GRAN TIERRA ENERGY INC. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Gran Tierra Energy Inc. has filed its Q1 2024 10-Q report, detailing financial performance and operational status.</b>

AI Summary

GRAN TIERRA ENERGY INC. (GTE) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Gran Tierra Energy Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. Gran Tierra Energy Inc. is involved in Crude Petroleum & Natural Gas extraction. The company's principal business address is in Calgary, Alberta, Canada.

Why It Matters

For investors and stakeholders tracking GRAN TIERRA ENERGY INC., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial statements and management's discussion and analysis, crucial for understanding the company's current performance and outlook. As a company in the Crude Petroleum & Natural Gas sector, this report is vital for assessing its operational efficiency, asset base, and financial health in the context of commodity prices and market conditions.

Risk Assessment

Risk Level: low — GRAN TIERRA ENERGY INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine disclosure.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to assess Gran Tierra Energy's performance in Q1 2024 and its implications for future operations.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-02 — Filing Date (10-Q filing)
• 12/31 — Fiscal Year End (Company data)

Key Players & Entities

• GRAN TIERRA ENERGY INC. (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-02 (date) — Filed as of date
• 1311 (industry_code) — Standard Industrial Classification for Crude Petroleum & Natural Gas
• Calgary (location) — Business address city

FAQ

Industry Context

Gran Tierra Energy Inc. operates in the Crude Petroleum & Natural Gas industry, focusing on exploration and production.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for Q1 2024.
2. Review management's discussion and analysis for insights into operational performance and strategic priorities.
3. Examine any disclosed risk factors or legal proceedings that may impact the company.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending March 31, 2024. Previous filings would need to be compared for trend analysis.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share GTE NYSE American Toronto

Filing Documents

• gte-20240331.htm (10-Q) — 996KB
• a20240331-ex311.htm (EX-31.1) — 12KB
• a20240331-ex312.htm (EX-31.2) — 12KB
• a20240331-ex321.htm (EX-32.1) — 6KB
• gte-20240331_g1.jpg (GRAPHIC) — 117KB
• gte-20240331_g2.jpg (GRAPHIC) — 73KB
• gte-20240331_g3.jpg (GRAPHIC) — 73KB
• gte-20240331_g4.jpg (GRAPHIC) — 146KB
• gte-20240331_g5.jpg (GRAPHIC) — 93KB
• gte-20240331_g6.jpg (GRAPHIC) — 94KB
• gte-20240331_g7.jpg (GRAPHIC) — 131KB
• gte-20240331_g8.jpg (GRAPHIC) — 105KB
• gte-20240331_g9.jpg (GRAPHIC) — 129KB
• 0001273441-24-000013.txt (&nbsp;) — 6968KB
• gte-20240331.xsd (EX-101.SCH) — 33KB
• gte-20240331_cal.xml (EX-101.CAL) — 62KB
• gte-20240331_def.xml (EX-101.DEF) — 170KB
• gte-20240331_lab.xml (EX-101.LAB) — 476KB
• gte-20240331_pre.xml (EX-101.PRE) — 334KB
• gte-20240331_htm.xml (XML) — 423KB

Financial Information

PART I Financial Information

Financial Statements 3

Item 1. Financial Statements 3

Management's Discussion and Analysis of Financial Condition and Results of Operations 14

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 14

Quantitative and Qualitative Disclosures About Market Risk 31

Item 3. Quantitative and Qualitative Disclosures About Market Risk 31

Controls and Procedures 31

Item 4. Controls and Procedures 31

Other Information

PART II Other Information

Legal Proceedings 32

Item 1. Legal Proceedings 32

Risk Factors 32

Item 1A. Risk Factors 32

Unregistered Sales of Equity Securities and Use of Proceeds 32

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32

Other information 32

Item 5. Other information 32

Exhibits 33

Item 6. Exhibits 33 SIGNATURES 34 1 CAUTIONARY LANGUAGE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts included in this Quarterly Report on Form 10-Q regarding our financial position, estimated quantities and net present values of reserves, business strategy, plans and objectives of our management for future operations, covenant compliance, capital spending plans and benefits of the changes in our capital program or expenditures, our liquidity and financial condition and those statements preceded by, followed by or that otherwise include the words "believe", "expect", "anticipate", "intend", "estimate", "project", "target", "goal", "plan", "budget", "objective", "should", or similar expressions or variations on these expressions are forward-looking statements. We can give no assurances that the assumptions upon which the forward-looking statements are based will prove to be correct or that, even if correct, intervening circumstances will not occur to cause actual results to be different than expected. Because forward-looking statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by the forward-looking statements. There are a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from the forward-looking statements, including, but not limited to, our operations are located in South America and unexpected problems can arise due to guerilla activity, strikes, local blockades or protests; technical difficulties and operational difficulties may arise which impact the production, transport or sale of our products; other disruptions to loca

