GeoPark Reports 2023 Results, Declares Dividend, Launches Tender Offer

TL;DR

GeoPark declares $0.136 dividend, launches $50M buyback, and gets an 'AA' ESG rating.

AI Summary

GeoPark Ltd reported its Q4 and Full-Year 2023 results, announcing a quarterly cash dividend of $0.136 per share. The company also launched a tender offer to repurchase up to $50 million of its shares. Additionally, GeoPark's MSCI ESG rating was upgraded to 'AA', recognizing its leadership in environmental, social, and governance practices.

Why It Matters

The dividend and tender offer indicate GeoPark's confidence in its financial position and commitment to returning capital to shareholders. The ESG upgrade highlights improved sustainability practices, which can attract investors.

Risk Assessment

Risk Level: medium — The tender offer and dividend suggest financial stability, but the oil and gas industry is inherently volatile, and tender offers can signal a lack of better investment opportunities.

Key Numbers

• $0.136 — Quarterly Cash Dividend (Returned to shareholders)
• $50 million — Tender Offer (Share repurchase program)
• 'AA' — MSCI ESG Rating (Indicates ESG leadership)

Key Players & Entities

• GeoPark Ltd (company) — Registrant
• $0.136 (dollar_amount) — Quarterly cash dividend per share
• $50 million (dollar_amount) — Tender offer amount
• 'AA' (other) — MSCI ESG rating
• Bogota, Colombia (location) — Principal executive office

FAQ

Key Financial Figures

• $0.136 — SH RETURNS QUARTERLY CASH DIVIDEND OF $0.136 PER SHARE TENDER OFFER FOR UP TO $50
• $50 MILLION — .136 PER SHARE TENDER OFFER FOR UP TO $50 MILLION SHARES MSCI ESG RATING UPGRADED TO &l
• $451.9 million — 23 SUMMARY In 2023, GeoPark delivered $451.9 million Adjusted EBITDA , an EBITDA margin of 6
• $111.1 million — d EBITDA , an EBITDA margin of 60%, and $111.1 million of net profit. These results were lever
• $199.0 million — ax rate. During 2023, GeoPark invested $199.0 million in capital expenditures to drill 48 gro
• $117.8 million — g results during 4Q2023 translated into $117.8 million Adjusted EBITDA for 4Q2023, the highest
• $451.9 m — h generation with an Adjusted EBITDA of $451.9 million, underpinned by lower production
• $2.3 — nvested in capital expenditures yielded $2.3 in Adjusted EBITDA and the return on av
• $2 — 3 reached $111.1 million (approximately $2 per share), 51% lower than in 2022, mai
• $133.0 million — ion continued to strengthen and reached $133.0 million at year-end, net leverage stood at 0.8
• $61.2 million — rs with a 13% capital return yield 2 or $61.2 million balanced between buybacks and dividends
• $50 million — ffer”) to purchase for cash up to $50 million of GeoPark common shares at a price per
• $9.00 — s at a price per share of not less than $9.00 and not greater than $10.00, which coul
• $10 — ot less than $9.00 and not greater than $10.00, which could represent approximately
• $199.7 million — DA and Net Profit · Revenue of $199.7 million / Full-year revenue of $756.6 million

Filing Documents

• dp208049_6k.htm (6-K) — 337KB
• image_001.jpg (GRAPHIC) — 12KB
• image_003.jpg (GRAPHIC) — 12KB
• 0000950103-24-003520.txt ( ) — 370KB

Forward-looking statements that appear in a number

Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including, the intended commencement of the tender offer, drilling campaign and share buyback program. Forward-looking are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking

Forward-looking statements speak only as of the

Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission (SEC). Oil and gas production figures included in this press release and its supplementary information are stated before the effect of royalties paid in kind, consumption and losses. Annual production per day is obtained by dividing total production by 365 days. Non-GAAP Measures: The Company believes Adjusted EBITDA, free cash flow and operating netback per boe, which are each non-GAAP measures, are useful because they allow the Company to more effectively evaluate its operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company’s calculation of Adjusted EBITDA, free cash flow, and operating netback per boe may not be comparable to other similarly titled measures of other companies. Adjusted EBITDA: The Company defines Adjusted EBITDA as profit for the period before net finance costs, income tax, depreciation, amortization and certain non-cash items such as impairments and write-offs of unsuccessful exploration and evaluation assets, accrual of stock options and stock awards, unrealized results on commodity risk management contracts and other non-recurring events. Adjusted EBITDA is not a measure of profit or cash flow as determined by IFRS. The Company excludes the items listed above from profit for the period in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending

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View this 6-K filing on SEC EDGAR