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Earnings Call Summary | Gran Tierra Energy(GTE.US) Q1 2024 Earnings Conference

Futu News ·  May 3 16:22  · Conference Call

The following is a summary of the Gran Tierra Energy Inc. (GTE) Q1 2024 Earnings Call Transcript:

Financial Performance:

  • Gran Tierra Energy started 2024 robustly with Q1 funds flow up 24% YoY, generating free cash flow after capital expenditures of around $19 million.

  • The company reported Q1 Adjusted EBITDA of $95 million and managed to decrease its net debt to adjusted EBITDA ratio, with expectations of reducing it below one times by year-end.

  • Oil sales for Q1 totalled $158 million, marking a 9% YoY increase. The company also repurchased approximately a million shares in Q1 2024.

Business Progress:

  • Gran Tierra spent largely on capital expenditure for exploration and development of the Soriente block, which resulted in average production hitting 32,242 barrels of oil per day.

  • Following successful drilling in Kosciusko, initial 30-day production from four wells reached a sizeable 5707 barrels of oil per day.

  • Gran Tierra has also shown significant commitment to sustainability, planting over 1.6 million trees and preserving or reforesting considerable land since 2018.

More details: Gran Tierra Energy IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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