Climate Change Data

Environmental Metrics

ESG Focus Areas

• Climate Change
• Social Impact
• Governance

Environmental Achievements

• Reduced upstream carbon emission intensity (Scope 1 & 2) from 53.0 KgCO2E/BOE in 2020 to 15.7 KgCO2E/BOE in 2021. Targeting 35-40% emissions intensity reduction by 2025, 40-60% by 2025-2030, and Net Zero by 2050.
• Oleoducto del Casanare-ODCA (Jacana 95% completed) and Electrification of Llanos 34 (89% completed) projects to reduce emissions and improve operational reliability.
• Reforestation & Afforestation projects (83% completed)

Social Achievements

• $6.1 MM committed in social & environmental programs in 2021, benefiting 288K+ people. 89% local hiring and $59 MM in goods and services acquired from local suppliers.
• 86% of investment in rural areas.
• 91% of issues resolved by ‘CUÉNTAME’ (a grievance mechanism).

Governance Achievements

• Female Chair and majority independent directors.
• 100% independent key committees (Audit, Nomination & Corporate Governance, and Compensation).
• New Human Rights Policy, robust committee charters, and a culture of ethics and compliance including an ethics line and compliance risk matrix.

Climate Goals & Targets

Environmental Challenges

• Not disclosed

Mitigation Strategies

• Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• 89% local hiring and $59 MM in goods and services acquired from local suppliers

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Bureau Veritas Certification

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Safety
• Prosperity
• Employees
• Environment
• Community Development
• Climate Change
• Respect for Human Rights
• Good Governance

Environmental Achievements

• Reduced Scope 1 and 2 emissions intensity by 34.2% to 12.1 kgCO2eq/boe
• Interconnection of Llanos 34 asset to Colombia’s electricity grid (primarily hydroelectric)
• Installation of a new 10MW solar plant in Llanos 34
• Avoided an estimated 80,000 tons of CO2 equivalent emissions in 2022 and more than 100,000 tons annually going forward.
• Reduced energy intensity by almost 25% to 56.1 kWh/boe

Social Achievements

• Concluded a comprehensive human rights risk and impact analysis in Putumayo blocks (Colombia) with Fundación Ideas para la Paz (FIP)
• Reviewed and adjusted Cuéntame grievance mechanism to global standards
• Expanded human rights training to employees, contractors, and suppliers
• Improved score in the Bloomberg Gender-Equality Index
• Partnered with Best Buddies Colombia to create job opportunities for people with intellectual disabilities
• Contributed the sixth-largest amount of biodiversity data to Colombia’s national information network
• Provided teaching materials to Child Development Centers in Putumayo, benefiting 8,000 children

Governance Achievements

• Established the Strategy, Sustainability and Legal Department
• Created the SPEED Committee to evaluate ESG performance
• Improved MSCI ESG Index rating to "A"
• Started sharing climate change action information with the Carbon Disclosure Project (CDP)
• Participated in a diagnosis of anti-corruption mechanisms led by Transparencia por Colombia
• Joined the Business Ethics Leadership Alliance (BELA)

Climate Goals & Targets

Environmental Challenges

• Physical risks from flooding (Colombia, Ecuador) and extreme winds (Chile)
• Transitional risks due to regulatory changes and obtaining permits
• Increased Scope 1, 2, and 3 emissions due to higher production

Mitigation Strategies

• River basin hydrological monitoring
• Modifications in facility design
• Close work with communities and trade associations
• 30-year Emissions Reduction Plan with short, medium, and long-term goals
• Internal carbon price of US$50/tCO2eq for project evaluation

Supply Chain Management

Supplier Audits: 1,423 third-party compliance risks assessed, including 838 new suppliers

Responsible Procurement

• Corporate Supply Commitment
• Compliance with social, environmental, HS, and labor guidelines in contracts

Climate-Related Risks & Opportunities

Physical Risks

• Flooding
• Extreme winds

Transition Risks

• Regulatory changes

Opportunities

• New technologies for energy efficiency

Reporting Standards

Frameworks Used: GRI, IPIECA, SASB

Certifications: ISO 14001:2015

Third-party Assurance: Ernst & Young (EY) Spain

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• First place in all eight categories of Institutional Investor’s annual rankings
• Inclusion in Bloomberg Gender-Equality Index

Environmental Metrics

ESG Focus Areas

• Climate Action
• Responsible Management of Water and Biodiversity
• Energy Transition
• Responsible Management of Suppliers and Contractors
• Occupational Health and Safety
• Human Talent Management and Equality, Inclusion and Diversity (EID)
• Ethics and Transparency
• Neighbor Relations

Environmental Achievements

• Reduced GHG emissions intensity by 26% to 10.6 kg of CO2 per barrel (18% reduction from 2022)
• Achieved very low emissions intensity of 7 kg of CO2 per barrel in Llanos 34 (28% decrease compared to 2022)
• Reduced annual absolute emissions by over 126,000 metric tons of CO2 between 2020 and 2023
• Obtained ISO 14001:2015 environmental management certification for the sixth consecutive year for operations in Colombia
• Obtained ISO 45001:2018 occupational health and safety management certification for the first time for operations in Colombia
• Implemented responsible methane management in fields, reducing methane emissions by more than 20,000 tCO2e per year in Llanos 34
• Reduced energy intensity by over 22% (from 56.1 kWh/boe in 2022 to 43.7 kWh/boe in 2023)

