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Dec 31, 2020
Gran Tierra Q4 2020 Earnings Report
Gran Tierra experienced a net loss but maintained cost discipline and progressed operational activities.
Key Takeaways
Gran Tierra Energy Inc. announced its Q4 and year-end results for 2020, highlighting operational resilience amidst the COVID-19 pandemic and oil price crash. The company achieved significant cost reductions and reserves replacement.
Realized 100% 1P and 133% PDP Reserves Replacement.
Achieved 2020 Production of 22,624 bopd.
Reduced Annual Operating and G&A Costs by $92 Million.
Restarted development drilling at Acordionero.
Forward Guidance
Gran Tierra provided its forecasted ranges for the 2021 budget, including production, operating netback, EBITDA, cash flow, and capital expenditures, based on various Brent oil price scenarios.
Positive Outlook
- Annual Average Brent Oil Price ($/bbl): Low Case: $44.00, Base Case: $49.00, High Case: $56.00
- Total Company Production (bopd): Low Case: 27,500-29,500, Base Case: 28,000-30,000, High Case: 28,000-30,000
- Operating Netback5 ($ million): Low Case: 180-200, Base Case: 220-240, High Case: 270-290
- EBITDA5 ($ million): Low Case: 165-185, Base Case: 200-220, High Case: 240-260
- Cash Flow6 ($ million): Low Case: 115-135, Base Case: 150-170, High Case: 190-210
Challenges Ahead
- Total Capital ($ million): Low Case: 120-140, Base Case: 130-150, High Case: 130-150
- Bank Credit Facility Balance @ December 31, 2021 ($ million): Low Case: 155-175, Base Case: 125-145, High Case: 75-95
- 2021 Year-End Net Debt8 to Annualized Fourth Quarter 2021 EBITDA5: Low Case: 3.6-3.8, Base Case: 2.7-2.9, High Case: 2.0-2.2
Historical Earnings Impact
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Avg. Return Before/After Earnings
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