Gran Tierra Energy Stock Price, News & Analysis

Gran Tierra Energy has entered an agreement with Ecopetrol to extend the Suroriente Block contract for 20 years, enhancing operational stability and potential value creation. The company plans to invest $123 million over three years funded through internal cash flow, focusing on enhanced oil recovery (EOR) projects. Gran Tierra has increased its oil production significantly, from an average of 6,203 barrels per day in February 2019 to 8,167 barrels per day in Q1 2023, marking a 32% growth despite no new wells drilled since 2018. The agreement awaits regulatory approval and aims to solidify Gran Tierra's position in the Putumayo Basin while fostering long-term partnerships with Ecopetrol.

Gran Tierra Energy (NYSE American: GTE) announced impressive operational results for Q1 2023, achieving an average production of approximately 31,700 BOPD, marking an 8% increase from Q1 2022. Production in the Acordionero field reached 20,000 BOPD, the highest level since Q2 2019. The company initiated substantial share buybacks, acquiring about 13 million shares for $10.7 million, and also conducted bond buybacks totaling $8 million in face value of its 2025 bonds. These actions reflect Gran Tierra's commitment to enhancing shareholder value and strengthening its balance sheet.

Gran Tierra Energy (GTE) achieved a record net income of $139 million or $0.38 per share for 2022, marking a significant increase from $42.5 million in 2021. The company's funds flow from operations rose by 96% to $366 million, and adjusted EBITDA increased by 103% to $490 million. Average working interest production increased 16% to 30,746 BOPD, with total production currently around 32,300 BOPD. Gran Tierra also reported strong reserves replacement ratios of 126% for 1P and 148% for 2P, with significant growth in net asset value per share, strengthening its balance sheet and returning capital to shareholders through buybacks.

Gran Tierra Energy Inc. (GTE) will release its 2022 fourth quarter financial and operating results on February 21, 2023, after market close. The Company will host a conference call on February 22, 2023, at 9:00 a.m. Mountain Time to discuss these results. Interested parties must register through a provided link to receive call-in details. Gran Tierra focuses on oil and natural gas exploration and production in Colombia and Ecuador and is committed to developing its existing assets while seeking growth opportunities. Further information is available on their website.

Gran Tierra Energy reported robust 2022 year-end reserves, achieving significant growth in 1P, 2P, and 3P reserves. Total additions reached 14 MMBOE (1P), 17 MMBOE (2P), and 31 MMBOE (3P) with strong replacements of 126%, 148%, and 280% respectively. Net asset values per share surged by 77% for 1P and 56% for 2P compared to 2021. The company's NPV10 before tax rose to $2.1 billion (1P), $3.0 billion (2P), and $4.1 billion (3P). Future net revenue is projected at $1.4 billion (1P) over five years. Gran Tierra maintained an average production of approximately 33,000 BOPD year-to-date in 2023, reflecting a strong start for the year.

Gran Tierra Energy reported a total average production of approximately 30,800 BOPD for 2022, meeting its guidance. The fourth quarter saw production rise to about 32,600 BOPD, with a strong December result of 33,800 BOPD. The company is actively advancing its Moqueta development campaign, with positive early results from the first well yielding an average of 1,312 BOPD. Additionally, Gran Tierra repurchased around 23 million shares in 2022 and significantly reduced its total debt by $210.1 million over two years, enhancing its financial stability.