Gran Tierra Energy Inc. reports strong third-quarter results, with a net income of $1 million and a 31% increase in funds flow from operations to $60 million. The companys total average working interest production remained consistent at 32,764 BOPD, and it exited the quarter with $278 million in cash. Gran Tierra also announces its sixth consecutive oil discovery in Ecuador with the Charapa-B7 well, achieving cumulative production of over 1 million barrels of oil in the country. The company completed its acquisition of i3 Energy plc, adding diverse assets and increasing its PDP reserves. Exploration and development updates are provided, along with key financial metrics.
| Financial Metrics | Q3 2024 | Q2 2024 | Q3 2023 |
|---|---|---|---|
| Net Income | $1 million | $36.4 million | $7 million |
| Adjusted EBITDA | $93 million | $103 million | $119 million |
| Funds Flow from Operations | $60 million | $46.2 million | $79 million |
| Cash and Debt | $278 million (Cash) $787 million (Total Debt) $509 million (Net Debt) | N/A | N/A |
| Share Buybacks | 371,130 shares | N/A | N/A |
| Return on Average Capital Employed | 17% | N/A | N/A |
| Capital Expenditures | $53 million | $61 million | $43 million |
| Oil Sales | $151 million | $165.6 million | $179.9 million |
| Operating Expenses | $46 million | $47.0 million | $49.4 million |
| Transportation Expenses | $3.9 million | $5.7 million | $3.8 million |
| Operating Netback | $101.4 million | $112.9 million | $126.7 million |
| G&A Expenses Before Stock-Based Compensation | $9.5 million | $10.9 million | $8.3 million |
| Cash Netback | $20.34 | $15.85 | $25.48 |