Social Achievements

• Included in the Bloomberg Gender-Equality Index
• Joined the United Nations Global Compact
• Received a Portafolio Award for Corporate Social Responsibility
• Received the ‘Hechos de Sostenibilidad’ sustainability prize for Decarbonization and Emissions Reduction
• Joined the Business Ethics Leadership Alliance (BELA)
• Conducted Human Rights risk assessments for operations in Colombia and Ecuador
• Achieved 76.7% local employment in Colombia
• 36.2% of new hires were women
• 100% of employees have access to health insurance, parental leave, and life insurance
• Average training hours per employee: 62 hours

Governance Achievements

• MSCI upgraded sustainability rating from 'A' to 'AA'
• CDP - Climate Change upgraded rating from 'C' to 'B'
• KPMG rated Board of Directors as the third best in Colombia
• Conducted a double materiality exercise to refine sustainability strategy
• Board of Directors independently chaired by a woman
• 66.6% of Board members are independent
• Launched a Supplier Code of Conduct
• Zero cases of confirmed corruption

Climate Goals & Targets

Environmental Challenges

• Lower oil prices than in 2022
• Lower production after two wells in the CPO-5 Block were shut in for nine months
• Climate change impacts (water cycle alterations, landslides, flooding, access to water, industrial safety risks)
• Transitional risks (regulatory changes, market shifts, difficulty obtaining permits and social licenses)
• Physical risks (floods interrupting operations)
• Potential negative social impacts from supplier management (economic dependence on hydrocarbons, conflict, environmental impact, employee health and safety, lack of supplier capacity)

Mitigation Strategies

• Disciplined capital allocation focusing on high-value projects
• Cost discipline
• Strengthening regional meteorological monitoring capacities
• Diversifying portfolio (natural gas and low-emission technologies)
• Implementing physical measures to protect personnel and assets
• Reinforcing Sustainability Area with climate change and energy transformation experts
• Using an internal carbon price in budget and investment evaluations
• Connecting Llanos 34 to Colombia’s national power grid
• Supplier evaluation procedure covering technical, health and safety, environmental, social, Human Rights, administrative and labor areas
• Non-conformity reporting system and grievance mechanisms
• Including circular economy, Human Rights, sustainability and equality policies in supplier selection criteria
• Action plans to address negative social and environmental impacts from suppliers

Supply Chain Management

Supplier Audits: 176 environmentally critical contractors assessed

Responsible Procurement

• Corporate Sourcing Commitment
• Supplier Code of Conduct
• Guideline Compliance in commercial agreements
• Inclusion of sustainability criteria in supplier selection

Climate-Related Risks & Opportunities

Physical Risks

• Floods
• Landslides
• Extreme weather
• Water scarcity

Transition Risks

• Regulatory changes
• Market volatility
• Decreased product prices
• Difficulty obtaining permits and social licenses

Opportunities

• Implementing low-emission technologies
• Increasing energy efficiency
• Diversifying project portfolio
• Utilizing falling prices of low-emissions technologies

Reporting Standards

Frameworks Used: GRI Standards 2021, SASB, IPIECA, UNGC, SDGs, TCFD, Law 11/2018 (Spain)

Certifications: ISO 14001:2015, ISO 45001:2018

Third-party Assurance: Ernst & Young

UN Sustainable Development Goals

• Goal 7 (Affordable and Clean Energy)
• Goal 8 (Decent Work and Economic Growth)
• Goal 13 (Climate Action)

Initiatives contribute to these goals through various ESG programs and targets

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Portafolio Award
• Hechos de Sostenibilidad prize

Environmental Metrics

ESG Focus Areas

• Emissions Intensity
• Social Programs
• Workforce Diversity

Environmental Achievements

• 2022 emissions intensity decreased by 34% to 12.1 kg CO2e/boe (or a 40% decrease to 9.7 kg CO2e/boe in core Llanos 34 block) mainly due to the interconnection of the Llanos 34 block to Colombia’s national power grid and the start of operations of the solar plant among other initiatives

Social Achievements

• Over 240,000 beneficiaries of the Company’s social and environmental programs in 2022
• Women hold 50% of GeoPark’s senior executive positions

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Temporarily shut-in production and localized blockades in the CPO-5 block in Colombia
• Shut-in production of approximately 400 bopd in Chile due to ongoing commercial negotiations with ENAP
• Delay of certain drilling activities in Ecuador

Mitigation Strategies

• Reduced costs and streamlined capital expenditures to maximize and protect cash flow generation
• Restructuring initiative in Chile to provide further cost reductions
• Evaluation of farm-out/divestment opportunities in Chile

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed