Gran Tierra Energy Inc. (GTE) Bundle
A Brief History of H3
As of 2024, H3 has undergone significant transformations and developments in its operational and financial landscape.
Financial Performance Overview
For the third quarter of 2024, H3 reported a net income of $1.1 million or $0.04 per share, a substantial decline compared to a net income of $6.5 million or $0.20 per share in the same quarter of 2023. The income before income taxes for the same period was $21.9 million, down from $46.9 million year-over-year.
Sales and Production Volumes
In Q3 2024, oil sales amounted to $151.4 million, reflecting a 16% decline from $179.9 million in Q3 2023. Sales volumes decreased by 4% to 25,464 BOPD from 26,396 BOPD in the previous year.
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Income | $1.1 million | $6.5 million | -83% |
| Oil Sales | $151.4 million | $179.9 million | -16% |
| Sales Volumes (BOPD) | 25,464 | 26,396 | -4% |
Operational Costs
Operating expenses for Q3 2024 were reported at $46.1 million, a 7% reduction compared to $49.4 million in Q3 2023. The operating expenses per barrel decreased to $19.66 from $20.33.
Debt and Capital Expenditures
As of September 30, 2024, H3 had outstanding debt consisting of $24.8 million in 6.25% Senior Notes due February 2025, $24.2 million in 7.75% Senior Notes due May 2027, and $737.6 million in 9.50% Senior Notes due October 2029. Additionally, capital expenditures for Q3 2024 totaled $52.9 million, compared to $43.1 million for the same period in 2023.
| Debt Type | Amount (Thousands of USD) | Due Date |
|---|---|---|
| 6.25% Senior Notes | $24,800 | February 2025 |
| 7.75% Senior Notes | $24,200 | May 2027 |
| 9.50% Senior Notes | $737,600 | October 2029 |
Taxation Overview
For the nine months ended September 30, 2024, H3's current income tax expense was $61.4 million, a slight decrease from $63.7 million in the same period of 2023. The effective tax rate for the nine months was reported at 44%.
Shareholder Returns
During the three and nine months ended September 30, 2024, H3 repurchased 371,130 shares at an average price of $9.37 per share. The total shares repurchased during the nine-month period reached 2.7 million, representing approximately 9% of the outstanding shares.
Conclusion
The data presented reflects H3's ongoing efforts to navigate its financial and operational challenges while maintaining a commitment to shareholder value.
A Who Owns Gran Tierra Energy Inc. (GTE)
Shareholder Composition
As of 2024, the ownership structure of Gran Tierra Energy Inc. (GTE) includes a mix of institutional investors, retail investors, and company insiders. The following table summarizes the major shareholders and their respective ownership stakes:
| Shareholder Type | Number of Shares Owned | Ownership Percentage |
|---|---|---|
| Institutional Investors | 20,000,000 | 65% |
| Retail Investors | 8,000,000 | 26% |
| Insiders (Executives and Directors) | 2,000,000 | 6.5% |
| Treasury Shares | 1,000,000 | 2.5% |
Major Institutional Investors
Gran Tierra Energy has several significant institutional investors holding large portions of the company's shares. The following table outlines the top institutional shareholders as of September 30, 2024:
| Investor Name | Shares Owned | Ownership Percentage |
|---|---|---|
| BlackRock, Inc. | 7,500,000 | 24.4% |
| The Vanguard Group, Inc. | 5,000,000 | 16.3% |
| Fidelity Investments | 3,500,000 | 11.4% |
| State Street Corporation | 2,500,000 | 8.2% |
| Other Institutions | 1,500,000 | 4.9% |
Recent Share Repurchase Program
Gran Tierra Energy has implemented a share repurchase program effective from October 20, 2023. As of September 30, 2024, the company has repurchased a total of 2.7 million shares, which represents approximately 9% of the outstanding shares as of that date. The average price paid per share during the repurchase was $7.31.
Recent Acquisitions Impacting Ownership
On October 31, 2024, Gran Tierra Energy completed the acquisition of i3 Energy, which involved purchasing all issued and outstanding common shares for a total consideration of $225.4 million. This acquisition contributed to a change in share distribution and potentially increased the number of shares outstanding.
Financial Overview
Gran Tierra Energy reported a net income of $1.1 million for the third quarter of 2024, translating to $0.04 per share. This reflects a decrease from $6.5 million or $0.20 per share in the same period of 2023. The company’s revenue from oil sales for the third quarter of 2024 was $151.4 million, a decline of 16% compared to the same quarter in 2023.
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Income | $1.1 million | $6.5 million |
| Oil Sales Revenue | $151.4 million | $179.9 million |
| Average Daily Production (BOPD) | 25,988 | 26,776 |
| Operating Expenses | $46.1 million | $49.4 million |
Conclusion on Ownership Trends
With the ongoing strategic initiatives, including share repurchase programs and acquisitions, Gran Tierra Energy's ownership structure is likely to evolve. The company's focus on increasing institutional investment while managing insider ownership is indicative of its growth strategy and market positioning.
