Full Year Adjusted EBITDA of $417 Million

Portfolio Transformation Well Underway

Record Shareholder Value Returns

Quarterly Cash Dividend of $0.147 Per Share

GeoPark Limited ("GeoPark" or the "Company") (NYSE:GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, reports its consolidated financial results for the three-month period ended December 31, 2024 ("Fourth Quarter" or "4Q2024") and for the year ended December 31, 2024 ("Full Year" or "FY2024"). A conference call to discuss these financial results will be held on March 6, 2025, at 10:00 am (Eastern Standard Time).

FOURTH QUARTER AND FULL-YEAR 2024 FINANCIAL SUMMARY

GeoPark's 4Q2024 and FY2024 results reflect a challenging operational environment in our key assets, a lower Brent price, higher costs and one-off impacts on our performance. However, despite these challenges our financial results remained resilient, demonstrating our ability to adapt and sustain strong profitability. Operating profit remained solid, highlighting a robust cash generation capacity and disciplined financial management amidst the portfolio transformation that is underway.

GeoPark delivered $77.7 million in Adjusted EBITDA¹ in 4Q2024 compared to $117.8 million in 4Q2023, primarily due to lower average production (31,489 boepd vs. 38,315 boepd), lower realized prices ($59.6/bbl vs. $67.1/bbl), and one-off expenses of $3.2 million primarily related to organizational structure optimization and a retroactive overhead adjustment in Ecuador. FY2024 Adjusted EBITDA amounted to $416.9 million compared to $451.9 million in 2023, impacted by lower production (33,937 boepd vs. 36,563 boepd) and the one-off expenses explained above, partially offset by higher realized prices ($65.6/bbl vs. $64.0/bbl). Increased royalties and economic rights paid in kind had a neutral impact on Adjusted EBITDA, reducing revenue, and production and operating costs. Despite lower revenues, operating margin increased to 41% from 36% in 2023, highlighting GeoPark's strong financial discipline and operational efficiency.

Net profit in 4Q2024 was $15.3 million, compared to $26.3 million in 4Q2023, mainly impacted by the effect during the quarter of the 6% Colombian peso devaluation over deferred income tax calculation, and one-off expenses of $5.4 million associated to the offer to purchase certain Repsol assets in Colombia and the acquisition of assets in Vaca Muerta. FY2024 net profit reached $96.4 million compared to $111.1 million in 2023, primarily due to the same factors.

During 2024, GeoPark invested $191.3 million in organic capital expenditures to drill 36 wells². Each dollar invested in capital expenditures yielded $2.2 in Adjusted EBITDA, and the return on average capital employed (ROACE) reached 34%. GeoPark's acquisition of four unconventional hydrocarbon blocks in Vaca Muerta, Argentina, became effective on July 1, 2024, delivering average production of 15,052 boepd gross (reaching a record of 16,060 boepd gross during November 2024) in 4Q2024, 19% higher than 3Q2024. These production volumes are not reflected in GeoPark's 2024 consolidated production numbers as the closing of the transaction is pending regulatory approvals. As of December 31, 2024, GeoPark had already made advanced payments associated with the Vaca Muerta transaction totaling $54.1 million, including $38.0 million towards the upfront consideration for the working interest in the Mata Mora and Confluencia Blocks and $16.1 million for the acquisition of midstream capacity. At closing, GeoPark will pay $152.0 million plus an interim period adjustment.³

Strategic capital allocation underpinned a probable reserves (2P) increase of 41% in 2024 versus 2023 on a pro-forma basis, supported by the addition of 74.6 mmboe from Vaca Muerta. At December 31, 2024, proven reserves (1P) of 102.0 mmboe and 2P reserves of 162.2 mmboe extended the 1P reserve life index (RLI) by 54% to 8.2 years, and the 2P RLI by 44% to 13.1 years. After a pivotal year in 2024, GeoPark now has a strategically balanced and diversified portfolio that combines the high growth trajectory and potential of the Vaca Muerta blocks with the established, mature production flows from the Llanos 34 and CPO-5 blocks.

