Gran Tierra Energy(GTE)
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Gran Tierra Energy(GTE) - 2022 Q4 - Annual Report
2023-02-21 23:53
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 001-34018 GRAN TIERRA ENERGY INC. (Exact name of registrant as specified in its charter) (State or other jurisdicti ...
Gran Tierra Energy(GTE) - 2022 Q3 - Earnings Call Transcript
2022-11-04 01:49
Financial Data and Key Metrics Changes - Gran Tierra achieved $94 million in funds flow and $37 million in free funds flow for Q3 2022, with a net income of $39 million, reflecting a 10% increase from Q3 2021 [8][11] - The company generated $168 million in oil sales, up 24% year-over-year, but down 18% from the previous quarter [12] - The average Brent oil price was $97.70 per barrel, a 33% increase from a year ago, but down 13% from the prior quarter [10] - The company exited the quarter with $118 million in cash and net debt of $462 million, with a 2.9% reduction in total outstanding shares [9] Business Line Data and Key Metrics Changes - Total average production in Q3 was 30,391 BOPD, a 5% increase from Q3 2021, but flat compared to Q2 2022 [11] - The Suroriente Block in Colombia faced disruptions, impacting production by approximately 920 BOPD [11][29] - Capital expenditures for Q3 were $57 million, lower than the previous quarter's $65 million, as major development programs were completed [13] Market Data and Key Metrics Changes - The company's quality and transportation discount widened to $13.37 per barrel in Q3, up from $13 per barrel in the prior quarter [10] - Operating netback for Q3 was $44.26 per barrel, a 28% increase year-over-year, while cash netback per barrel was $33.42, down from $37.71 in the prior quarter [12] Company Strategy and Development Direction - Gran Tierra is focused on enhancing recovery in major fields and expanding waterflood projects, with plans for 2023 development and exploration capital programs [15][34] - The company is monitoring potential changes in Colombia's tax regime but remains optimistic about the long-term investment environment [15][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a strong finish for 2022, with current production averaging approximately 32,000 BOPD [15] - The company is optimistic about exploration results in both Colombia and Ecuador, with plans for further drilling [18][20] Other Important Information - Gran Tierra repurchased approximately $20.1 million face value of senior notes, generating interest savings of about $3 million [14] - The company plans to continue share repurchases and bond buybacks, depending on market conditions [36] Q&A Session Summary Question: Increase in lifting costs - Management attributed the increase to global inflation and noted that as production ramps up, per unit costs will decrease [26][27] Question: Production impact due to operational disruptions - Disruptions were primarily in the Suroriente Block due to blockades against the central government, impacting production by around 920 BOPD [28][29] Question: Year-end cash position guidance - Management expects to achieve a cash position of about $190 million, with contributions from working capital and tax refunds [30] Question: Future production expectations for FY '23 - Management indicated that guidance for 2023 will be released in mid-December, with a focus on expanding waterfloods and recovery [32][34] Question: Bond repurchase strategy - Management plans to continue bond repurchases and share buybacks, balancing capital allocation based on market conditions [35][36] Question: Exploration commitments in Ecuador - The company has a commitment of 14 wells in Ecuador, with plans for additional drilling based on success [49] Question: Production ramp-up from Ecuador - Management indicated that production could ramp up quickly following positive test results from ongoing drilling [54][55] Question: Impact of new tax structure - Management is reluctant to quantify potential impacts until legislation is finalized, with more clarity expected in December [60][61]
Gran Tierra Energy(GTE) - 2022 Q2 - Earnings Call Transcript
2022-08-10 22:32
Financial Data and Key Metrics Changes - Gran Tierra generated net income of $53 million, up 275% from the prior quarter and compared to a net loss of $18 million in Q2 2021, resulting in earnings of $0.14 per share, up from $0.04 in the prior quarter [7] - Oil production averaged 30,607 barrels per day, up 4% from the prior quarter and up 33% year-on-year, marking the highest quarterly production since Q4 2019 [8] - Operating net back was $59.62 per barrel, the highest since Q3 2014, up 14% from the prior quarter and up 81% year-on-year [9] - Funds flow from operations increased by 345% to $104 million compared to a year ago, and was up 19% from the prior quarter, with a diluted per share basis of $0.28, up from $0.06 in Q2 2021 [10] Business Line Data and