GeoPark Ltd (GPRK) 2024 Q4 法說會逐字稿

Good morning and welcome to the GeoPark Limited conference call following the results announcement for the fourth quarter ended December 31, 2024. After the speaker's remarks, there'll be a question-and-answer session. (Operator Instructions)

早安，歡迎參加 GeoPark Limited 2024 年 12 月 31 日止第四季業績公告電話會議。演講者發言後，將進行問答環節。（操作員指示）

If you do not have a copy of the press release, it is available at the Invest With Us section on the company's corporate website at www.geo-dapark.com. The replay of today's call may be accessed through the webcast within the Invest With Us section of the GeoPark corporate's website.

如果您沒有新聞稿的副本，可以在公司網站 www.geo-dapark.com 的「與我們投資」部分找到。您可以透過 GeoPark 公司網站的「與我們投資」部分的網路廣播重播今天的電話會議。

Before we continue, please note that certain statements contained in the results press release and on this conference call are forward-looking statements rather than historical fact and are subject to risks and uncertainties that could cause actual results to differ materially from those described. With respect to such forward-looking statements, the company seeks protections afforded by the Private Securities Litigation Reform Act of 1995.

在我們繼續之前，請注意，業績新聞稿和電話會議中包含的某些陳述是前瞻性陳述，而非歷史事實，並且受風險和不確定性的影響，可能導致實際結果與描述的結果有重大差異。對於此類前瞻性陳述，本公司尋求 1995 年《私人證券訴訟改革法案》所提供的保障。

These risks include a variety of factors, including competitive developments and risk factors listed from time to time in the company's SEC reports and public releases. Those lists are intended to identify certain principal factors that could cause actual results to differ materially from those described in the forward-looking statements, but are not intended to represent a complete list of the company's business.

這些風險包括多種因素，包括競爭發展和公司 SEC 報告和公開發布中不時列出的風險因素。這些清單旨在識別可能導致實際結果與前瞻性陳述中描述的結果有重大差異的某些主要因素，但並不代表公司業務的完整清單。

All financial figures included herein were prepared in accordance with the IFRS and are stated in US dollars unless otherwise noted. Reserves figures correspond to PRMS standards.

本文所包含的所有財務數據均按照國際財務報告準則 (IFRS) 編制，並以美元表示，除非另有說明。儲量數字符合 PRMS 標準。

On the call today with you is Andres Ocampo, Chief Executive Officer; Jimmy Caballero, Chief Financial Officer; Martin Terrado, Chief Operating Officer; Rodrigo Dalle Fiore, Chief Exploration and Development Officer, and Maria Catalina Escobar, Shareholder Value and Capital Markets Director.

今天與您通話的是執行長 Andres Ocampo；Jimmy Caballero，財務長；營運長 Martin Terrado；首席勘探與開發長 Rodrigo Dalle Fiore 和股東價值與資本市場總監 Maria Catalina Escobar。

And now, I'll turn the call over to Mr. Andres Ocampo. Mr. Ocampo, you may begin.

現在，我將把電話轉給安德烈斯·奧坎波先生。奧坎波先生，您可以開始。

Good morning, everyone, and thank you for joining us to review our fourth-quarter and full-year 2024 operational and financial results. 2024 was a year of significant achievements for GeoPark despite some operational challenges and lower oil price environment.

大家早安，感謝您與我們一起回顧我們 2024 年第四季和全年的營運和財務表現。儘管面臨一些營運挑戰和較低的油價環境，2024 年仍然是地質公園取得重大成就的一年。

We were able to sustain our cash generation capacity, made a game-changing acquisition in Vaca Muerta that extended our reserves life significantly, increased production in our newly acquired assets, hit a new transformational discovery in our first exploration effort in Vaca Muerta, and at the same time, we delivered the highest annual shareholder cash return in the company's history.

我們能夠維持現金創造能力，在瓦卡穆埃爾塔進行了一次改變遊戲規則的收購，大大延長了我們的儲備壽命，提高了我們新收購資產的產量，在瓦卡穆埃爾塔的首次勘探工作中獲得了新的轉型發現，同時，我們實現了公司歷史上最高的年度股東現金回報。

GeoPark's total oil and gas production for 2024 averaged almost 34,000 barrels a day equivalent, which is 7% less than 2023, as a result of temporary production disruptions and natural decline of our main fields in Colombia. Nevertheless, our acquired unconventional hydrocarbon blocks in Vaca Muerta delivered an average production of over 15,000 barrels a day gross in the fourth quarter of 2024, which is 19% higher than the third quarter of 2024, and almost 50% higher than when we announced the transaction, which highlights the quality of the assets and impressive operating skills of our partner, Phoenix.

由於哥倫比亞主要油田的暫時生產中斷和自然衰退，GeoPark 2024 年石油和天然氣的總產量平均約為每天 34,000 桶，比 2023 年減少 7%。儘管如此，我們收購的瓦卡穆埃爾塔非常規碳氫化合物區塊在 2024 年第四季的平均日產量超過 15,000 桶，比 2024 年第三季高出 19%，比我們宣布交易時高出近 50%，這凸顯了我們的合作夥伴 Phoenix 的資產品質和令人印象深刻的營運技能。

Our Vaca Muerta assets delivered approximately $25 million of [EBITDA] net to GeoPark in the fourth quarter and approximately $100 million net on a full year on a pro forma basis. Importantly, during the fourth quarter of last year, we put on production our first exploration pad in the Confluencia Block in the province of Rio Negro, with three wells producing approximately 4,500 barrels a day.

