Gran Tierra Energy Q2 2024 10-Q Filed

TL;DR

Gran Tierra Energy's Q2 2024 10-Q is in - check financials and ops!

AI Summary

Gran Tierra Energy Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial results and operational highlights for the second quarter of 2024. Key financial data and operational metrics are detailed within the filing, providing insight into the company's performance.

Why It Matters

This filing provides investors and analysts with the latest financial and operational data for Gran Tierra Energy, crucial for evaluating the company's performance and future prospects.

Risk Assessment

Risk Level: medium — As an oil and gas company, Gran Tierra Energy is subject to commodity price volatility, regulatory changes, and operational risks inherent in the industry.

Key Numbers

• 20240630 — Period End Date (The filing covers the financial performance up to this date.)
• 20240731 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• GRAN TIERRA ENERGY INC. (company) — Filer
• 20240630 (date) — Period of Report
• 20240731 (date) — Filed as of Date
• CALGARY (location) — Business Address City

FAQ

Key Financial Figures

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

Filing Documents

• gte-20240630.htm (10-Q) — 1267KB
• a20240630-ex311.htm (EX-31.1) — 12KB
• a20240630-ex312.htm (EX-31.2) — 12KB
• a20240630-ex321.htm (EX-32.1) — 6KB
• gte-20240630_g1.jpg (GRAPHIC) — 117KB
• gte-20240630_g10.jpg (GRAPHIC) — 110KB
• gte-20240630_g2.jpg (GRAPHIC) — 74KB
• gte-20240630_g3.jpg (GRAPHIC) — 73KB
• gte-20240630_g4.jpg (GRAPHIC) — 135KB
• gte-20240630_g5.jpg (GRAPHIC) — 114KB
• gte-20240630_g6.jpg (GRAPHIC) — 115KB
• gte-20240630_g7.jpg (GRAPHIC) — 130KB
• gte-20240630_g8.jpg (GRAPHIC) — 104KB
• gte-20240630_g9.jpg (GRAPHIC) — 123KB
• 0001273441-24-000023.txt ( ) — 8362KB
• gte-20240630.xsd (EX-101.SCH) — 45KB
• gte-20240630_cal.xml (EX-101.CAL) — 75KB
• gte-20240630_def.xml (EX-101.DEF) — 191KB
• gte-20240630_lab.xml (EX-101.LAB) — 569KB
• gte-20240630_pre.xml (EX-101.PRE) — 392KB
• gte-20240630_htm.xml (XML) — 571KB

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 16

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Quantitative and Qualitative Disclosures About Market Risk 35

Item 3. Quantitative and Qualitative Disclosures About Market Risk 35

Controls and Procedures 35

Item 4. Controls and Procedures 35

Other Information

PART II Other Information

Legal Proceedings 36

Item 1. Legal Proceedings 36

Risk Factors 36

Item 1A. Risk Factors 36

Unregistered Sales of Equity Securities and Use of Proceeds 36

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36

Other information 36

Item 5. Other information 36

Exhibits 37

Item 6. Exhibits 37 SIGNATURES 38 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 OIL SALES (Note 7) $ 165,609 $ 157,902 $ 323,186 $ 302,092 EXPENSES Operating 47,035 48,491 95,501 89,860 Transportation 5,690 3,691 10,274 6,757 Depletion, depreciation and accretion (Note 4) 55,490 56,209 111,640 108,405 General and administrative (Note 10) 16,897 9,866 29,774 22,562 Severance 230 — 1,496 — Foreign exchange (gain) loss ( 4,413 ) 4,707 ( 5,228 ) 6,409 Other gain — — — ( 1,090 ) Interest expense (Note 5) 18,398 12,678 36,822 24,514 139,327 135,642 280,279 257,417 INTEREST INCOME 1,017 647 1,709 1,415 INCOME BEFORE INCOME TAXES 27,299 22,907 44,616 46,090 INCOME TAX (RECOVERY) EXPENSE Current (Note 8) 42,289 19,757 46,205 37,363 Deferred (Note 8) ( 51,361 ) 13,975 ( 37,882 ) 29,252 ( 9,072 ) 33,732 8,323 66,615 NET AND COMPREHENSIVE INCOME (LOSS) $ 36,371 $ ( 10,825 ) $ 36,293 $ ( 20,525 ) NET INCOME (LOSS) PER SHARE (1) - BASIC and DILUTED $ 1.16 $ ( 0.33 ) $ 1.15 $ ( 0.61 ) WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC and DILUTED (Note 6) 31,281,651 33,299,505 31,547,362 33,872,270 (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 June 30, 2024 As at December 31, 2023 ASSETS Current Assets Cash and cash equivalents (Note 11) $ 115,327 $ 62,146 Accounts receivable 5,442 12,359 Inventory 30,560 29,039 Taxes receivable (Note 3) 30,851 438 Other current assets (Note 10 and 11) 3,074 8,482 Total Current Assets 185,254 112,464 Oil and Gas Properties Proved 1,063,702 1,055,070 Unproved 65,868 54,116 Total

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View this 10-Q filing on SEC EDGAR