GeoPark Limited (NYSE:GPRK) Q3 2024 Results Conference Call November 7, 2024 10:00 AM ET
Company Participants
Andres Ocampo - Chief Executive Officer
Martin Terrado - Chief Operating Officer
Jamie Caballero - Chief Financial Officer
Conference Call Participants
Vicente Falanga - Bradesco
Alejandro Demichelis - Jefferies
Daniel Guardiola - BTG
Operator
Good morning and welcome to the GeoPark Limited conference call following the results announcement for the third quarter ending September 30, 2024. After speakers’ remarks, there will be 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.geo-park.com.
A replay of today's call may be accessed through this website 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.
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 development 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. All financial figures included herein were prepared in accordance with the IFRS and are stated in U.S. dollars, unless otherwise noted. Reserve figures correspond to PMRS standards.
On today's call from GeoPark is Andres Ocampo, Chief Executive Officer; Jaime Caballero, Chief Financial Officer; Augusto Zubillaga, Chief Technical Officer; Martin Terrado, Chief Operating Officer; and Maria Catalina 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, everyone, and thank you for joining us to review together our third quarter 2024 operational and financial performance. Our net revenue for the quarter was $159 million, down 16% from the second quarter, impacted mainly by lower realized oil prices and production.
Despite these factors, our financial discipline allowed us to maintain robust margins and profitability. Our adjusted EBITDA for the quarter was close to $100 million, representing a strong 63% margin. In addition, the adjusted EBITDA for the first 9 months of 2024 amounted to $339 million, representing approximately a 2% increase compared to the same period of 2023.