Gran Tierra Energy Inc ( (GTE) ) has released its Q4 earnings. Here is a breakdown of the information Gran Tierra Energy Inc presented to its investors.
Gran Tierra Energy Inc. is an independent international energy company focused on oil and natural gas exploration and production in Canada, Colombia, and Ecuador. The company is known for its diverse portfolio and commitment to sustainable operations.
Gran Tierra Energy Inc. reported its 2024 fourth quarter and year-end results, highlighting a record production of 41,009 barrels of oil equivalent per day (BOEPD) and a net income of $3 million. The company also achieved its highest year-end total reserves in its history, with significant growth in its 1P, 2P, and 3P reserves categories.
Key financial metrics for 2024 include an adjusted EBITDA of $367 million and net cash provided by operating activities of $239.3 million, marking a 5% increase from 2023. The company also reported a 6% increase in average working interest production and successfully repurchased 6.7% of its outstanding shares. Gran Tierra’s reserves replacement ratios were notably strong, with 702% for 1P, 1,249% for 2P, and 1,500% for 3P reserves.
Gran Tierra’s management is optimistic about 2025, focusing on exploration initiatives in Ecuador and Colombia and further development in Canada. The company plans to drill between 6 to 8 high-impact exploration wells and continue its development drilling programs, aiming to unlock new reserves and drive sustainable growth.
Looking ahead, Gran Tierra Energy Inc. is poised to capitalize on emerging opportunities with a robust asset portfolio. The company remains committed to advancing its operational and financial goals while ensuring the well-being of its employees and the communities where it operates.