我們的瓦卡穆埃爾塔資產在第四季度為地質公園帶來了約 2500 萬美元的 [EBITDA] 淨額，按備考基礎計算，全年淨額約為 1 億美元。重要的是，去年第四季度，我們在裡奧內格羅省的 Confluencia 區塊投入了第一個勘探平台，其中三口井的日產量約為 4,500 桶。

This discovery is important, not only because it's the first step towards potentially de-risking the approximately 90 million barrels of networking interest certified contingent resources in the Confluencia Blocks, but also as it represents a breakthrough in the Vaca Muerta Basin. These are the first wells to flow from Vaca Muerta in Rio Negro province, and two out of the three wells ranked in the top eight producing wells in the entire basin over the last 90 days.

這項發現意義重大，不僅因為它是降低 Confluencia 區塊約 9,000 萬桶網路利益認證的後備資源風險的第一步，也因為它代表了 Vaca Muerta 盆地的突破。這是裡奧內格羅省瓦卡穆埃爾塔油田首批產油的油井，其中三口油井中有兩口在過去 90 天內躋身整個盆地產油量前八名。

This represents a new paradigm being broken by Phoenix and GeoPark in the basin. We look forward to drilling and completing our second exploration pad in Confluencia Sur Block, which is expected in the second half of 2025.

這代表鳳凰城和地質公園正在盆地中打破一種新模式。我們期待在 Confluencia Sur 區塊進行鑽探並完成我們的第二個勘探平台，預計時間為 2025 年下半年。

The production volumes and EBITDA figures associated with Vaca Muerta are not yet reflected in our consolidated production and financial figures for 2024. That the transaction is going through the customary regulatory approval process with the respective provincial governments. The financial impact of the timing of these approvals will be neutral as the transaction became effective on July 1, 2024.

與 Vaca Muerta 相關的產量和 EBITDA 數據尚未反映在我們 2024 年的綜合生產和財務數據中。該交易正在經過各省政府的常規監管審批程序。由於交易於 2024 年 7 月 1 日生效，這些批准時間的財務影響將是中性的。

Reserves at year-end 2024 reflect the upgrade and recalibration of our asset base through the acquisition in Argentina, as well as the adjustments to the Colombian portfolio. Pro forma 2P reserves reached to nearly over 160 million barrels driven by the addition of 74.6 million barrels from the Vaca Muerta assets, 41% year-on-year increase. This growth extended our reserve life index to 13 years on a 2P basis, while 1P reserves of 102 million barrels extended our 1P reserve life index to 8.2 years, reinforcing our long-term value creation.

2024 年底的儲備反映了我們透過在阿根廷的收購以及對哥倫比亞投資組合的調整而對資產基礎的升級和重新調整。由於 Vaca Muerta 資產增加了 7,460 萬桶，預計 2P 儲量達到近 1.6 億桶以上，年增 41%。這一增長使我們的儲量壽命指數在 2P 基礎上延長至 13 年，而 1.02 億桶的 1P 儲量將我們的 1P 儲量壽命指數延長至 8.2 年，從而增強了我們的長期價值創造。

Full year 2024 adjusted EBITDA reached $416 million representing approximately 8% decrease compared to 2023, following lower production and one-off financial expenses in the fourth quarter of 2024, which were associated to the offer for upstream reps of assets in Colombia and the drawdown of a pre-paid facility for the Vaca Muerta acquisition.

2024 年全年調整後 EBITDA 達到 4.16 億美元，較 2023 年下降約 8%，原因是 2024 年第四季產量下降和一次性財務支出減少，這與哥倫比亞資產上游代表的報價以及為收購 Vaca Muerta 而提取的預付費用有關。

We invested $191 million in capital expenditures during 2024, maintaining our strong capital efficiency ratio of 2.2 times adjusted EBITDA. Net income for the year stood at $96.4 million, 13% lower than 2023, mainly due to lower production, lower revenues, and higher effective tax rates.

我們在 2024 年投資了 1.91 億美元的資本支出，維持了 2.2 倍調整後 EBITDA 的強勁資本效率比率。全年淨收入為 9,640 萬美元，比 2023 年下降 13%，主要原因是產量下降、收入下降以及有效稅率上升。

However, operating profit for the year remains solid, underscoring our robust cash generation capacity and disciplined financial management amidst lower revenues. We concluded the year with $276.8 million in cash, including a $152 million withdrawal of a pre-payment facility to pay down the Vaca Muerta acquisition.

然而，今年的營業利潤依然穩健，凸顯了我們在收入下降的情況下強勁的現金創造能力和嚴格的財務管理。我們在本財年結束時擁有 2.768 億美元現金，其中包括提取 1.52 億美元的預付款來支付 Vaca Muerta 收購費用。

Our net leverage of 0.9 times remains well below our declared long-term target of under 1.5 times adjusted EBITDA. And we have no material debt commitments due until 2030, enhancing our financial flexibility and reducing significantly our refinancing risk.

我們的淨槓桿率為 0.9 倍，遠低於我們宣布的長期目標，即調整後 EBITDA 為 1.5 倍以下。我們在 2030 年之前沒有重大債務承諾到期，這增強了我們的財務靈活性並大大降低了我們的再融資風險。

Our financial strength allowed us to continue rewarding our shareholders with almost $74 million through dividends and buybacks in 2024, a record annual shareholder cash return of around 14% yield. During the year, we completed a Dutch auction tender that reduced our standing shares by 8% to [51.2 million] and underscored our commitment to capital discipline and shareholder value. Also, we have just declared a quarterly cash dividend of almost $0.15 per share, payable on March 31, reinforcing the continuation of our long-term value return proposition.

