Q2 2026 GeoPark Ltd Earnings Call

August 5, 2026

Speaker #1: Good morning, and welcome to the GeoPark Limited conference call following the results announcement for the second quarter ended June 30th, , 2026. After the speaker's remarks, there will be a question-and-answer session.

Operator: Good morning, and welcome to the GeoPark Limited conference call following the results announcement for the Q2 ended 30 June 2026. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question at this time, press star one on your telephone keypad. If you would like to withdraw your question, press star one again. If you do not have a copy of the press release, it is available at the Invest With Us section on the company's corporate website at www.geo-park.com. A replay of today's call may be accessed through this webcast in the Invest With Us section of the GeoPark corporate website.

Speaker #1: If you would like to ask a question at this time, please press star 1 on your telephone keypad. If you would like to withdraw your question, press star 1 again.

Speaker #1: If you do not have a copy of the press release, it is available in the "Invest With Us" section on the company's corporate website at www.geo-park.com.

Speaker #1: A replay of today's call may be accessed through this webcast in the Invest With Us section of the GeoPark corporate website. Before we continue, please note that certain statements contained in the results press release and on this conference call are forward-looking statements, rather than historical facts.

Operator: Before we continue, please note that certain statements contained in the results press release and on this conference call are forward-looking statements rather than historical facts, and are subject to risks and uncertainties that could cause actual results to differ materially from those described. With respect to such forward-looking statements, the company seeks protections afforded by the Private Securities Litigation Reform Act of 1995. These risks include a variety of factors, including competitive developments and risk factors listed from time to time in the company's SEC reports and public releases. Those lists are intended to identify certain principal factors that could cause actual results to differ materially from those described in the forward-looking statements, but are not intended to represent a complete list of the company's business. All financial figures included herein were prepared in accordance with IFRS and are stated in US dollars unless otherwise noted.

Speaker #1: And are subject to risks and uncertainties that could cause actual results to differ materially from those described. With respect to such forward-looking statements, the company seeks protection to Florida by the Private Securities Litigation Reform Act of 1995.

Speaker #1: These risks include a variety of factors, including competitive developments, and risk factors listed from time to time in the company's SEC reports and public releases.

Speaker #1: Those risks are intended to identify certain principal factors that could cause actual results to differ materially from those described in the forward-looking statements. But are not intended to represent a complete list of the company's business.

Speaker #1: All financial figures included herein were prepared in accordance with IFRS and are stated in US dollars, unless otherwise noted. Reserves figures correspond to PRMS standards.

Operator: Reserves figures correspond to PRMS standards. On the call today from GeoPark is Felipe Bayón, Chief Executive Officer, Jaime Caballero, Chief Financial Officer, Martín Terrado, Chief Operating Officer, Rodrigo Dalle Fiore, Chief Exploration and Development Officer, and Maria Catalina Escobar, Shareholder Value and Capital Markets Director. Now I'll turn the call over to Mr. Felipe Bayón. Mr. Bayón, you may begin.

Speaker #1: On the call today from GeoPark is Felipe Baon, Chief Executive Officer Jaime Caballero, Chief Financial Officer, Martín Torrado, Chief Operating Officer, Rodrigo Dela Fiore, Chief Exploration and Development Officer, and Maria Catalina Escobar, Shareholder Value and Capital Markets Director.

Speaker #1: And now, I'll turn the call over to Mr. Felipe Baon Mr. Baon, you may begin.

Speaker #2: Good morning, everyone, and thank you for joining us for our second quarter 2026 results call. We delivered another quarter of consistent execution, demonstrating the resilience of our core business while continuing to advance our strategic priorities.

Felipe Bayón: Good morning, everyone, and thank you for joining us for our Q2 2026 results call. We delivered another quarter of consistent execution, demonstrating the resilience of our core business while continuing to advance in our strategic priorities. Colombia continues to provide resilient production and cash generation, while Argentina is progressing well and becoming an increasingly important contributor to our future growth. During the Q2, we achieved production on an average of 27,271 barrels of oil equivalent per day, performing within our full-year guidance and broadly in line with the Q1. This consistency reflects disciplined reservoir management and the operational capabilities of our teams. In Argentina, execution accelerated significantly during the quarter. We completed drilling on Pad 1030, advanced the hydraulic fracturing campaign, and secured environmental approval for the next phase of drilling in Loma Jarillosa Este.

Speaker #2: Colombia continues to provide resilient production and cash generation, while Argentina is progressing well and becoming an increasingly important contributor to our future growth. During the second quarter, we achieved production averaging 27,271 barrels of oil equivalent per day, performing within our full-year guidance and broadly in line with the first quarter.

Speaker #2: This consistency reflects disciplined reservoir management and the operational capabilities of our teams. In Argentina, execution accelerated significantly during the quarter. We completed drilling on pad 1030, advanced the hydraulic fracturing campaign, and secured environmental approval for the next phase of drilling in Loma Jarillosa Este.

Speaker #2: This milestones reinforce our confidence in the quality of the assets and in our ability to deliver the targeted exit production of approximately 5,000 to 6,000 barrels of oil equivalent per day by year-end 2026.

Felipe Bayón: These milestones reinforce our confidence in the quality of the assets and in our ability to deliver the targeted exit production of approximately 5,000 to 6,000 barrels of oil equivalent per day by year-end 2026. Importantly, we also secured a dedicated drilling rig under a three-year agreement providing long-term execution certainty for the development of our Vaca Muerta program. In addition, together with Gas y Petróleo del Neuquén, we applied to Argentina's RIGI Investment Incentive Program, which supports the development of our unconventional oil hub and reinforces our long-term growth strategy. Argentina continues to evolve into a transformational growth platform for GeoPark. In Colombia, Llanos 34 continued benefiting from disciplined reservoir management and secondary recovery initiatives. CPO-5 remained a very stable contributor despite operational challenges experienced earlier in the year, while Llanos 123 continued to perform well through ongoing development activities.

Speaker #2: Importantly, we also secured a dedicated drilling rig under a three-year agreement, providing long-term execution certainty for the development of our Vaca Muerta program. In addition, together with Gas y Petróleo del Neuquén, we applied to Argentina's RIGI investment incentive program, which supports the development of our unconventional oil hub and reinforces our long-term growth strategy.

Speaker #2: Argentina continues to evolve into a transformational growth platform for GeoPark. In Colombia, Llanos 34 continued benefiting from disciplined reservoir management and secondary recovery initiatives.

Speaker #2: CPO-5 remained a very stable contributor, despite operational challenges experienced earlier in the year, while Llanos 123 continued to perform well through ongoing development activities.

Speaker #2: Together, these assets continue to provide stable production and cash generation. Importantly, all operations were conducted with strong health and safety no major process safety events.

