Strong Financial Discipline and Cost Efficiency Underpin Profitability

Robust Cash Generation and Low Leverage Amid Volatile Market Conditions

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 March 31, 2025 ("First Quarter" or "1Q2025"). A conference call to discuss these financial results will be held on May 8, 2025, at 10:00 am (Eastern Daylight Time).

GeoPark's profitable, dependable, and sustainable platform continued to deliver in 1Q2025, driven by the focused execution of its 2025 Work Program and the consistent application of disciplined capital allocation. Solid operational results across core operated and non-operated assets enabled GeoPark to exceed its pro forma production guidance of 35,000 boepd, while maintaining a competitive cost structure and advancing key strategic initiatives. The Company's commitment to portfolio resilience, capital efficiency, and operational excellence has allowed it to navigate lower Brent prices and heightened market volatility, while maintaining the flexibility to pursue value-accretive growth opportunities.

Operational figures include estimated pro forma production from the Mata Mora Norte Block (GeoPark non-operated, 45% WI) and Confluencia Norte Block (GeoPark non-operated, 50% WI) both in Vaca Muerta, Argentina. The Company's 1Q2025 financial results do not include the consolidation of production, revenues, or costs related to these assets, which remain subject to the completion of regulatory approvals by the relevant provincial authorities. We continue to work diligently to advance the approval process.

FIRST QUARTER 2025 FINANCIAL SUMMARY

In 1Q2025 GeoPark reported Adjusted EBITDA¹ of $87.9 million (64% Adj. EBITDA margin), a 13% increase compared to 4Q2024, mainly driven by strong cost discipline and higher realization prices that offset the lower production when excluding Vaca Muerta.

Operating costs per produced barrel of oil equivalent (boe) decreased to $12.3 in 1Q2025 from $14.5 in 4Q2024, within the range set for 2025 ($12-14 per boe). As part of its ongoing efforts to enhance competitiveness and profitability, the Company launched a comprehensive efficiency program aimed at generating $5–7 million in annual savings. The program focuses on optimizing expenditures, improving asset returns, and streamlining the corporate structure. To date, 90% of the targeted savings have already been achieved, with additional initiatives underway to fully reach the program's objectives.

Net profit for the quarter amounted to $13.1 million, compared to $15.3 million in 4Q2024, mainly due to one-off costs related to the partial repurchase of the 2027 Notes and higher financial cost associated to the issuance of the 2030 Notes. This strategic decision capitalized on favorable market conditions to successfully extend the average debt maturity to 4.6 years and reduce near-term refinancing risk.

During 1Q2025, GeoPark invested $22.6 million to strengthen operations and support future growth. Investments focused primarily on workover campaigns, completion activities and infrastructure development in the Llanos 34 Block (GeoPark operated, 45% WI), as well as exploration drilling activity in the Llanos 123 Block (GeoPark operated, 50% WI), both in Colombia. On a pro forma basis, GeoPark invested an additional $23.8 million² to advance key development and infrastructure projects in Vaca Muerta, including the completion and fracture of three wells in PAD 9 and the drilling of four wells in PAD 12. Adjusted EBITDA to capital expenditures ratio of 3.9x and a return on average capital employed (ROACE) of 27% showed continued robust capital efficiency.

Liquidity remained strong, with a cash balance of $308.0 million, further enhanced by the divestment of the non-core Llanos 32 and Manati blocks, which resulted in a $15.8 million cash inflow and a $3.2 million net gain (with an additional $7-8 million gain from Manati expected upon closing). The Company closed the period with net debt of $349.4 million and a strong leverage ratio of 0.9x, underscoring disciplined financial management and a resilient debt structure.

GeoPark proactively maintains strong downside protection against oil price volatility, with approximately 70% of its expected 2025 pro forma production — including volumes from Vaca Muerta — covered by hedging instruments with floor prices between $68 and $70 per barrel.

Demonstrating its continued commitment to shareholder returns, GeoPark declared a quarterly cash dividend of $0.147 per share (approximately $7.5 million), payable on June 5, 2025.

