AG真人官方

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 6-K

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REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

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For the month of August 2025

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Commission File Number: 001-36298

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GeoPark Limited

(Exact name of registrant as specified in its charter)

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Calle 94 N° 11-30 Piso 8

Bogota, Colombia

(Address of principal executive office)

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

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GEOPARK LIMITED

TABLE OF CONTENTS

ITEM

Item 1

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FOR IMMEDIATE DISTRIBUTION

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GEOPARK REPORTS SECOND QUARTER 2025 RESULTS

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RESILIENT RESULTS AMID LOWER PRODUCTION VOLUMES AND BRENT

COST AND CAPITAL EFFICIENCY MEASURES WELL UNDERWAY

DIVESTING NON-CORE ASSETS IN ECUADOR

QUARTERLY CASH DIVIDEND OF $0.147 PER SHARE

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Bogota, Colombia – August 5, 2025 - GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, reports its consolidated financial results for the three-month period ended June 30, 2025 (“Second Quarter” or “2Q2025”). A conference call to discuss these financial results will be held on August 6, 2025, at 10:00 am (Eastern Daylight Time).

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GeoPark delivered solid financial and operational results in 2Q2025, despite a lower oil price environment. Strong execution, proactive cost management and disciplined capital allocation supported results, while enabling continued investment in high-return projects within the Company’s core portfolio. Consistent with its strategic priorities, GeoPark focused on strengthening its balance sheet and protecting financial flexibility to navigate a lower oil price environment and position the Company for long-term, value-accretive growth.

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SECOND QUARTER 2025 FINANCIAL SUMMARY

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In 2Q2025, GeoPark reported Adjusted EBITDA¹ of $71.5 million (60% margin), a 19% decrease compared to 1Q2025, mainly due to a 9% drop in realized prices and a 6% decrease in production volumes, partially offset by an 8% reduction in production and operating costs, which remained at $12.3 per barrel of produced boe.

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Net loss for the quarter totaled $10.3 million compared to a $13.1 million profit in 1Q2025, primarily reflecting a non-recurring impairment charge related to the divestment of assets in Ecuador. As part of its ongoing portfolio review, GeoPark agreed to divest its 50% working interest (“WI”) in the Perico and Espejo Blocks in Ecuador for a total cash consideration of $7.8 million. The closing of the divestment transaction is subject to regulatory approvals.²

Excluding the non-recurring impairment, net profit for the quarter amounted to $20.7 million, 58% higher than 1Q2025, reflecting lower depreciation, financial expenses and income tax. The effective tax rate for 2Q2025 was 27%, below the statutory income tax rate of 35% in Colombia, primarily due to the re-estimation of the oil and gas sector surcharge, which was reduced from 5% to 0% in response to the lower oil price environment.

¹ For reconciliations, see “Reconciliation of Adjusted EBITDA to Profit Before Income Tax” table below.

² The agreement includes an additional contingent consideration of $750,000, payable upon the Perico Block achieving cumulative gross production of two million barrels as from January 1, 2025. The total firm consideration is subject to working capital and other customary adjustments. The divested assets had 1.6 million barrels of net 2P reserves as of year-end 2024 (2% of GeoPark’s 2P reserves) and delivered an average gross production of ~2,000 boepd during July (~1,000 boepd net), or 4% of GeoPark’s production.

Capital expenditures in 2Q2025 totaled $23.9 million, primarily directed toward the execution of the integrated drilling and workover campaign in the Llanos 34 Block (GeoPark operated, 45% WI), enhancing operational efficiency and maintaining stable production levels. In parallel, an exploration and appraisal campaign continued in the Llanos 123 Block (GeoPark operated, 50% WI), supported by the construction of key infrastructure.

At the end of the second quarter, the Company had $266.0 million cash in hand, while net debt stood at $359.5 million with a low leverage ratio of 1.1x, reflecting a robust capital structure.

To mitigate downside risk from oil price volatility, the Company continues to proactively manage its hedging strategy. For 2025, approximately 87% of expected production is hedged with price floors between $68–70/bbl, resulting in a $4.9 million gain reflected in 2Q2025 revenue. As of August 5, 2025, oil price protection for 2026 has also been secured through 3-way collars, for approximately 9,000 boepd of 1H2026 and 8,000 boepd of 2H2026 production, with average strike prices at $50/$65/$74.

