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Dec 31, 2023
Gran Tierra Q4 2023 Earnings Report
Gran Tierra successfully met its 2023 guidance for annual production, funds flow from operations, and free cash flow.
Key Takeaways
Gran Tierra Energy Inc. reported a net income of $7.7 million for Q4 2023, with adjusted EBITDA of $93.0 million and funds flow from operations of $84.7 million. The company achieved an average working interest production of 31,309 bopd. They also issued $487.6 million of new senior secured notes due 2029 in exchange for existing notes.
Net income was $7.7 million.
Adjusted EBITDA reached $93.0 million.
Funds flow from operations totaled $84.7 million.
Average working interest production was 31,309 bopd.
Forward Guidance
Gran Tierra expects 2024 production of 32,000-35,000 bopd, resulting from the Company’s previously forecast 2024 development drilling program of 6-8 wells in Acordionero and 3-5 wells in Costayaco, as well as the startup of development drilling in the Suroriente Block later in the second half of 2024. Gran Tierra also plans to drill 6-9 exploration wells in 2024.
Positive Outlook
- 2024 production is expected to be 32,000-35,000 bopd.
- Development drilling program of 6-8 wells in Acordionero.
- Development drilling program of 3-5 wells in Costayaco.
- Startup of development drilling in the Suroriente Block in the second half of 2024.
- Plans to drill 6-9 exploration wells in 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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