我們的財務實力使我們能夠在 2024 年繼續透過股利和回購向股東回報近 7,400 萬美元，創下年度股東現金回報率約 14% 的紀錄。本財年，我們完成了荷蘭式拍賣招標，將現有股份減少了 8%，至 [5,120 萬]，這凸顯了我們對資本紀律和股東價值的承諾。此外，我們剛剛宣布每股派發近 0.15 美元的季度現金股息，將於 3 月 31 日支付，這強化了我們長期價值回報主張的延續。

Our commitment to sustainability is deeply embedded in our speed value system, always guiding our operations and our decisions. We are proud to be included in the S&P sustainability yearbook for the first time and to be recognized as the industry mover in the oil and gas upstream and the integrated sector.

我們對永續發展的承諾深植於我們的速度價值體系，始終引導著我們的營運和決策。我們很榮幸首次被列入標準普爾永續發展年鑑，並被認可為石油和天然氣上游和綜合領域的產業推動者。

We also maintain our AA rating in the MSCI Index for the second consecutive year, underscoring our position as global sustainability leader. These achievements reflect our dedication to operating responsibly and creating value for all stakeholders.

我們也連續第二年維持 MSCI 指數的 AA 評級，彰顯了我們作為全球永續發展領導者的地位。這些成就體現了我們致力於負責任地運作並為所有利害關係人創造價值。

Looking ahead to 2025, our focus remains on maximizing the potential of our expanded asset base. In Colombia, we expect continued progress in our water flooding project, as well as our pilot project for polymer flooding in the Llanos 34 Block that will enhance our recovery and field productivity. In both the Llanos 34 and CPO-5 Blocks, we will continue optimizing production and efficiency, and in the Putumayo Basin and other assets, we will advance our exploration program.

展望 2025 年，我們的重點仍是最大限度地發揮擴大資產基礎的潛力。在哥倫比亞，我們預計注水計畫以及 Llanos 34 區塊聚合物驅試點計畫將繼續取得進展，這將提高我們的採收率和油田生產力。在 Llanos 34 和 CPO-5 區塊，我們將繼續優化產量和效率；在 Putumayo 盆地和其他資產，我們將推進我們的勘探計劃。

In Vaca Muerta, we continue the development at the Mata Mora Norte Blocks with the recent completion of the Pad-9 and the current drilling of Pad-12. Following this, the rig will move to Confluencia Sur Block to drill our second exploration pad as mentioned before.

在瓦卡穆埃爾塔，我們繼續開發馬塔莫拉北區塊，最近完成了 9 號平台的開發，目前正在鑽探 12 號平台。隨後，鑽井平台將移至 Confluencia Sur 區塊，進行我們先前提到的第二個勘探平台的鑽探。

Our partner, Phoenix, has already initiated the works to bring the second drilling rig to the area by early 2026, as agreed in our business plan. This will be a critical element to growing our current production base to a gross plateau in Mata Mora of approximately 40,000 barrels a day.

我們的合作夥伴 Phoenix 已啟動相關工作，並按照我們的商業計劃，於 2026 年初將第二台鑽井平台運送到該地區。這對於將我們目前的生產基地擴大到馬塔莫拉地區每天約 40,000 桶的總產量至關重要。

We are committed to maintaining a strong balance sheet, executing disciplined capital allocation, and evaluating new growth opportunities that enhance scale and long-term value. Our goal remains simple; to deliver more energy, more value, and more prosperity for all of our stakeholders.

我們致力於維持強勁的資產負債表，執行嚴格的資本配置，並評估可提升規模和長期價值的新成長機會。我們的目標仍然很簡單；為我們所有的利害關係人提供更多的能源、更多的價值和更多的繁榮。

We look forward to reporting on our progress throughout the year and we will be happy to answer any questions you may have. Thank you.

我們期待報告全年的進展情況，並很樂意回答您的任何問題。謝謝。

(Operator Instructions) We'll start with some written questions from Daniel Guardiola from BTG Pactual. Can you provide details on the $152 million recorded as customer advanced payments in the cash flow statements? And what is the expectation on this item for the upcoming quarter?

（操作員指示）我們將從 BTG Pactual 的 Daniel Guardiola 提出的一些書面問題開始。您能否提供現金流量表中記錄為客戶預付款的 1.52 億美元的詳細資料？對下一季的這個項目有何預期？

Thanks, Daniel, for your question. This is Jaime Caballero speaking. With regards to what you saw in our books as customer advance payment, this is actually related to the withdrawal that we made of Vitol's committed line back in 4Q.

謝謝丹尼爾的提問。我是 Jaime Caballero。至於您在我們的帳簿上看到的客戶預付款，這實際上與我們在第四季度撤回維多承諾的生產線有關。

Essentially, what we did is we wanted to make sure that we were ready for funding the closing of the Argentina transaction, and the agreement that we had with Vitol had some amounts committed to a certain time frame. We wanted to make sure that within the 2024 period, we could make use of those proceeds, and we drew that line.

本質上，我們所做的是，我們希望確保我們已準備好為完成阿根廷交易提供資金，並且我們與維多達成的協議規定在一定時間範圍內承諾一定金額。我們希望確保在 2024 年期間能夠利用這些收益，我們劃出了這條線。

From an accounting standpoint, it is characterized as a customer advance payment because, essentially, it's a pre-payment of oil proceeds. Withdrew $152 million -- this story has developed since then, given the successful bond placement that we had in January, we actually have decided to repay a large part of that line to Vitol.