Felipe Bayón: Together, these assets continue to provide stable production and cash generation. Importantly, all operations were conducted with strong health and safety performance, with no injuries and no major process safety events. The quarter also benefit from a stronger commodity price environment. Brent average approximately $97 per barrel, a narrower Vasconia differential supported higher realized prices, partly offset by hedging costs. This operational and commercial performance translated into solid financial results. Revenue increased 12% sequentially to $143.3 million, supported by stable production and improved realized prices. Adjusted EBITDA reached $73.1 million, representing a 51% margin despite higher energy costs and the strong appreciation of the Colombian and Argentine currencies, which impacted our operating costs. Operating profit totaled $40.8 million. Compared with the previous quarter, it is important to remember that the first quarter results including a non-recurring breakup fee associated with the Frontera acquisition.

Speaker #2: The quarter also benefited from a stronger commodity price environment. Brent averaged approximately $97 per barrel, and a narrower Vasconia differential supported higher realized prices, partly offset by hedging cost.

Speaker #2: This operational and commercial performance translated into solid financial results. Revenue increased 12% sequentially to 143.3 million dollars supported by stable production and improved realized prices.

Speaker #2: Adjusted EBITDA reached 73.1 million dollars representing a 51% margin despite higher energy cost and the strong appreciation of the Colombian and Argentine currencies which impacted our operating cost.

Speaker #2: Operating profit totaled 40.8 million dollars, compared with the previous quarter it is important to remember that the first quarter results including a non-recurring breakup fee associated with the Frontera acquisition.

Felipe Bayón: Net income for the quarter was $14 million. Capital allocation remained disciplined throughout the quarter. We invested approximately $76 million, with nearly two-thirds directed to Argentina as we continue executing the Vaca Muerta development plan while maintaining a 19% return on average capital employed. Our balance sheet remains one of GeoPark's key competitive advantages. During the quarter, our cash position increased to $316 million, and we reduced net leverage to 1.2 times EBITDA. We also renewed and extended a committed contingent credit facility throughout 2028, providing additional financial flexibility as we execute our investment program. Our disciplined risk management approach also remains unchanged. We continue protecting cash flows through three-way collars, covering approximately 19,000 barrels per day during 2026, while approximately 19,000 barrels per day of expected 2027 production has already been protected under similar structures. This approach provides downside protection while preserving upside participation.

Speaker #2: Net income for the quarter was 14 million dollars. Capital allocation remained disciplined throughout the quarter, we invested approximately 76 million dollars with nearly two-thirds directed to Argentina as we continue executing the Vaca Muerta development plan while maintaining a 19% return on average capital employed.

Speaker #2: Our balance sheet remains one of GeoPark's key competitive advantages. During the quarter, our cash position increased to 316 million dollars and we reduced net leverage to 1.2 times EBITDA.

Speaker #2: We also renewed and extended a committed contingent credit facility through 2028, providing additional financial flexibility as we execute our investment program. Our disciplined risk management approach also remains unchanged.

Speaker #2: We continue protecting cash flows through three-way callers covering approximately 19,000 barrels per day during 2026 while approximately 19,000 barrels per day of expected 2027 production has already been protected under similar structures.

Speaker #2: This approach provides downside protection while preserving upside participation. The board declared a quarterly dividend of 0.023 dollars per share representing the final payment under the dividend framework announced last year.

Felipe Bayón: The board declared a quarterly dividend of $0.023 per share, representing the final payment under the dividend framework announced last year. As previously communicated, our capital allocation priorities are now on completing this peak investment phase while preserving balance sheet strength and positioning the company for the next stage of the free cash flow generation. Overall, we believe GeoPark is very well-positioned. Our Colombian portfolio continues generating resilient cash flows. Argentina is advancing, and our balance sheet provides the financial flexibility to continue with the disciplined pursuit of material inorganic options in Colombia, Argentina, and Venezuela. I would like to recognize the continued commitment of our employees and contractors and their focus on safety, operational excellence, and efficiency to deliver these results.

Speaker #2: As previously communicated, our capital allocation priorities are now focused on completing this peak investment phase while preserving balance sheet strength and positioning the company for the next stage of free cash flow generation.

Speaker #2: Overall, we believe GeoPark is very well positioned. Our Colombian portfolio continues generating resilient cash flows. Argentina is advancing on our balance sheet provides the financial flexibility to continue with the disciplined pursuit of material inorganics options in Colombia Argentina and Venezuela.

Speaker #2: I would like to recognize the continued commitment of our employees and contractors and their focus on safety, operational excellence, and efficiency to deliver these results.

Speaker #2: Before closing, I would like to take a moment to thank our shareholders for their continued support reflected in the successful outcome of our annual general meeting where all resolutions were approved by more than 99% of votes cast.

Felipe Bayón: Before closing, I would like to take a moment to thank our shareholders for their continued support reflected in the successful outcome of our annual general meeting, where all resolutions were approved by more than 99% of votes cast. Following the strengthening of our long-term shareholder base earlier this year with a strategic investment from Grupo Gilinski, we have been glad to welcome a number of other long-term shareholders to our company. The AGM approved the appointment of new members to our board of directors. To this effect, I would like to sincerely thank Sylvia Escovar and Marcela Vaca for their dedication and valuable contributions to GeoPark over the years, and welcome Dorita Gilinski and Camilo Martinez to our board. We look forward to their contributions. Thank you again for joining us. With that, let's open the floor to your questions.

Speaker #2: Following the strengthening of our long-term shareholder base earlier this year, with the strategic investment from Grupo Gilinski, we have been glad to shareholders to our company.

Speaker #2: The AGM approved the appointment of new members to our board of directors. To this effect, I would like to sincerely thank Silvia Escobar, and Marcela Abaca, for their dedication and valuable contributions to GeoPark over the years and welcome Dorita Gilinski and Camilo Martinez to our board.

Speaker #2: We look forward to their contributions. Thank you again for joining us. And with that, let's open the floor to your questions.

Speaker #1: If you would like to ask a question, please press star followed by the number one on your telephone keypad. To withdraw any questions, press star one again.

Operator: If you would like to ask a question, please press star followed by the number one on your telephone keypad. To withdraw any questions, press star one again. Our first question comes from Alejandro Demichelis from Jefferies. Please go ahead, your line is open.

Speaker #1: Our first question comes from Alejandro de Micheles from Jefferies. Please go ahead, your line is open.

Speaker #3: Good morning, gentlemen. Thank you very much for taking my questions, and congratulations on the results. Felipe, a couple of questions if I may, please.

Alejandro Demichelis: Good morning, gentlemen. Thank you very much for taking my questions, and congratulations on the results. Felipe, a couple of questions, if I may, please. First one is, with the new Colombian administration coming in very shortly, what kind of changes on policies for the sector can you expect, and how do you see those benefiting GeoPark? Then the second question is, you just mentioned some opportunities in Venezuela. Maybe you can give us some kind of indication of what are those kind of types and quality of the opportunities that you see in Venezuela, please. Thank you.

Speaker #3: First one is with the new Colombian administration, kind of coming in very shortly. What kind of changes on policies for the sector can you expect and how do you see those benefiting GeoPark?

Speaker #3: And then the second question is you just mentioned some opportunities in Venezuela. Maybe you can give us some kind of indication of what are those kind of size and quality of the opportunities that you see in Venezuela, please.

Speaker #3: Thank you.

Speaker #2: Thanks, Alejandro and good morning and thanks for joining the call and thanks for your congratulations on the results. First thing in terms of Colombia and I'll start there.