Underscoring its commitment and ability to continue rewarding shareholders by making the highest annual payout in the Company's history, GeoPark returned $73.7 million to shareholders in FY2024 through dividends and buybacks, which represents a 14% capital return yield⁴. The 2024 buyback program, implemented in the form of a Dutch Auction, allowed GeoPark to reduce its outstanding shares by 8% to 51.2 million.

At end-2024 GeoPark's cash balance was $276.8 million, including $124.8 million of organic cash proceeds and $152 million withdrawn under the offtake and prepayment agreement with Vitol to fund the closing payments associated to the Vaca Muerta transaction. Net leverage remained low at 0.9x, and debt profile remains resilient, with no significant maturities scheduled until 2030.

GeoPark started 2025 by completing an offering of $550 million senior notes due 2030 with an 8.75% coupon. The transaction enhances the Company's financial flexibility and mitigates refinancing risk by extending the Company's average debt maturity from 2.0 years to 4.6 years. Proceeds were partially used to repurchase $405.3 million of the 2027 Notes and repay obligations related to the Vaca Muerta acquisition, strengthening GeoPark's capital structure.

GeoPark remains focused on maximizing production and driving efficiencies at its Llanos 34 and CPO-5 blocks in Colombia, while advancing its appraisal and exploration campaign to unlock additional growth. In Vaca Muerta, efforts will be directed towards developing the Mata Mora Norte Block and continuing the exploration campaign in the Confluencia Sur Block. As part of its North Star strategy, GeoPark will also continue to evaluate value accretive inorganic opportunities that offer growth in big assets, big basins and big plays.

Andrés Ocampo, Chief Executive Officer of GeoPark, said: "Temporary production disruptions and decline in our core Llanos fields made 2024 a challenging year for GeoPark. Despite this, we extended our reserves life, made a game-changing acquisition in Vaca Muerta, held true to our commitments on efficiency, safety and sustainability, returned over $73 million to shareholders, and proactively enhanced our financial flexibility through refinancing senior notes and repaying debt. Our ongoing 2025 work program includes Vaca Muerta and provides a solid foundation for future growth and value enhancement."

Supplementary information is available at the following link:

https://ir.geo-park.com/4Q24-SupplementaryRelease

FOURTH QUARTER AND FULL-YEAR 2024 HIGHLIGHTS

Oil and Gas Production and Operations

4Q2024 consolidated average oil and gas production of 31,489 boepd⁵ or 38,417 boepd pro forma including Vaca Muerta
Annual average oil and gas production of 33,937 boepd⁵ or 37,101 boepd pro forma including Vaca Muerta
10 rigs in operation (4 drilling and 6 workover) at end-2024, including one drilling rig in Vaca Muerta
43 wells drilled in 2024 (including 7 wells in Vaca Muerta)
Zero recordable incidents in 4Q2024 in GeoPark-operated assets

Revenue, Adjusted EBITDA and Net Profit

Revenue of $143.7 million / Full-Year revenue of $660.8 million
Adjusted EBITDA of $77.7 million / Full-Year Adjusted EBITDA of $416.9 million
Operating profit of $44.6 million / Full-Year operating profit of $273.5 million
Net Profit of $15.3 million / Full-Year net profit of $96.4 million ($1.8 basic earnings per share)

Cost and Capital Efficiency

Capital expenditures of $47.4 million / Full-Year capital expenditures of $191.3 million
2024 Adjusted EBITDA to capital expenditures ratio of 2.2x
ROACE of 34%⁶

Balance Sheet Reflects Financial Quality

Cash in hand of $276.8 million at year-end, including $152.0 million withdrawn under an offtake and prepayment agreement with Vitol, to be used upon regulatory closing of the acquisition of assets in Vaca Muerta in Argentina
Full-Year net leverage of 0.9x and no principal debt maturities until January 2027