從會計角度來看，它被視為客戶預付款，因為本質上它是石油收益的預付款。提取了 1.52 億美元——這個故事從那時起就開始發展，鑑於我們在一月份成功發行債券，我們實際上已經決定將其中很大一部分償還給維多。

And now, the balance of that has been reduced to about $20 million. So going forward, what you're going to see in our balances in that category of customer advance payment is probably going to be something in that arena of $20 million.

而現在，餘額已減少至約 2,000 萬美元。因此，展望未來，您將在我們的客戶預付款類別餘額中看到的金額可能在 2000 萬美元左右。

From a debt standpoint, obviously, what we did with the refinancing substitutes the debt so that the net effect is minimal. And what you should expect to see going forward is a gross debt that is in the area of $670 million, which is the $550 million from the bond plus -- from a new bond plus $100 million from the outstanding prior bond, and these $20 million.

從債務的角度來看，顯然，我們透過再融資取代了債務，因此淨效應微乎其微。而您應該預見到，未來的總債務將在 6.7 億美元左右，其中包括債券中的 5.5 億美元加上新債券中的 1 億美元加上未償還的前期債券中的 2000 萬美元。

So that's the overall picture that you should expect. Thank you.

這就是您應該期待的整體情況。謝謝。

The next question reads, why is the closing of the acquisition in Argentina taking longer than expected? What is the pushback from the regulatory entities? And is there any risk of not receiving the required clearance? When do you expect to finally reach the closing?

下一個問題是，為什麼阿根廷的收購完成時間比預期的還要長？監管機構的阻力是什麼？是否有無法取得所需許可的風險？您預計什麼時候最終完成交易？

And Andres here. Thank you for your question, Daniel. There's no specific pushback on the closing. There's actually no specific requirements or anything that is specifically delaying that. It's just going through normal course with the involved regulatory bodies.

這裡是安德烈斯。謝謝你的提問，丹尼爾。對於關閉這項舉措，目前還沒有具體的反對意見。實際上並沒有任何具體要求或任何具體延遲此事的事情。這只是與相關監管機構進行的正常程序。

And we are in constant communications with all the parties, especially through our partner, Phoenix, who is the operator, so who is the one taking the lead on managing the closing. So I think it responds to normal delays on approvals like this.

我們與各方保持持續的溝通，特別是透過我們的合作夥伴 Phoenix，他是營運方，因此他是負責管理交易完成情況的主導者。所以我認為這是對此類批准的正常延遲的回應。

We've seen precedent transactions closing much faster than this, and we also unfortunately have seen other transactions closing with more delays than this. So it's hard for us to give any additional specific guidance. I know we were expecting it by the end of the year, and it didn't happen. We keep pushing and we are trying to get this to the fastest possible closing, but again, I think it would be difficult on our side to give any specific guidance on that end.

我們已經看到先例交易以比這更快的速度結束，但不幸的是，我們也看到其他交易的結束時間比這更長。因此我們很難給出任何額外的具體指導。我知道我們原本期待它在今年底實現，但它並沒有實現。我們將繼續努力，並試圖以最快的速度完成此事，但我認為，我們很難就此給出任何具體的指導。

Just as a reminder, there's no impact on our financial or on the economics of the transaction as a result of these delays because the effective date was fixed as July 1 last year. But obviously, the fact that we haven't closed, it does not allow us to report our consolidated production or consolidated numbers as they should. So again, I think hopefully, we'll get it to a closing fast, but it's somewhat beyond our hands and beyond our control, unfortunately.

提醒一下，這些延遲不會對我們的財務或交易的經濟產生影響，因為生效日期已於去年 7 月 1 日確定。但顯然，我們還沒有關閉，這使得我們無法按要求報告我們的綜合產量或綜合數字。因此，我再次希望我們能夠盡快結束這個過程，但不幸的是，這有點超出了我們的掌控範圍。

Next question reads, what net transportation capacity do you have in the Duplicar project and what is the expected trajectory of the production of the Vaca Muerta assets in 2025?

下一個問題是，Duplicar 專案的淨運輸能力是多少，以及 2025 年 Vaca Muerta 資產的預期生產軌跡是什麼？

Good morning, Daniel. This is Martin Terrado. So the current capacity that we have, and I'll talk about gross numbers for simplicity, as of February, it's around 6,800 barrels of oil per day. The Duplicar project is coming on stream in March, and with that, we will get to 19,000 barrels of oil per day of a gross production that we can handle through the Duplicar.

早上好，丹尼爾。這是馬丁·特拉多。因此，我們目前的產能（為了簡單起見，我將討論總量）截至 2 月約為每天 6,800 桶石油。Duplicar 專案將於 3 月投入使用，屆時我們透過 Duplicar 可處理的石油總產量將達到每天 19,000 桶。

And so, what we're doing and we've been sharing with you in the past is that the difference between the current production and the capacity that we have through February, two-fold. First, there's capacity available from third parties. So with Phoenix, we look into those, obviously, Phoenix is the one doing most of that work.

因此，我們正在做的事情以及我們過去一直與你們分享的事情是，目前的產量和我們到二月的產能之間的差異是兩倍。首先，第三方具有可用的容量。因此，透過 Phoenix，我們研究了這些，顯然，Phoenix 完成了大部分工作。

So we can allocate most of the remaining production that we have in the field to that spare capacity from others. And there's around 10% that goes through trucks, okay? So that's from a perspective of allocated capacity.

