GeoPark Ltd (GPRK) 2026 Q1 法說會逐字稿

Good morning, everyone, and welcome to the GeoPark Limited conference call following the results announcement for the first quarter ended March 31, 2026. (Operator Instructions) 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-park.com.

各位早安，歡迎參加 GeoPark Limited 於 2026 年 3 月 31 日止第一季業績公告後的電話會議。(接線員指示) 若您尚未取得新聞稿，可至公司官網 www.geo-park.com 的「Invest with Us」專區查閱。

A replay of today's call may be accessed through this webcast in the Invest with Us section of the GeoPark corporate website. 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 facts and are subject to risks and uncertainties that could cause actual results to differ materially from those described.

今日電話會議的重播可透過 GeoPark 公司網站「Invest with Us」專區的本次網路直播回放收聽。在我們繼續之前，請注意：業績新聞稿及本次電話會議中所包含的某些陳述屬於前瞻性陳述而非歷史事實，並受風險與不確定性影響，可能導致實際結果與所述內容出現重大差異。

With respect to such forward-looking statements, the company seeks protections afforded by the Private Securities Litigation Reform Act of 1995. 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.

就此等前瞻性陳述而言，公司尋求適用《1995 年私人證券訴訟改革法案》所提供的保護。這些風險包含多項因素，包括競爭態勢的發展，以及公司不時於向美國證券交易委員會（SEC）提交的報告與公開發布文件中所列示的風險因素。

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

上述清單旨在辨識可能導致實際結果與前瞻性陳述所述內容出現重大差異的若干主要因素，但並非意在代表公司業務的完整清單。本文所載所有財務數據均依國際財務報導準則（IFRS）編製，除另有註明外，均以美元表示。儲量數據係依 PRMS 標準。

On the call today from GeoPark is Felipe Bayon, Chief Executive Officer; Jaime 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.

今日參與電話會議的 GeoPark 團隊成員包括：執行長 Felipe Bayon；財務長 Jaime Caballero；營運長 Martin Terrado；勘探與開發長 Rodrigo Dalle Fiore；以及股東價值與資本市場總監 Maria Catalina Escobar。

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

接下來把電話交給 Felipe Bayon 先生。Bayon 先生，請開始。

Good morning, everyone, and thank you for joining us for our first-quarter 2026 results call. We delivered a strong start to the year with results that reflect consistent operational execution, improved benchmark pricing and the financial discipline we have been reinforcing across the businesses, all this while advancing our strategic priorities.

各位早安，感謝各位參加我們 2026 年第一季業績電話會議。我們在年初交出強勁開局，成果反映了穩健一致的營運執行、更佳的基準油價，以及我們在各項業務中持續強化的財務紀律，同時也推進了我們的策略優先事項。

During the quarter, we achieved average production of 27,249 barrels of oil equivalent per day from both our operations in Colombia and Argentina, performing within our 2026 guidance and higher than our fourth quarter of 2025.

本季我們在哥倫比亞與阿根廷的營運合計平均產量達每日 27,249 桶油當量，表現符合我們 2026 年指引，且高於 2025 年第四季。

This performance confirms the inflection point we accomplished at the end of 2025 and reflects stable base production, solid execution, and continued progress across our portfolio. During the quarter, our operational focus was not only on maintaining the strength of our core assets, but also on advancing our growth initiatives, particularly in Vaca Muerta, Argentina.

此一表現確認了我們在 2025 年底達成的轉折點，並反映基礎產量穩定、執行力扎實，以及我們投資組合各項資產持續取得進展。本季我們的營運重點不僅在於維持核心資產的強勁表現，也在推進成長計畫，特別是阿根廷的 Vaca Muerta。

In Vaca Muerta, we successfully initiated drilling activities in the Loma Jarillosa Este block while continuing to progress key infrastructure, marking an important step forward in the development of these assets. These milestones reflect a disciplined transition into execution as we continue to position Argentina as a key contributor to our future growth.

在 Vaca Muerta，我們已在 Loma Jarillosa Este 區塊成功啟動鑽井作業，同時持續推進關鍵基礎設施，這標誌著這些資產開發向前邁出重要一步。這些里程碑反映我們以紀律性方式由規劃轉入執行，並持續將阿根廷定位為未來成長的關鍵貢獻來源。

We expect production to increase from 1,430 barrels of oil equivalent per day as of the first-quarter 2026 to 5,000 to 6,000 barrels of oil equivalent per day by December 2026. In Colombia, performance across the portfolio demonstrated the resilience and quality of our asset base. In Llanos 34, secondary recovery, particularly water flooding, played a critical role in supporting production and mitigating the effects of natural decline and temporary operational factors during the quarter.

我們預期產量將由 2026 年第一季的每日 1,430 桶油當量，提升至 2026 年 12 月的每日 5,000 至 6,000 桶油當量。在哥倫比亞，整體投資組合的表現展現了我們資產基礎的韌性與品質。在 Llanos 34，二次採收（尤其是注水）在支撐產量、並緩解自然遞減及本季暫時性營運因素影響方面，扮演了關鍵角色。

CPO-5 delivered production above plan, highlighting its underlying strength despite social disruptions. In Llanos 123, production increased by 13% versus the prior quarter, supported by strong base performance and continued progress in the Bisbita waterflooding project, reinforcing the positive momentum of the asset. Importantly, all operations were conducted with strong health and safety performance and with zero injuries and no major process safety events.

CPO-5 的產量高於計畫，儘管面臨社會性干擾，仍凸顯其內在強勁動能。在 Llanos 123，受惠於穩健的基礎表現以及 Bisbita 注水專案持續推進，本季產量較前一季增加 13%，強化了該資產的正向動能。重要的是，所有作業均維持優異的職安衛表現，零受傷且無重大製程安全事件。

The quarter benefited from a constructive pricing environment with Brent averaging $77.9 per barrel. This translated into a combined realized price of $60.4 per barrel compared to $54.8 per barrel in the prior quarter. While wider differentials and our hedging program moderated the upside, we were still able to capture a meaningful improvement through disciplined commercial execution and active risk management. This operational and pricing performance translated into strong financial results.