Record Shareholder Value Return

Returned $73.7 million to shareholders in FY2024 through $30.0 million in dividends, representing a 6% dividend yield⁷, and $43.7 million in share buybacks, retiring 4.4 million shares representing 8% of total shares outstanding
Quarterly cash dividend of $0.147 per share, or approximately $7.5 million, payable on March 31, 2025, to the shareholders of record at the close of business on March 19, 2025

Effective SPEED Values System and Commitment to Sustainability

Inclusion in the S&P Sustainability Yearbook for the first time, and recognized as the Industry Mover (the company that registered the highest annual increase in its score) in the Yearbook's Oil & Gas Upstream & Integrated sector
‘AA' rating in the MSCI Index for the second consecutive year, consolidating GeoPark's position as a global leader in sustainability
Became the first company in Colombia's oil and gas sector to calculate its water footprint for all its operated blocks in the country

OTHER NEWS

GeoPark Appoints New Chief Exploration and Development Officer

GeoPark is pleased to announce the appointment of Rodrigo Dalle Fiore to the position of Chief Exploration and Development Officer. Rodrigo brings over 20 years of experience in Latin America's oil and gas industry, with a strong background in unconventional resources, strategic growth, and operational leadership. Since joining GeoPark in 2023, Rodrigo has played a key role in expanding the Company's footprint in Vaca Muerta. Prior to GeoPark, he held senior leadership positions at Ecopetrol, where he led new energy initiatives, E&P development, and international assets. He began his career at Pan American Energy, rising to Operations Manager of Cerro Dragón, one of Argentina's largest oil fields.

CONSOLIDATED OPERATING PERFORMANCE Key performance indicators:

Key Indicators	4Q2024		3Q2024		4Q2023		FY2024		FY2023
Oil production^a (bopd)	31,354		33,091		35,842		33,544		33,958
Gas production (mcfpd)	808		747		14,841		2,362		15,632
Average net production (boepd)	31,489		33,215		38,315		33,937		36,563
Brent oil price ($ per bbl)	74.0		78.5		82.9		79.8		82.2
Combined realized price ($ per boe)	59.6		65.1		67.1		65.6		64.0
Oil ($ per bbl)	61.9		67.7		73.0		68.6		69.5
Gas ($ per mcf)	7.1		6.8		4.4		5.9		4.6
Sale of crude oil ($ million)	141.8		157.5		192.6		648.7		726.9
Sale of purchased crude oil ($ million)	1.4		1.5		1.3		7.2		5.5
Sale of gas ($ million)	0.5		0.5		5.9		5.1		25.0
Commodity risk management contracts ($ million)	—		—		(0.2	)	(0.1	)	(0.8	)
Revenue ($ million)	143.7		159.5		199.7		660.8		756.6
Production & operating costs^b ($ million)	(44.3	)	(39.8	)	(60.9	)	(164.0	)	(232.3	)
G&G, G&A^c($ million)	(17.7	)	(15.7	)	(15.3	)	(62.1	)	(55.2	)
Selling expenses ($ million)	(2.9	)	(3.5	)	(4.8	)	(14.9	)	(13.1	)
Operating profit ($ million)	44.6		54.7		44.3		273.5		270.9
Adjusted EBITDA ($ million)	77.7		99.8		117.8		416.9		451.9
Adjusted EBITDA ($ per boe)	32.2		40.7		39.6		41.4		38.2
Net profit ($ million)	15.3		25.1		26.3		96.4		111.1
Capital expenditures ($ million)	47.4		45.9		66.6		191.3		199.0
Cash and cash equivalents ($ million)	276.8		123.4		133.0		276.8		133.0
Short-term financial debt ($ million)	22.3		5.7		12.5		22.3		12.5
Long-term financial debt ($ million)	492.0		491.1		488.5		492.0		488.5
Net debt ($ million)	237.6		373.3		368.0		237.6		368.0
Dividends paid ($ per share)	0.147		0.147		0.134		0.577		0.526
Shares repurchased (million shares)	—		—		0.850		4.369		3.074
Basic shares – at period end (million shares)	51,247		51,193		55,328		51,247		55,328
Weighted average basic shares (million shares)	51,227		51,178		55,892		52,488		56,837