Key Metrics Changes - In the Acordionero field, the average drilling time for development wells decreased from 5 days to 4.5 days, with average per well drilling costs reduced to $1.2 million, 9% lower than budgeted [16] - The Costayaco development program was completed under budget, with all 5 wells completed during the first half of the year [18] Market Data and Key Metrics Changes - As of June 30, 2022, the company had a cash balance of $109 million and net debt of $491 million, with an annualized Q2 net debt-to-EBITDA ratio below one times [13] Company Strategy and Development Direction - The company plans to maintain a cash balance of $75 million to $100 million for liquidity and deploy excess cash to strengthen the balance sheet, buy back shares, and pursue accretive opportunities [14] - The company is closely monitoring regulatory developments in Ecuador and Colombia, with potential reallocation of capital based on the political environment [32] Management's Comments on Operating Environment and Future Outlook - Management is assessing the impact of proposed tax reforms in Colombia, indicating that the tax reform is still a proposal and subject to legislative processes [22][23] - Management expects to see a decrease in per barrel lifting costs as production volumes increase in the second half of the year [28] Other Important Information - Gran Tierra fully repaid its credit facility, demonstrating a commitment to reducing debt with free cash flow [12] - The company is targeting a net debt-to-EBITDA ratio of under one times, assuming a $60 per barrel Brent case [13] Q&A Session Summary Question: Impact of proposed tax reform on EBITDA - Management is still assessing the implications of the tax reform proposal and its potential impact on effective tax rates [22][23] Question: Expectations for lifting costs in the upcoming quarters - Management expects lifting costs to decrease as production volumes increase, maintaining guidance within the targeted range [28] Question: Capital allocation in Ecuador based on exploration success - Management indicated that if regulatory conditions slow down in Colombia, they would reallocate capital to Ecuador, where they have prospective blocks [32] Question: Guidance on exit production for 2022 - Management expects exit production to be in the low 30,000s barrels per day, focusing on developing water floods [56] Question: Hedging arrangements and impact from hedges - Management reported hedging losses in the first half of the year around $26 million to $27 million, and they are currently assessing hedging arrangements going forward [54] Question: Developments regarding credit facility replacement - Management is looking to replace the credit facility with a smaller one in the range of $75 million to $125 million [63]
Gran Tierra Energy(GTE) - 2022 Q2 - Quarterly Report
2022-08-08 21:21
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ GRAN TIERRA ENERGY INC. (Exact name of registrant as specified in its charter) Delaware 98-0479924 (State or other jurisdiction of inc ...
Gran Tierra Energy(GTE) - 2022 Q1 - Quarterly Report
2022-05-03 22:41
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 001-34018 GRAN TIERRA ENERGY INC. (Exact name of registrant as specified in its charter) Delaware 98-0479924 ( ...
Gran Tierra Energy(GTE) - 2021 Q3 - Quarterly Report
2021-11-01 21:50
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or ☐ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 001-34018 GRAN TIERRA ENERGY INC. (Exact name of registrant as specified in its charter) Delaware 98-04799 ...
Gran Tierra Energy(GTE) - 2021 Q2 - Earnings Call Transcript
2021-08-04 21:20
Gran Tierra Energy Inc. (NYSE:GTE) Q2 2021 Earnings Conference Call August 4, 2021 11:00 AM ET Company Participants Gary Guidry – President and Chief Executive Officer Ryan Ellson – Executive Vice President and Chief Financial Officer Rob Will – Vice President of Asset Management Conference Call Participants Josef Schachter – Schachter Energy Al Stanton – RBC Phil Skolnick – Eight Capital David Herzberg – Stifel Patrick O'Connell – AllianceBernstein Al Chang – Citi Operator Good morning, ladies and gentleme ...
Gran Tierra Energy(GTE) - 2021 Q2 - Quarterly Report
2021-08-03 23:27
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ (Mark One) Commission file number 001-34018 GRAN TIERRA ENERGY INC. or (Exact name of registrant as specified in its charter) Delaware 98-0479924 (S ...
Gran Tierra Energy (GTE) Investor Presentation - Slideshow
2021-05-05 23:53
Financial Overview & Path to Creating Value in Colombia Value Creation & Ecuador 1 May 2021 GranTierra | --- | --- | --- | --- ...
Gran Tierra Energy(GTE) - 2020 Q4 - Annual Report
2021-02-25 00:55
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 001-34018 GRAN TIERRA ENERGY INC. (Exact name of registrant as specified in its charter) Delaware 98-0479924 (State ...