Q & A Highlights

Q: With the new Colombian administration coming in very shortly, what kind of changes on policies for the sector can you expect, and how do you see those benefiting GeoPark? Also, can you provide some indication of the opportunities you see in Venezuela? A: Felipe Bayon, CEO, expressed strong optimism about the incoming Colombian government, which has signaled support for oil, gas, mining, and private investment, contrasting with the current administration's stance against new licensing. He noted that GeoPark has already held discussions with the incoming team and sees a significant opportunity set in both conventional and unconventional hydrocarbons, especially given Colombia's structural gas shortage. Regarding Venezuela, Bayon stated the company is evaluating several opportunities with large oil-in-place potential, praising the technical aspects of the licenses and the quality of people at PDVSA, though he did not provide specific details.

Q: What is the estimated CapEx for the remainder of 2026 in Vaca Muerta, and could you provide a breakdown by quarter along with the main activities driving the spend? A: Martin Tirado, COO, stated that for the second half of the year, GeoPark expects capital investment of approximately $40 million to $50 million, aligned with the first half's spending. The focus will shift from drilling and completion to finishing facility upgrades, connecting to a neighboring operator with spare capacity, and completing a water disposal well. They will also begin building the pad for the first well to be drilled early next year. The spending split is expected to be around 70% to 80% in the third quarter, with the remainder in the fourth quarter. Tirado also highlighted operational efficiency, noting they have tracked 180 stages incident-free and achieved top-quartile fracking metrics, including nine fracs per day.

Q: Given the favorable oil market outlook and the $41 million in hedging losses, why would you increase your hedging position in 2027? Also, are the wells you plan to tie in Argentina in 2H26 within the RIGI proposal? A: Jaime Caballero, CFO, explained that hedging is crucial for delivering predictable cash flow during a period of increased investment and persistent volatility. He noted that current market conditions allow for attractive floors of $75 per barrel and ceilings of $85-$86 per barrel for 2027, which still enables the company to deliver strong returns while protecting the balance sheet. On the RIGI question, Felipe Bayon, CEO, clarified that the wells already drilled are being put into production immediatelythe first well started flowing the day before the calland will not wait for RIGI approval. The RIGI program, once approved, would cover future factory drilling and larger investments in pipelines and processing facilities.

Q: We saw a stronger uptick in costs this quarter, driven by currency appreciation and energy costs. Is this level reasonable for the second half of the year? Also, is unconventional potential in Colombia now a possibility with the new government, and would new bidding rounds be of interest? A: Martin Tirado, COO, confirmed that lifting costs have risen to $17.8 per barrel in Q2 from $14.7 in Q1, with the first-half average at $16.2, exceeding the original $13-$15 guidance. He revised full-year guidance to $17-$19 per barrel, attributing the increase to FX impacts of $2.1-$2.5 per barrel and higher energy costs of about $1.5. The company is pursuing long-term initiatives like grid connections and biomass energy contracts, but near-term focus is on fixed-price contracts and energy efficiency. Felipe Bayon, CEO, added that the company is very interested in Colombia's unconventional potential, and the experience gained in Vaca Muertafrom receiving operations to fracking in nine monthspositions GeoPark well to bring that expertise back to Colombia. He confirmed they would actively pursue new bidding rounds in both conventional and unconventional assets.

Q: Water flooding has helped support production at LLA 34. How do you plan to keep output stable going forward? And with a strong hedge position for 2H26, how should we think about expected hedging results? A: Rodrigo Fiori, Chief Exploration and Development Officer, detailed that water flooding represents 25% of LLA 34's production, but the company is executing a multi-pronged strategy including an infield drilling program (seven wells this year, moving north with another seven), over 25 workovers, and expanding polymer injection from four wells to 18 by early next year. The plan is to expand water flooding to the northwest and northeast of the field. Jaime Caballero, CFO, stated that the 2026 hedge position remains unchanged, covering about 20,000 barrels per day, growing to 25,000 as Vaca Muerta ramps up, with floors at $65 and ceilings at $72-$73. This position supports full-year EBITDA in excess of $250 million, even with the cost escalation discussed.

Q: What are your expectations on social unrest under the new administration in Colombia, and can GeoPark do anything to work around it? A: Felipe Bayon, CEO, emphasized that GeoPark's core values include building long-term relationships with communities, which has been a key reason he joined the company. He stated that the company's approach of being a safe, reliable operator with strong community engagement will not change under the new administration. GeoPark will continue to strengthen its social investment and maintain a respectful, long-term view in its operations, working proactively with local communities and authorities.

Q: On inorganic growth opportunities, is GeoPark considering only oil-focused assets, or are gas assets a possibility as well, particularly in Colombia where natural gas is experiencing a supply-demand imbalance? A: Felipe Bayon, CEO, confirmed that while the company has been focused on oil, it is not closed to gas opportunities. He acknowledged Colombia's structural gas deficit and believes there are gas opportunities, particularly associated with unconventionals, which the company is ready to pursue through fracking. He also mentioned potential cross-border gas opportunities with Venezuela, though larger offshore opportunities are outside the company's remit. GeoPark will remain proactive in the gas space should the right opportunity arise.

Q: Could you provide more detail on the cost increases and what is being done to mitigate them? A: Martin Tirado, COO, provided a detailed breakdown, noting that the exchange rate impact is approximately $2.1-$2.5 per barrel on OpEx, and rising energy costs add about $1.5 per barrel. He explained that for every 100 pesos per U.S. dollar change in the exchange rate, it impacts OpEx by around $2.5

For the complete transcript of the earnings call, please refer to the full earnings call transcript .