GeoPark Limited (NYSE:GPRK) Q2 2024 Earnings Conference Call August 15, 2024 10:00 AM ET
Company Participants
Andres Ocampo - Chief Executive OfficerJaime
Jamie Caballero - Chief Financial Officer
Martin Terrado - Chief Operating Officer
Rodrigo Dalle Fiore - New Development and Portfolio Director
Conference Call Participants
Daniel Guardiola - BTG
Stephane Foucaud - Auctus Advisors
Vicente Falanga - Bradesco
Operator
Good morning and welcome to the GeoPark Limited Conference Call following the Results Announcement for the Second Quarter Ending June 30, 2024. After speakers’ remarks, there will a question-and-answer session. [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.geopark.com. 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 result press release and on this conference call are forward-looking statements rather than historical facts and are subject to risk 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 Security Litigation Reform Act of 1995. This risk includes a variety of factors, including competitive development and risk factors listed from time-to-time in the company's SEC results 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 statement, but are not intended to represent a complete list of company business.
All financial figures included here and were prepared in accordance with IFRS and are stated in the U.S. dollars unless otherwise noted. Reserves figures correspond to PRMS Standards.
On the call today from GeoPark is Andres Ocampo, Chief Executive Officer; Jaime Caballero, Chief Financial Officer; Augusto Zubillaga, Chief Technical Officer; Martin Terrado, Chief Operating Officer; Rodrigo Dalle Fiore, New Development and Portfolio Director; Stacy Steimel, Shareholder Value Director; and Maria Carolina Escobar, Shareholder Value and Capital Markets Director.
And now I'll turn the call over to Mr. Andres Ocampo. Mr. Ocampo, you may begin.
Andres Ocampo
Good morning and thank you for joining our second quarter conference call. We're pleased to report on our continued progress and results. The second quarter, GeoPark demonstrated strong financial performance despite some operational challenges. Our revenue increased by 14% compared to the first quarter to $190 million on the back of higher oil prices. Adjusted EBITDA increased 15% to $128 million, resulting in an EBITDA margin of 67%. Net profit was $25.7 million, equivalent to $0.50 per share, mainly affected by non-cost charges related to the impact of the devaluation of the Colombian peso over deferred income taxes.