Welcome to our dedicated page for Gran Tierra Energy news (Ticker: GTE), a resource for investors and traders seeking the latest updates and insights on Gran Tierra Energy stock.
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.
Gran Tierra Energy Inc. (NYSE American:GTE)(TSX:GTE)(LSE:GTE) has provided an operational update for Q2 2023. The company achieved total average production of approximately 33,800 BOPD, a 7% increase from Q1 2023. Year-to-date average production stands at 32,900 BOPD, with current production at 34,800 BOPD.
The company expects 2023 capital expenditures to be at the lower end of the previously guided range of $210-$230 million. In the first half of 2023, Gran Tierra drilled 21 development wells, including 14 new producers and 7 new injectors. The Acordionero field averaged approximately 18,000 BOPD in Q2 2023.
Gran Tierra completed its drilling campaigns at Costayaco and Moqueta fields. The CYC-54 well, the northernmost well in Costayaco, showed promising results with a 48-hour production test rate of 1,464 BOPD. The company plans to release its Q2 2023 financial results on August 1, 2023.
Gran Tierra Energy Inc. (NYSE American:GTE) (TSX:GTE) (LSE:GTE) has completed its previously announced 1-for-10 reverse stock split. The split was approved by the board in February 2023 and by stockholders on May 3, 2023. Trading on a split-adjusted basis began on May 5, 2023, on the NYSE American and LSE, with TSX following on May 8, 2023.
The reverse split combined every ten issued shares into one, reducing the number of outstanding shares from approximately 333.0 million to 33.3 million. The company's stock will trade under the same symbol 'GTE' with new CUSIP and ISIN numbers. Fractional shares were rounded up or down to the nearest whole number. The split did not directly impact market capitalization or modify voting rights.
Stockholders with book-entry shares or those held through a nominee will see changes reflected in their accounts. Registered shareholders will receive instructions from Odyssey Trust Company, the exchange agent, to exchange old certificates for new ones.
Gran Tierra Energy has entered an agreement with Ecopetrol to extend the Suroriente Block contract for 20 years, enhancing operational stability and potential value creation. The company plans to invest $123 million over three years funded through internal cash flow, focusing on enhanced oil recovery (EOR) projects. Gran Tierra has increased its oil production significantly, from an average of 6,203 barrels per day in February 2019 to 8,167 barrels per day in Q1 2023, marking a 32% growth despite no new wells drilled since 2018. The agreement awaits regulatory approval and aims to solidify Gran Tierra's position in the Putumayo Basin while fostering long-term partnerships with Ecopetrol.
Gran Tierra Energy (NYSE American: GTE) announced impressive operational results for Q1 2023, achieving an average production of approximately 31,700 BOPD, marking an 8% increase from Q1 2022. Production in the Acordionero field reached 20,000 BOPD, the highest level since Q2 2019. The company initiated substantial share buybacks, acquiring about 13 million shares for $10.7 million, and also conducted bond buybacks totaling $8 million in face value of its 2025 bonds. These actions reflect Gran Tierra's commitment to enhancing shareholder value and strengthening its balance sheet.
Gran Tierra Energy (GTE) achieved a record net income of $139 million or $0.38 per share for 2022, marking a significant increase from $42.5 million in 2021. The company's funds flow from operations rose by 96% to $366 million, and adjusted EBITDA increased by 103% to $490 million. Average working interest production increased 16% to 30,746 BOPD, with total production currently around 32,300 BOPD. Gran Tierra also reported strong reserves replacement ratios of 126% for 1P and 148% for 2P, with significant growth in net asset value per share, strengthening its balance sheet and returning capital to shareholders through buybacks.
Gran Tierra Energy Inc. (GTE) will release its 2022 fourth quarter financial and operating results on February 21, 2023, after market close. The Company will host a conference call on February 22, 2023, at 9:00 a.m. Mountain Time to discuss these results. Interested parties must register through a provided link to receive call-in details. Gran Tierra focuses on oil and natural gas exploration and production in Colombia and Ecuador and is committed to developing its existing assets while seeking growth opportunities. Further information is available on their website.
FAQ
What is the current stock price of Gran Tierra Energy (GTE)?
What is the market cap of Gran Tierra Energy (GTE)?
What is Gran Tierra Energy Inc.?
Where is Gran Tierra Energy Inc. headquartered?
What stock exchanges is Gran Tierra Energy Inc. listed on?
What are the core business activities of Gran Tierra Energy Inc.?
Where does Gran Tierra Energy Inc. primarily operate?
How does Gran Tierra Energy Inc. support local communities?
What type of products does Gran Tierra Energy Inc. produce?
How does Gran Tierra Energy Inc. manage market risks?
What recent achievements has Gran Tierra Energy Inc. accomplished?
Where can I find the latest news about Gran Tierra Energy Inc.?
