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Gran Tierra Energy Inc. (GTE) is an independent international energy company focused on the acquisition, exploration, development, and production of oil and gas. Headquartered in Calgary, Canada, the company strategically concentrates on onshore oil and gas properties in Colombia. Gran Tierra is publicly listed on the New York Stock Exchange and the Toronto Stock Exchange under the ticker symbols GTE.
The company is committed to growth and value creation, aiming to reposition itself as the leading independent oil producer in Colombia. Gran Tierra produces light and medium crude oil, as well as natural gas. The majority of its revenue is derived from its operations in Colombia, with additional prospective properties located in Ecuador.
Gran Tierra takes pride in its partnerships with local communities, implementing shared value, sustainable community, and social responsibility programs. Recent achievements include significant advancements in exploration and increased production capacity, contributing to the company's robust financial condition. Gran Tierra continues to pursue strategic initiatives and maintain strong financial stewardship to ensure long-term success.
The company remains resilient in the face of challenges, such as geopolitical events and fluctuations in market conditions. Gran Tierra actively manages risks and maintains operational efficiency, adapting to changing environments to protect and enhance shareholder value.
For the latest updates, news, and developments about Gran Tierra Energy Inc., visit StockTitan and stay informed about their ongoing projects and financial performance.
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Gran Tierra Energy Inc. reported a 2023 net loss of $6 million, with positive financial and operational highlights including meeting production guidance, reserves growth, and strong safety performance. The company achieved $399 million in adjusted EBITDA, $277 million in funds flow from operations, and $58 million in free cash flow. Gran Tierra also repurchased 6.8% of outstanding shares, emphasizing commitment to long-term shareholder value creation.
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Gran Tierra Energy Inc. announces the release of its fourth quarter and year-end financial results on February 20, 2024. The company will host a conference call to discuss the results, providing unique PINs for registered participants.
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Gran Tierra Energy Inc. has completed an offering of additional $100 million aggregate principal amount of its 9.500% Senior Secured Amortizing Notes due 2029. The Notes have the same terms and provisions as the Original Notes, except for the issue price, and form the same series as the Original Notes, including with respect to interest payments. The Notes are expected to trade under the same CUSIP number as the Original Notes. The company intends to use the net proceeds from the offering to repay the outstanding amounts borrowed under its existing credit facility and for general corporate purposes. The Notes will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
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Gran Tierra Energy Inc. announced the pricing of an additional $100 million aggregate principal amount of its previously issued 9.500% Senior Secured Amortizing Notes due 2029. The Notes will have the same terms and provisions as the Original Notes, except for the issue price, and will form the same series as the Original Notes, including with respect to interest payments. Gran Tierra expects to receive net proceeds of approximately $88.3 million from the offering, which will be used to repay outstanding amounts borrowed under its existing credit facility and for general corporate purposes, including additional capital to appraise and develop exploration discoveries, repayment of other indebtedness, working capital, and/or acquisitions.
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Gran Tierra Energy Inc. plans to offer an additional amount of its previously issued 9.500% Senior Secured Amortizing Notes due 2029 in a private placement. The Notes will have the same terms and provisions as the Original Notes, with the net proceeds intended for repaying outstanding amounts borrowed under its existing credit facility and general corporate purposes. The offering will be made to qualified institutional buyers in the United States, non-U.S. persons outside the United States, and pursuant to certain prospectus exemptions in Canada.
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Gran Tierra Energy Inc. announced its 2024 capital budget and production guidance, forecasting a 4% increase in production from 2023, a 11% increase from 2022, and a 28% increase from 2021. The company plans to drill 13-17 development wells and 6-9 high impact near-field exploration wells. The 2024 capital budget ranges from $210-240 million, with expected cash flow of $280-320 million. The company also aims to allocate up to 50% of free cash flow to share buybacks.
