2023-04-11 10:51:12 ET
GeoPark ( NYSE: GPRK ) +1% in Tuesday's trading after reporting Q1 oil and gas production in Colombia fell 4% Y/Y to 36,578 boe/day, due to lower production in the Llanos 34 and Platanillo blocks, partially offset by higher production in the CPO-5 block.
GeoPark ( GPRK ) said production was below its potential of 39.5K-40.5K boe/day, mainly due to temporarily shut-in production and localized blockades in the non-operated CPO-5 block.
For FY 2023, the company guided for adjusted EBITDA of $510M-$580M and free cash flow of $120M-$140M, targeting to return 40%-50% of free cash flow after taxes to shareholders.
The company offered production guidance of 39.5K-41.5K boe/day, the result of $200M-$220M of capital spending to drill 50-55 gross wells, including 10-15 low-risk high-potential exploration and appraisal wells.
GeoPark ( GPRK ) reported Q4 revenues of $231M and adjusted EBITDA of $132M .
For further details see:
GeoPark guides for $510M-$580M full-year adjusted EBITDA