Felipe Bayón: Thanks, Alejandro. Good morning, and thanks for joining the call, and thanks for your congratulations on the results. The first thing in terms of Colombia, and I'll start there. We're very pleased with the incoming government. The incoming administration has been very vocal in terms of their support to oil and gas and mining and infrastructure, and overall private investment, and creating good conditions for that investment to be received by Colombia. I think from that point of view, we're very pleased. Especially, Alejandro, with the backdrop of the current government that has been against industry, quite publicly, in terms of no new licensing for oil and gas and absolutely very little support for industry. From that point of view, I think we're very pleased. We've already had discussions with the incoming administration. As you know, GeoPark is a long-term investor in Colombia.

Speaker #2: We're very pleased with the incoming government. You know the government, the incoming administration has been very vocal in terms of their support to oil and gas and mining and infrastructure and overall private investment and creating good conditions for that investment to be received by Colombia.

Speaker #2: So I think from that point of view we're very, very pleased, especially Alejandro with the backdrop of the current government that has been against industry.

Speaker #2: You know, quite publicly, in terms of no new licensing for oil and gas, and absolutely very, very little support for industry. So from that point of view, I think we're very pleased.

Speaker #2: We've already had discussions with the incoming administration and as you know GeoPark is a long-term investor in Colombia. Colombia is the source of our cash generation is where we're actually supporting the growth that we're seeing in Vaca Muerta in particular.

Felipe Bayón: Colombia is the source of our cash generation. It's where we're actually supporting the growth that we're seeing in Vaca Muerta in particular. We're very pleased with that. I'd say, Alejandro, one thing is, we do see some good opportunity set in Colombia, both in the conventional and the unconventional hydrocarbons. Also in oil and gas or liquids and gas. As you very well know, Colombia has a structural shortage of gas, where the country is importing 30% to 35% of the gas it uses on a daily basis. Alejandro, I'd like to create a bridge to Argentina, which I think is very relevant. As you well know, I know it was not in the question, but I think it's relevant for context. We acquired the areas from Pluspetrol September of last year. In October, we actually started operating.

Speaker #2: So we're very, very pleased with that. And I'd say Alejandro, one thing is we do see a some good opportunity set, a good opportunity set in Colombia both in the conventional and the unconventional hydrocarbons.

Speaker #2: And also in oil and gas or liquids and gas as you very well know Colombia has a structural shortage of gas where the country is importing 30 to 35 percent of the gas it uses on a daily basis.

Speaker #2: And Alejandro, I'd like to create a bridge to Argentina, which I think is very relevant. As you well know and I know it was not in the question but I think it's relevant for context we acquired the areas from Plus Petrol September of last year in October we actually started operating and today we've already drilled our five initial horizontal wells and we fracked those wells.

Felipe Bayón: Today we've already drilled our five initial horizontal wells, and we fracked those wells. In nine months, we've gone from entering into an area to fracking the wells. As a matter of fact, Alejandro, the first well started flowing yesterday, and it will take some time for the cleanup and everything else and stabilizing that production. The bridge I want to make is, we've discussed this before in other calls, how do we bring that expertise from Argentina into Colombia? When I've spoken to some of the new members of Congress and new members of the incoming government, I'm saying, Look, GeoPark is a company that has actually fracked, and we've had experience in fracking. I think that sort of differentiator as a company is something that can play very well in terms of Colombia and opportunities.

Speaker #2: So in nine months we've gone from entering into an area to fracking the wells. And as a matter of fact Alejandro, the first well started flowing yesterday and it will take some time for the cleanup and everything else and stabilizing that production and the bridge I want to make is we've discussed this before in other calls how do we bring that expertise from Argentina into Colombia?

Speaker #2: And when I spoken to some of the new members of Congress and new members of the incoming government I'm saying look GeoPark is a company that has actually fracked you know and we've had experience in fracking.

Speaker #2: So I think that sort of differentiator as a company can is something that can play very well in terms of Colombia an opportunities. And there's a massive, massive opportunity set in unconventionals in Colombia.

Felipe Bayón: There's a massive opportunity set in unconventionals in Colombia. That's something that we're assessing, Alejandro. In terms of changes, because that's part of your question is, I think in terms of new licensing rounds, both conventional and unconventional oil and gas, there's a lot of discussion around environmental permitting, audiencias públicas, so sort of the public audiences with the communities and everything else. I do sense that there will be some changes. I would like to highlight, Alejandro, that having said all of that, it's not immediate. Inauguration is in a couple days. It's not going to happen on the next day or 8 August. It will take some time, but I do see a lot of the right signals from government. GeoPark is ready to do its part. We're willing to invest, we're willing to grow in Colombia should there be opportunities.

Speaker #2: So that's something that we're assessing Alejandro. And so in terms of changes because that's part of your question is I think in terms of new licensing rounds both conventional and unconventional oil and gas there's a lot of discussion around environmental permitting audiencias públicas you know sort of the public audiences with the communities and everything else so I do sense that there will be some changes.

Speaker #2: But I would like to highlight Alejandro that having said all of that it's not immediate you know inauguration is in a couple days it's not going to happen on the next day or August 8th it will take some time but I do see a lot of the right signals from government.

Speaker #2: And GeoPark is ready to do its part you know we're willing to invest we're willing to grow in Colombia should there be opportunities and as you know the technical teams have been looking at this and assessing opportunities.

Felipe Bayón: As you know, the technical teams have been looking at this and assessing opportunities. That's the first part. You ask about Venezuela, opportunities in Venezuela. The first thing I'd say is that our thoughts and prayers and support goes to the people that suffered or have suffered and are suffering after the earthquakes of 24 June. Over the last months, four to five months, myself, the team, we visited Venezuela, numerous occasions. There is a lot of opportunities. The potential in terms of the oil in place in different licenses, in different basins is very large. We're assessing several opportunities. I will not go into details. We're very pleased in terms of the technical aspects of the licenses, some of the terms that are being discussed, the quality of the people in PDVSA. I would like to highlight that.

Speaker #2: So that's the first part. And you ask about Venezuela. Opportunities in Venezuela. And the first thing I'd say is that our thoughts and prayers and support goes to the people that suffered.

Speaker #2: Or have suffered and are suffering after the earthquakes of June 24th. So over the last months four to five months myself the team we visited Venezuela numerous occasions there's a lot of opportunities I mean the potential in terms of the oil in place in different licenses in different basins is very, very large we're assessing several opportunities I will not go into details but we're very pleased in terms of the technical aspects of the licenses some of the terms that are being discussed the quality of the people in Pedevesa you know I would like to highlight that.

Speaker #2: So there's some very good conversations going on and hopefully we can get some of those opportunities across the finish line and Alejandro lastly we'll obviously inform the markets and share with the markets any updates when those happen.

Felipe Bayón: There's some very good conversations going on, and hopefully we can get some of those opportunities across the finish line. Alejandro, lastly, we'll obviously inform the markets and share with the markets any updates when those happen. Thanks, Alejandro.

Speaker #2: Thanks Alejandro.

