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.
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
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