Gran Tierra Energy Inc. reported a net income of $14 million, a significant increase from the previous year. The company also saw substantial growth in net cash provided by operating activities, funds flow from operations, and free cash flow. They are on track to eliminate their credit facility debt before the end of Q2 2022 and are maintaining their production guidance for the year.
Achieved Average Total Production of 29,362 BOPD, Up 20% Year-on-Year
Generated Net Income of $14 Million
Increased Adjusted EBITDA to $119 Million, Up 185% Year-on-Year
Generated Free Cash Flow of $46 Million, Highest Since Fourth Quarter 2012
Gran Tierra has updated the Company's 2022 financial guidance in light of the significant increase in world oil prices this year. The Company has increased its 2022 Brent price forecast to $95/bbl. At this higher oil price, the Company would maintain 2022 capital at $220-240 million with a forecast 2022 cash flow of $410-430 million, free cash flow of $180-200 million, EBITDA of $550-570 million and a 2022 year-end cash balance of $210-230 million.
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