- GeoPark ( NYSE: GPRK ) reported Thursday that its second quarter's oil and gas production grew 14% year-over-year to 38,940 boepd; up 2% sequentially.
- "Adjusting for recent divestments in Argentina, consolidated oil and gas production increased by 14% compared to 2Q2021, due to higher production in Colombia and recent exploration successes in Ecuador, partially offset by lower production in Chile and Brazil," the company statement.
- Production in Colombia was up 16% to 34,253 boepd, broadly driven by short-cycle projects.
- The company reiterated "on track to reach 2022 full-year guidance of 38,500-40,500 boepd"
- Free cash-flows: Using a $95-100 per bbl Brent base case, GeoPark expects to generate a free cash flow of $250-280M in 2022, equivalent to a 35-40% free cash flow yield.
- The company ended the quarter with $122M in cash in hand as of June 30, 2022.
- Self-funded 2022 capital expenditures program of $200-220 million targets the drilling of 50-55 gross wells, including 18-22 gross exploration/appraisal wells.
- The company told ten rigs were operational in July 2022, increasing to 12-13, including 8-9 drilling rigs, in 2H2022.
- Llanos Basin update : "Exploration drilling underway in high-potential prospects. Adding a third drilling rig, expected to start spudding wells in early August 2022," report.
- Earlier: Ecopetrol, GeoPark plunge after leftist wins Colombia's presidential election
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GeoPark says oil and gas production up 14% Y/Y in Q2 2022