Core Insights - GeoPark Limited announced a significant increase in its oil and gas reserves, with a 2P Reserve Replacement Ratio of 430% and a 2P Reserve Life Index of 12.7 years [1][3][11] - The company's 2P value per share, adjusted for net debt, is reported at $15.8, reflecting strong financial health [1][11] - The 2P finding, development, and acquisition cost is noted at $4.3 per barrel of oil equivalent (boe), indicating efficient capital allocation [1][6] Reserve Growth and Portfolio Optimization - Total 2P reserves increased by 38% year-over-year, primarily due to the addition of 36.7 million barrels of oil equivalent (mmboe) from Argentina [3] - The strategic acquisition of unconventional oil blocks in Vaca Muerta has transformed GeoPark's reserves profile, now accounting for 30% of total 2025 reserves [3][4] - Certified 1P reserves stand at 69 mmboe, while 2P reserves total 121 mmboe, marking the highest levels since 2022 [3][11] Operational Developments - GeoPark has implemented a strategic optimization plan for the Loma Jarillosa Este Block, currently producing 1,860 barrels of oil equivalent per day (boepd) [4] - The company is advancing its Vaca Muerta development plan with a new drilling program scheduled for the second half of 2026, aiming for a production target of 20,000 boepd by 2028 [4] Regional Performance - In Colombia, 2P reserves increased by approximately 2.6 mmboe, driven by technical revisions and new discoveries in various fields [5] - The Llanos 34 Block continues to contribute significantly to GeoPark's certified reserves through various recovery optimization initiatives [5] Financial Metrics - The net present value (NPV) of 2P reserves after tax is estimated at $1.3 billion, showcasing the company's strong asset value [11] - The 2025 Reserve Life Index for 1P, 2P, and 3P reserves are reported at 7.2 years, 12.7 years, and 18.1 years respectively, indicating a robust reserve base [11]

Core Viewpoint - Suncor Energy Inc. (SU) is a major integrated energy company with a diversified business model, facing recent challenges in stock performance but showing potential for long-term growth in the energy sector [1][6]. Group 1: Company Overview - Suncor Energy operates through three main segments: Oil Sands, Exploration and Production, and Refining and Marketing [1][2]. - The company has a strong market position in Canada, the United States, and internationally, having been founded in 1917 and headquartered in Calgary, Canada [1]. Group 2: Recent Performance - In the last three months, SU's share price declined by 13.6%, which was less severe than the sub-industry's decrease of 17.6% [2]. - SU achieved record operational performance in 2024, with upstream output reaching 827,600 bbl/d and 98% refinery utilization [7]. - The company generated C$7.4 billion in free funds flow, flat year over year, demonstrating strong cost control and operational leverage [8]. Group 3: Strengths - SU holds significant proved and probable reserves in the oil sands, ensuring stable production for decades [9]. - The company exceeded all 2024 targets under its three-year plan, including breakeven cost reduction goals and production growth [10]. - Improvements in legacy assets like Syncrude and the Base Plant have enhanced operational stability and reduced per-barrel costs [8]. Group 4: Challenges - Suncor's fourth-quarter revenues dropped by 11.6% year over year due to weaker crude prices and refining margins [11]. - The company is heavily reliant on oil sands, which are subject to regulatory scrutiny and ESG concerns [13]. - Earnings remain sensitive to commodity price fluctuations, and prolonged low prices could weaken free cash flow [13][16]. Group 5: Investment Considerations - Given the mix of operational strengths and potential challenges, a hold strategy may be advisable for investors, waiting for a more opportune entry point before adding SU stock to their portfolios [16].

2 2 • Production exceeded the mid-point of initial guidance • Generated $1.2 Billion of FFO ($7.63/share) and $583MM of FCF ($3.69/share) o Second strongest year on record • Invested $623MM of E&D capex, within budget o Included significant investment in future FCF generating projects in Germany, Croatia, and BC Montney • Returned ~10% of market capitalization to shareholders via dividends and share buybacks o Reduced share count by 5% in 2024 o Announced fourth consecutive dividend increase 2024 RESERVES - ...