Speaker #1: Thank you very much for the answers. Thank you.

Alejandro Demichelis: Thank you very much for the answers. Thank you.

Speaker #3: Our next question comes from the web. Andres Potasso from Argentina asks, what is the estimated capex for the remainder of 2026 in Vaca Muerta?

Operator: Our next question comes from the web. Andres Patasso from Argenta asks, What is the estimated CapEx for the remainder of 2026 in Vaca Muerta? Could you provide a breakdown by quarter, along with the main activities driving the spend?

Speaker #3: Could you provide a breakdown by quarter, along with the main activities driving the spend?

Speaker #2: Good morning Andres. This is Martin Terrado thanks again for your interest in GeoPark. We are very, very proud of the accomplishments we had in Vaca Muerta.

Martín Terrado: Good morning, Andres. This is Martin Terrado. Thanks again for your interest in GeoPark. We're very proud of the accomplishments we had in Vaca Muerta. I'll go straight to your question, then I want to expand a little bit on the comments from Felipe. Basically, for H2, we expect in the order of $40 to 50 million of capital investment. That is pretty much aligned with what we've done in H1, which was, like Felipe said, two-thirds of our capital program for H1, around $55 million. What we've done in H1 on CapEx is mainly workovers, drilling, and completion, and a little bit of facilities upgrade.

Speaker #2: I'll go straight to your question, and then I want to expand a little bit on the comments from Felipe. But basically, for the second half of the year, we expect in the order of $40 to $50 million of capital investment.

Speaker #2: That is pretty much aligned with what we've done in the first half of the year which was like Felipe said two-thirds of our capital program for the first half around 55 million.

Speaker #2: So what we've done in the first half on capex is mainly work orders drilling and completion and a little bit of facilities upgrade. As we go into the second half of the year it's going to switch and it's going to go mainly to finishing the facility upgrades finishing a connection to a neighboring operator that has spare capacity and also the completion of a water disposal well.

Martín Terrado: As we go into H2, it's going to switch, it's going to go mainly to finishing the facility upgrades, finishing a connection to a neighboring operator that has spare capacity, and also the completion of water disposal wells. On top of that, we're going to be building the pad. That will be the first pad to be drilled early next year, starting in December of this year with the rig that Felipe mentioned that has been awarded for our factory mode. That's a high level. How the split, you can think about it, is going to be around 70% to 80% of those 40 to 50 in Q3, and the remaining on Q4.

Speaker #2: On top of that we're going to be building the pad that will be the first pad to be drilled early next year spotting in December of this year with the rig that Felipe mentioned that has been awarded for our factory mode.

Speaker #2: So, at a high level, the way you can think about the split is that around 70 to 80 percent of those 40 to 50 will be in the third quarter, and the remaining in the fourth quarter.

Speaker #2: And I do want to reiterate one more time how proud we are of our team accomplishments in Vaca Muerta during the past months nine months that have been full of activity drilling completing doing facilities work.

Martín Terrado: I do want to reiterate one more time, how proud we are of our team's accomplishments in Vaca Muerta during the past nine months that have been full of activity, drilling, completing, doing facilities work. We have fracked 180 stages incident-free. The efficiencies that we have seen with our team during the frack stages are amongst the top quartile. Some of those metrics, I mean, number of fracks per day, we have done several days with nine fracks per day. That's a benchmark. On our number of hours per day where the frack sets were working, again, several days with 20 hours per day, fully operational. That's a little bit of flavor of Vaca Muerta and the answer to your question.

Speaker #2: We have fracked 180 stages incident free and efficiencies that we have seen and with our team during the frack stages are amongst the top quartile and some of those metrics I mean number of fracks per day we have done several days with nine fracks per day that's a benchmark and our number of hours per day where the frack sets were working again several days with 20 days 20 hours per day fully operational.

Speaker #2: So that's a little bit of flavor of Vaca Muerta and the answer to your question.

Speaker #3: Our next question also comes from the web. It comes from Alvaro Leyva from BTG Pactual. They ask given the currently favorable oil market outlook and the fact that it generated 41 million US in hedging losses why would you increase your hedging position in 2027?

Operator: Our next question also comes from the web. It comes from Alvaro Leva from BTG Pactual. They ask, "Given the currently favorable oil market outlook and the fact that it generated $41 million in hedging losses, why would you increase your hedging position in 2027?" Secondly, they ask, "Are the wells you're planning to tie in in Argentina in H2 2026 within the RIGI proposal? If so, will you only tie in the wells until the RIGI application is approved?

Speaker #3: And secondly they ask are the wells you are planning to tie in in Argentina in 2H26 within the RIGI proposal? If so will you only tie in the wells until the RIGI application is approved?

Speaker #2: Thanks Alvaro and this is Felipe and I'll start with the second question and then I'll ask Jaime to take the first one if that's all right.

Felipe Bayón: Thanks, Alvaro. This is Felipe. I'll start with the second question, then I'll ask Jaime to take the first one, if that's all right. Just to continue with the conversation around Vaca Muerta. As I was mentioning earlier, the wells that we've drilled are being put into production as we speak. We're not going to wait. Actually, the first well, it started flowing yesterday. We have some facilities that we need to start in the pad of the wells. We will be seeing some increase in production, Vaca Muerta, and end at the end of a year from around 5,000 to 6,000 barrels per day. We're expecting a statement from the government around RIGI. We've had some very good discussions over the last few months. We will wait for that approval on the RIGI when it comes.

Speaker #2: Just to continue with the conversation around Vaca Muerta. So as I was mentioning earlier the wells that we've drilled are being put into production as we speak.

Speaker #2: So we're not going to wait. Actually, the first well started flowing yesterday, and we have some facilities that we need to start in the pad of the wells.

Speaker #2: So we will be seeing some increase in production Vaca Muerta and end at the end of the year from around five to six thousand barrels per day.

Speaker #2: We're expecting I mean a statement from the government around RIGI we've had some very good discussions over the last few months but we will wait for that approval on the RIGI.

Speaker #2: When it comes and that will eventually and if it's granted we'll cover everything else our factory drilling and the big investments on the completion of one portion of the pipeline full processing facilities and the factory mode drilling.

Felipe Bayón: That will eventually, and if it's granted, will cover everything else, our factory drilling, and the big investments on the completion of one portion of the pipeline, full processing facilities, and the factory mode drilling. The wells that we've drilled will be connected, and put into production in the next few days and weeks. Jaime?

Speaker #2: So the wells that we've drilled will be connected or in the next and put into production in the next few days and weeks. Jaime?

Jaime Caballero Uribe: Sure. Hi, Alvaro. Hi, everybody. In the matter of hedging, I think we need to start first with what is the purpose of hedging, right? Our goal at GeoPark is to deliver strong double digits, risk-adjusted returns under any market period. In that context, having the possibility of delivering predictable cash flow in a period where we're going to be having increased investment and where we have persistent volatility is key. That's what we're seeing. If we want to put color on that, we're going through a phase in the company where as we are growing our exposure to Vaca Muerta, there is increased capital deployment. As you all know, those who have been following us, we also have an inorganic ambition that would also require that.