本季受惠於有利的價格環境，布蘭特原油平均為每桶 77.9 美元。因此，我們的合併實現價格為每桶 60.4 美元，較前一季的每桶 54.8 美元提升。雖然較寬的價差以及我們的避險計畫抑制了部分上行空間，但透過具紀律的商務執行與積極的風險管理，我們仍成功掌握了顯著改善。此一營運與價格表現轉化為強勁的財務成果。

Revenues reached $128.4 million. This is up 16% compared to the fourth quarter, supported by an 8% increase in sales volumes, including the commercialization of deferred volumes from the last year. Adjusted EBITDA was $71.3 million, representing a 56% margin and a 54% increase versus the prior quarter, reflecting both higher revenues and improved cost performance.

營收達 1.284 億美元。較第四季增加 16%，主要受銷售量成長 8% 支持，其中包含去年遞延銷售量的商業化。調整後 EBITDA 為 7,130 萬美元，代表 56% 的利潤率，較前一季增加 54%，反映營收提升與成本表現改善。

Operating profit increased to $58 million from $20.6 million in the fourth quarter. And net income for the period was $20.2 million, even after the impact of non-recurring items and a higher tax charge associated with the increased profitability and the oil price-related surcharge in Colombia. Cost performance remained very strong with operating costs decreasing to $14.7 per barrel from $15.8 per barrel in the fourth quarter of 2025 within our full-year guidance.

營業利益由第四季的 2,060 萬美元增至 5,800 萬美元。本期淨利為 2,020 萬美元，即使已反映一次性項目影響，以及因獲利提升與哥倫比亞油價相關附加稅所帶來的較高稅負。成本表現仍非常強勁，營運成本由 2025 年第四季的每桶 15.8 美元降至每桶 14.7 美元，並落在我們全年指引範圍內。

Structure costs have a trajectory from $5.6 per barrel in the fourth quarter of 2025 to $4 per barrel in the first quarter of this year, which also confirms the positive impact of all the interventions we initiated last year and the organizational focus on efficiency and cost control. We invested $22 million during the quarter, primarily resulting in a 3.4 times EBITDA to CapEx ratio and a return on average capital employed of 19%, underscoring our disciplined returns-based capital allocation.

結構性成本由 2025 年第四季的每桶 5.6 美元降至今年第一季的每桶 4 美元，亦確認了我們去年啟動的各項改善措施，以及組織對效率與成本控管的聚焦所帶來的正面影響。本季我們投資 2,200 萬美元，主要對應 3.4 倍的 EBITDA 對資本支出（CapEx）比率，以及 19% 的平均投入資本報酬率，凸顯我們以報酬為導向、具紀律的資本配置。

Our balance sheet remains strong. We generated operating cash flows of $32.9 million, fully funding our investment program. In addition, we enhanced our liquidity position through several strategic actions, including $65 million in local debt raised to pursue the Frontera acquisition, $100.3 million from escrow recovery and breakup fee of the unconsummated Frontera deal, and a $107 million equity investment from the Grupo Gilinski, who joined as a new long-term strategic partner.

我們的資產負債表仍然穩健。我們創造了 3,290 萬美元的營運現金流，足以完全支應我們的投資計畫。此外，我們透過多項策略行動強化流動性，包括：為推進 Frontera 收購而在當地籌得 6,500 萬美元債務、因未完成的 Frontera 交易而取得 1.003 億美元的託管款回收與解約金，以及 Grupo Gilinski 的 1.07 億美元股權投資；該集團已加入成為新的長期策略夥伴。

As a result, we ended the quarter with a robust cash position of $274.9 million, giving us flexibility and optionality to pursue value-accretive growth opportunities. Net debt stood at $333.1 million with a leverage ratio of 1.3 times, reflecting a solid and flexible capital structure, with no principal debt maturities until January 2027. This positions us well to navigate volatility while maintaining the flexibility to execute our plans.

因此，我們在季末擁有 2.749 億美元的充沛現金部位，使我們在追求具增值效益的成長機會時具備彈性與選擇性。淨負債為 3.331 億美元，槓桿比率為 1.3 倍，反映穩健且具彈性的資本結構，且在 2027 年 1 月之前無主要債務本金到期。這使我們能在維持執行計畫彈性的同時，更好地因應波動。

In terms of risk management, we have secured oil price protection covering approximately 19,000 barrels of production per day for 2026 through three white collars with downside protection and retained upside participation. For 2027, we have already hedged approximately 11,000 barrels per day under similar structures, reinforcing visibility and stability in our cash flows.

在風險管理方面，我們已透過三組「white collars」結構，為 2026 年約每日 19,000 桶產量鎖定油價保護，兼具下行保護並保留上行參與。針對 2027 年，我們也已在類似結構下對約每日 11,000 桶完成避險，進一步提升現金流的可視性與穩定性。

Overall, we are delivering consistent operational execution and strengthening our financial position, supported by a high-quality asset base and disciplined capital management. With all this in the backdrop, the Board declared a quarterly dividend of $0.023 per share.

整體而言，我們持續交付一致的營運執行並強化財務體質，背後有高品質資產基礎與具紀律的資本管理作為支撐。在此背景下，董事會宣告每股 0.023 美元的季度股利。

Finally, the entry of Grupo Gilinski as a strategic investor represents a very significant milestone, strengthening our shareholder base and aligning the company with a long-term partner that enhances our financial flexibility to pursue growth opportunities in a disciplined way. Our strategy remains clear and unchanged. Protecting and maximizing the value of our core assets in Colombia while advancing Argentina as a key driver of transformational growth.

最後，Gilinski 集團以策略性投資人身分加入，代表一個極為重要的里程碑，強化了我們的股東基礎，並使公司與一位長期夥伴保持一致，進一步提升我們的財務彈性，以紀律性的方式把握成長機會。我們的策略依然清晰且不變。在保護並最大化我們在哥倫比亞核心資產價值的同時，推進阿根廷成為帶動轉型式成長的關鍵驅動力。

At the same time, we remain committed to identifying and evaluating value-accretive opportunities that fit our capabilities and our disciplined approach to capital allocation. This includes opportunities both in Colombia and Argentina and also a careful and structured effort to understand potential in other parts of the region, including Venezuela.

同時，我們仍致力於辨識並評估符合我們能力與資本配置紀律、且能增厚價值的機會。這包括哥倫比亞與阿根廷的機會，也包括以審慎且有架構的方式了解本區域其他地區（包含委內瑞拉）的潛力。

Before closing, I would like to recognize the continued commitment of our teams. Their focus on safety, operational excellence and efficiency is what allows us to consistently deliver these results. Thank you again for joining us. And with that, let's open the floor to your questions.

