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Dec 31, 2022
Gran Tierra Q4 2022 Earnings Report
Gran Tierra reported record net income, funds flow from operations, and free cash flow in Q4 2022, driven by successful drilling, waterflooding programs, and disciplined cost management amidst strong oil prices.
Key Takeaways
Gran Tierra Energy Inc. announced record financial results for Q4 2022, including a net income of $33.3 million and funds flow from operations of $81.3 million. The company's performance was driven by successful drilling and operational efficiencies, despite a decrease in Brent oil prices during the quarter.
Net income was $33.3 million, or $0.09 per share (basic and diluted).
Oil sales totaled $162.6 million, a decrease of 3% from the prior quarter.
Average working interest production was 32,595 bopd.
The company's operating netback was $38.63 per bbl.
Forward Guidance
Gran Tierra expects 2023 production of 32,000-34,000 bopd, a 4-11% increase from 2022. This projected 2023 production increase would result from the Company’s previously forecast 2023 development drilling program of 10-12 wells in Acordionero, 6-8 wells in Costayaco, and 2-3 wells in Moqueta. Gran Tierra also plans to drill 4-6 exploration wells in 2023.
Positive Outlook
- Continued focus on development of existing assets.
- Appraisal of new discoveries made last year.
- New exploration drilling planned.
- Generating free cash flow to strengthen balance sheet.
- Return capital to shareholders through share buybacks.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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