Speaker #4: Sure. Hi Alvaro. Hi everybody. In the matter of hedging I think we need to start first with you know what is the purpose of hedging right and you know our goal at GeoPark is to deliver you know strong double digits risk adjusted returns under any market period.

Speaker #4: And in that context having the possibility of delivering predictable cash flow in a period where we're going to be having increased investment and where we have persistent volatility is key.

Speaker #4: And that's what we're seeing. If we want to put color on that we're going through a phase in the company where as we are growing our exposure to Vaca Muerta there is increase capital deployment and as you all know those have been following us.

Speaker #4: We also have an inorganic ambition that would also require that. So that's why we believe that hedging needs to be part of the equation.

Martín Terrado: That's why we believe that hedging needs to be part of the equation, and it will continue to be part of the equation. In that context, when we look at 2027, currently we see that we're under market conditions that allow us to obtain some very attractive floors for our pricing.

Jaime Caballero Uribe: That's why we believe that hedging needs to be part of the equation, and it will continue to be part of the equation. In that context, when we look at 2027, currently we see that we're under market conditions that allow us to obtain some very attractive floors for our pricing. To give you an example, over the last few weeks, we have been able to attain positions where we're accessing floors of $75 per barrel and ceilings of 85, $86 per barrel. In that price environment of 75 to 86, the company can deliver very attractive cash flow, very attractive returns, and that's good. It also gives us the comfortable position that we know as we engage in more investments in Vaca Muerta or elsewhere, that the balance sheet of the company is not going to be compromised. That's the rationale, Alvaro.

Speaker #4: And it will continue to be part of the equation. In that context when we look at 2027 the currently we see that there's we're under market conditions that allow us to obtain some very attractive floors for our pricing.

Speaker #4: To give you an example over the last few weeks we have been able to attain positions where we're accessing floors of 75 dollars per barrel and ceilings of 85 86 dollars per barrel.

Jaime Caballero Uribe: To give you an example, over the last few weeks, we have been able to attain positions where we're accessing floors of $75 per barrel and ceilings of 85, $86 per barrel. In that price environment of 75 to 86, the company can deliver very attractive cash flow, very attractive returns, and that's good. It also gives us the comfortable position that we know as we engage in more investments in Vaca Muerta or elsewhere, that the balance sheet of the company is not going to be compromised. That's the rationale, Oliver.

Speaker #4: In that price environment of 75 to 86 the company can deliver very very very attractive you know cash flow very attractive returns and that's good.

Speaker #4: And it also gives us the comfortable position that we know as we engage in more investments in Vaca Muerta or elsewhere that the balance sheet of the company is not going to be compromised.

Speaker #4: So that's the rationale Alvaro.

Speaker #2: Thank you Jaime.

Felipe Bayón: Thank you, Jaime.

Speaker #3: And our next question comes from Gustavo Satka from Tradesco. Please go ahead your line is open.

Operator: Our next question comes from Gustavo Satka from Tradisco. Please go ahead, your line is open.

Operator: Our next question comes from Gustavo Satka from Bradesco. Please go ahead, your line is open.

Gustavo Satka: Hello. Good morning, everyone. I have a couple questions here. My first one's about cost. We saw a strong uptick in cost this quarter. It seems to be driven by the Colombia peso and Argentina peso appreciation and energy cost. Based on how these variables evolved recently, is it reasonable to expect a normalization in the H2 of the year, or we should expect costs to remain at this level? My second question is a follow-up on the Colombia question. This unconventional potential in Colombia seems to be now a possibility, with this new government. This unconventional development is something that we could see in already, all GeoPark blocks, or for GeoPark to do in unconventional Colombia, it will require new biddings. Unconventional oil in Colombia, are new biddings something that could attract interest for GeoPark? This is my questions. Thank you.

Gustavo Sadka: Hello. Good morning, everyone. I have a couple questions here. My first one's about cost. We saw a strong uptick in cost this quarter. It seems to be driven by the Colombia peso and Argentina peso appreciation and energy cost. Based on how these variables evolved recently, is it reasonable to expect a normalization in the H2 of the year, or we should expect costs to remain at this level? My second question is a follow-up on the Colombia question. This unconventional potential in Colombia seems to be now a possibility, with this new government. This unconventional development is something that we could see in already, all GeoPark blocks, or for GeoPark to do in unconventional Colombia, it will require new biddings. Unconventional oil in Colombia, are new biddings something that could attract interest for GeoPark? This is my questions. Thank you.

Speaker #5: Hello good morning everyone. So I have a couple questions here. My first one is about cost. We saw a stronger uptick in cost this quarter it seems to be driven by the Colombia peso and Argentina peso.

Speaker #5: Appreciation and energy cost. Based on how these variables evolve recently these reasonable to expect annualization in the second half of the year. Or we should expect cost to remain at this level.

Speaker #5: And my second question is a follow-up on the Colombia question. This unconventional potential in Colombia seems to be a possibility now with this new government.

Speaker #5: These unconventional development is something that we could see in already all GeoPark blocks or this would for GeoPark to do unconventional in Colombia it would require new buildings.

Speaker #5: And also unconventional oil in Colombia are new buildings something that could attract interest for GeoPark? This is my questions. Thank you.

Speaker #2: Thanks Gustavo and good morning and thanks for being in the call today. And yes you've mentioned and we've reported there's upward pressure on the our operating cost from both Colombian and Argentine currencies appreciation versus the dollar.

Felipe Bayón: Thanks, Gustavo. Good morning, and thanks for being in the call today. Yeah, as you've mentioned and we've reported, there's upward pressure on our operating costs from both the Colombian and Argentine currencies appreciation versus the US dollar. Martín will give us a bit of flavor in terms of magnitudes and everything else. I think, also because of energy. We need to be sure that we've factored something that it's upcoming, which is El Niño. The phenomenon El Niño, with droughts and very little rain that will eventually take energy prices higher up. We've done a lot of work in terms of getting ready for that, and Martín will take us through that. We do see, Gustavo, that from the initial guidance, that was $13 to 15 per barrel, we're outside of the guidance, and we're moving north, if you will.

Speaker #2: And Martin will give us a bit of flavor in terms of magnitudes and everything else. And I think also because of energy and don't I mean we need to be sure that we've factored something that it's upcoming which is El Niño.

Speaker #2: You know the phenomenal El Niño with droughts and very little rain that will eventually take energy prices higher up. We've done a lot of work in terms of getting ready for that and Martin will take us through that.

Speaker #2: But we do see Gustavo that from the initial guidance that was 13 to 15 dollars per barrel we're outside of the guidance and we're moving north if you will.

Speaker #2: You know we'll be higher up in terms of where we end up the year. So Martin why don't you give us a bit more details around that and then I'll take the other question.

Felipe Bayón: We'll be higher up in terms of where we end up the year. Martín, why don't you give us a bit more details around that? I'll take the other question.

Speaker #4: Yes Felipe. So hello Gustavo. Thanks again for your question. So the increase in operating cost as was stated by Felipe during the first half of the year reflects basically the combination of the FX impacts and the higher energy demand.

