SANTIAGO, Chile, June 3, 2013 /PRNewswire/ -- GEOPARK HOLDING LIMITED (AIM: GPK)
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- Production increased 39% averaging 13,426 boepd.
- Colombia oil production increased 66% to 4,932 bopd (vs proforma 1Q2012).
- Revenues increased 75% to US$89.8 million in 1Q2013, 93% from sales of oil.
- Adjusted EBITDA increased 45% to US$49.7 million; Net income reached US$9.4 million.
- Netbacks increased 6% to US$41 per boe produced.
- CAPEX totaled US$75 million including 5 wells drilled in Chile and 10 in Colombia. Total 3D seismic performed 1,000 Km2 in Chile and 25 Km2 in Colombia.
- US$300 million bond issued in February 2013 (144A/RegS): more than 6 times oversubscribed, initial yield of 7 5/8%. Funds to be used for new investments; US$170 million used for refinancing.
- Momentum built into 2Q2013:
- Exploration drilling commenced in Tierra del Fuego with the Chercan Well in the Flamenco Block following the 3D seismic campaign.
- Strategic acquisition in Brazil of a 10% working interest in the Manati Field, the largest natural gas producing field in Brazil. Manati's EBITDA from 2012 represented approximately 30% of GeoPark's Adjusted EBITDA for the same period. This asset will increase GeoPark production in approximately 4,000 boepd. (Acquisition is subject to Brazilian regulatory approval).
- Seven new onshore blocks awarded in the Brazilian Round 11 with an investment commitment of US$15 million during the first three years of the exploratory period. The new acreage added is approximately 54,850 acres.
1. Financial and Operational Highlights
(US$ million) |
1Q13 |
1Q12 |
% Chg. |
2012 |
|
Revenues |
89.8 |
51.3 |
75% |
250.5 |
|
Oil |
83.7 |
42.8 |
96% |
221.6 |
|
Gas |
6.1 |
8.6 |
-29% |
28.9 |
|
Chile |
45.5 |
46.0 |
-1% |
149.9 |
|
Colombia |
43.8 |
5.0 |
781% |
99.5 |
|
Argentina |
0.4 |
0.4 |
20% |
1.1 |
|
Adjusted EBITDA |
49.7 |
34.3 |
45% |
121.4 |
|
Chile |
29.2 |
32.5 |
-10% |
93.9 |
|
Colombia |
22.0 |
2.7 |
707% |
34.5 |
|
Argentina, Corporate & Others |
-1.6 |
-0.9 |
66% |
7.0 |
|
Adjusted EBITDA Margin (%) |
55.3% |
66.7% |
48.5% |
||
Net Income |
9.4 |
24.3 |
-61% |
18.4 |
|
Net Income Margin (%) |
10.5% |
47.3% |
7.4% |
||
Net Cash Flow from Operations |
82.7 |
37.5 |
120% |
131.8 |
|
Weighted Avg. Shares (million) |
43.5 |
42.5 |
42.7 |
||
EPS Diluted ($) |
0.15 |
0.46 |
0.27 |
||
Stock Price (£ as of March) |
660.0 |
||||
Average Daily Traded Volume ($ '000) |
61.5 |
71.7 |
89.9 |
||
Production (average boepd) |
13,426 |
9,682 |
39% |
11,276 |
|
Chile |
8,436 |
9,099 |
-7% |
7,802 |
|
Colombia |
4,938 |
518(1) |
853% |
3,411 |
|
Argentina |
52 |
64 |
-19% |
63 |
|
% Oil / Revenues |
93.2% |
83.3% |
88.5% |
||
% Gas / Revenues |
6.8% |
16.7% |
11.5% |
(1) Calculated as total production since the acquisition date divided by 90.
- Revenues up 75%: Total revenues increased to US$89.8 million in 1Q2013 from US$51.3 million in 1Q2012, mainly as a result of a significant increase in oil production and the incorporation of new production from Colombia. Oil revenues from Chilean operations increased by 5.3% to US$39.4 million and Colombian operations contributed additional oil revenues of US$43.8 million. Oil revenues represented 93% of total revenues.
