Q4 2024 Gran Tierra Energy Inc Earnings Call Transcript
Key Points
- Gran Tierra Energy Inc (GTE) achieved record highs across all reserve categories and delivered its highest ever quarterly production in Q4 2024.
- The company successfully met its average production guidance target for 2024, with a 6% increase in average working interest production compared to 2023.
- Gran Tierra Energy Inc (GTE) repurchased 6.7% of its outstanding shares, demonstrating confidence in the company's future prospects and commitment to long-term shareholder value creation.
- The company has a robust and diverse portfolio with significant reserves, including 293 million BOE of 2P reserves, positioning it well for future growth.
- Gran Tierra Energy Inc (GTE) plans to allocate 25% of its total capital program to exploration in 2025, with a focus on Ecuador, which is expected to fulfill exploration commitments and move to the development phase.
- Gran Tierra Energy Inc (GTE) experienced a decrease in net oil sales by 2% compared to 2023, with operating costs increasing by 8% due to higher workovers and increased natural gas and electricity costs.
- The company's adjusted EBITDA decreased by 8% from 2023, and funds from operations also saw a decline, attributed to lower Brent prices.
- Gran Tierra Energy Inc (GTE) faced downtime in the Acordionero field due to workovers and deferred production from blockades in Suroriente.
- The company anticipates higher costs in 2024 due to the removal of diesel subsidies in Colombia and increased natural gas and electricity expenses.
- Gran Tierra Energy Inc (GTE) is targeting a reduction in gross debt to $600 million by the end of 2026, indicating a focus on debt management amidst financial pressures.
Good morning, ladies and gentlemen, and welcome to Gran Tierra Energy's conference call for the fourth quarter and year ended 2024 results. My name is Shannon, and I will be your co-ordinator for today. (Operator Instructions). I would like to remind everyone that this conference call is being webcast and recorded today, Monday, February 24, 2025, at 11:00 AM Eastern Time.
Today's discussion may include certain forward-looking information, oil and gas information and non-GAAP financial measures. Please refer to the earnings and operational update press release we issued yesterday for important advisories and disclaimers with regard to this information and reconciliations of any non-GAAP measures discussed on today's call. Finally, this earnings call is the property of Gran Tierra Energy, Inc. Any copying or rebroadcasting of this call is expressly forbidden without the written consent of Gran Tierra Energy.
I will now turn the conference call over to Gary Guidry, President and Chief Executive Officer of Gran Tierra.
Mr. Guidry, please go ahead.
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