Reflecting the Company’s performance during the quarter, the Board of Directors declared a quarterly cash dividend of $0.147 per share (approximately $7.5 million), payable on September 4, 2025. In parallel, the Board is actively reviewing the Company’s capital allocation priorities, including dividend distribution going forward in the context of evolving strategic priorities and the need to preserve flexibility to pursue value-accretive growth opportunities. This review will continue over the coming months as part of our ongoing overall financial and strategic positioning.

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COST AND CAPITAL EFFICIENCY MEASURES

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GeoPark is implementing several cost and capital efficiency initiatives to further enhance value and maximize long term competitiveness. These initiatives also reflect the Company’s clear intent to preserve financial firepower for ongoing inorganic growth initiatives, while navigating continued Brent price volatility. The measures are the following:

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Cost Efficiencies

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The Company has implemented a comprehensive efficiency program to align the cost structure with current activity levels. The goal is to ensure a competitive organization that maximizes value from the existing portfolio, while preserving the distinctive capabilities necessary to pursue long term reserves renewal and incremental shareholder value. By the end of July 2025, the Company had already captured $12.5 million in efficiencies. On an annualized basis, such efficiencies represent approximately $17.5 million of structural savings going forward.

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Debt Reduction

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Underscoring its disciplined approach to capital allocation and balance sheet optimization, the Company repurchased $54.5 million of its 2030 Notes in June and July 2025 at an average price of $0.88 and $0.89 on the dollar, respectively, through open market transactions. These repurchases generate coupon savings of approximately $5 million annually (or over $20 million until the Notes’ maturity in 2030) while enhancing long-term financial flexibility. The Company will continue to actively monitor market conditions to opportunistically pursue further value-accretive liability management initiatives, subject to available liquidity and overall capital allocation priorities.

Felipe Bayon, Chief Executive Officer of GeoPark, said: “My first two months at GeoPark have been an intense and rewarding period of learning, listening, and engaging closely with our teams and operations. I have encountered a company with a very solid operating platform and a deeply committed team, and these strong foundations have allowed us to continue delivering resilient results, despite today’s complex and volatile environment. Our second quarter results were slightly ahead of our existing guidance, and we are actively reassessing our portfolio and cost structure, prioritizing capital allocation, divesting non-core assets and exploring new organic and inorganic opportunities to generate value. With focus, agility, and the right decisions, I’m confident we can write GeoPark’s next growth chapter.”

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Supplementary information is available at the following link:

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https://ir.geo-park.com/2Q25-SupplementaryRelease

SECOND QUARTER 2025 HIGHLIGHTS

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Oil and Gas Production and Operations

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Revenue, Adjusted EBITDA and Net Profit

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Cost and Capital Efficiency

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Balance Sheet and Liquidity

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Hedging and Risk Management

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Shareholder Value Return

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2025 Annual General Meeting

³ Reported in the 2Q2025 Operational Update.

⁴ ROACE is defined as last twelve-month operating profit divided by average capital employed. Capital employed is calculated as total assets minus current liabilities and adjusted for excess cash. Excess cash corresponds to the portion of cash and cash equivalents that exceeds the amount required to cover current liabilities with current assets. The non-recurring impairment charge related to the divestment of assets in Ecuador was excluded from operating profit for the purpose of this calculation.

CONSOLIDATED OPERATING PERFORMANCE

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Key performance indicators:

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All figures are expressed in US Dollars and growth comparisons refer to the same period of the prior year, except when specified. Definitions and terms used herein are provided in the Glossary at the end of this document. This press release and its supplementary information do not contain all the Company’s financial information and the Company’s consolidated financial statements and corresponding notes for the period are available on the Company’s website.

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RECONCILIATION OF ADJUSTED EBITDA TO PROFIT BEFORE INCOME TAX

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CONFERENCE CALL INFORMATION

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GeoPark management will host a conference call on Wednesday, August 6, 2025, at 10:00 am (Eastern Daylight Time) to discuss the 2Q2025 financial results.

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To listen to the call, participants can access the webcast located in the Invest with Us section of the Company’s website at www.geo-park.com, or by clicking below:

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https://events.q4inc.com/attendee/211725993

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Interested parties may participate in the conference call by dialing the numbers provided below:

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United States Participants: +1 404-975-4839

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Global Dial-In Numbers:

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https://www.netroadshow.com/events/global-numbers?confId=72342

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Passcode: 553033

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Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast.