在結束之前，我想肯定我們團隊持續的投入與承諾。他們對安全、營運卓越與效率的專注，正是讓我們能夠持續交出這些成果的原因。再次感謝各位參與。接下來，我們開放提問。

(Operator Instructions)

(接線員指示)

Daniel Guardiola, BTG.

Daniel Guardiola，BTG。

I have actually a lot of questions, but I'm going to keep it down to two to three, so my colleagues can actually also ask. My first one is on the development of the Argentina story. And I wanted to ask you personally, Felipe, what concrete evidence do you think investors should be looking at over the next 6 to 12 months to really validate the Argentina equity story for you? That's my first. Perhaps we can go one by one, if that's okay with you guys.

我其實有很多問題，但我會把它控制在兩到三個，讓我的同事也能提問。第一個問題是關於阿根廷故事的發展。我想親自請教你，Felipe，你認為投資人在未來 6 到 12 個月內應該觀察哪些具體證據，才能真正驗證你所說的阿根廷股權投資故事？這是我的第一個問題。如果可以的話，我們或許可以一題一題來。

Thanks for being here. Thanks for joining the call. And thanks for the question on Argentina. And where I start, Daniel, is -- and you'll recall that we've referenced this in prior calls. September of last year, we signed a deal with Pluspetrol in the office of the Governor of Neuquen. And only 21 days after signing, we took over the operation from Pluspetrol.

感謝你在場。感謝你加入這通電話會議。也謝謝你關於阿根廷的提問。Daniel，我先從這裡開始——你也會記得，我們在先前的電話會議中提過。去年 9 月，我們在內烏肯省省長辦公室與 Pluspetrol 簽署了一項協議。而在簽署後僅 21 天，我們就從 Pluspetrol 接手了營運。

So a lot of support, a lot of help and a lot of good work with people in the ecosystem of Vaca Muerta in Neuquen. And we've done workovers, and Martin can go into some of the details and specifics. But we've done workovers on the wells. We've started upgrading facilities. And probably the most important thing, Daniel, we've already drilled three horizontal sections that range between 2,200, 2,300 meters to 3,000 meters within or as specified with our time prognosis and budget. So that's very good news.

因此，我們在內烏肯的 Vaca Muerta 生態系中，獲得了很多支持、很多協助，也與相關人員一起做了很多出色的工作。我們已進行修井作業（workovers），Martin 可以補充一些細節與具體內容。但我們確實已對井進行修井。我們也開始升級設施。而且可能最重要的是，Daniel，我們已經鑽了三段水平井段，長度介於 2,200、2,300 公尺到 3,000 公尺，並且都在我們的時間預測與預算內完成，或符合其規範。所以這是非常好的消息。

And you'll recall, Daniel, that we actually took advantage of a window of opportunity of a rig that was working. And remember, this is a Nabors rig, the same company that we used to drill our wells in Colombia. So we have long-standing relationship. And those wells, those three horizontal sections have been drilled successfully. What's coming up in the next 6 to 12 months, fracking the wells. So there will be these three wells with a couple of additional wells.

而你也會記得，Daniel，我們其實把握了一個機會窗口，使用了一座正在作業的鑽機。而且請記得，這是一座 Nabors 的鑽機，與我們在哥倫比亞鑽井時使用的是同一家公司。所以我們有長期合作關係。而這三段水平井段都已成功鑽成。接下來 6 到 12 個月要做的是對這些井進行壓裂（fracking）。因此，將會有這三口井，再加上幾口額外的井。

So that should happen in June. We will be drilling some additional wells to manage water, for example, which is a key component. As I've mentioned, we're upgrading facilities. And the other thing, Daniel, which I think is fundamental, in the next few weeks, we will be signing the contract for the factory drilling rig that should start in December.

所以這應該會在 6 月發生。我們也會再鑽一些額外的井，例如用來管理水（water），這是關鍵要素之一。如我所提，我們正在升級設施。另外一點，Daniel，我認為非常根本的是，在接下來幾週內，我們將簽署工廠式鑽井（factory drilling）鑽機的合約，該鑽機應在 12 月開始作業。

So I want to, one, say, look, we've actually delivered on the commitments and promises we've made. And we're building on that track record going forward to ensure that we can continue to grow our operations in Argentina. So we're very, very, very confident. We're very comfortable with the team. There's already 45 people working in the operations in Argentina with close to four to five additional people indirectly working for us.

所以我想先說，第一，我們確實已兌現我們做出的承諾與保證。而我們會在這個履約紀錄上持續往前，確保我們能繼續擴大在阿根廷的營運。因此我們非常、非常、非常有信心。我們對團隊非常放心。目前在阿根廷營運端已經有 45 人在工作，另外還有約 4 到 5 人以間接方式為我們工作。

And for the last thing, Daniel, that I've mentioned, as you well know, RIGI and a very important part of what companies, not only in oil and gas are looking to do in Argentina, we should be applying for RIGI in the next few weeks or so. So lots of things happening, but we're very thrilled with how the operations and the results are going.

最後一點，Daniel，如我先前提過，你也很清楚，RIGI 是公司在阿根廷想推動的重要一環，不僅是油氣公司。我們應該會在接下來幾週左右申請 RIGI。

My second question is on hedging, especially considering that you have a very significant portion of your next 12 months, actually 18 months already hedged at lower prices when you compare against spot prices.

我的第二個問題是關於避險，特別是考量到你們未來 12 個月、其實到 18 個月的相當大一部分，已經以較低價格完成避險，與現貨價格相比是偏低的。

And I wanted to ask you actually two things. I mean, if oil prices were to remain around, I don't know, $90 per barrel, what will be the estimated hedging losses you will have to account for this year? And if there is any way for you to unwind the current structure of hedging contracts that you have in place at this point?

我想其實問兩件事。我的意思是，如果油價維持在大約每桶 90 美元左右，你們今年預計需要認列多少避險損失？以及在目前這個時間點，你們是否有任何方式可以解除（unwind）現有的避險合約結構？

Daniel, thanks for your question. This is Jaime here, of course. So on hedging, as you know, Daniel, and everybody who has been following us for a while knows that we've had a long-standing strategy in the company where we seek cash flow stability, and that is particularly important in a context of where we're going to have increasing capital commitments associated to Vaca Muerta.

Daniel，謝謝你的提問。我是 Jaime。關於避險，如你所知，Daniel，而且所有長期關注我們的人都知道，我們公司長期以來一直採取一項策略：追求現金流的穩定性；在我們將面臨與 Vaca Muerta 相關、日益增加的資本承諾的背景下，這點尤其重要。

So the way that we think about the finance structure of the company is we need to make sure that we can support our growth agenda and that we have the cash flow predictability to do so. Prices will come and go, but it's the volumes that we can deliver and it's the growth trajectory that we can deliver what's actually going to end up creating value for our shareholders over the long run.

