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Mar 31, 2020
Gran Tierra Q1 2020 Earnings Report
Gran Tierra's financial performance was negatively impacted by lower revenues due to the collapse in oil prices, resulting in a net loss, while the company focused on balance sheet protection and long-term value preservation through cost-saving initiatives and capital expenditure deferrals.
Key Takeaways
Gran Tierra Energy Inc. reported a net loss of $252 million for Q1 2020, compared to a net income of $27 million in the prior quarter. This was primarily due to lower revenues from collapsed oil prices and significant non-cash items. The company focused on protecting its balance sheet by reducing capital expenditures and optimizing operating costs.
Average production was 29,527 BOE per day, a 10% decrease from the previous quarter, impacted by suspended production and deferred drilling.
The company temporarily suspended fields with zero or negative netbacks and focused on core assets at Acordionero, Costayaco, and Moqueta.
Capital expenditures for the quarter totaled $44.3 million, with the majority of 2020 expenditures deferred.
Gran Tierra implemented cost-saving initiatives and benefited from the depreciation of the Canadian dollar and Colombian peso.
Forward Guidance
Due to the uncertainty of the financial and operational impact of COVID-19 and the significant decline in world oil prices, the Company is not providing any fiscal or operational outlook at this time
Historical Earnings Impact
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Avg. Return Before/After Earnings
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