Fri, May 2, 10:04 AM (21 days ago)
**Gran Tierra Energy Inc. (GTE) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue:** $170.5 million, up 8% YoY and 16% QoQ, driven by increased sales volumes and lower differentials. - **Net Loss:** $19.3 million, or $(0.54) per share, compared to a net loss of $0.1 million in Q1 2024. - **Operating Expenses:** $67.4 million, up 39% YoY due to new Canadian operations and ramp-up in Ecuador. - **Transportation Expenses:** $6.9 million, up 51% YoY due to higher sales volumes in Canada and Ecuador. - **Adjusted EBITDA:** $85.2 million, down 10% YoY but up from $76.2 million in Q4 2024. - **Funds Flow from Operations:** $55.3 million, down 26% YoY but up from $44.1 million in Q4 2024. - **Capital Expenditures:** $94.7 million, up 71% YoY due to Canadian development and Ecuador exploration. **Profit Margins & Cash Flow:** - **Operating Netback:** $96.3 million, down 8% YoY but up from $82.2 million in Q4 2024. - **Cash Flow from Operations:** $73.2 million, up from $60.8 million in Q1 2024. - **Net Cash Used in Investing Activities:** $67.5 million, up from $38.8 million in Q1 2024 due to increased capital expenditures. **Earnings Changes & Quarterly Performance:** - **Earnings per Share (EPS):** $(0.54) compared to $0.00 in Q1 2024. - **Sales Volumes:** 39,024 BOEPD, up 50% YoY and 18% QoQ. - **Production:** 38,563 BOEPD, up 49% YoY and 14% QoQ. **Trends & Uncertainties:** - **Oil Prices:** Brent averaged $74.98 per bbl, down 8% YoY but up 1% QoQ. - **Production Mix:** Increased Canadian production tied to AECO gas pricing. - **Share Repurchase:** Repurchased 0.5 million shares in Q1 2025, totaling 1.1 million shares since November 2024. - **Liquidity:** $76.6 million in cash and cash equivalents, down 26% QoQ. The company believes it has sufficient liquidity for the next 12 months. **Future Operations Impact:** - **Exploration & Development:** Drilled 8 wells in Q1 2025, with plans for continued drilling and development in Colombia, Ecuador, and Canada. - **Acquisitions:** Potential for future acquisitions to drive growth. - **Debt Management:** Paid off $24.8 million in Senior Notes and repurchased $1.8 million in Senior Notes. Entered into a $75 million reserve-based lending facility. **Segment Performance:** - **Colombia:** Sales up 8% YoY, operating netback down 8% YoY. - **Ecuador:** Sales up 195% YoY, operating netback up 3% YoY. - **Canada:** New operations contributed significantly to sales and operating netback. **Risk Factors:** - Geopolitical risks, commodity price volatility, operational challenges, and regulatory changes.