Martín Terrado: Yes, Felipe. Hello, Gustavo. Thanks again for your question. The increase in operating cost, as was stated by Felipe Bayón during H1, reflects basically the combination of the FX impacts and the higher energy demand and prices in Llanos 34. It's demand and prices for Llanos 34. When we look at a unit basis, the lifting cost increase in Q1 of this year from $14.7 to the quarter we just finished, $17.8. The average that we had for H1 was $16.2, and our guidance has been $13 to $15, so it's outside of the guidance. For the full year, we currently expect the lifting costs to pretty much stay within where they are. Our guidance for H2 on finishing the year is in the order of $17 to $19 per barrel now.

Speaker #4: And prices in Channel 34. So it's demand and prices for Channel 34. When we look at a unit basis the lifting cost increase in the first quarter of this year from 14.7 to the quarter we just finished 17.8.

Speaker #4: So the average that we had for the first half was 16.2. And our guidance has been 13 to 15. So it's outside of the guidance.

Speaker #4: For the full year we currently expect the lifting cost to pretty much stay within where they are. So our guidance for the second half and finishing the year is in the order of 17 to 19 dollars per barrel now.

Jaime Caballero Uribe: This is mainly, again, if you look at each of the effects, the effects of exchange rate is in the order of $2.1 to $2.5 per barrel in our OPEX, and the impact on the energy costs that are rising is about $1.5. What we're doing on this matter, we have some long-term initiatives, which is connections to the electric grid. We're already connected, but we have two initiatives which are already ongoing to have a greater flexibility. Those will be coming next year and the year after. We have already signed a contract on biomass energy. For short-term, our focus is on getting the lower energy costs, looking at, instead of spot, what we can do on fixed contracts, and also on different sources. We're looking at different sources that could be available, such as fuel and others.

Martín Terrado: This is mainly, again, if you look at each of the effects, the effects of exchange rate is in the order of $2.1 to $2.5 per barrel in our OPEX, and the impact on the energy costs that are rising is about $1.5. What we're doing on this matter, we have some long-term initiatives, which is connections to the electric grid. We're already connected, but we have two initiatives which are already ongoing to have a greater flexibility. Those will be coming next year and the year after. We have already signed a contract on biomass energy. For short-term, our focus is on getting the lower energy costs, looking at, instead of spot, what we can do on fixed contracts, and also on different sources. We're looking at different sources that could be available, such as fuel and others.

Speaker #4: This is mainly again if you look at each of the effects the FX of exchange rate is in the order of 2.1 to 2.5 dollars per barrel in our OPEX.

Speaker #4: And the impact on the energy costs that are rising is about 1.5. So what we're doing on this matter we have some long-term initiatives which is connections to the electric grid.

Speaker #4: We're already connected but we have two initiatives which are already ongoing to have a greater flexibility. Those will be coming next year and the year after.

Speaker #4: We have already signed a contract on biomass energy. But for short term our focus is on getting the lower energy cost looking at instead of spot what we can do on fixed contracts and also on different sources.

Speaker #4: So we're looking at different sources that could be available such as fuel and others. And then we look inside and what is it that we can do to improve our efficiency energy efficiency.

Jaime Caballero Uribe: We look inside, and what is it that we can do to improve our energy efficiency? I will give you one example so that I don't extend that much. But one example is, in the past year, we have captured all of our gas, and we're generating out of that gas around 1.5 MW. Our field consumes in the order of 65 MW. Those are things that we're looking, working internally and with our contractors to see, can we reduce the energy consumption of our pumps and so forth?

Martín Terrado: We look inside, and what is it that we can do to improve our energy efficiency? I will give you one example so that I don't extend that much. But one example is, in the past year, we have captured all of our gas, and we're generating out of that gas around 1.5 MW. Our field consumes in the order of 65 MW. Those are things that we're looking, working internally and with our contractors to see, can we reduce the energy consumption of our pumps and so forth?

Speaker #4: And I will give you one example so that I don't extend that much but one example is in the past year we have captured all of our gas and we're generating out of that gas around 1.5 megawatts.

Speaker #4: And our field consumes in the order of 65 megawatts. So those are things that we're looking working internally and with our contractors to see you know can we reduce the energy consumption of our pumps and so forth.

Speaker #4: And finally one of the numbers that we've done so that you get a sense for we've done some sensitivity and for each 100 pesos per US dollars that the exchange rate changes for the remaining of the year it will mean around 2.5 million dollars either above or below in our OPEX.

Martín Terrado: Finally, one of the numbers that we've done, so that you get a sense for, we've done some sensitivity, for each 100 pesos per US dollars that the exchange rate changes, for the remaining of the year, it will mean around $2.5 million either above or below in our OPEX. It is considerable and like I said, we're working on all those fronts.

Speaker #4: So it is considerable and like I said we're working on all those fronts.

Felipe Bayón: Thanks, Martín. I would just add, Gustavo, that obviously we're doing everything in terms of our own remit of responsibilities, in terms of ensuring that our operations are safe, efficient, and reliable. We'll see where the exchange rate will go. Last week, the Central Bank intervened with the purchasing of dollars. Dollar has gone up a bit, we'll need to operate efficiently and reliably, and we'll continue to do what is within our own hands in terms of our operations. I'll move on to your question on Colombia. I don't want to repeat myself, we're very excited with the incoming government. They've been supportive of industry overall, of investment, of rule of law, and they're very keen on trying to do things quickly.

Speaker #2: Thanks. Thanks Martin. And I would just add Gustavo that obviously we're doing everything in terms of our own remit of responsibilities in terms of ensuring that our operations are safe and efficient and reliable.

Speaker #2: And we'll see where the exchange rate will go. You know last week the central bank intervened with purchasing of dollars dollar has gone up a bit.

Speaker #2: But you know we'll need to operate efficiently and reliably and we'll continue to do what is in within our own hands in terms of our operations.

Speaker #2: I'll move on to your question on Colombia and I'll don't want to repeat myself but we're very excited with the incoming government. They've been supportive of industry overall of investment of rule of law and they're very keen on trying to do things quickly.

Speaker #2: You know and that's why I was mentioning our experience in Vaca Muerta. You know from receiving the operation to fracking in nine months with drilling wells in the middle of that.

Felipe Bayón: That's why I was mentioning our experience in Vaca Muerta, from receiving the operation to fracking in 9 months with drilling wells in the middle of that. We can be very agile, we can be very nimble, and we can operate safely. We're definitely interested in the unconventional potential in Colombia. Absolutely. A lot of our team members have a lot of experience in unconventionals. One of the strategic reasons behind Vaca Muerta, which is a great investment for the company, and even better with the RIGI opportunity or possibility, is to bring some of that expertise and know-how back to Colombia. Doing the fracking and doing the unconventional development, and bringing some of that experience back to Colombia. If there's no bidding in unconventionals, we'll obviously look at that. We have a strong foothold in Colombia. We like operating here.

Speaker #2: So we can be very agile, we can be very nimble, and we can operate safely. And we're definitely interested—definitely interested—in the unconventional potential in Colombia.

