Loading...
•
Sep 30, 2023
Gran Tierra Q3 2023 Earnings Report
Reported highest production since Q2 2019, with a net income of $7 million and $36 million in free cash flow.
Key Takeaways
Gran Tierra Energy Inc. reported a solid third quarter in 2023, marked by the highest production since the second quarter of 2019. The company achieved a net income of $7 million and generated $36 million in free cash flow. Subsequent to the quarter, Gran Tierra successfully completed bond exchanges, improving the balance sheet and providing additional financial flexibility.
Total average WI production of 33,940 BOPD, up 12% year-over-year and 1% from the prior quarter.
Net income of $7 million, funds flow from operations of $79 million, and free cash flow of $36 million.
Adjusted EBITDA of $119 million and 12-month trailing adjusted EBITDA of $413 million.
Issuance of new 9.500% Senior Secured Amortizing Notes Due 2029 improves balance sheet.
Forward Guidance
Following Gran Tierra’s successful 2023 development drilling campaigns at Acordionero and the northern extension of the Costayaco field, the Company plans to accelerate its development program and expects to commence drilling at both fields in December 2023. Upon completion of the development drilling program in Costayaco (expected in March 2024), the Company plans to move the drilling rig to Ecuador to begin the exploration drilling program.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...