Core Insights - Gran Tierra Energy Inc. reported its financial and operational results for Q4 and the year ended December 31, 2025, highlighting a strong operational position and improved financial flexibility [1][2]. Financial Performance - The company achieved a 2025 adjusted EBITDA of $284 million, a decrease of 23% from $367 million in 2024 [11]. - Net cash provided by operating activities was $313 million, up 31% from $239 million in 2024 [11]. - Gran Tierra reported a net loss of $193.1 million or $5.45 per share for 2025, compared to a net income of $3.2 million or $0.10 per share in 2024 [11][20]. - Total operating expenses increased by 23% to $248.7 million in 2025, with operating expenses per boe at $15.17, which is 6% lower than in 2024 [11][20]. Production and Reserves - The company achieved an average working interest production of 45,709 BOEPD in 2025, representing a 32% increase from 2024 [6][11]. - Gran Tierra's 2025 year-end reserves included 142 million boe (1P), 258 million boe (2P), and 329 million boe (3P) [7][10]. - The company experienced over 100% reserve replacement in South America, with PDP reserves additions of 11 million boe [10]. Operational Highlights - Gran Tierra's fourth quarter production averaged 46,344 BOEPD, a 13% increase from Q4 2024 [6]. - The company achieved its best safety performance on record in 2025, with a total recordable incident frequency (TRIF) of 0.02 [17]. - The company successfully completed a bond exchange with approximately 88% participation, extending its maturity profile and reducing total bond debt outstanding [2][14]. Strategic Developments - Gran Tierra entered into an exploration, development, and production sharing agreement with SOCAR in Azerbaijan, securing a 65% participating interest [9]. - The company streamlined its capital commitments in Ecuador and Colombia, enhancing liquidity and capital allocation flexibility [9]. - The 2026 Suroriente drilling campaign includes the Raju-2 well, currently producing approximately 790 barrels of oil per day, exceeding initial expectations [9].