因此，我們看待公司財務結構的方式是：我們必須確保能支撐我們的成長議程，並具備足夠的現金流可預測性來做到這一點。價格會起起落落，但最終能為股東在長期創造價值的，是我們能交付的產量，以及我們能交付的成長軌跡。

So in that context, we've covered 19,000 barrels a day of our production for this year on average. We see things that are in the $72 or $73 range. And if current market conditions continue over the next months, we will indeed materialize some hedge losses if those price dynamics continue, which is uncertain, as you well know.

在這樣的背景下，我們今年平均已對每日 19,000 桶的產量做了避險覆蓋。我們看到的價格大約在 72 或 73 美元區間。如果未來幾個月的市場狀況持續如此，那麼若這樣的價格動態延續，我們確實會實現一些避險損失；但如你所知，這仍具不確定性。

And to take your scenario, if you will, the way that I would characterize it is if we have average Brent prices in the $80 to $90 kind of band on a full-year basis this year, we will indeed have losses in the derivatives, which are going to be in the $60 million to $120 million range. This is not a surprise. This is something that we model continuously. Obviously, the exact numbers are going to depend in exactly what is the price trajectory that occurs on a month-by-month basis.

以你提出的情境來說，我會這樣描述：如果今年全年平均布蘭特油價落在 80 到 90 美元的區間，我們確實會在衍生性金融商品上出現損失，金額大約在 6,000 萬到 1.2 億美元之間。這並不令人意外。這是我們持續建模與追蹤的事項。當然，確切數字將取決於每個月實際發生的價格走勢。

Now the flip side of this story is that at the same time, whilst you're seeing those losses in derivatives, we are capturing the benefit of the healing of the hedges, which are well above our plan, and we're also capturing improved price differentials as well associated to those Brent prices if they remain high. So our EBITDA is going to be also in the very high end of our guidance, too.

不過，這個故事的另一面是：在你看到衍生性商品損失的同時，我們也正在取得避險「回補／修復」（healing）的效益，這部分遠高於我們的計畫；同時，如果布蘭特油價維持高檔，我們也會取得與之相關、改善的價差（price differentials）效益。因此，我們的 EBITDA 也會落在我們指引區間的高端。

So there is a loss in derivative, but our EBITDA is going to be significantly higher than the one that we projected earlier in the year. With all that in mind, we are not contemplating unwinding our existing positions for 2026.

因此衍生性商品方面確實有損失，但我們的 EBITDA 將顯著高於我們在年初較早時所預估的水準。綜合以上考量，我們目前不考慮解除（unwind）我們在 2026 年的既有部位。

There are all sorts of mechanisms in place to do that. As we reflected on it, our conclusion is that that would be a distraction and that would put us in a territory of speculating on how prices are going to evolve over the coming months. So to that end, the focus of our strategy now is actually on taking advantage of the positive market outlook to secure our 2027 hedging program, and that's where we're focusing our attention now.

要做到這點有各式各樣的機制。我們在反思後的結論是，那樣做會分散注意力，並且會讓我們落入在未來幾個月油價如何演變上進行投機的領域。因此，就此而言，我們目前策略的重點其實是利用正向的市場展望來鎖定我們 2027 年的避險計畫，而這就是我們現在聚焦的方向。

Thank you, Jaime, for the very thorough answer. And just the last one, very quick one on royalties. Can you share with us what percentage of royalties paid in cash and at what price is the settlement established? And the reason why I'm asking this is to try to better understand whether cash royalty payments are further limiting the company's upside in the current high oil price environment.

謝謝你，Jaime，提供非常詳盡的回答。最後一題，很快一題，關於權利金。你能否跟我們分享有多少比例的權利金是以現金支付，以及結算價格是以什麼價格來確定？我之所以這樣問，是想更好地了解在目前油價高檔的環境下，現金權利金支付是否進一步限制了公司上行空間。

Sure, Daniel. So the quick answer is very little. So only about 16%, 17% of our royalties are paid in cash. Everything else is paid in kind. The formula, as you know, has multiple elements to it. But if I were to simplify, essentially what you're seeing is you take the Brent headline price and you apply to that a holistic discount from wellhead to an analog FOB export. So that is about a $13 discount, more or less. And on that basis, we calculate it.

當然可以，Daniel。簡短的答案是：非常少。我們只有大約 16%、17% 的權利金是以現金支付。其他全部都是以實物支付。如你所知，公式包含多個要素。但若要簡化來說，你看到的基本上是：以布蘭特（Brent）名目價格為基礎，並在此之上套用一個從井口到類似 FOB 出口的整體折價。這個折價大約是每桶 13 美元，上下些許。我們就是在這個基礎上計算。

Alejandro Demichelis, Jefferies.

Alejandro Demichelis，Jefferies。

Just one quick question. Felipe, you talked about your strategy not changing. You have a stronger balance sheet. Now you have a new reference shareholder. So could you please give us a little bit more detail on what are those opportunities that you're seeing kind of in Argentina, maybe looking at Venezuela, maybe something else in Colombia or somewhere else?

我只有一個很快的問題。Felipe，你提到你們的策略沒有改變。你們的資產負債表更強健。現在你們也有新的參考股東。所以你能否請你更詳細說明一下，你們在阿根廷看到哪些機會，或許看看委內瑞拉，或是在哥倫比亞或其他地方還有什麼？

Hola, Alejandro, and thanks for being here. Thanks for your question. Always good talking to you. Yes, so the strategy has not changed, which is what I was referring to in my remarks earlier. So we've basically done a reset of the business in Colombia. We've stabilized production, and we're very happy with that. So things like waterflooding, infill drilling in the fields are actually working very well. So we're pleased with that. So that's point number one. And I've referred to this as protecting what we have and maximizing value.

Hola，Alejandro，謝謝你來參與。也謝謝你的提問。總是很高興和你交流。是的，策略沒有改變，這也是我先前發言中所提到的。我們基本上已在哥倫比亞把業務重新調整到位。我們已穩定產量，對此非常滿意。因此像是注水（waterflooding）、油田加密鑽井（infill drilling）等措施其實運作得非常好。我們對此感到很高興。這是第一點。我把這稱為保護我們既有的資產並將價值最大化。

The second thing is around growing and Vaca Muerta. And I did share some of the highlights or milestones with Daniel earlier in terms of some of the things we're looking at, and that's great. We're very pleased. We're very, very pleased with how Argentina is going.

