GeoPark Limited filed a Form 6-K with the U.S. Securities and Exchange Commission on November 4, 2026, reporting consolidated financial results for the three-month period ended September 30, 2026.

Key Highlights

  • Revenue fell 19% to $116.2 million in Q3 2026, compared to $143.3 million in Q2 2026, according to the filing.
  • Adjusted EBITDA declined 37% to $45.8 million, representing a 39% margin, down from $73.1 million in Q2 2026.
  • Combined realized prices dropped to $56.2 per boe in Q3 2026 from $67.2 per boe in Q2 2026, reflecting wider crude oil differentials.
  • Free cash flow before debt service stood at negative $55.5 million, consistent with what the company described as an anticipated investment phase.
  • $550 million senior notes offering at 9.500% due 2033 was completed subsequent to quarter-end, with approximately $266.8 million of outstanding 2030 Notes repurchased.
  • Venezuela entry completed on November 2, 2026, with the 25-year Production Participation Contract for the Bare Block becoming effective.
  • Corralera Noreste Block awarded in Argentina in October 2026, adding approximately 26,900 gross acres with an estimated 200 mmboe of unrisked gross resource potential.

GeoPark Q3 2026 Financial Results: Differential Pressure and Strategic Investment

GeoPark Limited (NYSE:GPRK) reported that Brent prices averaged $91.4 per barrel during Q3 2026, compared to $96.9 per barrel in Q2 2026. The filing disclosed that crude oil differentials widened significantly: in Colombia, the Vasconia differential moved to a discount of $6.67 per barrel from a discount of $1.43 per barrel, while in Argentina, the Medanito differential deteriorated to a discount of $3.50 per barrel from a premium of $1.79 per barrel. Operating costs increased to $20.7 per produced boe from $17.9 per produced boe, driven by higher energy costs, increased well intervention activities, and appreciation of Colombian and Argentine currencies, according to the filing.

The company disclosed that consolidated average oil and gas production reached 27,973 boepd, up 3% from Q2 2026. Colombia production was broadly stable at 25,865 boepd, while Argentina production increased 50.6% quarter over quarter to 2,108 boepd. Capital expenditures totaled $72.2 million, described by the company as "one of GeoPark's highest quarterly investment levels in recent years," bringing two-quarter investment to $148.6 million. The filing reported that cash and cash equivalents stood at $253.4 million at quarter-end, while net debt rose to $386.6 million, with a net leverage ratio of 1.6x. Net income for the quarter totaled $6.6 million, including a $12.4 million income tax benefit.

Regarding hedging, the filing stated that Q3 2026 revenue reflected a $36.4 million loss from commodity risk management contracts. The company disclosed rolling over 6,000 bopd of existing Q4 2026 hedges into a 2028 position, with the resulting Q4 2026 hedge position set at 25,000 boepd, with average floors of $69 per boe and price ceilings of $79 per boe. The filing also noted that the dividend suspension announced in October 2025, effective with Q3 2026 results, "was designed to preserve cash through this phase." Full-year 2026 results are expected to remain within market guidance, the company stated.

What Was Disclosed

GeoPark filed its Q3 2026 results via Form 6-K, disclosing a 19% revenue decline to $116.2 million, a 37% drop in Adjusted EBITDA to $45.8 million, negative free cash flow, a $550 million senior notes issuance, entry into Venezuela, and a new block award in Argentina.