a)		Includes royalties and other economic rights paid in kind in Colombia for approximately 5,011 bopd, 6,073 bopd, and 4,923 bopd in 4Q2024, 3Q2024 and 4Q2023, respectively. No royalties were paid in kind in other countries. Production in Ecuador is reported before the Government's production share.
b)		Production and operating costs include operating costs, royalties and economic rights paid in cash, share-based payments and purchased crude oil.
c)		G&A and G&G expenses include non-cash, share-based payments for $1.3 million, $1.4 million, and $1.8 million in 4Q2024, 3Q2024 and 4Q2023, respectively. These expenses are excluded from the Adjusted EBITDA calculation.

All figures are expressed in US Dollars and growth comparisons refer to the same period of the prior year, except when specified. Definitions and terms used herein are provided in the Glossary at the end of this document. This press release and its supplementary information do not contain all the Company's financial information and the Company's consolidated financial statements and corresponding notes for the period ended December 31, 2024, will be available on the Company's website and in the Company's annual report on Form 20-F.

RECONCILIATION OF ADJUSTED EBITDA TO PROFIT BEFORE INCOME TAX

FY2024 (In millions of $)	Colombia		Ecuador		Brazil		Chile		Other^(a)		Total
Adjusted EBITDA	419.3		14.7		(3.7	)	(0.1	)	(13.3	)	416.9
Depreciation	(121.1	)	(8.3	)	(1.2	)	—		(0.0	)	(130.7	)
Write-offs	(6.9	)	(7.7	)	(0.2	)	—		—		(14.8	)
Share based payment	(1.3	)	(0.0	)	(0.0	)	—		(4.9	)	(6.3	)
Lease Accounting - IFRS 16	6.8		0.0		0.9		—		—		7.8
Others	1.4		0.1		(3.0	)	0.0		2.0		0.6
OPERATING PROFIT (LOSS)	298.2		(1.1	)	(7.2	)	(0.1	)	(16.2	)	273.5
Financial costs, net											(43.5	)
Foreign exchange charges, net											12.2
PROFIT BEFORE INCOME TAX											242.2

FY2023 (In millions of $)	Colombia		Ecuador		Brazil		Chile		Other^(a)		Total
Adjusted EBITDA	446.8		5.2		6.4		5.0		(11.5	)	451.9
Depreciation	(101.7	)	(7.1	)	(2.3	)	(9.8	)	(0.0	)	(120.9	)
Write-offs	(29.6	)	—		—		—		—		(29.6	)
Impairment	—		—		—		(13.3	)	—		(13.3	)
Share based payment	(1.4	)	(0.0	)	(0.0	)	(0.1	)	(5.8	)	(7.3	)
Lease Accounting - IFRS 16	8.4		0.0		0.9		0.9		—		10.3
Others	(1.1	)	0.0		(0.4	)	(4.5	)	(14.1	)	(20.1	)
OPERATING PROFIT (LOSS)	321.5		(1.9	)	4.5		(21.9	)	(31.3	)	270.9
Financial costs, net											(39.6	)
Foreign exchange charges, net											(16.8	)
PROFIT BEFORE INCOME TAX											214.5

a)	Includes Argentina and Corporate business.

CONFERENCE CALL INFORMATION

GeoPark management will host a conference call on Thursday, March 6, 2025, at 10:00 am (Eastern Standard Time) to discuss the 4Q2024 financial results.

To listen to the call, participants can access the webcast located in the Invest with Us section of the Company's website at www.geo-park.com, or by clicking below:

https://events.q4inc.com/attendee/423174919

Interested parties may participate in the conference call by dialing the numbers provided below:

United States Participants: +1 404-975-4839

Global Dial-In Numbers:

https://www.netroadshow.com/conferencing/global-numbers?confId=68476

Passcode: 595176

Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast.

An archive of the webcast replay will be made available in the Invest with Us section of the Company's website at www.geo-park.com after the conclusion of the live call.