- Adjusted EBITDA up 45% reaching US$49.7 million compared to US$34.3 million in 1Q2012, again mainly due to the incorporation of Colombian operations and a higher oil composition in our production. As at 31 March 2013, Colombian operations accounted for 44% of Adjusted EBITDA.
- Netbacks increased 6% to US$41 per boe compared to US$38.9 per boe in 1Q2012 reflecting the higher weighting of oil in the production mix, as well as the incorporation of Colombian operations into the portfolio.
2. Summary of Financial Results
STATEMENT OF INCOME
(US$ million) |
1Q13 |
1Q12 |
% Chg. |
2012 |
|
Revenues |
89.8 |
51.3 |
74.9% |
250.5 |
|
Production Costs |
(38.3) |
(19.4) |
97.9% |
(129.2) |
|
Gross Profit |
51.5 |
32.0 |
61.0% |
121.2 |
|
Operating Profit |
26.5 |
24.9 |
6.5% |
40.7 |
|
Financial Income |
0.3 |
0.3 |
-10.3% |
0.9 |
|
Financial Expenses |
(12.9) |
(4.2) |
206.2% |
(17.2) |
|
Gain on Acquisition |
- |
8.4 |
8.4 |
||
Profit Before Income Tax |
13.9 |
29.4 |
-52.8% |
32.8 |
|
Income Tax |
(4.4) |
(5.1) |
-13.4% |
(14.4) |
|
Profit for the Period/Year |
9.4 |
24.3 |
-61.1% |
18.4 |
|
Attributable to: |
|||||
Equity holders of the Parent Company |
6.5 |
20.4 |
-68.3% |
11.9 |
|
Non-controlling Interest |
3.0 |
3.9 |
-25.1% |
6.6 |
BALANCE SHEET AS AT 31 MARCH
(US$ million) |
2013 |
2012 |
2013 |
2012 |
||||||
Non-Current Assets |
540 |
404 |
Non-Current Liabilities |
342 |
167 |
|||||
PP&E |
511 |
376 |
Borrowings |
291 |
135 |
|||||
Other Non-Current |
29 |
28 |
Other Non-Current Liabilities |
51 |
32 |
|||||
Current Assets |
268 |
167 |
Current Liabilities |
143 |
108 |
|||||
Cash and Cash Equivalents |
176 |
79 |
Borrowings |
8 |
34 |
|||||
Prepayment and Other Receivables |
43 |
40 |
Trade and Other Payable |
123 |
70 |
|||||
Trades Receivables |
40 |
32 |
Other Current Liabilities |
11 |
5 |
|||||
Inventories |
4 |
13 |
TOTAL LIABILITIES |
485 |
275 |
|||||
Other Current Assets |
6 |
4 |
Equity Owners Company |
248 |
245 |
|||||
Non-controlling Interest |
76 |
51 |
||||||||
TOTAL EQUITY |
323 |
296 |
||||||||
TOTAL ASSETS |
808 |
572 |
TOTAL EQUITY + LIABILITIES |
808 |
572 |
FINANCIAL INDICATORS
Units |
As at 31 Mar 13 |
As at 31 Mar 12 |
Covenant Limit |
||
Gross Financial Debt |
$ million |
299 |
168 |
||
Net Financial Debt |
$ million |
123 |
89 |
||
Net Financial Debt / Equity |
times |
0.4x |
0.3x |
||
Net Financial Debt / Adjusted EBITDA(1) |
times |
0.9x |
-(2) |
||
Gross Debt / Adjusted EBITDA(1) |
times |
2.2x |
-(2) |
<2.75x |
|
Coverage Ratio(1) |
times |
5.3x |
-(2) |
>3.50x |
|
Liabilities / Equity |
times |
1.5x |
0.9x |
||
Current Liabilities |
% |
29% |
39% |
||
Non-Current Liabilities |
% |
71% |
61% |
||
Cash and Cash Equivalents |
$ million |
176 |
79 |
||
CAPEX |
$ million |
75 |
48 |
(1) Based on trailling 12 month financial results
(2) Not available information for March 2011
CONTACTS:
Juan Pablo Spoerer - CFO
Pablo Ducci - Funding & Investor Manager
Tel: (562) 22429600 - email: [email protected]
SOURCE GEOPARK HOLDING LIMITED
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