因此，我們可以將我們在該領域剩餘的大部分產量分配給其他人的閒置產能。其中大約 10% 是透過卡車運輸的，對嗎？這是從分配容量的角度來看的。

When we look at our production, the production, as Andres mentioned, is in the order of 15,000 barrels of oil per day gross. And with one rig, we continue on our plan to reach 20,000 barrels of oil per day gross by middle of next year. And then, also, as Andes mentioned, we are going to be getting a second rig early 2026 towards our 40,000 barrels of oil per day gross.

當我們查看我們的產量時，正如安德烈斯所提到的，產量約為每天 15,000 桶石油。利用這個鑽井平台，我們繼續執行計劃，到明年年中達到每天 20,000 桶石油的產量。然後，正如安第斯所提到的，我們將在 2026 年初安裝第二座鑽井平台，以實現每天 40,000 桶的石油產量。

So what we have is full coverage of our production through all of 2025 and through the middle of 2026. Right now, from a commercial perspective, we're working with Phoenix to lock the next 20,000 barrels, which is a part of what we're working right now. So I think that's it from that question.

因此，我們對 2025 年全年和 2026 年中期的生產進行了全面覆蓋。目前，從商業角度來看，我們正在與Phoenix合作鎖定接下來的2萬桶石油，這是我們目前正在進行的工作的一部分。所以我認為這個問題就是這樣的。

The next question reads, at which price of brent would you consider to revise downward the expected CapEx to deploy in Vaca Muerta?

下一個問題是，當布蘭特原油價格達到什麼水準時，您會考慮下調在瓦卡穆埃爾塔部署的預期資本支出？

Thanks, Daniel, for your question. So I think, the way that we think about our capital allocation, and actually beyond Vaca Muerta is following some fundamental principles. Our first fundamental principle is that our capital allocation is tested at $60 per barrel. So that way we can ensure that our projects are prioritized appropriately and, more importantly, that we are actually remaining resilient to oil price volatility.

謝謝丹尼爾的提問。因此我認為，我們思考資本配置的方式，以及實際上超越瓦卡穆埃爾塔的方式，都遵循一些基本原則。我們的首要基本原則是，我們的資本配置以每桶 60 美元進行測試。這樣，我們就可以確保我們的專案得到適當的優先排序，更重要的是，我們實際上能夠抵禦油價波動。

What exactly what we want to avoid is having to react to temporary movements in price and instill uncertainty to our work programs. So we are very intentional about avoiding that. And the first way to do it is actually in our planning process, testing projects at a much lower price tag. In our case it's $60 per barrel where we cannot draw a strong red line in terms of ensuring profitability.

我們真正想要避免的是對價格的暫時變動做出反應並為我們的工作計劃帶來不確定性。所以我們有意避免這種情況。而實現這一目標的第一種方法實際上是在我們的規劃過程中，以更低的價格測試專案。就我們的情況而言，油價是每桶 60 美元，我們無法在確保盈利能力方面劃出一條明確的紅線。

Furthermore, a second element to this is, of course, we have a mature hedging program in the company that is designed, particularly, to underpin the continuity of the CapEx program for at least a 12-month period. So the way that that hedging program has evolved is we make sure that we are covering a forward production curve that is sufficient to ensure the revenues and the net backs associated to funding our debt and, particularly, funding the CapEx that we have committed to.

此外，第二個要素當然是我們公司有一個成熟的對沖計劃，該計劃旨在特別支持至少 12 個月的資本支出計劃的連續性。因此，對沖計畫的發展方式是，我們確保涵蓋遠期生產曲線，足以確保與債務融資相關的收入和淨回報，特別是我們承諾的資本支出融資。

So that also gives us a tremendous confidence around the ability to keep the oxygen line to our CapEx for at least 12 months. So I think that's a second and important criteria.

因此，這也讓我們對維持氧氣管線至少 12 個月的資本支出的能力充滿信心。所以我認為這是第二個重要的標準。

In that line, we actually have about 70% of the next 12 months of production hedged. We have already secured floors of $68, $69 per barrel for that curve. So that actually gives us a lot of a forward-looking stability in terms of the revenues that we can expect for the next 12 months.

在這方面，我們實際上已經對未來 12 個月的產量的約 70% 進行了對沖。我們已經確保該曲線的下限為每桶 68 美元至 69 美元。因此，就我們預期的未來 12 個月的收入而言，這實際上為我們提供了很大的前瞻性穩定性。

So all this to say, that given these protections that we have in place, we would require a very sharp and prolonged drop in oil prices for us to change our plans. Our plans are unchanged. We're not reviewing them. We're not intending to adjust them in the current price environment given these principles that I mentioned. Thank you.

所以，總而言之，考慮到我們現有的這些保護措施，我們需要油價大幅且持續的下跌，我們才會改變計畫。我們的計劃沒有改變。我們不會審查它們。鑑於我提到的這些原則，我們不打算在當前價格環境下調整它們。謝謝。

Daniel's final question reads, how many drilling locations is the reserve's report of the Vaca Muerta assets considering?

丹尼爾的最後一個問題是，Vaca Muerta 資產的儲備報告考慮了多少個鑽井地點？

Thank you, Daniel. This is Rodrigo. Very important question you are doing because 46% today of our 2P reserve are coming from Vaca Muerta, representing 74 million barrels as 2P.

