Gran Tierra Energy Inc
GTE
ISIN null / Valor 126669010
Gran Tierra Energy Inc
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About company
Gran Tierra Energy Inc. is an international energy company focused on oil and gas exploration and production, primarily operating in Colombia. Since its inception, the company has been engaged in the development and exploration of oil and gas assets, aiming to leverage its expertise to enhance production and reserves. Gran Tierra Energy Inc. has undertaken various initiatives to assess and mitigate its environmental impact, including a comprehensive evaluation of its greenhouse gas emissions in Colombia, conducted in alignment with global and national environmental standards and guidelines. The company collaborates with experts and organizations to address environmental and human rights issues related to its operations, demonstrating a commitment to responsible business practices. Among its notable projects, the Chawar Project, in partnership with the Humboldt Institute, focuses on biodiversity assessment in the Putumayo region, aiming to inform sustainable development plans. Additionally, Gran Tierra's Costayaco Forestry Centre represents a significant reforestation effort, contributing to environmental conservation in South America. Through these initiatives, Gran Tierra Energy Inc. seeks to balance its operational objectives with environmental stewardship and social responsibility.
Summarized from source with an LLMView SourceSector: EnergyLatest Results (13.06.2024):
Production Increase
In the first quarter of 2024, Gran Tierra Energy Inc. reported a total average working interest production of 32,242 barrels of oil per day (BOPD), marking a 3% increase from the fourth quarter of 2023. This growth is attributed to successful drilling and development programs, particularly in the Costayaco field, which have pushed production levels to their highest since 2017.
Financial Performance
Gran Tierra Energy Inc. achieved an Adjusted EBITDA of $95 million in the first quarter of 2024, showing a steady increase from $93 million in the previous quarter and $90 million in the first quarter of 2023. This improvement reflects the company's effective cost management and increased production volumes.
Funds Flow and Free Cash Flow
The company reported funds flow from operations of $74 million for the first quarter of 2024, which, although a 12% decrease from the previous quarter, represents a 24% increase compared to the same period in 2023. Additionally, Gran Tierra generated $19 million in free cash flow during the quarter, supporting its strategic financial objectives.
Net Income and Debt Management
Gran Tierra Energy Inc. recorded a minimal net loss of $0.1 million in the first quarter of 2024, a significant improvement from a net loss of $10 million in the first quarter of 2023. The company's net debt to Adjusted EBITDA ratio was 1.3 times, with a projection to reduce to less than 1.0x by the end of 2024, indicating strong debt management and financial health.
Oil Sales and Operational Costs
During the first quarter of 2024, Gran Tierra Energy Inc. generated $158 million from oil sales, a 2% increase from the previous quarter and a 9% increase from the first quarter of 2023. However, the company faced increased operating expenses, which rose by 2% to $48 million due to higher workover activities, although this was partially offset by optimizations in power generation.
Summarized from source with an LLMView SourceKey figures
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284 M
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