Gran Tierra Energy Inc. Reports Third Quarter 2025 Results and Announces Further Exploration Success in Ecuador

Core Insights - Gran Tierra Energy Inc. reported financial and operational results for Q3 2025, highlighting continued operational success and exploration achievements in Ecuador and Colombia [1][2][4] Production and Operations - Total average working interest production was 42,685 barrels of oil equivalent per day (boepd), a 30% increase compared to Q3 2024 [10] - Current production is approximately 45,200 boepd, with an expected exit rate of 47,000 to 50,000 boepd [4][14] - Production was temporarily impacted by a landslide in Ecuador and trunk line repairs at the Moqueta field, leading to deferred production rather than lost production [4][12] Exploration Success - In Ecuador, the Conejo A-1 and A-2 wells achieved significant exploration success, with Conejo A-1 producing at stabilized rates of 1,328 barrels of oil per day (bopd) [7][11] - The Chanangue-1 well re-entered and tested previously bypassed formations, currently producing approximately 600 bopd [11] - In Colombia, the Cohembi field reached production levels not seen in over a decade, with output increasing by approximately 135% [3][11] Financial Performance - Gran Tierra incurred a net loss of $20 million in Q3 2025, compared to a net loss of $13 million in the prior quarter [14][16] - Adjusted EBITDA was $69 million, down from $77 million in the prior quarter [14][16] - Capital expenditures were $57 million during the quarter, primarily focused on exploration drilling and infrastructure [14][16] Capital Structure and Liquidity - The company secured a $200 million prepayment facility and increased its Canadian credit facility from C$50 million to C$75 million [6][9] - As of September 30, 2025, Gran Tierra had a cash balance of $49 million and total debt of $804 million [14][16] Operational Metrics - Operating netback was $18.89 per boe, down 12% from the prior quarter, primarily due to increased operating expenses [14][15] - Gross profit decreased 70% to $14.7 million compared to $48.8 million in Q3 2024 [14][16] - Total operating expenses increased by 22% to $68 million, attributed to higher workover activities and lifting costs [14][16]