GeoPark Keeps Output Steady as Argentina Ramps Up
Colombia · Energy
Key Facts
—Consolidated output. GeoPark pumped 27,271 boepd in Q2 2026, essentially flat compared to the first quarter.
—Colombia anchor. The Llanos 34 block, the company's flagship asset, delivered 15,697 net boepd during the period.
—Vaca Muerta push. Five wells were drilled in Argentina's Vaca Muerta shale, with hydraulic fracturing advancing on schedule.
—New well performance. The Currucutu-3 development well in Colombia came online producing 910 barrels of oil per day.
—Full-year target. GeoPark guided for 2026 adjusted EBITDA between US$220 million and US$300 million, based on a US$60–70 per barrel Brent scenario.
GeoPark, the Latin American oil and gas producer focused on Colombia, reported consolidated average production of 27,271 barrels of oil equivalent per day in the second quarter of 2026, holding steady as it accelerated drilling in Argentina’s Vaca Muerta shale formation.
Who Is GeoPark and Why It Matters
GeoPark is a publicly traded oil and gas explorer and producer with operations concentrated in Colombia, where it has been pumping crude for over a decade. The company also holds a growing position in Argentina’s Vaca Muerta, one of the world’s most-watched shale plays outside the United States.
For expats and investors tracking Latin America, GeoPark offers a direct window into Colombia’s oil sector, which generates a significant share of the country’s export revenue. The company’s Llanos 34 block, operated in partnership with Ecopetrol, Colombia’s state-controlled oil giant, is its crown jewel.
GeoPark's Q2 2026 Production Breakdown
The company’s 27,271 boepd figure was essentially flat compared to 27,249 boepd in the first quarter of 2026. Colombia accounted for the vast majority, with net production across all Colombian blocks reaching roughly 25,871 boepd.
The flagship Llanos 34 block contributed 15,697 net boepd, while the CPO-5 block, home to the Indico field, added 6,132 net boepd. The Llanos 123 block posted the strongest year-on-year growth, jumping 57.9 percent to 3,171 net boepd.
Argentina’s Vaca Muerta operations contributed a modest 1,400 boepd during the quarter, a figure that is set to rise sharply. The consolidated total includes approximately 5,457 barrels of oil per day paid in kind as royalties and economic rights in Colombia, a common fiscal arrangement in the country.
Drilling Accelerates in Argentina's Vaca Muerta
GeoPark operated eight rigs during the quarter, four for drilling and four for workover activity. In Argentina, the company drilled five wells in Vaca Muerta and completed three horizontal wells at the Loma Jarillosa Este block, averaging 14.2 days per horizontal section.
Hydraulic fracturing progressed steadily, with 119 of 218 planned stages finished by the end of June. Completion sets are scheduled for October, signaling that production from these wells will begin contributing more meaningfully later in the year.
A recent acquisition effective July 1, 2026, is expected to add roughly 5,000 barrels per day once the deal closes by the end of the third quarter. The company has noted that its consolidated production is already running 5,000 to 5,500 barrels per day higher than the official Q2 figure when including these new assets.
Cost Control and the Road Ahead
The Currucutu-3 development well in Colombia encountered 62 feet of net pay and began producing 910 barrels of oil per day with a 19.7 percent water cut. Another well, Mata Mora in Argentina, flowed at 2,500 barrels of oil per day, underscoring the potential of the Vaca Muerta formation.
GeoPark maintained stable production without reporting major cost spikes, suggesting effective operational discipline. The company plans to drill between 27 and 36 gross wells in 2026, with 86 percent classified as development and 14 percent as exploration.
The 2026 work program includes six to eight exploration wells, balancing the company’s need to replace reserves with its focus on capital discipline. GeoPark guided for full-year adjusted EBITDA between US$220 million and US$300 million, based on a Brent crude price scenario of US$60 to US$70 per barrel.
What This Means for Expats and Investors
For foreign investors, GeoPark’s steady Colombian production provides a reliable cash-flow base, while the Vaca Muerta expansion offers a growth kicker that could re-rate the company’s valuation. Colombia’s oil sector remains sensitive to global crude prices and domestic policy shifts, making diversification into Argentina strategically important.
Expats living in Colombia should note that oil revenues are a key pillar of the national economy, funding social programs and infrastructure. A stable operator like GeoPark helps underpin that revenue stream, though the long-term energy transition poses questions for all fossil-fuel-dependent economies.
The company’s ability to hold output flat while integrating new assets suggests management is executing cautiously. Investors will watch closely to see if the Vaca Muerta acquisition closes on schedule and whether the October completion sets deliver the promised production uplift.
What Happens Next
GeoPark expects to close its Vaca Muerta acquisition by the end of the third quarter of 2026, which will immediately boost reported production figures. The company’s full-year production target points to a finish between 13,000 and 14,000 barrels per day on an operated net basis, though consolidated figures will run higher.
Hydraulic fracturing completion in October will be the next operational milestone, potentially unlocking a step-change in Argentine output. With Brent crude prices hovering within the company’s guidance range, GeoPark appears positioned to fund its drilling program from operating cash flow without stretching its balance sheet.
For readers following Latin American energy, GeoPark’s dual-country strategy offers a case study in balancing mature-field stability with frontier-shale growth. The coming quarters will reveal whether the Vaca Muerta bet pays off at the scale management envisions.
Frequently Asked Questions
Where does GeoPark operate?
GeoPark's primary operations are in Colombia, where it holds stakes in blocks across the Llanos basin, including its flagship Llanos 34 block operated in partnership with Ecopetrol, the state-controlled oil company. The company also has a growing position in Argentina's Vaca Muerta shale formation, one of the largest unconventional oil and gas reserves outside North America, where it is drilling horizontal wells and conducting hydraulic fracturing.
What was GeoPark's production in Q2 2026?
GeoPark reported consolidated average production of 27,271 barrels of oil equivalent per day, stable compared to the first quarter of 2026 and driven mainly by its Colombian oil fields. The figure includes roughly 5,457 barrels per day paid as royalties in kind, and the company noted that production is already running 5,000 to 5,500 barrels per day higher when including a recent Vaca Muerta acquisition that had not yet closed during the quarter.
What are GeoPark's growth plans for 2026?
The company plans to drill 27 to 36 gross wells during the year, with 86 percent classified as development and 14 percent as exploration, including six to eight exploration wells. It expects a recent Vaca Muerta acquisition to add approximately 5,000 barrels per day once the transaction closes in the third quarter, and has guided for full-year adjusted EBITDA between US$220 million and US$300 million based on a Brent crude price of US$60 to US$70 per barrel.
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