Gran Tierra Energy Inc. reported a net loss of $371 million for the quarter ended June 30, 2020, which included an oil and gas property impairment of $398 million. Funds flow from operations was a positive $6 million, which more than covered capital expenditures of $5 million. The company achieved significant reductions in operating and G&A costs and resumed production, development and workover activities in the second half of 2020.
The Quarter's production averaged 20,165 BOE per day, down 32% from first quarter 2020.
Reduced operating costs and cash general and administrative costs by 43% and 30%, respectively, from the Prior Quarter.
The borrowing base limit was re-determined to $225 million from the prior limit of $300 million and the Company was granted relief under certain financial covenants until October 1, 2021.
During the Quarter, the Company collected a total of $25 million in VAT and income tax refunds.
Gran Tierra forecasts the following activities during the course of second half 2020.
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