- Financial Information

PART I - Financial Information

Financial Statements

Item 1. Financial Statements Gran Tierra Energy Inc. Condensed Consolidated Statements of Operations (Unaudited) (Thousands of U.S. Dollars, Except for Share and Per Share Amounts) Three Months Ended March 31, 2024 2023 OIL SALES (Note 6) $ 157,577 $ 144,190 EXPENSES Operating 48,466 41,369 Transportation 4,584 3,066 Depletion, depreciation and accretion (Note 3) 56,150 52,196 General and administrative (Note 9) 12,877 12,696 Severance 1,266 — Foreign exchange (gain) loss ( 815 ) 1,702 Other gain — ( 1,090 ) Interest expense (Note 4) 18,424 11,836 140,952 121,775 INTEREST INCOME 692 768 INCOME BEFORE INCOME TAXES 17,317 23,183 INCOME TAX EXPENSE Current (Note 7) 3,916 17,606 Deferred (Note 7) 13,479 15,277 17,395 32,883 NET AND COMPREHENSIVE LOSS $ ( 78 ) $ ( 9,700 ) NET LOSS PER SHARE (1) - BASIC and DILUTED $ — $ ( 0.28 ) WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC and DILUTED (Note 5) 31,813,072 34,451,400 (1) Reflects Company's 1-for-10 reverse stock split that became effective May 5, 2023. (See notes to the condensed consolidated financial statements) 3 Gran Tierra Energy Inc. Condensed Consolidated Balance Sheets (Unaudited) (Thousands of U.S. Dollars, Except for Share Amounts) As at March 31, 2024 As at December 31, 2023 ASSETS Current Assets Cash and cash equivalents (Note 10) $ 126,618 $ 62,146 Accounts receivable 10,763 12,359 Inventory 25,887 29,039 Other current assets (Note 9 and 10) 3,648 8,920 Total Current Assets 166,916 112,464 Oil and Gas Properties Proved 1,061,807 1,055,070 Unproved 57,945 54,116 Total Oil and Gas Properties 1,119,752 1,109,186 Other capital assets 37,900 33,664 Total Property, Plant and Equipment (Note 3) 1,157,652 1,142,850 Other Long-Term Assets Deferred tax assets 9,548 10,923 Taxes receivable 60,303 52,089 Other long-term assets (Note 9 and 10) 7,991 7,963 Total Other Long-Term Assets 77,842 70,975 Total Assets $ 1,402,410 $ 1,326,289 LIABILITIES

Legal Proceedings

Legal Proceedings Gran Tierra has several lawsuits and claims pending. The outcome of the lawsuits and disputes cannot be predicted with certainty; Gran Tierra believes the resolution of these matters would not have a material adverse effect on the Company's consolidated financial position, results of operations, or cash flows. Gran Tierra records costs as they are incurred or become probable and determinable. Letters of Credit and Other Credit Support At March 31, 2024, the Company had provided letters of credit and other credit support totaling $ 222.6 million (December 31, 2023 - $ 220.1 million) as a security relating to work commitment guarantees in Colombia and Ecuador contained in exploration contracts, the Suroriente Block extension agreement and other capital or operating requirements. Approximately $ 123.0 million relates to the Suroriente Block extension agreement. 9. Financial Instruments and Fair Value Measurement Financial Instruments Financial instruments are initially recorded at fair value, defined as the price that would be received to sell an asset or paid to market participants to settle liability at the measurement date. For financial instruments carried at fair value, GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy consists of three broad levels: Level 1 - Inputs representing quoted market prices in active markets for

View Full Filing

View this 10-Q filing on SEC EDGAR