Speaker #2: Absolutely. So, I mean, a lot of our team members have a lot of experience in unconventionals. One of the strategic reasons behind Vaca Muerta—which is a great investment for the company, and even better with the RIGI opportunity or possibility—is to bring some of that expertise and know-how back to Colombia.

Speaker #2: So doing the fracking and doing the unconventional development and bringing some of that experience back to Colombia. So if there's no bidding in unconventionals and conventionals we'll obviously look at that.

Speaker #2: You know we're we have a strong foothold in Colombia. We like operating here. We're committed to the country. So we will opportunities as they come.

Felipe Bayón: We're committed to the country, we will definitely look at the opportunities as they come and be very proactive in terms of capturing some of those opportunities. Thanks, Gustavo. Thanks for the questions.

Speaker #2: And be very proactive in terms of capturing some of those opportunities. Thanks Gustavo. Thanks for the questions.

Speaker #1: And our next question comes from the web. It's from Joaquin Robe from Belance. Their first question reads water flooding has helped support production at LLA 34.

Operator: Our next question comes from the web. It is from Joaquin Robe from Balanz. Their first question reads: Waterflooding has helped support production at LLA 34. How do you plan to keep output stable going forward? Secondly, with a strong hedge position in place for H2 2026, how should we think about expected hedging results over the next two quarters?

Speaker #1: How do you plan to keep output stable going forward? And secondly with a strong hedge position in place for 2H26. How should we think about expected hedging results over the next two quarters?

Speaker #2: Thanks, Joaquin. And I'll ask Rodrigo to take the first one, and Jaime, if you can take the second one. Rodrigo.

Felipe Bayón: Thanks, Joaquin. I will ask Rodrigo to take the first one, and Jaime, if you can take the second one. Rodrigo.

Rodrigo Dalle Fiore: Hello, Joaquin. Thank you for your question. Actually, waterflooding is key, not only in production, that represents 25% of the production of the Llanos 34 today. It is also key in the development plan. Waterflooding is not the only thing that we are executing and doing in the fields. We are executing an infield drilling program. Very successful last year with 6 wells. We started this year with all the 7, and we are moving to the north of the field with another 7 wells in that area. Actually, we are executing a work program where we expect to finish the year with more than 25 workovers in the field, and we have 4 wells injecting polymer today.

Speaker #4: Hello, Joaquin. Thank you for your question. Actually, water flooding is key not only in production—it represents 25% of the production of the JANU 34 today—but it's also key in the development plan.

Speaker #4: But water flooding is not the only thing that we are executing and doing in the fields. We are executing an infield development infield drilling program with relative very successful last year with six.

Speaker #4: Wells. We started this year with all the seven and we are moving to the north of the field with another seven wells in that area.

Speaker #4: Actually, we are executing a work program where we expect to finish the year with more than 25 work hours in the field, and we have four wells injecting polymer today.

Speaker #4: We expect to finish the year in nine injectors and next for next year for the beginning of next year we want to add another nine wells for a total of 18 wells in polymer flood.

Rodrigo Dalle Fiore: We expect to finish the year in 9 injectors, and for the beginning of next year, we want to add another 9 wells for a total of 18 wells in polymer flood. So we are doing a lot of things to keep production stable. This is impossible to do if we are not very detailed in the surveillance, disciplined operation, and also have a very strong alignment with our partner. So that is key also in this relationship that we have. If you ask about the future, what we are thinking about the future, most of the activity in waterflooding and polymer are located in the southwest of the field. What we expect is to move to the northeast of the field with new injector wells, so the waterflooding is not there yet.

Speaker #4: So we are doing a lot of things to keep production stable. This is impossible to do it if we are not very detailing the surveillance disciplinated operation and also have a very strong alignment with our partner.

Speaker #4: So that's key also in this relationship that we have. If you ask about the future what we are thinking about the future most of the activity in water flooding and polymer are located in the south west of the field what we expect is to move to the northwest northeast of the field.

Speaker #4: We knew injector wells. So the water flooding is not there yet. So that's the plan for the rest of this year and next year.

Rodrigo Dalle Fiore: That's the plan for the rest of this year and next year, with more infield drilling wells, injector wells in terms of water and polymer as well. That's the plan that we have to keep production stable in Llanos 34.

Speaker #4: With more infield drilling wells, injector wells, in terms of water and polymer as well. So that's the plan that we have to keep production stable in JANU-34.

Speaker #2: Very well Rodrigo. Thank you. Jaime.

Felipe Bayón: Very well, Rodrigo.

Rodrigo Dalle Fiore: Thank you.

Felipe Bayón: Thank you, Jaime.

Jaime Caballero Uribe: Yes, Joaquin, moving on to the question around hedging. Our 2026 position has remained unchanged since the last call that we had. It was a position that was acquired probably at the back end of last year, early Q1 of this year. To do a quick recap on that, essentially what we are seeing is we are at around 20,000 barrels a day of barrels that we have hedged currently, and we have a growing set of volumes in Q3 and Q4 that can get to about 25,000 barrels a day as the Vaca Muerta production ramps up. That has remained unchanged since the last call. The floors and ceilings associated to that production are $65 per barrel on the floor end, and ceilings of about $72, $73 per barrel.

Speaker #3: Yes. Joaquin moving on to the question around hedging. Basically our 2026 position has remained unchanged since the last call that we had. It was a position that was acquired probably at the back end of last year early first Q of this year.

Speaker #3: To do a quick recap on that essentially what we're seeing is we are at around 20,000 barrels a day of barrels that we have hedged currently and we are we have a growing set of volumes in 3Q and 4Q that can get to about 25,000 barrels a day as the Vaca Muerta production ramps up.

Speaker #3: So that's remained unchanged since the last call. The floors and ceilings associated to that production are 65 dollars per barrel on the floor end and ceilings of about 72, 73 dollars per barrel.

Speaker #3: And that position provides price support for a full-year EBITDA that is in excess of $250 million, despite the cost escalation that we have been talking about today.

Jaime Caballero Uribe: That position provides price support for a full-year EBITDA that is in excess of $250 million, despite the cost escalation that we have been talking about today. Even in these scenarios of when you think about the ranges that Martín spoke about, the $17 to $19 per barrel potentially of OPEX cost escalation, we are expecting to have an EBITDA that is strong and competitive. Thanks.

Speaker #3: So, even in these scenarios of, you know, when you think about the ranges that Martín spoke about—the $17 to $19 per barrel, potentially, of OPEX cost escalation—we are expecting to have an EBITDA that is strong and competitive.

Speaker #3: Thanks.

Speaker #2: Thank you, Jaime, and thanks, Joaquin.

Felipe Bayón: Thank you, Jaime, and thanks, Joaquin.

Speaker #1: Our next question comes from the web as well. It comes from Isabella Pacheco from Bank of America. It reads what are your expectations on social unrest under the new administration in Colombia?

Operator: Our next question comes from the web as well. It comes from Isabella Pacheco from Bank of America. It reads: What are your expectations on social unrest under the new administration in Colombia? Can GeoPark do anything to work around it?

Speaker #1: Can GeoPark do anything to work around it?

