GeoPark Output Mixed, Hormuz Tensions Persist, $1.1B Funds Raised

GeoPark Ltd. reported mixed first-quarter 2026 production results, averaging 27,249 barrels of oil equivalent per day (boed), according to a Thursday operational update. The figure was down from 28,351 boed in Q4 2025 due to divestments in Brazil and Ecuador. Production in its active countries, Colombia and Argentina, increased quarter-over-quarter.

In Colombia, production before royalties totaled 25,819 boed in Q1, up slightly from 25,629 boed in Q4. More than half of GeoPark's net production, 15,734 boed, came from the Llanos 34 block, though net output there fell 2.5 percent due to natural decline, temporary disruptions, and delayed drilling. Net production from the CPO-5 block dropped 7.7 percent to 6,109 boed due to February blockades, which GeoPark said have since been resolved. Development and exploration drilling in CPO-5 is set to start at the end of April.

GeoPark's net production from the Llanos 123 block grew 13 percent to 3,118 boed, driven by base performance and a waterflooding project. In Argentina's Vaca Muerta play, production contributed 1,430 boed before government share, up from 1,234 boed in Q4. GeoPark said it launched construction to expand the Loma Jarillosa Este gathering station capacity from 6,000 to 10,000 barrels of oil per day.

GeoPark expects its Q1 2026 results, scheduled for release May 6, to benefit from higher realized oil prices. The company reported a combined realized price of $60.4 per barrel in Q1, up from $54.8 per barrel in Q4 2025.

Tensions in the Strait of Hormuz continued Thursday, with the critical waterway effectively shut for an eighth straight week, according to Rigzone. U.S. President Donald Trump ordered the Navy to shoot any boat placing mines in the strait, and the military intercepted two oil supertankers attempting to evade restrictions. Iran attacked at least three vessels on Wednesday.

Trump stated the blockade would remain until Iran agrees to a deal to end the war, which began with U.S. and Israeli bombing in late February. White House Press Secretary Karoline Leavitt said the U.S. wants Iran to hand over its stocks of highly enriched uranium. About a fifth of the world's oil and LNG supplies typically transit through Hormuz.

In capital markets, private equity firm EIV Capital LLC announced Thursday it raised approximately $1.1 billion to launch two new oil and gas investment funds. EIV Capital Fund V LP will focus on equity investments in energy infrastructure businesses, including gathering, processing, and transportation. EIV Resources II LP will acquire non-operating stakes in wells across the contiguous United States.

The raise brings EIV Capital's total committed capital under management to about $3 billion. The funds received commitments from institutional investors including pension funds, insurance companies, and family offices.