Columbia-focused GeoPark upbeat despite political unrest
Colombia-focused GeoPark said August 5 that total gas production during the second quarter increased 5% from the year-earlier level.
GeoPark, with its production focus on Latin America, said total natural gas production during the second quarter averaged 33.1bn ft3/d, while oil production averaged 30,962 barrels/d. While gas production was up year on year, oil production declined by 6.25%.
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“On the ground now, we have six rigs operating in Colombia and are looking forward to an active second half of 2021 with increased production and cash flows - and increased returns to our shareholders,” CEO James F. Park said.
On financials, the company reported a net loss of $2.5mn during the second quarter, though that was an improvement over the $10.3mn loss reported a year ago.
GeoPark in July revised its production guidance lower because of troubles in Colombia. In an operational update, the company reported that its average oil and gas production in Colombia declined 5% from second quarter 2020.
The company said that production in the second quarter was impacted by “extensive protests and demonstrations” that restricted everything from drilling to transportation.
Strikes across Colombia greeted an April tax reform proposal. Working to alleviate chronic debt, Colombian president Ivan Duque proposed a higher tax for middle- and high-income earners, sparking a major public backlash.
Apart from Colombia, GeoPark has assets in Argentina and Peru.