謝謝你，丹尼爾。這是羅德里戈。您問的問題非常重要，因為今天我們 2P 儲量的 46% 來自 Vaca Muerta，相當於 7,400 萬桶 2P。

So going back to your question, at the moment we have 33 wells in Mata Mora and three other wells in Confluencia. And we still remind we have 148 more wells to drill in Mata Mora. So that's important because that represents the reserve that we have in the book.

回到你的問題，目前我們在馬塔莫拉有 33 口井，在康弗倫西亞有另外 3 口井。我們也要提醒大家，馬塔莫拉還有 148 口井需要鑽。這很重要，因為這代表了我們在書中的儲備。

Those reserves are divided in three, as you may know, proven and developed, we have 69 location of wells. In probable, we have another 30, and impossibles, we have 48 more wells.

如你所知，這些儲量分為三類：已探明儲量和已開發儲量，我們有 69 個油井。在可能的情況下，我們還有 30 口井；在不可能的情況下，我們還有 48 口井。

Important to remark, at least for this year, is we have a certified contingent resources. 113 million barrels are coming from Confluencia, Norte Anzur, and Mata Mora Sur that represents more than 250 wells for the future of the company. So that's the answer of the question that you are doing.

值得注意的是，至少就今年而言，我們擁有經過認證的緊急資源。 1.13 億桶石油來自 Confluencia、Norte Anzur 和 Mata Mora Sur，這意味著該公司未來將擁有 250 多口油井。這就是您所提問題的答案。

[Joaquin Balet], Balanz Capital.

[華金·巴萊]，巴蘭茲資本。

So I have two questions. First one is although Vaca Muerta operations are still relatively new, would there be any interest in pursuing additional M&A opportunities in Argentina, particularly if larger players were to exit the market?

我有兩個問題。首先，儘管瓦卡穆埃爾塔的業務仍然相對較新，但是否有興趣在阿根廷尋求更多的併購機會，特別是如果大型企業退出市場？

Hi Joaquin, I'll respond to your question in the broadest M&A sense, which is that clearly M&A is an important element of our strategy. I think we have been vocal about that. Of course, we have an organic business that continues to be our priority, but we believe that going forward, M&A is an element of our recipe to success. And to that effect, we're active in that arena.

你好，華金，我將從最廣泛的併購意義來回答你的問題，也就是說，併購顯然是我們策略的重要組成部分。我想我們已經公開表達過這一點。當然，我們的有機業務仍然是我們的首要任務，但我們相信，展望未來，併購是我們成功秘訣的因素。為此，我們在該領域積極開展活動。

We are seeking value, as Andres said in his introductory comments, and we're seeking long-term sustainable profits. I think what's particular of where we are now is that we have a very focused strategy.

正如安德烈斯在開場白中所說，我們尋求的是價值，我們尋求的是長期可持續的利潤。我認為我們現在的特別之處在於我們有一個非常集中的策略。

We are drilling down on big assets, big basins, big plays. We've said that before. That's the sort of things that we're looking into.

我們正在深入鑽探大資產、大盆地、大油田。我們之前已經說過了。這就是我們正在研究的事情。

It's not a dispersed strategy that we're looking or opportunistic strategy that we're looking at everything that's out there. So we use lenses to filter these opportunities and to ensure that our efforts are consistent with our strategy.

我們尋求的不是分散策略，也不是機會主義策略，而是專注於一切現有事物的策略。因此，我們使用鏡頭來過濾這些機會並確保我們的努力與我們的策略一致。

From a geographical standpoint, what we said is that Colombia, Argentina, and Brazil are our places of interest. Clearly, and to your question, Vaca Muerta is a place of interest for us and we are constantly monitoring and evaluating whether these opportunities make sense for us with those lenses that I mentioned.

從地理角度來看，我們說哥倫比亞、阿根廷和巴西是我們感興趣的地方。顯然，對於您的問題，瓦卡穆埃爾塔是我們感興趣的地方，我們一直在透過我提到的視角來監測和評估這些機會是否對我們有意義。

There's obviously a further lens, which is the disciplined financial framework that we have and that we've shared, and that is also a consideration. So all this to say, that we are regularly evaluating these opportunities is part of our day-to-day and as these opportunities mature and to the effect that they materialize, we will share news with you about it. Thank you very much.

顯然還有一個更深層的考慮，那就是我們擁有的、並且我們共享的嚴謹的財務框架，這也是一個考慮因素。總而言之，我們會定期評估這些機會，這是我們日常工作的一部分，隨著這些機會的成熟和實現，我們會與您分享有關消息。非常感謝。

Great.

偉大的。

Vicente Falanga, Bradesco. How can we think about output evolving in Argentina throughout 2025? Any hurdles with wells so far?

維森特法蘭加 (Vicente Falanga)，布拉德斯科銀行。我們如何看待2025年阿根廷的產出變化？到目前為止，水井方面有什麼障礙嗎？

I'm just going to play back that question because we had a little bit of an audio problem. If I understood correctly, you want to understand the production trajectory in Vaca Muerta in 2025 and if we have -- how are we looking at our drilling performance and well performance there. So I think Martin is going to kick that one off.

我要重複這個問題，因為我們遇到了一點音訊問題。如果我理解正確的話，您想了解 2025 年瓦卡穆埃爾塔的生產軌跡，如果有的話——我們如何看待那裡的鑽井性能和油井性能。所以我認為馬丁會開始這一步。

Yeah, so thank you, Vincent, for the question. So our strategy on our output in Argentina, you can think it as a growing. Again, starting from the acquisition, like Andres mentioned, 10,000 barrels. We're at 15,000 barrels with one rig.

