Key Highlights

  • Premarket shares fell 0.39% to $10.15 after GeoPark closed 9.02% lower at $10.19 on June 15.
  • The previous session’s range was $10.11 to $10.76, with approximately 567,540 shares traded.
  • First-quarter production averaged 27,249 barrels of oil equivalent per day.
  • Quarterly revenue reached $128.4 million, while adjusted EBITDA was $71.3 million.

GeoPark Limited (NYSE:GPRK) traded lower before the June 16 market open, extending the previous session’s decline as weaker crude oil prices weighed on its predominantly oil-based production portfolio.

The shares changed hands near $10.15 in premarket activity, down 0.39% from the June 15 close of $10.19. GeoPark had fallen $1.01, or 9.02%, during Monday’s regular session after opening at $10.75.

GeoPark operates oil and gas assets across Latin America, with production concentrated in Colombia and additional exposure to Argentina, Brazil and Ecuador. Oil represents the majority of its output, making earnings and cash flow sensitive to movements in international crude benchmarks.

The company’s first-quarter production averaged 27,249 barrels of oil equivalent per day, exceeding its internal plan. Revenue rose to $128.4 million from $110.3 million in the preceding quarter.

Adjusted EBITDA increased to $71.3 million, representing a margin of approximately 56%. Operating costs declined to $14.70 per barrel of oil equivalent from $15.80 in the fourth quarter, while operating profit reached $58 million.

Net profit was $20.2 million, compared with $31.1 million in the previous quarter. The decline in net earnings came despite stronger operating performance and higher revenue.

GeoPark has also expanded its unconventional exposure through assets in Argentina’s Vaca Muerta formation. The company intends to direct more capital toward those assets, while maintaining production from its established Colombian portfolio.

The June 15 close valued GeoPark at approximately $534.7 million. The stock carried a trailing price-to-earnings ratio of about 9.6 and an indicated dividend yield of roughly 2.3%.

GeoPark shares have traded between $5.75 and $11.87 over the past 52 weeks. Despite the latest selloff, the stock remained closer to the upper end of that range.