Gran Tierra Energy Reports Q3 2024 Earnings & Expansion

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Gran Tierra Energy Inc ( (GTE) ) has released its Q3 earnings. Here is a breakdown of the information Gran Tierra Energy Inc presented to its investors.

Gran Tierra Energy Inc. is an independent international energy company focused on oil and natural gas exploration and production, operating primarily in Canada, Colombia, and Ecuador.

In its third quarter of 2024, Gran Tierra Energy Inc. reported significant financial results and operational achievements, including its sixth consecutive oil discovery in Ecuador. The company also announced the completion of its acquisition of i3 Energy, which is expected to enhance its diversified oil and gas portfolio across North America and South America.

Key performance metrics for the quarter included a net income of $1 million, funds flow from operations of $60 million, and an adjusted EBITDA of $93 million. The company achieved a total average working interest production of 32,764 barrels of oil per day and ended the quarter with $278 million in cash. Additionally, Gran Tierra entered into a new credit facility, providing further liquidity. The acquisition of i3 Energy has substantially increased the company’s reserves and operational footprint.

Operational highlights featured successful drilling activities in Ecuador, contributing to cumulative production of over 1 million barrels of oil. The company is actively pursuing exploration and development in prolific regions, with an ongoing focus on its Canadian and South American assets.

Looking forward, Gran Tierra Energy Inc.’s management expresses optimism about leveraging its expanded portfolio and integrating advanced technologies across its operations. The company aims to continue its growth trajectory by capitalizing on strategic acquisitions and maintaining a strong presence in its core operating regions.

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