Speaker #2: Thanks Isabella and thanks for the question. And one of the things that in GeoPark we value is part of our core values is this long-term relationships with the communities and the overall environment in which we operate and I'll probably share something with you Isabella.

Felipe Bayón: Thanks, Isabella, and thanks for the question. One of the things that in GeoPark we value, it's part of our core values, is these long-term relationships with the communities, and the overall environment in which we operate. I'll probably share something with you, Isabella. I've joined just over a year ago, the company, and one of the key reasons why I joined GeoPark is the way in which GeoPark conducted its businesses. In terms of being a safe operator, a reliable operator, and an operator that in terms of both the environment and the communities, did things very well. I think in its history, GeoPark has built very strong relationships with the local communities, in terms of some of them providing goods and works and actually working in some of our fields with the authorities and the likes.

Speaker #2: I've joined just over a year ago the company and one of the key reasons why I joined GeoPark is the way in which GeoPark conducted its businesses.

Speaker #2: In terms of being a safe operator reliable operator and an operator that in terms of the both the environment and the communities did things very well.

Speaker #2: So I think I mean in its history GeoPark has built very strong relationships with the local communities in terms of some of them providing goods and works and actually working in some of our fields with the authorities and the likes and that's not going to change.

Felipe Bayón: That's not going to change with the incoming administration. I think we'll just continue to strengthen how we do things in terms of our activities, working with those communities, our social investment, and a long-term view. We'll be watchful. We'll be very proactive, and always sort of approaching this in a manner that's respectful, and that actually has this long-term view in mind. Thanks, Isabella.

Speaker #2: You know with the incoming administration I think we'll just continue to strengthen how we do things in terms of our activities working with those communities our social investment and a long-term view and a long-term view.

Speaker #2: So we'll be watchful. We'll be very, very proactive, and always sort of approaching this in a manner that's respectful and that actually has this long-term view in mind.

Speaker #2: Thanks Isabella.

Speaker #1: And our last question from the web comes from Peter Bowley from Jefferies. On inorganic growth opportunities is GeoPark considering only oil focused assets or gas assets a possibility as well?

Operator: Our last question from the web comes from Peter Bowley from Jefferies. On inorganic growth opportunities, is GeoPark considering only oil-focused assets, or are gas assets a possibility as well, particularly in Colombia, where natural gas looks to be experiencing a multi-year supply-demand imbalance? Thank you.

Speaker #1: Particularly in Colombia, where natural gas appears to be experiencing a multi-year supply-demand imbalance. Thank you.

Felipe Bayón: Thanks, Peter. Thanks for the question. Yeah, we have been indeed focused on oil. We produce some gas, and we do some self power generation in the field. Gas and gas plays and gas opportunities is something that we've looked throughout the years. We are not closed to gas opportunities. As you rightly point out, there's a deficit in terms of demand of gas in Colombia. I would probably just add that we firmly believe there's gas opportunities in Colombia. Some of them associated with unconventionals that we've already mentioned in the call. If through fracking of unconventionals and developing the unconventionals, we can get some gas to the market, that's something that we're ready to pursue. There's bigger opportunities around gas, but those are outside of the remit of the company. Things like the offshore.

Speaker #2: Thanks Peter. Thanks for the question. Yeah I mean we have been indeed focusing oil we are I mean we produce some gas and we do some self power generation in the field but gas and gas plays and gas opportunities is something that we've looked throughout the years.

Speaker #2: So we are not closed to gas opportunities as you rightly point out. There's a deficit in terms of demand of gas in Colombia and I would probably just add that there's we firmly believe there's opportunities gas opportunities in Colombia some of them associated with unconventionals that we've already mentioned in the call.

Speaker #2: So if through fracking of unconventionals and developing the unconventionals we can get some gas to the market that's something that we're ready to pursue.

Speaker #2: There are bigger opportunities around gas, but those are outside of the remit of the company. You know, things like offshore. And probably the other thing—and I'll tie it back to a question that was made earlier—is there could be some cross-border opportunities with Venezuela around gas.

Felipe Bayón: Probably the other thing, and I'll tie it back to a question that was made earlier, is there could be some cross-border opportunities with Venezuela around gas. That's something else that we've looked at and we're not close to that. Definitely gas is something that should the right opportunity come, we want to be involved, and we will continue to be proactive in that space. Thanks, Peter.

Speaker #2: So that's something else that we've looked at and we're not close to that. So definitely gas is something that we should the right opportunity come we want to be involved and we will continue to be proactive in that space.

Speaker #2: Thanks Peter.

Speaker #1: And we have no further questions. I would like to turn the call back over to the company's CEO Felipe Bayon for closing remarks.

Operator: We have no further questions. I would like to turn the call back over to the company's CEO, Felipe Bayón, for closing remarks.

Speaker #2: Thank you. Thanks a lot and again thanks for participating this morning and this afternoon. In this call for our 2Q results very very thrilled with what's going on in terms of how we've managed to implement strategy which is absolutely as we've discussed before two main things protecting what we have and we have some good operating results in Colombia and in Argentina and Vaca Muerta.

Felipe Bayón: Thank you. Thanks a lot. Again, thanks for participating this morning and this afternoon in this call for our Q2 results. Very thrilled with what's going on in terms of how we've managed to implement strategy, which is absolutely, as we've discussed before, two main things. Protecting what we have, and we have some good operating results in Colombia and in Argentina in Vaca Muerta. Going back to a path of growth with Vaca Muerta has actually delivered to us so far, and we're very happy with that. Going forward, we've talked about opportunities in Colombia. We will continue to work on those opportunities in Venezuela. I just want to highlight that there's some potential opportunities in Argentina as well.

Speaker #2: And going back to a path of growth with Vaca Muerta has actually delivered to us so far and we're very happy with that. And going forward we've talked about opportunities in Colombia so we will continue to work on those opportunities in Venezuela and I just want to highlight that there's some potential opportunities in Argentina as well.

Speaker #2: You know there's an upcoming round before the end of the month and we should be participating in that round as we want to grow our presence in Argentina and one last thing I'd say you know given where we are with the current environment the incoming government before we've said that we wanted to be probably around 190 to 220 million dollars of capex we see an opportunity of accelerating some activities that are accretive in value and we see that the capex number could go all the way to 250 million dollars.

Felipe Bayón: There's an upcoming round before the end of the month, we should be participating in that round as we want to grow our presence in Argentina. One last thing I'd say, given where we are with the current environment, the incoming government, before we've said that we wanted to be probably around $190 to $220 million of CapEx. We see an opportunity of accelerating some activities that are accretive in value, and we see that the CapEx number could go all the way to $250 million. I think that just reinforces our commitment to the geographies and countries in which we operate and our willingness to continue to provide value to shareholders. Thanks again for your interest in the company and for joining today's call. Have a great day and stay safe.

Speaker #2: So I think that just reinforces our commitment to the geographies and countries in which we operate and our willingness to continue to provide value to shareholders.

Speaker #2: So, thanks again for your interest in the company and for joining today's call. Have a great day and stay safe.

Operator: This concludes today's conference call. Thank you for your participation. You may now disconnect.

Q2 2026 GeoPark Ltd Earnings Call

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