Gran Tierra Energy Files Q3 2024 10-Q

TL;DR

Gran Tierra Energy's Q3 2024 10-Q is in. Check financials for oil & gas ops.

AI Summary

Gran Tierra Energy Inc. filed its 10-Q for the period ending September 30, 2024. The company, primarily involved in crude petroleum and natural gas, reported financial results and operational updates. Key financial data and business addresses in Calgary, Alberta, Canada, were disclosed.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational details for Gran Tierra Energy, crucial for understanding the company's current standing in the oil and gas sector.

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

• 20240930 — Reporting Period End Date (Indicates the end of the fiscal quarter for which results are reported.)
• 20241104 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• GRAN TIERRA ENERGY INC. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• CRUDE PETROLEUM & NATURAL GAS (industry) — Company's primary business sector
• CALGARY (location) — Company's business and mailing 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-20240930.htm (10-Q) — 1336KB
• a20240930-ex102.htm (EX-10.2) — 787KB
• a20240930-ex103.htm (EX-10.3) — 1419KB
• a20240930-ex311.htm (EX-31.1) — 12KB
• a20240930-ex312.htm (EX-31.2) — 12KB
• a20240930-ex321.htm (EX-32.1) — 6KB
• gte-20240930_g1.jpg (GRAPHIC) — 117KB
• gte-20240930_g10.jpg (GRAPHIC) — 109KB
• gte-20240930_g2.jpg (GRAPHIC) — 74KB
• gte-20240930_g3.jpg (GRAPHIC) — 75KB
• gte-20240930_g4.jpg (GRAPHIC) — 133KB
• gte-20240930_g5.jpg (GRAPHIC) — 119KB
• gte-20240930_g6.jpg (GRAPHIC) — 120KB
• gte-20240930_g7.jpg (GRAPHIC) — 129KB
• gte-20240930_g8.jpg (GRAPHIC) — 106KB
• gte-20240930_g9.jpg (GRAPHIC) — 122KB
• image_0a.jpg (GRAPHIC) — 5KB
• image_1a.jpg (GRAPHIC) — 1KB
• image_2a.jpg (GRAPHIC) — 0KB
• image_3a.jpg (GRAPHIC) — 1KB
• image_4a.jpg (GRAPHIC) — 3KB
• image_6a.jpg (GRAPHIC) — 3KB
• 0001273441-24-000036.txt ( ) — 11036KB
• gte-20240930.xsd (EX-101.SCH) — 49KB
• gte-20240930_cal.xml (EX-101.CAL) — 75KB
• gte-20240930_def.xml (EX-101.DEF) — 214KB
• gte-20240930_lab.xml (EX-101.LAB) — 511KB
• gte-20240930_pre.xml (EX-101.PRE) — 370KB
• gte-20240930_htm.xml (XML) — 627KB

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 17

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures About Market Risk 36

Item 3. Quantitative and Qualitative Disclosures About Market Risk 36

Controls and Procedures 36

Item 4. Controls and Procedures 36

Other Information

PART II Other Information

Legal Proceedings 37

Item 1. Legal Proceedings 37

Risk Factors 37

Item 1A. Risk Factors 37

Unregistered Sales of Equity Securities and Use of Proceeds 37

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37

Other information 37

Item 5. Other information 37

Exhibits 39

Item 6. Exhibits 39 SIGNATURES 41 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 ability to successfully integrate the assets and operations of i3 Energy Plc ("i3Energy") and realize the anticipated benefits and operating synergies expected from the acquisition of i3 Energy; our operations are located in South America and unexpected problems can arise due to guerilla

- 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 OIL SALES (Note 7) $ 151,373 $ 179,921 $ 474,559 $ 482,013 EXPENSES Operating 46,060 49,367 141,561 139,227 Transportation 3,911 3,842 14,185 10,599 Depletion, depreciation and accretion (Note 4) 55,573 55,019 167,213 163,424 General and administrative (Note 10) 6,346 10,238 37,616 32,800 Transaction costs (Note 12) 1,459 — 1,459 — Foreign exchange (gain) loss ( 3,084 ) 1,717 ( 8,312 ) 8,126 Other gain — ( 354 ) — ( 1,444 ) Interest expense (Note 5) 19,892 13,503 56,714 38,017 130,157 133,332 410,436 390,749 INTEREST INCOME 684 271 2,393 1,686 INCOME BEFORE INCOME TAXES 21,900 46,860 66,516 92,950 INCOME TAX EXPENSE (RECOVERY) Current (Note 8) 15,217 26,343 61,422 63,706 Deferred (Note 8) 5,550 13,990 ( 32,332 ) 43,242 20,767 40,333 29,090 106,948 NET AND COMPREHENSIVE INCOME (LOSS) $ 1,133 $ 6,527 $ 37,426 $ ( 13,998 ) NET INCOME (LOSS) PER SHARE (1) - BASIC and DILUTED $ 0.04 $ 0.20 $ 1.20 $ ( 0.42 ) WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC (Note 6) 30,732,807 33,287,368 31,273,861 33,675,160 WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED (Note 6) 30,732,807 33,350,050 31,273,861 33,675,160 (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 September 30, 2024 As at December 31, 2023 ASSETS Current Assets Cash and cash equivalents (Note 11) $ 277,645 $ 62,146 Accounts receivable 14,724 12,359 Inventory 33,026 29,039 Taxes receivable (Note 3) 16,515 438 Other current assets (Note 10 and 11) 3,948 8,482 T

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View this 10-Q filing on SEC EDGAR