Latin American energy powerhouse GeoPark Limited has signaled robust operational strength, unveiling first-quarter production figures that significantly outpaced its initial annual forecasts. For investors closely monitoring upstream oil and gas opportunities in the region, this performance underscores the company’s effective execution and strategic positioning across its diverse portfolio.
GeoPark reported a pro-forma average daily production of 36,279 barrels of oil equivalent (boe) for the first quarter. This impressive output notably surpassed the company’s annual guidance of 35,000 boe, indicating a strong start to the year. While organic operations did experience an 8 percent decline compared to the fourth quarter of 2024—primarily attributed to a temporary suspension at the Platanillo Block on January 8, 2025, and the strategic divestiture of Llanos 32—the underlying growth drivers across GeoPark’s key assets remain firmly intact and continue to deliver.
Vaca Muerta Drives Unconventional Success with Record Output
Argentina’s world-class Vaca Muerta shale play continues to stand as a cornerstone of GeoPark’s ambitious growth strategy, consistently delivering record production figures. This prolific unconventional basin saw gross production surge to an unprecedented 17,358 barrels of oil equivalent per day (boepd) in February 2025, a testament to the effectiveness of ongoing development initiatives. Across the entire first quarter, Vaca Muerta maintained a strong average production of 15,533 boepd, highlighting consistent operational momentum.
GeoPark’s aggressive drilling program brought nine new wells online during the quarter, with four specifically targeting the high-potential Vaca Muerta formation. These investments in new wells are quickly translating into increased production, affirming the economic viability and scalability of its Vaca Muerta assets. Investors keen on the dynamics of unconventional resource plays will also recognize the significant infrastructure advancements supporting this sustained growth.
Within the critical Mata Mora Norte Block, GeoPark has made substantial progress, reinforcing its commitment to expanding its Vaca Muerta footprint. Operations commenced at the PAD-9 area, which features three new wells, each boasting an impressive lateral length of 3,200 meters (approximately 10,500 feet). Concurrently, the drilling phase for the PAD-12 area concluded, adding another four wells with laterals extending 3,000 meters (about 9,842 feet) each. These extended reach horizontal wells are crucial for maximizing reservoir contact and optimizing recovery in shale plays.
Further bolstering its operational capacity, the construction of the Central Processing Facility (CPF-2) is well underway. This key infrastructure project targets a substantial total treatment capacity of 40,000 barrels of oil per day (bopd) by May 2026, which will significantly enhance GeoPark’s ability to handle increasing volumes from the Vaca Muerta. Complementing this, the Duplicar Plus Pipeline has initiated operations, securing a critical transportation capacity of 19,000 gross bopd. This pipeline capability is vital for enhancing market access and operational efficiency, especially as the region’s burgeoning energy output from the Vaca Muerta continues to grow, providing a clear pathway for crude to reach market.
Llanos Basin Delivers Robust Conventional Performance
Beyond its significant unconventional triumphs in Argentina, GeoPark also achieved record quarterly production in the conventional Llanos Basin of Colombia. This demonstrates the company’s balanced portfolio strategy and its ability to deliver strong results across diverse geological settings. The first quarter of 2025 saw an average of 1,894 boepd (3,787 boepd gross) from the Llanos operations, a performance largely driven by the strong contributions of recently connected wells within the Llanos 123 Block.
A particularly encouraging highlight for future exploration and production efforts is the Currucutu-1 exploration well, which was successfully completed in April 2025. This well encountered 79 feet of net pay, a substantial hydrocarbon column for a conventional discovery. Crucially, the Currucutu-1 is currently producing an impressive 1,360 bopd gross with minimal water cut, signaling a high-quality reservoir and efficient production. This promising result from the Llanos Basin underscores the ongoing potential for new conventional discoveries and production optimization within GeoPark’s Colombian assets, providing a strong complement to its Vaca Muerta shale growth.
GeoPark’s first-quarter performance paints a picture of a dynamic upstream energy company executing effectively across its core assets. The combination of record unconventional growth in Argentina’s Vaca Muerta and robust conventional production, coupled with promising exploration success in Colombia’s Llanos Basin, positions GeoPark as a compelling consideration for investors seeking exposure to Latin America’s evolving energy landscape. The strategic investments in infrastructure and drilling demonstrate a clear path for sustained production growth and enhanced shareholder value in the coming quarters.