第二件事是關於成長，以及 Vaca Muerta。我先前也和 Daniel 分享過一些重點或里程碑，談到我們正在評估的一些事項，這很好。我們非常滿意。我們對阿根廷的進展非常、非常滿意。

And in terms of the growth angle, I'll refer to Venezuela, which is one of the things that we've mentioned, and I particularly mentioned in my remarks earlier today. There's the new shareholder, a reference shareholder, as you've described it, which has been great for the company in terms of long-term alignment and the view of further growing GeoPark, which is great.

就成長面向而言，我會提到委內瑞拉，這是我們曾提及的事項之一，也是我今天稍早發言中特別提到的。如你所說，現在有新的股東、參考股東，這對公司在長期一致性以及進一步擴大 GeoPark 的願景上都非常有幫助，這很棒。

And in that sense, it's been quite direct and open that both from the shareholder point of view and our company, we said, yes, we're looking at Venezuela. This is basically a very comprehensive assessment of opportunities around different basins. There's different types of opportunities in Venezuela. These are world-class resources in Venezuela.

在這個意義上，無論從股東角度或公司角度，我們都相當直接且公開地表示：是的，我們正在看委內瑞拉。這基本上是針對不同盆地機會所做的一個非常全面的評估。委內瑞拉有不同類型的機會。委內瑞拉擁有世界級資源。

There's been the new hydrocarbon law, which is promulgated back in January, which is very, very good. There's different sort of mechanisms through which one could actually enter into Venezuela in terms of CEPP or Empresas Mixtas or better mixture. Good progress on sanctions as well. And our teams have actually visited the country now talking to key players, stakeholders, and we will continue with that, with these assessments and basically screening in detail potential opportunities at some stage.

今年 1 月頒布了新的碳氫化合物法（hydrocarbon law），這非常、非常好。在進入委內瑞拉方面，有不同的機制，例如 CEPP 或合資公司（Empresas Mixtas）或更好的混合模式。制裁方面也有良好進展。我們的團隊也已經造訪該國，與關鍵參與者與利害關係人洽談；我們會持續進行這些評估，並在某個階段對潛在機會做更細緻的篩選與審視。

But again, we want to be always very aligned with strategy. This is an opportunity as a country entry that would eventually support this growth side of the strategy. So that's how we are addressing it, Andres. But let me just finish by saying very pleased with a very strong quarter. Strategy is unchanged, delivering on strategy and some potential upsides that we're assessing.

但再次強調，我們希望始終與策略高度一致。這是一個作為國家進入（country entry）的機會，最終將支持策略中的成長面向。因此我們就是以這樣的方式來處理，Andres。最後我想補充：我們對這個非常強勁的季度表現感到非常滿意。策略不變，持續交付策略，同時也在評估一些潛在的上行空間。

And next, we will take questions from the web. The first question is from Andres Peltaso: Can you provide more detail on activity in Vaca Muerta for the remainder of 2026 and '27? You already started drilling some wells left by Pluspetrol.

接下來我們將回答來自網路的提問。第一個問題來自 Andres Peltaso：你能否提供更多關於 2026 年剩餘期間以及 2027 年在 Vaca Muerta 的活動細節？你們已開始鑽探一些由 Pluspetrol 留下的井。

Any other pads wells expected to be drilled for the remainder of 2026 that will deliver production this year? And can you walk me through the fracking put on production, water encroachment sequence expected in 2026?

在 2026 年剩餘期間，是否預期還會鑽其他井場（pad）上的井，並在今年帶來產量？另外，你能否帶我了解 2026 年預期的壓裂投產、含水入侵（water encroachment）順序？

Thanks, Andres. And I'll ask Martin to take this in a lot more detail. I just want to go back, Alejandro, and apologise as I missed up your name in the last answer. So thanks, Andres. And Martin, can you take us through some of the details, please?

謝謝你，Andres。我會請 Martin 更詳細地回答。我想先回到 Alejandro，並為我在上一個回答中把你的名字說錯而道歉。所以謝謝你，Andres。Martin，你能帶我們走過一些細節嗎？

Absolutely, Felipe. And Andres, again, thanks for your interest in GeoPark. I'll start by saying that when we took over Vaca Muerta in our presentation in New York, we had five swing lanes in our strategy, production optimization, environmental, facilities, evacuation and drilling. And we're making progress as planned or even better than planned in all of those fronts.

當然可以，Felipe。Andres，再次感謝你對 GeoPark 的關注。我先說，當我們接手 Vaca Muerta 時，在紐約的簡報中，我們的策略有五個主軸：產量最佳化、環境、設施、外運（evacuation）以及鑽井。我們在所有這些面向都按計畫推進，甚至比計畫更好。

I will touch on each of your questions. I do want to recognize and again, mention what Felipe was saying, what we have accomplished since October 16. So what we've done so far is, and this all has been incident-free, which is one of our values, we've done six workovers in two campaigns.

我會逐一回應你的每個問題。我也想再次肯定並提到 Felipe 所說的，我們自 10 月 16 日以來所完成的成果。到目前為止我們所做的是——而且全程零事故（incident-free），這也是我們的價值之一——我們在兩個作業活動中完成了六次修井（workovers）。

The first campaign started the day that we were taking over the assets. The second campaign happened early this year. And we, in the second campaign, did it in shorter time than the first campaign. We have also brought a rig, like Felipe was saying. In our Loma Jarillosa Este, we have already finished drilling the three horizontal wells.

第一個作業活動是在我們接手資產的當天就開始。第二個作業活動在今年初進行。而在第二個作業活動中，我們用更短的時間完成，優於第一個作業活動。我們也如 Felipe 所說，調入了一座鑽機。在 Loma Jarillosa Este，我們已完成三口水平井的鑽探。

Again, this is in a pad that has five wells. Two wells were fully drilled by the previous operator. So our task was to drill, like Felipe was saying, in the order of average of 2,600 meters within 10 meters of thickness. These three horizontals, we've done it in 14.7 days. And when you benchmark to the two wells that were already drilled horizontal, it's a very drastic reduction in time. So very proud of our drilling and completion and logistics team.

