The importance of systems that can extract structured information from textual data becomes increasingly pronounced given the ever-increasing volume of text produced on a daily basis. Having a system that can effectively extract such information in an interoperable manner would be an asset for several domains, be it finance, health, or legal. Recent developments in natural language processing led to the production of powerful language models that can, to some degree, mimic human intelligence. Such effectiveness raises a pertinent question: Can these models be leveraged for the extraction of structured information? In this work, we address this question by evaluating the capabilities of two state-of-the-art language models -- GPT-3 and GPT-3.5, commonly known as ChatGPT -- in the extraction of narrative entities, namely events, participants, and temporal expressions. This study is conducted on the Text2Story Lusa dataset, a collection of 119 Portuguese news articles whose annotation framework includes a set of entity structures along with several tags and attribute values. We first select the best prompt template through an ablation study over prompt components that provide varying degrees of information on a subset of documents of the dataset. Subsequently, we use the best templates to evaluate the effectiveness of the models on the remaining documents. The results obtained indicate that GPT models are competitive with out-of-the-box baseline systems, presenting an all-in-one alternative for practitioners with limited resources. By studying the strengths and limitations of these models in the context of information extraction, we offer insights that can guide future improvements and avenues to explore in this field.

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