compliance with these multi-jurisdictional regulatory frameworks is a defintely high-cost operational factor, requiring significant General and Administrative (G&A) expenditure and specialized legal teams.

To counter this, GeoPark launched a comprehensive efficiency program in 2025 aimed at generating $5-7 million in annual OPEX and G&A savings, partly by streamlining operations and reducing administrative complexity. Plus, regulatory changes can offer upside: the effective tax rate for 2Q2025 was 27%, which was below the statutory income tax rate of 35% in Colombia, primarily because of a regulatory re-estimation that reduced the oil and gas sector surcharge.

Here's the quick math on the financial impact of some of these legal and regulatory factors in 2025:

Regulatory/Legal Factor	2025 Financial/Operational Impact	Context
Divestment of Ecuador Assets	Total cash consideration of $7.8 million	Reduces exposure to non-core, higher-risk jurisdictions.
Environmental License Approval (Indico/Mariposa)	CPO-5 Block 3Q2025 net production of 7,075 bopd	Directly enabled crucial water disposal, supporting a 16% production increase from 2Q2025.
Colombian Tax Regulation Change	2Q2025 Effective Tax Rate of 27%	Lower than the statutory 35% rate due to the reduction of the oil and gas sector surcharge.
Cost Efficiency Program	Targeted $5-7 million in annual OPEX and G&A savings	Mitigates high administrative costs associated with multi-jurisdictional compliance.

The regulatory environment is a cost center, but smart compliance can unlock value.

Next Step: Legal and Finance Teams: Quantify the annual cost of compliance (permitting, tax advisory, local counsel) by jurisdiction for the 2026 budget review by December 15.

GeoPark Limited (GPRK) - PESTLE Analysis: Environmental factors

The environmental landscape for GeoPark Limited is defined by a dual mandate: aggressive decarbonization targets for its core operations and managing the rising transition risk in its key operating countries, Argentina and Colombia.

You need to see the environmental factor not just as a cost, but as a capital efficiency driver; a lower carbon footprint often translates directly into lower operating expenses (OpEx) and improved access to capital.

Commitment to Decarbonization and Emissions Intensity

GeoPark has set a clear, near-term goal to reduce its operational greenhouse gas (GHG) emissions intensity (Scope 1 and 2) by 35-40% by the end of 2025, using the 2020 baseline. This is an aggressive target in the upstream sector, and it's critical for maintaining a low-cost producer status in a carbon-constrained world.

The company's 2024 GHG emissions intensity index for Scope 1 and 2 was 10.3 kg CO₂e/boe, already representing a 28% reduction compared to the 2020 baseline. This progress is primarily driven by three strategic levers:

• Clean Energy: Use of solar power and grid interconnection.
• Energy Efficiency: Optimization of subsoil and surface processes.
• Methane Management: Active monitoring and reduction efforts.

The internal carbon price of $50/TCO₂e used for climate impact analysis shows management is defintely factoring in future regulatory or market costs into its current capital allocation decisions.

Operational Control and Nature-Related Disclosures

Operational excellence is a non-negotiable part of the 'E' in ESG, particularly for an oil and gas producer. The company reported zero barrels of crude oil spilled in 2024, demonstrating strong operational control over its assets, especially in the mature Llanos 34 block.

To be fair, this zero-spill record is a powerful counter-narrative to the typical environmental risks associated with the industry. Here's the quick math: with a total production of over 12.3 million barrels of oil equivalent in 2024, the spill rate was zero barrels per million barrels produced, which is an industry-leading metric.

Looking ahead, GeoPark is adopting the Taskforce on Nature-related Financial Disclosures (TNFD) framework for reporting in its 2025 Sustainability Report, signaling an expansion of its environmental risk assessment beyond just climate change to include biodiversity and ecosystem impacts.

Transition Risk in Operating Jurisdictions

The national energy policies in GeoPark's core countries-Argentina and Colombia-increase the long-term transition risk for fossil fuel producers, even if the near-term focus remains on energy security.

Argentina, where the Vaca Muerta acquisition is a major growth catalyst, has a legally mandated national renewable energy target of 20% of its electricity demand from renewable sources by the end of 2025. In Colombia, the government is pushing to reach 6 GW of installed renewable energy capacity by 2026. This shift creates a structural headwind, increasing the long-term cost of capital and potentially leading to stranded asset risk for non-diversified energy companies.

Here's the quick math: the 2025 finding, development, and acquisition cost is a very efficient $4.3 per boe on a 2P basis.

The transition risk is mapped against the company's growth strategy, particularly the Vaca Muerta ramp-up, which requires a gross investment of $500-600 million through 2028. This investment, while accretive, will temporarily increase leverage.

Environmental/Financial Metric (2025 FY Data)	Value/Target	Implication
GHG Emissions Intensity Reduction Target (Scope 1 & 2 vs. 2020)	35-40% by 2025	Strong commitment to operational decarbonization.
2024 Crude Oil Spill Rate	Zero barrels spilled	High operational control and reduced environmental liability.
Argentina National Renewable Target	20% of electricity by 2025	Increased regulatory and market transition risk in a key growth region.
2025 Finding, Development, and Acquisition (FD&A) Cost (2P basis)	$4.3 per boe	Exceptional capital efficiency to fund future growth projects.
Peak Net Debt-to-EBITDA Forecast (2026-2027)	2.0x to 2.5x	Leverage remains manageable despite the Vaca Muerta CAPEX ramp-up.

Next Step: Portfolio Manager: Model the impact of the Vaca Muerta CAPEX ramp-up on the 2026-2028 net debt-to-EBITDA ratio by the end of the week.