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Sep 30, 2020
Gran Tierra Q3 2020 Earnings Report
Gran Tierra's financial position and liquidity profile was strengthened with a strong 2021 outlook.
Key Takeaways
Gran Tierra Energy Inc. announced its Q3 2020 results, highlighting increased production, collection of VAT & income tax receivables, a paid-down credit facility, and significant cost reductions. The company is setting up for a strong 2021 with strategies focused on maximizing returns and free cash flow.
The Quarter's production averaged 18,944 bbl per day, down 6% from second quarter 2020; production during October 2020 averaged approximately 22,000 BOPD
Gran Tierra has collected total VAT and income tax receivables of $97 million during 2020
The Company paid down its credit facility balance to $200 million and had $21 million in cash and cash equivalents
Gran Tierra's combined operating, workover and transportation expenses ($12.63/bbl) were down 31% relative to first quarter 2020 ($18.33/bbl)
Forward Guidance
The Company is analyzing multiple scenarios focused on maximizing returns and free cash flow in 2021, which will be used for debt reduction, and to optimize the ultimate oil recovery, free cash flow and long-term value from all assets
Historical Earnings Impact
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Avg. Return Before/After Earnings
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