Geopark 2Q Oil & Gas Production Falls 6%, Plans To Add 3 Rigs In 3Q
Portfolio Pulse from Nabaparna Bhattacharya
Geopark Ltd (NYSE:GPRK) reported a 6% YoY decrease in its 2Q 2023 oil and gas production, which was below its potential due to temporary production halts in Colombia and Chile. The company plans to add three more rigs in 3Q and drill 20-25 gross wells in 2H23. Geopark's annual production guidance for 2023 is 38,000-40,000 boepd. GPRK shares are trading higher by 0.20% to $9.95.
July 17, 2023 | 3:54 pm
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Geopark's 2Q 2023 oil and gas production fell 6% YoY, below its potential due to temporary production halts. The company plans to add 3 rigs in 3Q and drill 20-25 wells in 2H23. GPRK shares are up 0.20% to $9.95.
Geopark's 2Q 2023 oil and gas production fell 6% YoY, which was below its potential due to temporary production halts in Colombia and Chile. However, the company has plans to increase its production capacity by adding 3 more rigs in 3Q and drilling 20-25 gross wells in 2H23. Despite the decrease in production, GPRK shares are trading higher, indicating that the market may have already priced in the production decrease and is optimistic about the company's future plans.
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