Andrés Ocampo, Chief Executive Officer of GeoPark, said: "Our first-quarter performance underscores the strength and resilience of the Company we have built together—efficient, disciplined, and future-focused. Through rigorous execution and proactive risk management, we delivered a stronger balance sheet, a healthier cash position, and a more robust debt profile—achieving solid financial results despite a volatile market environment. I am profoundly grateful to everyone who has contributed to this chapter of GeoPark's journey. The significant steps we've taken to strengthen our team and streamline our portfolio have positioned us to unlock greater value and build a more powerful platform for growth in the years to come."

Supplementary information is available at the following link:

https://ir.geo-park.com/1Q25-SupplementaryRelease

FIRST QUARTER 2025 HIGHLIGHTS

Oil and Gas Production and Operations

1Q2025 consolidated average oil and gas production of 29,076 boepd³ or 36,279 boepd pro forma including Vaca Muerta, exceeding the 2025 base case guidance of 35,000 boepd
8 rigs in operation (3 drilling and 5 workover) at the end of 1Q2025, including one drilling rig in Vaca Muerta
Production in Vaca Muerta reached a record of 17,358 boepd gross during February 2025
New exploration discovery at the Currucutu-1 well in the Llanos 123 Block
Enhanced field optimization and well interventions in the Llanos 34 and CPO-5 blocks, including the deployment of new-generation drilling rigs delivering faster cycle times and lower well costs

Revenue, Adjusted EBITDA and Net Profit

Revenue of $137.3 million
Adjusted EBITDA of $87.9 million (64% Adjusted EBITDA margin)
Operating profit of $50.4 million
Net profit of $13.1 million ($0.25 basic earnings per share)

Cost and Capital Efficiency

Capital expenditures of $22.6 million
1Q2025 Adjusted EBITDA to capital expenditures ratio of 3.9x
ROACE of 27%⁴
Operating costs per produced boe of $12.3

Balance Sheet Reflects Financial Quality

Cash in hand of $308.0 million, including $152.0 million to be used upon regulatory closing of the acquisition of assets in Vaca Muerta, Argentina
Full-Year net leverage of 0.9x and no principal debt maturities until January 2027
Current cash position of $330 million (May 4, 2025)

Commitment to Disciplined Capital Allocation

Divestment of the non-core, non-operated Llanos 32 Block in Colombia and Manati gas field in Brazil for an aggregate total consideration of $20 million⁵ (net of $12 million liabilities related to decommissioning or retirement obligations at the Manati gas field)

Continued Shareholder Value Return

Quarterly cash dividend of $0.147 per share, or approximately $7.5 million, payable on June 5, 2025, to shareholders of record at the close of business on May 22, 2025
Through our commitment to shareholder returns we expect an annualized dividend of approximately $30 million in 2025, or a 9% dividend yield⁶

Sustainability and Corporate Governance

Our 2024 SPEED/Sustainability Report highlights substantial emissions reductions and operational efficiency, as well as multiple awards for climate action, biodiversity, and decarbonization leadership

CONSOLIDATED OPERATING PERFORMANCE
Key performance indicators:


Key Indicators	1Q2025		4Q2024		1Q2024
Oil production^a (bopd)	28,972		31,354		34,255
Gas production (mcfpd)	624		808		7,305
Average net production (boepd)	29,076		31,489		35,473
Brent oil price ($ per bbl)	74.9		74.0		81.8
Combined realized price^b ($ per boe)	62.8		59.6		65.1
⁻ Oil^c ($ per bbl)	65.3		61.9		69.5
⁻ Gas ($ per mcf)	—		7.1		5.4
Sale of crude oil ($ million)	137.1		141.8		162.2
Sale of purchased crude oil ($ million)	0.4		1.4		1.8
Sale of gas ($ million)	—		0.5		3.5
Commodity risk management contracts ($ million)	(0.2	)	—		(0.1	)
Revenue ($ million)	137.3		143.7		167.4
Production & operating costs^d ($ million)	(35.4	)	(44.3	)	(38.5	)
G&G, G&A^e($ million)	(11.5	)	(17.7	)	(12.7	)
Selling expenses ($ million)	(2.2	)	(2.9	)	(4.1	)
Operating profit ($ million)	50.4		44.6		84.0
Adjusted EBITDA ($ million)	87.9		77.7		111.5
Adjusted EBITDA ($ per boe)	40.2		32.2		43.4
Net profit ($ million)	13.1		15.3		30.2
Capital expenditures ($ million)	22.6		47.4		48.8
Cash and cash equivalents ($ million)	308.0		276.8		150.7
Short-term financial debt ($ million)	19.0		22.3		5.7
Long-term financial debt ($ million)	638.4		492.0		489.3
Net debt ($ million)	349.4		237.6		344.3
Dividends paid ($ per share)	0.147		0.147		0.136
Shares repurchased (million shares)	—		—		—
Basic shares – at period end (million shares)	51,318		51,247		55,475
Weighted average basic shares (million shares)	51,281		51,227		55,381

