Gran Tierra Energy Inc. Reports First Quarter 2025 Results, Record Production and Continued Exploration Success

Core Viewpoint - Gran Tierra Energy Inc. reported strong operational execution and disciplined financial management in Q1 2025, achieving record production and successful exploration efforts, while focusing on debt reduction and shareholder returns through a buyback program [2][4]. Financial Performance - Total average working interest production was 46,647 boepd, a 14% increase from Q4 2024 and a 45% increase from Q1 2024 [14]. - The company incurred a net loss of $19 million, an improvement from a net loss of $34 million in the prior quarter [14]. - Adjusted EBITDA was $85 million, compared to $76 million in the prior quarter [14]. - Net cash provided by operating activities was $73 million, up 175% from the prior quarter [14]. - Funds flow from operations was $55 million, a 25% increase from the prior quarter [14]. Operational Highlights - Gran Tierra achieved record total company average quarterly production of 46,647 boepd [4]. - Successful drilling in Ecuador resulted in two additional oil discoveries with an average production rate of approximately 1,684 bopd [5]. - In Colombia, the company drilled three wells from the Cohembi North Pad, completing them under budget and 60% faster than the previous operator [5]. - The Acordionero field maintained strong performance with average production of 13,824 boepd, a 2% increase from Q4 2024 [5]. Capital Expenditures and Liquidity - Capital expenditures for the quarter were $95 million, higher than the previous quarter due to active development programs in Canada and Ecuador [12]. - The company exited the quarter with $77 million in cash and secured an additional $75 million credit facility [4][12]. - Total debt stood at $760 million, with net debt of $683 million [14]. Exploration and Development - Gran Tierra's exploration efforts in Ecuador and Colombia continue to yield positive results, reinforcing the quality of its assets [2]. - The company plans to drill eight to ten additional wells in the Acordionero field in 2026, targeting high oil saturation areas [6]. - In Canada, the company successfully drilled two Lower Montney wells, achieving early production performance that surpassed prior offset wells by 80% [9]. Guidance and Future Outlook - Gran Tierra reaffirmed its 2025 consolidated guidance, projecting production between 47,000 and 53,000 boepd [11]. - The company anticipates operating netback of $330-370 million under various Brent oil price scenarios [11].