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 (GTE) reported strong 2021 reserves growth, achieving 148% PDP and 123% 1P reserves replacement. The company added 14.3 MMBOE of PDP reserves and 11.9 MMBOE of 1P reserves. The finding and development costs were $9.51 per barrel for PDP. The after-tax NAV per share rose by 124% for 1P reserves to $1.59 and by 31% for 2P reserves to $2.92. Strong results at key oil fields contributed to these increases, positioning Gran Tierra for further growth in 2022.
Gran Tierra Energy Inc. (GTE) reported a significant corporate update on January 18, 2022. The company achieved a current average production of approximately 30,000 BOPD, surpassing its 2021 average of 26,500 BOPD. It successfully reduced its credit facility debt by 64%, down to $67.5 million, with expectations to eliminate it entirely in the first half of 2022. Gran Tierra's 2022 capital program, with allocations of $220-240 million, aims to generate cash flow of $270-290 million at $70/bbl Brent prices. A SASB report was also published to enhance ESG transparency.
Gran Tierra Energy Inc. (GTE) announced the successful completion of its semi-annual credit facility redetermination. The Company has downscaled its borrowing capacity from $215 million to $150 million, optimizing its bank-syndicated credit facility to align with its forecast for 2022 production and cash flow. Gran Tierra anticipates reducing its credit facility balance to under $70 million by year-end and expects to fully repay the facility within the first half of 2022, leveraging projected free cash flow and tax receivables recovery.
Gran Tierra Energy (NYSE American:GTE) announced a 2022 capital expenditure budget of $220-240 million and projected cash flow of $270-290 million. The company forecasts production of 30,500-32,500 BOPD, a 19% increase from 2021. Gran Tierra aims to generate $40-60 million in free cash flow after funding its exploration program. The company expects to fully repay its credit facility, reducing its balance to under $70 million in 2021. Fitch Ratings upgraded Gran Tierra to ‘B-’, reflecting improved debt metrics.
Gran Tierra Energy has announced the sale of 137,093,750 common shares of PetroTal Corp. through its subsidiary, Gran Tierra Resources Limited, for approximately US$30.1 million. The shares were sold at US$0.2198 each, representing a 10.8% discount from PetroTal's closing price on November 25, 2021. The proceeds will be utilized to reduce debt and for general corporate purposes. Post-transaction, Gran Tierra Resources will no longer hold any shares of PetroTal.
Gran Tierra Energy announced a positive operations update, reporting an average total production of 30,500 BOPD. The recent end to a localized farmers’ blockade in Colombia has allowed production from Suroriente and PUT-7 blocks to resume. Current capacity for these blocks is 4,400-4,600 BOPD. Despite a minor impact on fourth-quarter production volumes due to the blockade, the company expects no long-term effect on reserves. Gran Tierra remains optimistic about future production and benefits from high oil prices in 2022.
Gran Tierra Energy reported an average production of 28,957 BOPD for Q3 2021, a 53% increase year-over-year, and $35 million net income, up 299% from the previous quarter. Funds flow from operations surged by 197% to $69 million, with free cash flow reaching $34 million, the highest since Q4 2012. The company paid down its credit facility to $130 million and forecasts a 2021 EBITDA of $265-285 million. However, production guidance was adjusted downwards to 26,500-27,500 BOPD due to a blockade affecting some operations.
Gran Tierra Energy Inc. (NYSE American: GTE) is set to release its 2021 third quarter financial and operating results on November 1, 2021, after market close. A conference call to discuss these results will occur on November 2, 2021, at 11:00 a.m. Eastern Time. Interested parties can join via toll-free numbers in North America (+1-844-348-3792) and the UK (+44 (0)80 0028 8438), or access a live webcast on the company's investor relations page. An audio replay will be available until November 9, 2021.
Gran Tierra Energy achieved an average production of approximately 29,000 BOPD in Q3 2021, a 26% increase from Q2 2021, marking its highest level since early 2020. The current average production has risen to 30,600 BOPD. The company reduced its credit facility balance to $140 million, down from $190 million at the end of 2020. Despite challenges from blockades earlier in the year that deferred production, Gran Tierra does not foresee any negative impact on oil reserves. A strong operational ramp-up and favorable Brent prices are expected to enhance performance in Q4 2021.
Gran Tierra Energy has appointed Alison Redford as an independent director, effective September 1, 2021. With extensive experience in regulatory reform and governance, she has advised governments in countries like Pakistan and South Sudan. Redford served as Alberta's Premier from 2011 to 2014 and brings valuable perspectives to the board. The Board Chair, Robert Hodgins, welcomes her expertise, indicating potential benefits for the company. Gran Tierra continues to focus on oil and gas exploration in Colombia and Ecuador.
