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Mar 31, 2024
Gran Tierra Q1 2024 Earnings Report
Gran Tierra's financial and operating results were announced for the quarter ended March 31, 2024.
Key Takeaways
Gran Tierra Energy Inc. reported a total average WI production increase of 3% from the prior quarter, reaching 32,242 BOPD. The company generated $74 million in funds flow from operations and $19 million in free cash flow. The Arawana exploration well showed positive preliminary results.
Total average WI production was 32,242 BOPD, a 3% increase from the prior quarter.
Funds flow from operations reached $74 million, with a free cash flow of $19 million.
Positive preliminary results were observed in the Arawana exploration well.
The company repurchased approximately 0.9 million shares during the quarter.
Forward Guidance
Gran Tierra is well on track to meet its previously announced guidance for 2024.
Positive Outlook
- Successful drilling program in Costayaco confirmed reservoir interpretation.
- Field extended to the north and south.
- Production increased to the highest level since 2017.
- Excellent results in core assets under waterflood.
- Balance sheet is strong.
Challenges Ahead
- Potential 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 health events.
- 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, geopolitical events, including the conflicts in Ukraine and the Gaza region, or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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