GLOSSARY


2027 Notes	5.500% Senior Notes due 2027

Adjusted EBITDA	Adjusted EBITDA is defined as profit for the period before net finance costs, income tax, depreciation, amortization, the effect of IFRS 16, certain non-cash items such as impairments and write-offs of unsuccessful efforts, accrual of share-based payments, unrealized results on commodity risk management contracts and other non-recurring events

Adjusted EBITDA per boe	Adjusted EBITDA divided by total boe deliveries

Operating Netback per boe	Revenue, less production and operating costs (net of depreciation charges and accrual of stock options and stock awards, the effect of IFRS 16), selling expenses, and realized results on commodity risk management contracts, divided by total boe deliveries. Operating Netback is equivalent to Adjusted EBITDA net of cash expenses included in Administrative, Geological and Geophysical and Other operating costs

Bbl	Barrel

Boe	Barrels of oil equivalent

Boepd	Barrels of oil equivalent per day

Bopd	Barrels of oil per day

G&A	Administrative Expenses

G&G	Geological & Geophysical Expenses

Mcfpd	Thousand cubic feet per day

Net Debt	Current and non-current borrowings less cash and cash equivalents

WI	Working interest

NOTICE

Additional information about GeoPark can be found in the Invest with Us section of the website at www.geo-park.com.

Rounding amounts and percentages: Certain amounts and percentages included in this press release and its supplementary information have been rounded for ease of presentation. Percentage figures included in this press release and its supplementary information have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. In addition, certain other amounts that appear in this press release and its supplementary information may not sum due to rounding.

This press release and its supplementary information contain certain oil and gas metrics, including information per share, operating netback, reserve life index and others, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

This press release and its supplementary information contain statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,'' ‘‘believe,'' ‘‘could,'' ‘‘expect,'' ‘‘should,'' ‘‘plan,'' ‘‘intend,'' ‘‘will,'' ‘‘estimate'' and ‘‘potential,'' among others.

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 production, timing for closing of the acquisition transaction, Work Program and Investment Guidelines, strategic initiatives, growth and capital allocation. Forward-looking statements are based on management's beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.

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 upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, profit for the period or cash flow from operating activities as determined in accordance with IFRS or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure and significant and/or recurring write-offs, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. For a reconciliation of Adjusted EBITDA to the IFRS financial measure of profit, see the accompanying financial tables and the supplementary information.

Operating Netback per boe: Operating netback per boe should not be considered as an alternative to, or more meaningful than, profit for the period or cash flow from operating activities as determined in accordance with IFRS or as an indicator of the Company's operating performance or liquidity. Certain items excluded from operating netback per boe are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure and significant and/or recurring write-offs, as well as the historic costs of depreciable assets, none of which are components of operating netback per boe. The Company's calculation of operating netback per boe may not be comparable to other similarly titled measures of other companies.

¹		For reconciliations, see "Reconciliation of Adjusted EBITDA to Profit Before Income Tax" table below.
²		Not including 7 wells in Vaca Muerta.
³		The interim period adjustment will include the reimbursement for capital expenditures (including a portion of exploration commitments) and other net results from the operation since July 1, 2024 (the effective date of the acquisition) until the regulatory closing.
⁴		Based on GeoPark's average market capitalization from December 1 to December 31, 2024.
⁵		Reported in the 4Q2024 Operational Update and not including production from Vaca Muerta.
⁶		ROACE is defined as last twelve-month operating profit divided by average total assets minus current liabilities.
⁷		Based on GeoPark's average market capitalization from December 1 to December 31, 2024.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250305852061/en/

For further information, please contact:

INVESTORS:

Maria Catalina Escobar

Shareholder Value and Capital Markets Director

mescobar@geo-park.com

Miguel Bello

Investor Relations Officer

mbello@geo-park.com

Maria Alejandra Velez

Investor Relations Leader

mvelez@geo-park.com

MEDIA:

Communications Department

communications@geo-park.com

GeoPark Reports Fourth Quarter and Full-Year 2024 Results