GeoPark Reports Q3 2024 Earnings Amid Production Challenges
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GeoPark Reports Q3 2024 Earnings Amid Production Challenges

GeoPark ( (GPRK) ) has released its Q3 earnings. Here is a breakdown of the information GeoPark presented to its investors.

GeoPark is an oil and gas exploration and production company operating primarily in Latin America, with a focus on developing and producing hydrocarbons in Colombia and Ecuador. The company is known for its strategic operations in key oil-producing regions.

In its latest earnings report for the third quarter of 2024, GeoPark reported a decrease in average net oil and gas production to 33,215 boepd, a 4% decline from the previous year, attributed mainly to the divestment of its Chilean business and maintenance issues in Brazil. Despite these setbacks, the company saw an increase in production in Ecuador.

The company experienced a 17% drop in consolidated revenue, totaling $159.5 million, due to decreased oil and gas prices and lower deliveries. The realized oil sales price decreased by 9% to $67.7 per barrel, reflecting the broader decline in Brent crude prices. Additionally, consolidated Adjusted EBITDA fell by 13% to $99.8 million, driven by reduced production and deliveries.

Despite the challenges, GeoPark maintained a stable net profit of $25.1 million, slightly higher than the previous year’s $24.8 million. The company managed to decrease its production and operating costs significantly, from $58.2 million to $39.8 million, aiding in maintaining profitability amid lower revenues.

Looking ahead, GeoPark remains committed to optimizing its operations and exploring growth opportunities within its existing portfolio, while strategically managing its financial resources to navigate the fluctuating oil market dynamics.

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