是的，文森特，謝謝你提出這個問題。因此，你可以認為我們在阿根廷的產量策略是成長策略。再次，從收購開始，就像安德烈斯提到的，10,000 桶。我們的一個鑽井平台儲量為 15,000 桶。

In this part of the basin and with this type of wells, we can reach 20,000 barrels of oil per day, which we expect to be reaching by middle of next year. And to go above that towards 40,000 barrels, we need the second rig, which is, again, like we've been mentioning, we will be bringing that second rig in the early 2026.

在該盆地的這一部分，透過這種類型的油井，我們每天可以產出 20,000 桶石油，預計明年年中就能達到這一目標。為了達到 40,000 桶的目標，我們需要第二座鑽井平台，就像我們之前提到的那樣，我們將在 2026 年初引入第二座鑽井平台。

And beyond the 40,000 gross, depending on the results that we get, we have locations and we will see how exploration continues to proceed in the Confluencia blocks. So far, the Confluencia South Pad with three wells is delivering good rates.

除了 40,000 總量之外，根據我們得到的結果，我們會確定地點，並觀察在 Confluencia 區塊的勘探工作如何繼續進行。到目前為止，擁有三口油井的 Confluencia South Pad 油田產量良好。

Again, like Andres mentioned, we're drilling right now a pad in Mata Mora, and from there we moved to Confluencia South to drill four wells. And then from there we go back to Mata Mora. So from a outlook of where we are on production and what we perceive, that's where we're going. And so far, the results are living according to our expectations when we did the acquisition.

再次，就像安德烈斯提到的那樣，我們現在正在馬塔莫拉的一個平台進行鑽探，然後從那裡轉移到康弗倫西亞南部鑽四口井。然後我們從那裡返回馬塔莫拉。因此，從我們目前的生產狀況和我們的看法來看，這就是我們要去的地方。到目前為止，結果符合我們收購時的預期。

One of the things that it's important for everybody to understand is that when -- in Vaca Muerta we're drilling wells, these wells initially flow naturally. So we do have some months where the production you might see that goes down because we're shutting in the production so that we can put artificial lift.

每個人都必須了解的一件重要的事情是，當我們在瓦卡穆埃爾塔鑽井時，這些井最初是自然流動的。因此，我們確實有幾個月的產量可能會下降，因為我們正在關閉生產，以便能夠進行人工舉升。

So those are things that it's not -- it's continues going up. There are some months where we already know that production is going to come down. It is on our plan.

所以這些事情並不是——而是在持續上升。我們已經知道有些月份產量將會下降。這在我們的計劃中。

And there's also a parent-child effect, which we are aware of. We put it in our budget. We're discussing it and learning as we're drilling paths between existing paths along with Phoenix, the operator, which we have a really a good relationship from all places, but from a subsurface and operational perspective, we have secondees and we work together.

我們也知道有親子效應。我們將其納入了預算。我們正在與營運商 Phoenix 一起討論和學習，因為我們正在現有路徑之間鑽探路徑，我們在各方面都保持著良好的關係，但從地下和營運的角度來看，我們有借調人員並且我們一起工作。

So that gives you a little bit of an idea of where we are thinking and how our plan is delivering according to what we had in mind. I don't know if you want to add anything, Rodrigo.

這樣您就可以稍微了解我們的想法以及我們的計劃如何按照我們的想法實現。我不知道你是否想補充什麼，羅德里戈。

Thank you, Martin. Vicente, if you are asking about harness, of course, we have certain challenges as all the industry in the basin. One of those is the well cost pressure because even if we are increasing the density in the fracking, that's good in terms of productivity, but also, we are trying to keep the well cost under control. So that's one of the challenges that we have.

謝謝你，馬丁。維森特，如果您問的是線束問題，當然，作為盆地內的所有行業，我們都面臨著一定的挑戰。其中之一就是油井成本壓力，因為即使我們增加水力壓裂的密度，這對生產率來說也是好事，但我們也在努力控製油井成本。這是我們面臨的挑戰之一。

And Martin mentioned something about the parent-and-child effect. The development in Vaca Muerta, at least for us in Mata Mora, is new, but we are, this year in 2025, putting on production Pad-9 and Pad-12. Both pads are close to other pads, so we are going to be very close trying to Understand the parent-child effect.

馬丁提到了一些關於親子效應的事情。瓦卡穆埃爾塔的開發，至少對我們馬塔莫拉來說，是新的，但我們將於今年，即 2025 年，投入生產 Pad-9 和 Pad-12。兩個墊子彼此靠近，因此我們要非常接近地嘗試了解父子效應。

Even so, we estimate a reduction in the well productivity due to this effect in our estimation. So we will learn and see how this evolve in the future, but those are the key challenges that we are seeing for the 2025.

即便如此，我們估計這種影響會導致油井產能下降。因此，我們將學習並觀察未來如何發展，但這些是我們在 2025 年看到的關鍵挑戰。

Vincent's next question reads, what are the next steps in terms of possible M&A after the Repsol transaction did not work out?

文森的下一個問題是，在 Repsol 交易失敗後，下一步可能的併購是什麼？

Yes, Vincent, I think I covered that in the prior question. I would say that the only thing that I can add is something that we're just regularly monitoring. And in the space of M&A, as you probably heard Andres say many times in the past, it's all about discipline and it's about patience.