再次說明，這是在一個包含五口井的井場（pad）上。其中兩口井已由前一個營運商完成全部鑽探。因此我們的任務是，如 Felipe 所說，在平均約 2,600 公尺、厚度 10 公尺的層段內進行鑽探。這三口水平井我們用 14.7 天完成。若與先前已鑽的兩口水平井相比，時間大幅縮短。因此我們對鑽完井與後勤團隊感到非常自豪。

We have also awarded and started the Loma Jarillosa Este upgrade. This is where the fluids are going today, and we need that upgraded. We knew that we needed that upgraded, and it was part of our plan so that we can manage the production for all of that pad and also connections so that tracking of water and oil is not necessary. We have also optimized our OpEx, specifically around fracking. So although the production has been about the same order of when we got the block, OpEx have come down.

我們也已授標並啟動了 Loma Jarillosa Este 升級工程。目前流體都往那裡走，因此我們需要完成該升級。我們早就知道需要升級，這也是我們計畫的一部分，讓我們能管理該井場（pad）的全部產量以及相關連接，從而不必再進行水與油的追蹤。我們也已優化了營運支出（OpEx），特別是在壓裂方面。因此，雖然產量大致與我們取得該區塊時同一量級，但 OpEx 已經下降。

And we have also submitted the environmental permits, and we had a successful public hearing about 10 days ago. So very proud of that. When we look at, okay, what else? It's coming in 2026. I'll say that the first one is about fracking, the five wells that are in the pad that is fully drilled. That is already awarded and the frac set will move in June.

我們也已提交環境許可申請，並在約 10 天前成功舉行了公聽會。因此我們對此非常自豪。當我們再看，好的，還有什麼？這些將在 2026 年到來。我會說第一項是關於壓裂，也就是在已完成全井鑽鑿的井場上那 5 口井的壓裂作業。這已經授標，壓裂設備組將於 6 月進場。

So that will be around 30 to 45 days that we will be doing more than 200 fracs stages in all the five wells. Following the frac, as you're aware, Andres, when you start putting the wells on production, you do it in a protocol way so that you are opening the plugs and water will be coming.

因此大約會有 30 到 45 天，我們將在這 5 口井上進行超過 200 個壓裂段（stages）。壓裂之後，如你所知 Andres，當你開始讓井投產時，會依照既定流程操作，逐步打開橋塞（plugs），水就會開始流出。

So we expect initially about order of 2,000 to 3,000 barrels of water in the initial stages. And then when we start putting everything on production, which will be around September, we will be having 6,000 to 8,000 barrels of water with the production of oil that will be coming.

因此我們預期初期大約會有 2,000 到 3,000 桶的水，出現在最初階段。接著當我們開始讓所有井全面投產（大約在 9 月），我們將會有 6,000 到 8,000 桶的水，同時也會有原油產量進來。

This is something that always happens in unconventionals is the flash water production from the stimulation and then the wells go to very low water cuts. So what we expect is in this quarter, we're going to be doing the fracs. While we're doing the fracs, you will see in future calls that part of the production will be temporarily coming down because we want to avoid any frac hits with the existing wells that have been drilled and are on production.

在非常規油氣中，這種情況總是會發生：刺激作業後會有一波快速返水（flash water）產量，之後井的含水率會降到很低。因此我們預期本季將進行壓裂。在我們進行壓裂期間，你會在未來的電話會議中看到，部分產量將暫時下降，因為我們希望避免對既有已鑽且在產井造成任何壓裂干擾（frac hits）。

But then after that, starting in September, we will be ramping up and putting all the wells on production to a peak, like Felipe was saying, in the order of 5,000 to 6,000 barrels of oil per day for all of our operations in Vaca Muerta. The other thing that we're doing is we're already doing the engineering for the central processing facility that as we ramp up from the current levels and the 6,000 by the end of the year to 20,000 by 2028, we will need that central processing facility, and that's already on the works.

但之後從 9 月開始，我們將逐步拉升並讓所有井投產，達到峰值；如 Felipe 所說，我們在 Vaca Muerta 的所有作業合計，將達到約每日 5,000 到 6,000 桶原油。另外，我們也已在進行中央處理設施（CPF）的工程設計；隨著我們從目前水準、到年底達到 6,000 桶/日，再到 2028 年達到 20,000 桶/日，我們將需要該中央處理設施，而這項工作已在推進中。

The other thing that we're doing right now is going back to the water production to be efficient instead of fracking that water, we're already drilling. The rig that drilled the horizontals is now drilling water injection disposal well and also an observatory well that is part of the regulation that is required for water disposal.

我們目前正在做的另一件事，是回到水產量的處理：為了提高效率，我們不再用壓裂方式處理那部分水，而是已開始鑽井。先前鑽水平井的鑽機，現在正在鑽水回注處置井，並且也在鑽一口監測井（observatory well），這是法規對水處置所要求的一部分。

So we will have that in place by the time we start putting the pad with the five wells on production. The other thing that we're looking at is RIGI. So that's something that we're considering and shortly, we will communicate. That is part of our strategy. And the other component to have a successful 2027, which we have been working and we're finalizing the signature of the contract is the factory mode drilling, which is with a company that is in country and the rig that will be assigned to us as a rig that is in country.

因此在我們開始讓這個包含 5 口井的井場投產時，相關設施將會就位。我們正在評估的另一件事是 RIGI。這是我們正在考量的事項，我們很快會對外溝通。這是我們策略的一部分。而要在 2027 年取得成功的另一個要素（我們一直在推進，並且正在完成合約簽署），是工廠模式鑽井（factory mode drilling）；合作方是一家在國內的公司，分配給我們的鑽機也將是已在國內的鑽機。

So that eliminates any type of mobilization from overseas, and we feel very good about that. We will be signing that contract, like Felipe said, in the next coming weeks. If you think about 2027, okay, what are we going to be doing in 2027? So the key milestones and our priorities are basically around with the factory drilling that will start in December.

這樣就能消除任何從海外動員的需求，我們對此感到非常放心。如 Felipe 所說，我們將在接下來幾週內簽署該合約。如果你想 2027 年，好的，我們在 2027 年要做什麼？關鍵里程碑與優先事項，基本上圍繞著工廠式鑽井，並將於 12 月開始。

In 2027, we will be fully drilling and completing two pads with 10 wells put on production. And we will finish 2027 starting the drilling on the third pad. We will also be constructing the central processing facility, and it should be on stream by the end of 2027. So high level, I think I covered most of the questions that you have, Andres, but if there are any follow-ups, we will be glad to answer.