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An archive of the webcast replay will be made available in the Invest with Us section of the Company’s website at www.geo-park.com after the conclusion of the live call.

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For further information, please contact:

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GLOSSARY

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NOTICE

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Additional information about GeoPark can be found in the Invest with Us section of the website at www.geo-park.com.

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Rounding amounts and percentages: Certain amounts and percentages included in this press release and its supplementary information have been rounded for ease of presentation. Percentage figures included in this press release and its supplementary information have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. In addition, certain other amounts that appear in this press release and its supplementary information may not sum due to rounding.

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This press release and its supplementary information contain certain oil and gas metrics, including information per share, operating netback, reserve life index and others, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

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CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

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This press release and its supplementary information contain 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.

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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, including liability management initiatives, hedging of expected production, full year net leverage figures, strategic initiatives, growth and capital allocation, and the divestment transaction in Ecuador. 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.

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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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Oil and gas production figures included in this press release and its supplementary information are stated before the effect of royalties paid in kind, consumption and losses. Annual production per day is obtained by dividing total production by 365 days.

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Non-GAAP Measures: The Company believes Adjusted EBITDA, free cash flow and operating netback per boe, which are each non-GAAP measures, are useful because they allow the Company to more effectively evaluate its operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company’s calculation of Adjusted EBITDA, free cash flow, and operating netback per boe may not be comparable to other similarly titled measures of other companies.

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Adjusted EBITDA: The Company defines Adjusted EBITDA as profit for the period before net finance costs, income tax, depreciation, amortization and certain non-cash items such as impairments and write-offs of unsuccessful exploration and evaluation assets, accrual of stock options and stock awards, unrealized results on commodity risk management contracts and other non-recurring events. Adjusted EBITDA is not a measure of profit or cash flow as determined by IFRS. The Company excludes the items listed above from profit for the period in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, profit for the period or cash flow from operating activities as determined in accordance with IFRS or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure and significant and/or recurring write-offs, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. For a reconciliation of Adjusted EBITDA to the IFRS financial measure of profit, see the accompanying financial tables and the supplementary information.

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Operating Netback per boe: Operating netback per boe should not be considered as an alternative to, or more meaningful than, profit for the period or cash flow from operating activities as determined in accordance with IFRS or as an indicator of the Company’s operating performance or liquidity. Certain items excluded from operating netback per boe are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure and significant and/or recurring write-offs, as well as the historic costs of depreciable assets, none of which are components of operating netback per boe. The Company’s calculation of operating netback per boe may not be comparable to other similarly titled measures of other companies.

Item 2

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SUPPLEMENT TO SECOND QUARTER 2025 RESULTS RELEASE

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This document should be read in conjunction with GeoPark’s Second Quarter 2025 Results Release, available on the Company’s website.

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PRODUCTION, DELIVERIES AND REALIZED OIL PRICES

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Production: Average net oil and gas production in 2Q2025 was 27,380 boepd, down 23% compared to 2Q2024 mainly due to the natural decline in our core Llanos 34 Block (GeoPark operated, 45% WI), the operational suspension of the Platanillo Block¹, the divestment of the Llanos 32 Block (GeoPark non-operated, 12.5% WI²), and temporary blockades in the CPO-5 Block (GeoPark non-operated, 30% WI), which led to 16 days of shut-in production. Oil represented 99.2% and 99.7% of total reported production in 2Q2025 and 2Q2024, respectively.

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For further details, please refer to the 2Q2025 Operational Update published on July 16, 2025.

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Deliveries: Oil and gas deliveries to GeoPark’s offtakers in 2Q2025 totaled 22,923 boepd, down by 21% compared to 2Q2024, mainly due to lower production.

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Reference and AG真人官方ized Oil Prices: Brent crude oil prices averaged $66.8 per bbl during 2Q2025, and the consolidated realized oil sales price decreased by 23% to $57.5 per bbl in 2Q2025, compared to 1Q2024.

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A breakdown of reference and net realized oil prices in relevant countries in 2Q2025 and 2Q2024 is shown in the tables below:

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¹ GeoPark owns 100% of the shares in Amerisur Exploración Colombia Limited, which is the official contractor and operator of the block with a 100% WI.