是的，文森特，我想我在上一個問題中已經提到了這一點。我想說的是，我唯一可以補充的是我們正在定期監測的事情。在併購領域，正如您可能過去多次聽到安德烈斯所說的那樣，一切都關乎紀律和耐心。

So we look at many things and we look at them in a proactive way, in a deep way, in a profound way to make sure that it fits with the strategy, it creates value. And we need for the right opportunities to materialize. Nothing more to add on that.

因此，我們會以積極主動、深入、深刻的方式審視許多事物，以確保其符合策略並創造價值。我們需要合適的機會來實現。對此沒有什麼可補充的。

(Operator Instructions) Joaquin from Balanz has a text question that reads, given the challenges posed by natural decline rates in Colombia's general production, the capital expenditure plan of $50 million and the addition of 20 new wells annually seems sufficient to mitigate these declines and sustain production.

（操作員指示）Balanz 的 Joaquin 提出了一個文字問題，內容是，考慮到哥倫比亞總體產量自然下降帶來的挑戰，每年 5000 萬美元的資本支出計劃和新增 20 口新井似乎足以緩解產量下降並維持生產。

Yes, thanks for the question. So, the way that we're thinking about CapEx deployment in Colombia is actually in service of two priorities. I think our first priority is to arrest decline, right? It's arresting decline.

是的，謝謝你的提問。因此，我們考慮在哥倫比亞部署資本支出實際上是為了實現兩個優先事項。我認為我們的首要任務是阻止衰退，對嗎？這是令人震驚的衰退。

I would characterize that as we have two significant world-class fields in Llanos 34 and CPO-5 that are in a declining trajectory. We've spoken about that in the past. And we believe there is a lot of value to be captured in mitigating that decline to the extent that it's possible, right? To the extent that it's possible.

我認為，我們擁有的 Llanos 34 和 CPO-5 兩個重要的世界級油田正處於衰退之中。我們過去曾討論過這個問題。我們相信，盡可能減緩這種下降趨勢將會帶來許多價值，對嗎？在可能的範圍內。

Typically that capital allocation that we're seeing now is transitioning from a development drilling type, a biased program, to something that is gradually more around a well-worked activity and an occasional development prioritized drilling campaigns. That's what's occurring and that's what we expect over the next number of years.

通常，我們現在看到的資本配置正在從開發鑽探類型、有偏見的計劃轉變為逐漸圍繞精心運作的活動和偶爾的開發優先鑽探活動。這就是正在發生的事情，也是我們預計未來幾年將會發生的情況。

As you probably saw in our research release that we did a couple of weeks ago, there is a substantial reserve base associated to these fields. The 1P reserves in Colombia are in the order of 60 million barrels. So our capital deployment that you're seeing now underpins that.

正如您可能在我們幾週前發布的研究報告中看到的那樣，這些油田擁有大量的儲備基礎。哥倫比亞的1P儲量約6000萬桶。因此，您現在看到的我們的資本配置就支撐了這一點。

We don't need to achieve the CapEx numbers that we had in the past anymore because it's no longer intensive in development drilling. And that's actually good news because it actually means that from a free cash flow standpoint and from a profitability standpoint, this CapEx has tremendous economics. So that's priority number one, arresting decline.

我們不再需要達到過去的資本支出數字，因為開發鑽探不再是密集的。這其實是個好消息，因為這其實意味著從自由現金流和獲利能力的角度來看，這項資本支出具有巨大的經濟效益。所以，首要任務就是阻止衰退。

The second priority is to pursue the very best exploration prospects in our portfolio, right? And that's the process that we've been through over the last year, which is looking at the totality of the exploration opportunities set that we have and selecting the very best prospects, the prospects that we think can move the deal in our portfolio.

第二個優先事項是追求我們投資組合中最好的勘探前景，對嗎？這就是我們在過去一年中經歷的過程，即審視我們擁有的所有勘探機會，並選擇最好的前景，即我們認為可以推動我們投資組合中交易的前景。

And that, if successful, while they have an important risk component to them because that's the nature of exploration; if successful, they can open up substantial place. And that's our focus now, right? To that effect, we talked about five important prospects this year, and CapEx is going to evolve as a function of the results that we see from those wells.

儘管成功了，但他們也面臨著很大的風險，因為這是探索的本質；如果成功的話，他們可以開拓大量的地方。這就是我們現在的重點，對嗎？為此，我們今年討論了五個重要前景，資本支出將根據我們從這些油井看到的結果而變化。

Obviously, if these wells are successful and they prove that we can have material place going forward, we will be adjusting our capital program in Colombia to reflect that. So that's how we think about this. Thank you.

顯然，如果這些油井成功，並證明我們未來可以獲得實質的地位，我們將調整我們在哥倫比亞的資本計劃以反映這一點。這就是我們對此的看法。謝謝。

We have no further questions, so I'll hand the call back to the management team for any closing comments.

我們沒有其他問題了，所以我將把電話交回給管理團隊，以便他們發表最後的評論。

Thanks everybody for your interest and your support of GeoPark, and we're always here to answer any questions so reach out, give us a call, or visit our operations. Thank you and have a good day.

感謝大家對 GeoPark 的關注和支持，我們隨時為您解答任何問題，請聯絡我們、致電我們或造訪我們的營運部門。謝謝您，祝您有美好的一天。

This concludes today's call. Thank you very much for your attendance. You may now disconnect your --

今天的電話會議到此結束。非常感謝您的出席。您現在可以斷開您的—