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Gran Tierra Energy Inc. achieved record reserves of 90 MMBOE 1P, 147 MMBOE 2P, and 207 MMBOE 3P, with a 154% 1P, 242% 2P, and 303% 3P reserves replacement, and achieved a 288% increase in net asset values per share before tax. The company also reported F&D costs per boe of $11.96 (1P), $7.58 (2P), and $6.06 (3P) and a net present value before tax discounted at 10% of $1.9 billion (1P), $3.1 billion (2P), and $4.3 billion (3P).
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Gran Tierra Energy Inc. has received approval from the Toronto Stock Exchange to initiate a normal course issuer bid (NCIB) for its common stock. The bid allows the company to purchase up to 3,234,914 shares, representing 10% of the public float, over a one-year period. Gran Tierra has also implemented an Automatic Share Purchase Plan (ASPP) to facilitate purchases during regulatory restrictions and blackout periods. The brokerage firm Eight Capital will administer the ASPP. The company believes that the purchase of shares will increase their value and reflect Gran Tierra's current operations, growth prospects, and financial position.
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Gran Tierra Energy Inc. reported its financial and operating results for Q3 2023. Total average WI production increased by 12% compared to one year ago, reaching 33,940 BOPD, the highest quarterly average since Q2 2019. Net income for the quarter was $7 million, compared to a net loss of $11 million in the prior quarter. Adjusted EBITDA was $119 million, up from $97 million in the prior quarter. The company also announced the issuance of new senior secured amortizing notes, improving its balance sheet and reducing overall leverage.
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Gran Tierra Energy Inc. announces the appointment of Sebastien Morin as Chief Operating Officer (COO). Mr. Morin has a proven track record and will focus on continuous improvement and optimization of capital investments and operating costs. He will be leading the functional integration of asset management plans to achieve optimum value for all company assets.
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FAQ
What is the current stock price of Gran Tierra Energy (GTE)?
The current stock price of Gran Tierra Energy (GTE) is $6.17 as of November 20, 2024.
What is the market cap of Gran Tierra Energy (GTE)?
The market cap of Gran Tierra Energy (GTE) is approximately 225.7M.
What is Gran Tierra Energy Inc.?
Gran Tierra Energy Inc. is an independent international energy company focused on the acquisition, exploration, development, and production of oil and gas, primarily in Colombia.
Where is Gran Tierra Energy Inc. headquartered?
Gran Tierra Energy Inc. is headquartered in Calgary, Canada.
What stock exchanges is Gran Tierra Energy Inc. listed on?
Gran Tierra Energy Inc. is listed on the New York Stock Exchange and the Toronto Stock Exchange under the ticker symbols GTE.
What are the core business activities of Gran Tierra Energy Inc.?
The core business activities of Gran Tierra Energy Inc. include the acquisition, exploration, development, and production of oil and gas properties.
Where does Gran Tierra Energy Inc. primarily operate?
Gran Tierra Energy Inc. primarily operates in Colombia, with additional prospective properties in Ecuador.
How does Gran Tierra Energy Inc. support local communities?
Gran Tierra Energy Inc. supports local communities through shared value, sustainable community, and social responsibility programs.
What type of products does Gran Tierra Energy Inc. produce?
Gran Tierra Energy Inc. produces light crude oil, medium crude oil, and natural gas.
How does Gran Tierra Energy Inc. manage market risks?
Gran Tierra Energy Inc. actively manages risks by maintaining operational efficiency and adapting to changing geopolitical and market conditions.
What recent achievements has Gran Tierra Energy Inc. accomplished?
Recent achievements of Gran Tierra Energy Inc. include significant advancements in exploration and increased production capacity.
Where can I find the latest news about Gran Tierra Energy Inc.?
You can find the latest news and updates about Gran Tierra Energy Inc. on the StockTitan website.
Gran Tierra Energy Inc.
NYSE:GTE
GTE Rankings
GTE Stock Data
225.69M
29.73M
3.34%
43.19%
3.6%
Oil & Gas E&P
Crude Petroleum & Natural Gas
United States of America
CALGARY