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Mar 31, 2023
Gran Tierra Q1 2023 Earnings Report
Announced first quarter 2023 results with increased production and progress in Colombia development.
Key Takeaways
Gran Tierra Energy Inc. reported a total average production of 31,611 BOPD, up 8% from the previous year. The company experienced a net loss of $10 million, while adjusted EBITDA was $89 million and funds flow from operations was $60 million. The company drilled 14 wells in the quarter and bought back 13.1 million shares.
Total average production for the Quarter was 31,611 BOPD, up 8% from first quarter 2022.
Net loss of $10 million, compared to net income of $14 million one year ago.
Adjusted EBITDA was $89 million compared to $119 million one year ago.
Funds flow from operations was $60 million, down 31% from one year ago.
Forward Guidance
Gran Tierra expects to benefit from higher oil production rates for the remainder of the year with the goal of maximizing production and cash flow.
Positive Outlook
- Completing the majority of development program in the first three months of 2023.
- Expecting to benefit from higher oil production rates for the remainder of the year.
- Aiming to maximize production and cash flow.
- Seeing positive results from ongoing waterfloods across operations.
- Beginning to see positive results in polymer flood in Acordionero.
Challenges Ahead
- Operations are located in South America and unexpected problems can arise due to guerilla activity, strikes, local blockades or protests.
- Technical difficulties and operational difficulties may arise which impact the production, transport or sale of our products.
- Global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including inflation and changes resulting from a global health crisis, the Russian invasion of Ukraine.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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