² Llanos 32 Block: GeoPark had a private WI of 25% in the Azogue field.

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REVENUE AND COSTS

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Revenue: Consolidated revenue decreased by 37% to $119.8 million in 2Q2025, compared to $190.2 million in 2Q2024, mainly reflecting lower realized oil and gas prices and lower deliveries.

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Sales of crude oil: Consolidated oil revenue decreased by 39% to $114.2 million in 2Q2025, mainly due to a 23% decrease in realized oil prices and a 21% decrease in deliveries. Oil revenue was 95% and 98% of total revenue in 2Q2025 and 2Q2024, respectively.

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The table below provides a breakdown of crude oil revenue in 2Q2025 and 2Q2024:

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Sales of purchased crude oil: No sales of purchased crude oil were recorded in 2Q2025, compared to $2.4 million in 2Q2024. This corresponds to oil trading operations (purchasing and selling crude oil from third parties with the cost of the oil purchased reflected in production and operating costs).

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Sales of gas: Consolidated gas revenue was $0.7 million in 2Q2025, compared to $0.6 million in 2Q2024, mainly reflecting resumed production at the Manati gas field in Brazil and the divestment of the Llanos 32 Block in Colombia.

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The table below provides a breakdown of gas revenue in 2Q2025 and 2Q2024:

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Commodity Risk Management Contracts: Commodity risk management contracts, which are designated and qualify as cash flow hedges, amounted to a $4.9 million gain in 2Q2025, compared to zero in 2Q2024.

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In 2Q2025, GeoPark had zero cost collars covering 19,000 bopd including purchased puts with an average price of $69.3 per bbl and sold calls at an average price of $79.0 per bbl.

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Please refer to the “Commodity Risk Management Contracts” section below for a description of hedges in place.

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Production and Operating Costs: Consolidated production and operating costs decreased to $32.6 million in 2Q2025 from $41.4 million in 2Q2024, mainly resulting from lower operating costs and lower crude oil purchased from third parties.

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The table below provides a breakdown of production and operating costs in 2Q2025 and 2Q2024:

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Consolidated operating costs amounted to $30.5 million in 2Q2025, compared to $35.9 million in 2Q2024.

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The table below provides the operating cost on a per boe basis in 2Q2025 and 2Q2024:

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Consolidated royalties paid in cash amounted to $1.3 million in 2Q2025, compared to $0.8 million in 2Q2024.

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Consolidated economic rights paid in cash (including high price participation, x-factor and other economic rights paid to the Colombian Government in cash) amounted to $0.8 million in 2Q2025, compared to $2.3 million in 2Q2024.

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No consolidated purchased crude oil charges were recorded in 2Q2025, compared to $2.2 million in 2Q2024, which corresponds to oil trading operations (purchasing and selling crude oil from third parties with the sale of purchased oil being reflected in revenue).

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Selling Expenses: Consolidated selling expenses decreased to $3.0 million in 2Q2025, compared to $4.4 million in 2Q2024.

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Geological & Geophysical Expenses: Consolidated G&G expenses increased slightly to $3.0 million in 2Q2025, compared to $2.9 million in 2Q2024.

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Administrative Expenses: Consolidated G&A decreased to $9.1 million in 2Q2025 compared to $13.1 million in 2Q2024.

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Adjusted EBITDA: Consolidated Adjusted EBITDA³ decreased by 44% to $71.5 million in 2Q2025. On a per boe basis, Adjusted EBITDA decreased to $34.3 per boe in 2Q2025 from $48.4 per boe in 2Q2024.

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The table below shows production, volumes sold and the breakdown of the most significant components of Adjusted EBITDA for 2Q2025 and 2Q2024, on a per boe basis:

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Operating costs of sold volumes in Colombia are affected by the mix of royalties and economic rights paid in kind versus paid in cash. Operating cost per sold boe is calculated as total operating costs (including the cost to produce barrels that are used to pay royalties and economic rights in kind) divided by barrels delivered to GeoPark’s offtakers (after royalties and economic rights paid in kind).

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Depreciation: Consolidated depreciation charges amounted to $29.0 million in 2Q2025, compared to $34.3 million in 2Q2024.

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Write-off of unsuccessful exploration efforts: No consolidated write-off of unsuccessful exploration efforts was recorded in 2Q2025, compared to $3.4 million in 2Q2024, which corresponded to an unsuccessful exploration well in the CPO-5 Block in Colombia (GeoPark non-operated, 30% WI).

