Income tax (Tables)

12 Months Ended

Dec. 31, 2025

Income tax

Schedule of components of income tax

Amounts in US$ ‘000	2025	2024
Current income tax liabilities	—	57,329
	—	57,329

Amounts in US$ ‘000	2025	2024	2023
Current income tax charge	(32,893)	(108,040)	(107,740)
Deferred income tax benefit (charge) (Note 16)	33,909	(37,752)	4,299
	1,016	(145,792)	(103,441)

Summary of income tax reconciliation

The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows:

Amounts in US$ ‘000	2025	2024	2023
Profit before tax (a)	48,651	242,171	214,509
Income tax calculated at domestic tax rates applicable to Profit in the respective countries (mainly Colombia)	(26,540)	(127,804)	(123,202)
Tax losses where no deferred income tax benefit is recognized	(10,224)	(3,912)	(6,918)
Effect of currency translation on tax base	23,714	(21,252)	36,691
Changes in the income tax rate (b)	402	10,324	(8,853)
Write-down of deferred income tax benefits previously recognized (c)	(878)	(2,371)	(3,895)
Previously unrecognized tax losses (d)	9,444	—	632
Income tax on dividends (e)	1,965	(1,335)	(2,595)
Non-taxable results (f)	3,133	558	4,699
Income tax	1,016	(145,792)	(103,441)

(a) Includes tax losses from non-taxable jurisdictions (Bermuda) of US$ 23,733,000, US$ 38,709,000 and US$ 39,526,000 in 2025, 2024 and 2023, respectively.

(b) Income tax rate in Colombia includes a surcharge that varies depending on different Brent oil prices (see below).

(c) Includes write-down of tax losses and other deferred income tax assets in Brazil and Chile where there is insufficient evidence of future taxable profits to offset them, in accordance with the expected future cash-flows as of December 31, 2025, 2024 and 2023.

(d) Recognition of deferred tax assets for previously unrecognized tax loss carryforwards in Argentina, which became recoverable in 2025 following the acquisition in the Vaca Muerta formation (see Note 34.1). 

(e) Reversal of deferred tax liabilities in Spain following the relocation of GeoPark Colombia S.L.U. from Madrid to Bizkaia (Basque Country) in 2025.

(f) Includes non-deductible expenses and non-taxable gains in each jurisdiction.

Summary of tax losses accumulated

The Group has tax losses available which can be utilized against future taxable profit in the following countries:

Amounts in US$ ‘000	2025	2024	2023
Colombia	—	5,646	—
Brazil (a)	26,972	23,587	26,808
Chile (a) (c)	—	—	313,409
Argentina (b)	36,638	12,689	9,981
Spain (a)	—	—	6,936
Total tax losses as of December 31	63,610	41,922	357,134

(a) Taxable losses have no expiration date.

(b) Tax losses accumulated as of December 31, 2025, are: US$ 1,284,000, US$ 518,000, US$ 1,331,000, US$ 5,459,000 and US$ 28,072,000 expiring in 2026, 2027, 2028, 2029 and 2030, respectively.

(c) The Chilean business was divested on January 18, 2024.