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) delivers oil and gas exploration, development, and production across Colombia, Ecuador, and Canada. This news hub provides investors and industry observers with official updates and third-party analysis of the company's activities.
Access real-time press releases covering quarterly earnings, operational milestones, and strategic initiatives. Our curated news collection offers insights into asset developments, partnership announcements, and management updates while maintaining strict compliance with financial disclosure standards.
Key content categories include drilling results, production reports, sustainability efforts, and regulatory filings. Bookmark this page for streamlined tracking of GTE's progress in South American energy markets and Canadian operations.
Gran Tierra Energy, trading under GTE, announced its 2023 capital budget of $210-$250 million and cash flow forecast of $270-$320 million. The company plans to drill 18-23 development wells and 4-6 exploration/appraisal wells, projecting production between 32,000-34,000 BOPD, an 8% increase from 2022. Expected free cash flow is $135 million before exploration and $65 million after. The budget aims for profitable growth and exploration in Colombia and Ecuador, while navigating recent Colombian tax reforms which may incur $110-$130 million in current taxes.
Gran Tierra Energy reported positive production results from its recent exploration efforts in Ecuador and Colombia. The Charapa Norte-1 well in Ecuador averaged 1,188 BOPD, while the Rose-1 well in Colombia produced 305 BOPD. The company's total average production stands at approximately 33,000 BOPD as of early December 2022. Additionally, Gran Tierra has repurchased 15 million shares for $20 million since September 2022, indicating strong shareholder returns. Looking ahead, the company plans further development and exploration in 2023.
Gran Tierra Energy reported a third quarter 2022 average production of 30,391 BOPD, marking a 5% increase year-on-year. The net income was $39 million, while adjusted EBITDA rose 48% to $121 million. Net cash provided by operating activities reached $109 million, an 82% increase year-on-year. The company's cash balance stood at $118 million, with a net debt of $462 million. Exploration efforts yielded promising results in Colombia and Ecuador, with ongoing initiatives to enhance production and financial stability.
Gran Tierra Energy Inc. (GTE) will announce its third quarter 2022 financial and operating results on November 1, 2022, after market close. A conference call to discuss these results is scheduled for November 3, 2022, at 9:00 AM MT / 11:00 AM ET. Interested parties must register through a provided link to participate, as no general dial-in number will be available. The call will also be accessible via a live webcast, with an audio replay available two hours post-call until November 3, 2023.
Gran Tierra Energy Inc. (GTE) reported a 5% year-over-year increase in average production for Q3 2022, reaching 30,391 BOPD. Current production levels for Q4 2022 average around 32,000 BOPD. During September 2022, the company repurchased 10.8 million shares for $14.4 million and 6.7% of its senior notes due 2025 for $17.3 million. As of September 30, 2022, Gran Tierra holds $118 million in cash and has a net debt of $462 million. Key projects include ongoing exploration efforts in Colombia and Ecuador.
Gran Tierra Energy Inc. (NYSE: GTE) announced that the Toronto Stock Exchange has approved its normal course issuer bid to repurchase up to 36,033,969 shares, equivalent to 10% of its public float. This program, effective from September 1, 2022, to August 31, 2023, allows Gran Tierra to buy back shares at market prices, with a maximum purchase amount of USD 37.5 million. Management believes that the current share price does not reflect the company's value and that the bid could enhance shareholder value.
Gran Tierra Energy has secured a new credit facility of up to US$150 million with Trafigura, replacing its previous credit line of the same amount. This facility includes an initial commitment of US$100 million and an option for an additional US$50 million. The maturity date is set for August 15, 2024, extendable to February 18, 2025 under certain conditions. The interest rate is based on a SOFR risk-free rate plus 6.00%. The new funding is expected to enhance Gran Tierra's liquidity and financial flexibility.
Gran Tierra Energy (NYSE American: GTE) reported a strong second quarter of 2022 with average production of 30,607 BOPD, a 33% increase from Q2 2021. The company generated a net income of $53 million, up 275% from the previous quarter. Adjusted EBITDA rose 286% year-on-year to $140 million, and free cash flow totaled $38 million. The company's net debt stands at $491 million, with a significant debt reduction achieved over the past two years. The Brent oil price averaged $111.98/bbl, contributing to higher oil sales of $206 million, up 113% year-on-year.
Gran Tierra Energy will announce its 2022 Q2 financial results on August 8, 2022, post market close. A conference call to discuss these results is scheduled for August 9, 2022, at 9:00 a.m. MT (11:00 a.m. ET). Interested participants must register via a provided link, as there is no general dial-in option. Additionally, a live webcast will be accessible on their website, with an audio replay available for one year following the call.
Gran Tierra operates in oil and natural gas exploration in Colombia and Ecuador.
Gran Tierra Energy reported a total average production of 30,607 BOPD in Q2 2022, marking a 25% increase year-over-year and the highest since 2019. The production rose 4% from Q1 2022. As of June 30, 2022, the company had $109 million in cash and had completely repaid its credit facility, which was reduced from $207 million since June 2020. The company continues to advance its exploration programs in Ecuador and Colombia.
