In This Article:
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Average Production: 34,710 BOE per day in 2024, a 6% increase from 2023.
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Net Income: $3 million or $0.10 per share in 2024, compared to a net loss of $6.3 million in 2023.
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Capital Expenditures: $234 million in 2024, a 3% increase from 2023.
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Net Cash Provided by Operating Activities: $239 million in 2024.
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Adjusted EBITDA: $367 million in 2024, an 8% decrease from $399 million in 2023.
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Funds from Operations: $223 million or $7.02 per share in 2024, down from $277 million in 2023.
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Cash and Cash Equivalents: $103 million as of December 31, 2024, up from $62 million at the end of 2023.
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Net Oil Sales: $622 million in 2024, a 2% decrease from 2023.
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Operating Costs: $202 million in 2024, an 8% increase from 2023.
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Operating Expenses per BOE: $16.14 in 2024, a 2% increase from 2023.
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1P Reserves: 167 million BOE at year-end 2024.
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2P Reserves: 293 million BOE at year-end 2024.
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3P Reserves: 385 million BOE at year-end 2024.
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Reserves Replacement: 702% for 1P, 1,250% for 2P, and 1,500% for 3P in 2024.
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Net Asset Value (NAV) per Share: $35.23 before tax and $19.51 after-tax for 1P; $71.14 before tax and $41.3 after-tax for 2P.
Release Date: February 24, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Gran Tierra Energy Inc (GTE) achieved record highs across all reserve categories and delivered its highest ever quarterly production in Q4 2024.
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The company successfully met its average production guidance target for 2024, with a 6% increase in average working interest production compared to 2023.
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Gran Tierra Energy Inc (GTE) repurchased 6.7% of its outstanding shares, demonstrating confidence in the company's future prospects and commitment to long-term shareholder value creation.
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The company has a robust and diverse portfolio with significant reserves, including 293 million BOE of 2P reserves, positioning it well for future growth.
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Gran Tierra Energy Inc (GTE) plans to allocate 25% of its total capital program to exploration in 2025, with a focus on Ecuador, which is expected to fulfill exploration commitments and move to the development phase.
Negative Points
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Gran Tierra Energy Inc (GTE) experienced a decrease in net oil sales by 2% compared to 2023, with operating costs increasing by 8% due to higher workovers and increased natural gas and electricity costs.
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The company's adjusted EBITDA decreased by 8% from 2023, and funds from operations also saw a decline, attributed to lower Brent prices.
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Gran Tierra Energy Inc (GTE) faced downtime in the Acordionero field due to workovers and deferred production from blockades in Suroriente.
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The company anticipates higher costs in 2024 due to the removal of diesel subsidies in Colombia and increased natural gas and electricity expenses.
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Gran Tierra Energy Inc (GTE) is targeting a reduction in gross debt to $600 million by the end of 2026, indicating a focus on debt management amidst financial pressures.