Gran Tierra Energy(US:GTE)2023-02-21 23:53Oil Production and Sales - In 2022, total oil production reached 8,692,689 barrels, an increase of 10.3% from 2021's production of 7,879,794 barrels[67] - The average sales price of oil per barrel in 2022 was $81.84, up 36.1% from $60.12 in 2021[67] - Approximately 99% of production comes from Colombia, with the Acordionero field contributing 52% of total production in 2022[72] Operating Expenses and Financials - Operating expenses per barrel increased to $19.85 in 2022 from $18.70 in 2021, reflecting a rise of 6.1%[67] - The company’s revenues are primarily derived from oil sales at Brent pricing, which is subject to market volatility[282] - 100% of the company's revenues are in U.S. dollars, mitigating foreign currency risk related to oil pricing[283] - The company’s credit facility remained undrawn at $67.5 million as of December 31, 2021, indicating no current exposure to interest rate fluctuations[285] - A 10% change in interest rates would not materially affect the value of the company's investment portfolio[287] Drilling and Operations - The company drilled 34 wells in 2022, compared to 22 in 2021, indicating a significant increase in drilling activity[69] - As of December 31, 2022, the company had 287 gross oil wells, with 285 located in Colombia and 2 in Ecuador[70] - The developed acreage totaled 330,029 gross acres in Colombia, while undeveloped acreage was 1,267,601 gross acres[71] Contracts and Regulations - The company has sales agreements with international marketers, with contracts for Putumayo and MMV production expiring on March 31, 2025[75] - The company operates under contracts with the ANH in Colombia, which provide full risk/reward benefits for the contractor[83] - The Ecuadorian operations are regulated by the Ministry of Energy and Mines, which oversees oil and gas contracts in the country[86] - The company holds three Participation Contracts for hydrocarbon exploration and exploitation, with a typical exploration period of 4 years and a possible 2-year extension due to government delays[87] - The exploitation period for these contracts lasts 20 years from the approval of the development plan for commercial hydrocarbon discoveries[87] Workforce and Environmental Management - As of December 31, 2022, the company employed 336 full-time employees, an increase from 319 in 2021, with 235 located in Colombia[91] - The company has implemented an Environmental Management System certified to ISO14001:2015, ensuring compliance with international environmental standards[90] - The company has a Corporate Health, Safety, and Environmental Management Policy to protect employees and contractors[92] - The company is committed to increasing gender and diversity representation in its workforce and supply chain[93]