在 2027 年，我們將完整鑽鑿並完井兩個井場，共 10 口井投產。並且在 2027 年結束時開始第三個井場的鑽井。我們也將建造中央處理設施（CPF），並應在 2027 年底前投運（on stream）。因此從高層次來看，我想我已涵蓋你大部分的問題，Andres；但如果還有任何追問，我們很樂意回答。

And he does have a follow-up. On the barrels you have not hedges, are you realizing full Brent upside or you realize them below Brent spot prices?

他確實有一個追問。對於你們未做避險的那些桶數，你們是否能完全享有布蘭特（Brent）的上行，還是實現價格低於布蘭特即期價？

Yes, Andres. So the barrels that are not hedged are at market conditions. So they float, if you will, with market conditions. And currently, they are absolutely benefiting from the Brent upside.

是的，Andres。未做避險的那些桶數是依市場條件定價。因此可以說，它們會隨市場條件浮動。而目前，它們確實完全受益於布蘭特的上行。

Joaquin Robet, Balanz. Given the current Brent environment, are you considering revising 2026 CapEx guidance upward? If so, where would incremental drilling be allocated? And what production response should we expect?

Joaquin Robet，Balanz。鑑於目前的布蘭特環境，你們是否考慮上調 2026 年資本支出（CapEx）指引？若是，新增鑽井將分配到哪些區域？我們應預期怎樣的產量回應？

Thanks, Joaquin. And just to go back to the guidance, we've talked about $190 million to $220 million for the year. And that's Vaca Muerta, as Martin was explaining, a lot of activity going on there and a lot of activity going on in Colombia.

謝謝你，Joaquin。回到指引，我們談到今年為 1.90 億至 2.20 億美元。這涵蓋 Vaca Muerta；如 Martin 所解釋，那裡有大量活動，同時哥倫比亞也有很多活動。

So what are we looking at as we taking into account the current market conditions is year-end activities in Colombia. And I mentioned earlier that we're very, very happy and we're very, I mean, enthused by the water flooding response by the infill drilling.

因此，在考量目前市場條件下，我們在看的是哥倫比亞的年底作業活動。我先前提到，我們對加密井（infill drilling）帶來的水驅（water flooding）反應非常、非常滿意，也非常振奮。

So there's opportunities that we're assessing as we speak, but these would be year-end activities. So probably the impact they'll have is more towards 2027 in terms of production. But it's something that we're working with the teams, and we'll communicate when we're ready in terms of putting those down as CapEx for the year.

因此我們正在評估一些機會，就在此刻。但這些會是年底的作業活動，因此它們對產量的影響可能更多會落在 2027 年。不過這是我們正與團隊一起推進的事項；等我們準備好把這些列為本年度 CapEx 時，我們會再對外溝通。

And the other thing that even though there's a lot of things happening in Vaca Muerta, the drilling, getting the factory drilling rig, upgrading the facilities and basically contracting or signing the contract for the CPF, we may consider accelerating some of the activities in Vaca Muerta.

另外，即便 Vaca Muerta 有很多事情在進行——鑽井、取得工廠式鑽井鑽機、升級設施，以及基本上為 CPF 進行招標或簽約——我們也可能考慮加速 Vaca Muerta 的部分活動。

Remember that the guidance has been -- over the period, it's $1 billion, $600 million for '26, '27, '28. But within that frame, there may be some things from '27 that we accelerate and bring into '26. But just a sort of heads up, but it's something that we are assessing. And once we finish all the work and we'll be ready to communicate, we'll let you guys know.

請記得，該指引在整個期間為——總計 10 億美元，其中 2026、2027、2028 年合計為 6 億美元。但在這個框架內，可能會有一些原本屬於 2027 年的事項，我們會加速並提前到 2026 年。先給大家一個提醒，但這仍是我們正在評估的事項。一旦我們完成所有工作並準備好對外溝通，我們會讓各位知道。

Your next web question is from Vicente Falanga, Bradesco. How is priority in terms of capital allocation? Is M&A still a priority? Any potential conversations?

下一個網路提問來自 Bradesco 的 Vicente Falanga。在資本配置方面的優先順序如何？併購（M&A）仍是優先事項嗎？是否有任何潛在的洽談？

Thanks, Vicente. And I'll give you some thoughts and then Jaime can go into more detail. But the priorities for allocating CapEx have not changed. I go back to the protecting what we have, which is working in the assets in Colombia, stabilizing production and generating more value. And again, reducing the lifting costs, being very efficient and ensuring that we arrest decline and reset the businesses.

謝謝你，Vicente。我先分享一些想法，之後 Jaime 可以再更詳細說明。不過，資本支出（CapEx）配置的優先順序並沒有改變。我回到「保護我們既有的資產」這一點，也就是在哥倫比亞的資產上持續運作、穩定產量並創造更多價值。同樣地，降低舉升成本、保持高度效率，並確保我們能遏止產量遞減並重整各項業務。

So that's not changed. And there will be CapEx allocated to that. And then growth, and there's CapEx allocated to that growth. But M&A is a priority for the company, but we will do it in a way that's very thoughtful, that's very disciplined, that's actually a result of being very comprehensive in terms of assessing opportunities and ensuring that these opportunities create value and as such, fully (technical difficulty)

所以這點沒有改變。而且會有資本支出配置在這方面。接著是成長，也會有資本支出配置在成長上。但併購（M&A）是公司的優先事項，不過我們會以非常審慎、非常有紀律的方式來進行，這其實是基於對機會進行非常全面的評估，並確保這些機會能創造價值，因此，完全(技術問題)

Ladies and gentlemen, please remain on the line while we reconnect the speaker.

各位女士先生，請保持在線，我們將重新連線講者。

Okay. Inorganic growth absolutely continues to be a priority for the company. And the context for that is a recognition, I'd say, of two fundamentals. The first one is that the energy sector continues to offer massive value creation opportunities for our shareholders. And the second one is that in that context, reserves growth is, therefore, in the long-term interest of our shareholders.

好的。非有機成長絕對仍是公司的優先事項。其背景是我們對兩個基本面因素的認知。第一，能源產業持續為股東提供巨大的價值創造機會。第二，在此背景下，儲量成長因此符合股東的長期利益。

So we need to make sure that we expand our reserves offer, that we have a long-term inventory of opportunities that we can drill and that we can use to increase production. So that's the context by which we are pursuing inorganic.

因此，我們必須確保擴大我們的儲量供給，擁有可供長期鑽探的機會庫存，並用以提升產量。這就是我們推動非有機成長的背景。

The other important consideration is that we believe that the company is very well positioned to capture these opportunities and probably now more than ever in the recent past, given the performance that we are delivering and given the financial condition in which we are in, thanks to the actions that we've taken over the last number of months.

