Q3 2024 Gran Tierra Energy Inc Earnings Call Transcript
Key Points
- Gran Tierra Energy Inc (GTE) completed its acquisition of I Three Energy, diversifying its assets into Canada and increasing its reserves significantly.
- The acquisition added 253 net booked drilling locations and increased production by 18,000 barrels of oil equivalent per day.
- Gran Tierra's operating expenses decreased by 2% compared to the prior quarter, primarily due to lower workover costs.
- The company achieved a major milestone of over 1 million barrels of cumulative oil production in Ecuador, marking significant exploration success.
- Gran Tierra announced the renewal of its normal course issuer bid, reinforcing its commitment to share buybacks as a key component of shareholder returns.
- Gran Tierra's oil sales decreased by 9% from the prior quarter due to lower prices and wider oil differentials.
- The company's transportation expenses decreased by 31% due to shorter distance delivery points, but this was offset by higher lifting costs in Ecuador.
- Gran Tierra's net income for the quarter was only $1 million, indicating limited profitability.
- The company's cash balance is expected to decrease by approximately $170 million due to funding the I Three acquisition.
- Gran Tierra had to pause its share buyback program due to the acquisition, resulting in only 370,000 shares repurchased during the quarter.
Good morning, ladies and gentlemen and welcome to the Gran Tierra Energy Results conference call for the third quarter, 2024. My name is Shannon and I will be your coordinator for today. At this time. All participants are in a listen-only mode following the initial remarks, we will conduct a question and answer session for securities analysts and institutions.
Instructions will be provided at the time for you to queue up for questions.
I would like to remind everyone that this conference is being webcast and recorded today Monday, November 4th 2024 at 11 o'clock AM Eastern time.
Today's discussion may include certain forward-looking information as well as certain non-GAAP financial measures. Please refer to the earnings and operational update press release we issued yesterday for important disclaimers with regard to this information and reconciliations of any non-GAAP measures discussed on today's call.
Any production volumes are based on working interest sales before royalties. Finally, this earnings call is the property of Gran Tierra Energy Inc any copying or
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