Q2 2024 Gran Tierra Energy Inc Earnings Call Transcript
Key Points
- Gran Tierra Energy Inc (GTE) reported a net income of $36 million or $1.16 per share for the second quarter of 2024.
- The company achieved an operating netback of $113 million, up from $105 million in the previous quarter.
- Gran Tierra Energy Inc (GTE) successfully preserved $85 million in net operating loss carryforwards for future tax benefits.
- Oil sales increased by 5% to $166 million due to higher Brent pricing and narrower oil differentials.
- The company repurchased approximately 400,000 shares during the quarter, continuing its share buyback program.
- Capital expenditures rose to $61 million, higher than the previous quarter's $55 million, impacting cash flow.
- Transportation expenses increased by 24% due to the El Niño phenomenon affecting delivery routes.
- Temporary offline status of wells for planned completions impacted production by about 700 barrels per day.
- The company's net debt stood at $521 million, with a net debt to adjusted EBITDA ratio of 1.3 times.
- Operating expenses, although decreased by 3%, still represent a significant cost at $47 million for the quarter.
Good morning, ladies and gentlemen, and welcome to Gran Tierra Energy's results conference call for the second quarter 2024. My name is Michelle and I'll be your coordinator for today. (Operator Instructions) I would like to remind everyone that this conference call is being webcast and recorded today, Thursday, August 1, 2024 at 11:00 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 regards 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 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 S. Guidry, President and Chief Executive Officer of Gran Tierra. Mr. Guidry, please go ahead.
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