a)	Includes royalties and other economic rights paid in kind in Colombia for approximately 4,869 bopd, 5,011 bopd, and 5,916 bopd in 1Q2025, 4Q2024 and 1Q2024, respectively. No royalties were paid in kind in other countries. Production in Ecuador is reported before the Government's production share.
b)	After the effect of earn-out to ex-owners of certain blocks.
c)	Before the effect of earn-out to ex-owners of certain blocks.
d)	Production and operating costs include operating costs, royalties and economic rights paid in cash, share-based payments and purchased crude oil.
e)	G&A and G&G expenses include non-cash, share-based payments for $1.4 million, $1.3 million, and $1.5 million in 1Q2025, 4Q2024 and 1Q2024, 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 are available on the Company's website.

RECONCILIATION OF ADJUSTED EBITDA TO PROFIT BEFORE INCOME TAX

1Q2025 (In millions of $)	Colombia		Ecuador		Brazil		Other^(a)		Total
Adjusted EBITDA	88.4		3.4		(1.5	)	(2.4	)	87.9
Depreciation	(29.7	)	(2.1	)	(0.2	)	—		(32.0	)
Write-offs	(5.9	)	—		—		—		(5.9	)
Share based payment	(0.3	)	(0.0	)	(0.0	)	(1.3	)	(1.5	)
Lease Accounting - IFRS 16	1.3		0.0		0.2		—		1.5
Others	0.9		(0.0	)	(0.3	)	(0.2	)	0.4
OPERATING PROFIT (LOSS)	54.7		1.3		(1.8	)	(3.8	)	50.4
Financial costs, net									(21.6	)
Foreign exchange charges, net									(3.3	)
PROFIT BEFORE INCOME TAX									25.5

1Q2024 (In millions of $)	Colombia		Ecuador		Brazil		Other^(a)		Total
Adjusted EBITDA	113.4		(0.3	)	0.8		(2.4	)	111.5
Depreciation	(27.7	)	(0.4	)	(0.5	)	(0.0	)	(28.7	)
Share based payment	(0.3	)	(0.0	)	(0.0	)	(1.3	)	(1.6	)
Lease Accounting - IFRS 16	1.6		0.0		0.2		—		1.9
Others	1.0		0.1		(0.0	)	(0.2	)	0.8
OPERATING PROFIT (LOSS)	88.0		(0.6	)	0.5		(4.0	)	84.0
Financial costs, net									(9.1	)
Foreign exchange charges, net									0.2
PROFIT BEFORE INCOME TAX									75.1

a)	Includes Chile (in 1Q2024), Argentina and Corporate business.

CONFERENCE CALL INFORMATION

GeoPark management will host a conference call on Thursday, May 8, 2025, at 10:00 am (Eastern Daylight Time) to discuss the 1Q2025 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/757847686

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/events/global-numbers?confId=72342

Passcode: 360481

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

2030 Notes	8.750% Senior Notes due 2030

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, the closing of the Vaca Muerta acquisition, full year net leverage figures, the expected annualized dividend and dividend yield, Work Program, 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	These investments are not reflected in GeoPark's consolidated financial results for the quarter, pending the closing of the Vaca Muerta transaction.
³	Reported in the 1Q2025 Operational Update and not including production from Vaca Muerta.
⁴	ROACE is defined as last twelve-month operating profit divided by average total assets minus current liabilities.
⁵	Before working capital adjustments and contingent payments.
⁶	Based on GeoPark's average market capitalization from April 1 to April 30, 2025.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250507867893/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 First Quarter 2025 Results