另一個重要考量是，我們相信公司非常有利於掌握這些機會，而且相較於近期過去，現在可能比以往任何時候都更具優勢，因為我們正在交付的營運表現，以及在過去幾個月採取行動後所形成的財務狀況。

So as we tested this with our shareholders, there is a broad consensus that inorganic growth is a priority and that we should pursue that. And we have the balance sheet and capabilities to do so. So where are we focusing on? No surprise here. Colombia is our backyard. We will continue to monitor all opportunities that Colombia provides very selectively as we have been doing in the past. And we'll see where that takes us.

因此，當我們與股東討論並驗證時，普遍共識是非有機成長是優先事項，而且我們應該推進。我們也具備資產負債表與能力來做到這點。那麼我們聚焦在哪裡？這不令人意外。哥倫比亞是我們的後院。我們將一如既往，以非常選擇性的方式持續監測哥倫比亞所提供的所有機會。並看看這會把我們帶到哪裡。

The upcoming elections could perhaps change the landscape too and create new opportunities that are probably now more difficult to assess. So that's something that we're monitoring. Argentina, our focus is in Vaca Muerta and particularly in the oil window. We have a narrow focus to that extent. That's where we think that we can bring our capabilities and particularly around the hubs that we have already created with Loma Jarillosa Este and Puesto Silva Oeste. So anything that complements that is going to be of interest for us.

即將到來的選舉也可能改變局勢並創造新的機會，而這些機會目前可能更難評估。因此這是我們正在監測的事項。阿根廷方面，我們聚焦在 Vaca Muerta，特別是石油窗口。在這個程度上，我們的聚焦相當明確。我們認為在那裡我們能帶入自身能力，尤其是圍繞我們已經與 Loma Jarillosa Este 與 Puesto Silva Oeste 建立的樞紐（hubs）。因此，任何能補強這些的機會都會是我們感興趣的。

And last but not least, as Felipe mentioned, Venezuela is an emerging priority for us, where we're actually seeing that the mix of positive political developments, regulatory environment increasingly tells us that the sort of conditions that we can see there are competitive in the context of international benchmarks. So that's what we're working on. And we will continue to have a lens of capital discipline, of value accretion for shareholders. That's unchanged.

最後但同樣重要的是，如 Felipe 所提到，委內瑞拉對我們而言是新興的優先事項；我們確實看到正面的政治發展與監管環境的組合，愈來愈讓我們相信，那裡的條件在國際基準的脈絡下具有競爭力。這就是我們正在推進的工作。我們也將持續以資本紀律與為股東增值為檢視角度。這點沒有改變。

And we do have a follow-up from Vicente. How are you seeing the development of oil regulation in Venezuela so far? Do you like it?

我們收到 Vicente 的追問。你如何看待目前委內瑞拉石油監管的發展？你喜歡嗎？

Thanks, Vicente. I think I referred to some of this earlier. But clearly, there's lots of changes happening very recently in terms of the hydrocarbon law initially, then all the progress that has been made around sanctions, which is very, very relevant as well. And as I've mentioned, our teams have engaged with stakeholders in this very comprehensive review of opportunities and screening opportunities in different basins.

謝謝你，Vicente。我想我先前已提到其中一些。但很明顯地，最近在變動很多，包括最初的碳氫化合物法（hydrocarbon law），以及在制裁方面取得的所有進展，這也非常、非常重要。如我所提到的，我們的團隊已與利害關係人合作，對機會進行非常全面的檢視，並在不同盆地篩選機會。

And clearly, it's a world-class petroleum and gas resource in terms of what Venezuela has to offer. And I'd say that, yes, the regulations do work. Jaime was saying that these are competitive. And when we come to the time to assess some specifics on those, this will need to compete with some other opportunities that we have and maintain and remain very disciplined in terms of allocating CapEx. But yes, we're -- I think we're very comfortable, and we're being very, very disciplined and thorough.

而且很明顯地，就委內瑞拉所能提供的而言，這是世界級的石油與天然氣資源。我會說，是的，這些法規是可行的。Jaime 也提到這些條件具有競爭力。當我們到了需要評估某些具體事項的時點，這些機會將必須與我們其他機會競爭，而我們在資本支出配置上也必須維持並保持非常嚴謹的紀律。但沒錯，我想我們非常放心，同時也非常、非常有紀律且徹底。

And at this time, there are no further questions. I'd like to hand the call back to Felipe Bayon for any additional or closing remarks.

目前沒有其他問題。我想把電話交回 Felipe Bayon，請他做任何補充或結語。

Thank you, Lisa, and thanks for your help today. And thanks, everyone, for being here today, for joining the call. Thanks for your interest in the company and your questions and your feedback because it does help us in terms of what the markets are seeing with everything going on with the uncertainty, volatility, all the geopolitical changes that are almost daily in terms of what's going on. So thanks for that.

謝謝你，Lisa，也謝謝你今天的協助。也謝謝各位今天在場、加入這通電話會議。感謝各位對公司的關注，以及你們的提問與回饋，因為這確實能幫助我們了解市場在面對各種不確定性、波動，以及幾乎每天都在發生的地緣政治變化時的看法。所以謝謝大家。

We had a very strong quarter in terms of our results from a safety standpoint of view and from ensuring that all the people that work with us go back home or to the headquarters in the same condition as they arrive, to their working stations.

就結果而言，我們這一季表現非常強勁，無論是從安全的角度，或是確保所有與我們一起工作的人，都能以與到達工作崗位時相同的狀態回到家中或總部。

We delivered on production. We had a very good financial delivery as well. And our shareholder base has shifted towards a longer-term view shareholder base, which is very good in terms of the alignment it brings with the strategy that we had relayed and shared with the market some months ago. So very pleased with how things are going. And once again, thanks for joining today, and have a great day.

我們在產量方面達標。財務表現也交付得非常好。而且我們的股東結構已轉向更長期視角的股東基礎，這非常好，因為這能與我們在幾個月前向市場傳達並分享的策略帶來更好的對齊。因此，我們對目前的進展非常滿意。再次感謝各位今天的參與，祝各位有美好的一天。

And once again, everyone, that does conclude today's conference. We would like to thank you all for your participation. You may now disconnect.

再次提醒各位，今天的電話會議到此結束。我們感謝各位的參與。各位現在可以掛線。