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Colombia/Ecuador: Gran Tierra Energy announces 2022 Q4 and year-end results

22 Feb 2023

  • Achieved 2022 Net Income of $139 Million ($0.38 per Share, Basic), Highest on Record
  • 2022 Funds Flow from Operations Increased 96% Year-Over-Year to $366 Million, Highest on Record
  • 2022 Adjusted EBITDA2 Increased 103% Year-Over-Year to $490 Million
  • Generated 2022 Free Cash Flow of $129 Million, Highest on Record
  • Achieved 2022 Average Working Interest Production of 30,746 BOPD, Up 16% from 2021
  • Total Current Average Working Interest Production of Approximately 32,300 BOPD
  • Achieved 126% 1P, 148% 2P and 280% 3P Reserves Replacement
  • 1P Net Asset Value per Share Before Tax of $4.62, Up 77% from 2021
  • 2P Net Asset Value per Share Before Tax of $7.36, Up 56% from 2021
  • ESG Leadership: Company Has Planted Approximately 1.47 Million Trees in Colombia's Putumayo Since 2018
Photo - see caption

Gran Tierra Energy has announced the Company's financial and operating results for the fourth quarter and year ended December 31, 2022.

Message to Shareholders

Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented:

'We are very pleased to announce that Gran Tierra achieved several Company financial records in 2022. Our excellent performance last year was driven by our successful results from our development and exploration drilling, waterflooding programs, field performance, and disciplined cost management combined with strong oil prices. Our many 2022 achievements resulted in year-over-year production growth of 16%, strong reserves replacement ratios well above 100%, and the highest annual figures in the Company's history for net income, funds flow from operations and free cash flow. We believe our success on multiple fronts during 2022 demonstrates Gran Tierra's ability to be a full-cycle oil and gas exploration, development and production company focused on value creation for our stakeholders.

We have started 2023 strong with year-to-date average production of approximately 32,300 bopd, which is within our previously announced 2023 guidance range. Our 2023 Acordionero and Costayaco development drilling programs are now underway, while the Moqueta development drilling campaign that we started in fourth quarter 2022 is continuing. We continue to focus on the development of our existing assets, appraisal of new discoveries that we made last year and new exploration drilling, while generating free cash flow to strengthen our balance sheet and return capital to shareholders through share buybacks.

In addition, our 'Beyond Compliance Policy' continues. Where Gran Tierra identifies significant opportunities and benefits to the environment and communities, we voluntarily strive to go beyond what is legally required to protect the environment and provide social benefits because it is the right thing to do. We are very proud of the Company's track record in all aspects of our environmental, social and governance stewardship.'

Click here for full announcement

Source: Gran Tierra Energy

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