The following is a summary of the Gran Tierra Energy Inc. (GTE) Q1 2024 Earnings Call Transcript:
Financial Performance:
Gran Tierra Energy started 2024 robustly with Q1 funds flow up 24% YoY, generating free cash flow after capital expenditures of around $19 million.
The company reported Q1 Adjusted EBITDA of $95 million and managed to decrease its net debt to adjusted EBITDA ratio, with expectations of reducing it below one times by year-end.
Oil sales for Q1 totalled $158 million, marking a 9% YoY increase. The company also repurchased approximately a million shares in Q1 2024.
Business Progress:
Gran Tierra spent largely on capital expenditure for exploration and development of the Soriente block, which resulted in average production hitting 32,242 barrels of oil per day.
Following successful drilling in Kosciusko, initial 30-day production from four wells reached a sizeable 5707 barrels of oil per day.
Gran Tierra has also shown significant commitment to sustainability, planting over 1.6 million trees and preserving or reforesting considerable land since 2018.
More details: Gran Tierra Energy IR
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