Gran Tierra Energy(US:GTE)2025-10-30 21:53Production and Operations - Gran Tierra's total average working interest production was 42,685 boepd, a 30% increase from Q3 2024, but a 10% decrease from the prior quarter due to external events in Ecuador[10] - Current production is approximately 45,200 boepd, with an expected exit rate of 47,000 to 50,000 boepd[4] - Average daily production before royalties increased to 42,685 boe/d from 32,764 boe/d in the same quarter of 2024, representing a 30% increase[15] - The Cohembi field in Colombia achieved its highest production in a decade, increasing output by approximately 135% from 2,800 to 6,700 gross bopd[6] Financial Performance - The company incurred a net loss of $20 million, compared to a net loss of $13 million in the prior quarter and net income of $1 million in Q3 2024[10] - Gran Tierra reported a net loss of $19.95 million for the three months ended September 30, 2025, compared to a net income of $1.13 million in the same period of 2024[15] - Gross profit decreased by 70% to $14.7 million compared to $48.8 million in Q3 2024[14] - Gross profit decreased to $14.67 million from $48.80 million year-over-year for the three months ended September 30, 2025[15] - Adjusted EBITDA was $69 million, down from $77 million in the prior quarter and $93 million in Q3 2024[10] - Adjusted EBITDA for the three months ended September 30, 2025, was $69.03 million, down from $92.79 million in the same period of 2024[15] - Operating expenses increased by 22% to $68 million compared to the prior quarter, and by 48% compared to Q3 2024[14] - Operating expenses rose to $68.38 million from $46.06 million year-over-year for the three months ended September 30, 2025[15] - Capital expenditures were $57 million during the quarter, higher than $51 million in the prior quarter and $53 million in Q3 2024[10] - Capital expenditures before changes in working capital were $57.34 million for the three months ended September 30, 2025, compared to $52.92 million in the prior year[15] - Free cash flow for Q3 2025 was negative $15,655,000, down from positive $7,417,000 in Q3 2024, and negative $52,302,000 for the nine months ended September 30, 2025, compared to positive $11,287,000 in the same period of 2024[32] - Net debt as of September 30, 2025, was $755 million, calculated from total debt of $804 million minus cash and cash equivalents of $49 million[32] Discoveries and Acquisitions - The company made three major discoveries in Ecuador, including the Conejo A-1 and A-2 wells, enhancing its exploration success[6] - The company is focused on integrating the assets and operations of i3 Energy following its acquisition, which closed on October 31, 2024[31] - Gran Tierra plans to pursue additional growth opportunities to strengthen its portfolio in Canada, Colombia, and Ecuador[22] Market and Pricing - Gran Tierra generated sales of $149 million, a 1% decrease from Q3 2024, primarily due to a 13% decrease in Brent pricing[14] - The average realized price before royalties was $43.44 per boe for the three months ended September 30, 2025, down from $64.61 per boe in the same quarter of 2024[16] - The company’s operating netback was $18.89 per boe for the three months ended September 30, 2025, compared to $34.18 per boe in the same period of 2024[16] - Royalties as a percentage of WI production before royalties decreased to 16% for the three months ended September 30, 2025, from 21% in the same quarter of 2024[16] Conference and Reporting - The company will host its Q3 2025 results conference call on October 31, 2025, at 9:00 a.m. Mountain Time[20]