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Impairment of non-financial assets: The consolidated impairment losses amounted to $31.0 million in 2Q2025, as the carrying amount of the Ecuador assets exceeded their estimated sale value.

Other Income (Expenses): Consolidated other expenses amounted to $5.0 million in 2Q2025, compared to $0.3 million expenses in 2Q2024.

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CONSOLIDATED NON-OPERATING RESULTS AND PROFIT

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Financial Expenses: Net financial expenses amounted to $9.9 million in 2Q2025, compared to $8.8 million in 2Q2024. Amounts recorded in 2Q2025 include higher interest expenses from the 2030 Notes, partially offset by a $5.0 million gain from the partial repurchase below par value of 2030 Notes.

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Foreign Exchange: Net foreign exchange was zero in 2Q2025, compared to a $6.0 million gain in 2Q2024.

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Income Tax: Income taxes totaled $7.6 million in 2Q2025, compared to $61.8 million in 2Q2024, mainly resulting from the re-estimation of the applicable tax surcharge in Colombia for 2025 (which was adjusted from 5% to 0%, because of a lower oil price environment).

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Net Profit/Loss: Net loss amounted to $10.3 million in 2Q2025, compared to $25.7 million profit in 2Q2024.

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BALANCE SHEET

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Cash and Cash Equivalents: Cash and cash equivalents totaled $266.0 million as of June 30, 2025, compared to $276.8 million as of December 31, 2024.

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This net decrease is explained by the following:

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Cash flows used in operating activities of $85.8 million included income tax payments of $92.7 million⁴ and repayment of the advance payment drawn from the offtake and prepayment agreement with Vitol of $149.1 million, among others.

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Cash flows from investing activities included capital expenditures of $46.6 million, net of reimbursement of the advance payment for the proposed acquisition in Vaca Muerta (Argentina) of $38.0 million and cash received from the divestment of the Llanos 32 Block and the Manati gas field in Colombia and Brazil, respectively, of $16.0 million.

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Cash flows from financing activities mainly included $550 million from the issuance of the Company’s 2030 Notes, partially offset by $405.3 million related to partial repayment of the 2027 Notes, $39.1 million related to partial repurchase of 2030 Notes, $16.1 million related to interest payments and $15.1 million related to cash dividend payments.

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⁴     Includes current income tax payments and withholding taxes from clients for $7.2 million (included within the “Change in working capital” line item of the Statement of Cash Flow).

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Financial Debt: Total financial debt net of issuance cost was $625.6 million, corresponding to the 2030 Notes, the 2027 Notes and a Promissory note executed in Argentina which was due and fully repaid in July 2025. Short-term financial debt was $30.8 million as of June 30, 2025, and corresponds to interest accrued on the 2030 Notes and 2027 Notes, and the principal due on the Promissory note executed in Argentina.

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FINANCIAL RATIOS⁵

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(*) In 4Q2024, net debt included prepayment received from Vitol of $152.0 million, which was not classified as financial debt.

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Covenants in the 2027 Notes: The 2027 Notes include debt incurrence covenants that, among others, require that the Net Debt to Adjusted EBITDA ratio should not exceed 3.25 times and the Adjusted EBITDA to Interest ratio should exceed 2.5 times for GeoPark to incur new debt.

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Covenants in the 2030 Notes: The 2030 Notes include debt incurrence covenants that, among others, require that the Net Debt to Adjusted EBITDA ratio should not exceed 3.5 times and the Adjusted EBITDA to Interest ratio should exceed 2.5 times for GeoPark to incur new debt.

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COMMODITY RISK MANAGEMENT CONTRACTS

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The table below summarizes commodity risk management contracts in place as of the date of this supplement:

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SELECTED INFORMATION BY BUSINESS SEGMENT

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CONSOLIDATED STATEMENT OF INCOME

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(QUARTERLY INFORMATION UNAUDITED)

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SUMMARIZED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

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(QUARTERLY INFORMATION UNAUDITED)

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SUMMARIZED CONSOLIDATED STATEMENT OF CASH FLOW

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(QUARTERLY INFORMATION UNAUDITED)

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RECONCILIATION OF ADJUSTED EBITDA TO PROFIT BEFORE INCOME TAX

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