GeoPark Announces Quarterly Cash Dividend of $0.13 Per Share
04 May 2023 - 7:00AM
Business Wire
GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a
leading independent Latin American oil and gas explorer, operator
and consolidator, announces that its Board of Directors has
declared a quarterly cash dividend of $0.13 per share ($7.5 million
in the aggregate) payable on May 31, 2023, to the shareholders of
record at the close of business on May 18, 2023. All figures are
expressed in US Dollars.
The Company remains committed to return approximately 40-50% of
free cash flow after taxes1 to its shareholders while executing
self-funded and flexible work programs.
____________________
1 Free cash flow is used here as Adjusted EBITDA less capital
expenditures, mandatory interest payments and cash taxes. 2023 cash
taxes include GeoPark’s preliminary estimates of the full impact of
the new tax reform in Colombia, irrespective of the timing of its
cash impact, expected in 2023 or early 2024. The Company is unable
to present a quantitative reconciliation of the 2023 Adjusted
EBITDA which is a forward-looking non-GAAP measure, because the
Company cannot reliably predict certain of the necessary
components, such as write-off of unsuccessful exploration efforts
or impairment loss on non-financial assets, etc. Since free cash
flow is calculated based on Adjusted EBITDA, for similar reasons,
the Company does not provide a quantitative reconciliation of the
2023 free cash flow forecast.
NOTICE
Additional information about GeoPark can be found in the “Invest
with Us” section of the website at www.geo-park.com.
Certain amounts and percentages included in this press release
have been rounded for ease of presentation.
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION
This press release contains statements that constitute
forward-looking statements. Many of the forward- looking statements
contained in this press release can be identified by the use of
forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’
‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’
‘‘estimate’’ and ‘‘potential,’’ among others.
Forward-looking statements that appear in a number of places in
this press release include, but are not limited to, statements
regarding the intent, belief or current expectations, regarding
various matters, such as operational and financial performance,
including free cash flow generation and the expected excess cash
flow returns to shareholders and dividend payment. Forward-looking
statements are based on management’s beliefs and assumptions, and
on information currently available to the management. Such
statements are subject to risks and uncertainties, and actual
results may differ materially from those expressed or implied in
the forward-looking statements due to various factors.
Forward-looking statements speak only as of the date they are
made, and the Company does not undertake any obligation to update
them in light of new information or future developments or to
release publicly any revisions to these statements in order to
reflect later events or circumstances, or to reflect the occurrence
of unanticipated events. For a discussion of the risks facing the
Company which could affect whether these forward-looking statements
are realized, see filings with the U.S. Securities and Exchange
Commission (SEC).
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version on businesswire.com: https://www.businesswire.com/news/home/20230503005662/en/
INVESTORS: Stacy Steimel ssteimel@geo-park.com
Shareholder Value Director T: +562 2242 9600 Miguel Bello
mbello@geo-park.com Market Access Director T: +562 2242 9600 Diego
Gully dgully@geo-park.com Investor Relations Director T: +5411 4312
9400 MEDIA: Communications Department
communications@geo-park.com
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