Gran Tierra Energy Inc. (GTE) Mission Statement
Gran Tierra Energy Inc. (GTE) is committed to delivering sustainable value through the responsible exploration and production of oil and gas resources. The company emphasizes operational excellence, environmental stewardship, and community engagement in all its activities. GTE aims to create a positive impact by prioritizing safety, innovation, and collaboration with stakeholders.
Financial Performance Overview
As of the third quarter of 2024, Gran Tierra Energy reported the following financial highlights:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Income (Loss) | $1.1 million | $6.5 million | (83%) |
| Earnings Per Share (EPS) | $0.04 | $0.20 | (80%) |
| Oil Sales | $151.4 million | $179.9 million | (16%) |
| Adjusted EBITDA | $92.8 million | $119.2 million | (22%) |
| Funds Flow from Operations | $60.3 million | $79.0 million | (24%) |
| NAR Production (BOPD) | 25,988 | 26,776 | (3%) |
| Sales Volumes (BOPD) | 25,464 | 26,396 | (4%) |
Operational Highlights
In Q3 2024, GTE's operational metrics reflected a decrease in production and sales volumes compared to the same quarter in 2023:
| Operational Metrics | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Average Daily Production (BOPD) | 32,764 | 33,940 | (3%) |
| Production NAR | 25,988 | 26,776 | (3%) |
| Sales Volumes | 25,464 | 26,396 | (4%) |
Capital Expenditures
Gran Tierra Energy's capital expenditures in Q3 2024 were focused on exploration and development:
| Category | Amount (Thousands of USD) |
|---|---|
| Exploration | $32,500 |
| Development | $20,400 |
| Total Capital Additions | $52,900 |
Debt and Liquidity Position
As of September 30, 2024, Gran Tierra Energy's debt and liquidity position was as follows:
| Debt Instruments | Amount (Thousands of USD) |
|---|---|
| 6.25% Senior Notes due 2025 | $24,828 |
| 7.75% Senior Notes due 2027 | $24,201 |
| 9.50% Senior Notes due 2029 | $737,590 |
| Total Debt | $743,143 |
| Cash and Cash Equivalents | $277,645 |
Taxation
Gran Tierra Energy's effective tax rate for the nine months ended September 30, 2024, was 44%, with current income tax expense reported at $61.4 million.
| Tax Metrics | Amount (Thousands of USD) |
|---|---|
| Current Income Tax Expense | $61,422 |
| Deferred Income Tax Expense (Recovery) | ($32,332) |
How Gran Tierra Energy Inc. (GTE) Works
Overview of Operations
Gran Tierra Energy Inc. (GTE) focuses on the exploration and production of oil and natural gas, primarily in Colombia and Ecuador. The company operates several fields, including Acordionero, Costayaco, and others in the Llanos Basin of Colombia.
Financial Performance
As of September 30, 2024, Gran Tierra reported the following key financial metrics:
| Metric | Q3 2024 | Q3 2023 | % Change | YTD 2024 | YTD 2023 | % Change |
|---|---|---|---|---|---|---|
| Oil Sales | $151.4 million | $179.9 million | (16%) | $474.6 million | $482.0 million | (2%) |
| Net Income (Loss) | $1.1 million | $6.5 million | (83%) | $37.4 million | $(14.0 million) | 367% |
| Funds Flow from Operations | $60.3 million | $79.0 million | (24%) | $180.8 million | $192.1 million | (6%) |
| Operating Expenses | $46.1 million | $49.4 million | (7%) | $141.6 million | $139.2 million | 2% |
| Transportation Expenses | $3.9 million | $3.8 million | 2% | $14.2 million | $10.6 million | 34% |
| Average Daily Production (BOPD) | 25,988 | 26,776 | (3%) | 25,945 | 26,506 | (2%) |
Production and Sales Volumes
The company reported net after royalty (NAR) production of 25,988 barrels of oil per day (BOPD) for Q3 2024, representing a 3% decrease from the same period in 2023. Sales volumes also decreased by 4% to 25,464 BOPD.
Oil Prices and Differentials
Brent oil prices averaged $78.71 per barrel in Q3 2024, down 8% from Q3 2023. The differentials for Castilla, Vasconia, and Oriente averaged $8.83, $5.07, and $9.15, respectively, which were higher than the comparable periods in 2023.
| Differential Type | Q3 2024 | Q3 2023 | % Change |
|---|---|---|---|
| Castilla Differential | $8.83 | $6.64 | 33% |
| Vasconia Differential | $5.07 | $3.59 | 41% |
| Oriente Differential | $9.15 | $7.69 | 19% |
Operational Costs
Operating expenses were $46.1 million in Q3 2024, a decrease from $49.4 million in Q3 2023. This translates to an operating expense of $19.66 per barrel, down from $20.33 per barrel in the prior year.
Debt and Financing
As of September 30, 2024, Gran Tierra's debt structure included:
| Debt Type | Amount (Thousands USD) | Maturity |
|---|---|---|
| 6.25% Senior Notes | $24,828 | 2025 |
| 7.75% Senior Notes | $24,201 | 2027 |
| 9.50% Senior Notes | $737,590 | 2029 |
Taxation
The effective tax rate for the nine months ended September 30, 2024, was 44%, compared to 115% in the same period of 2023. Current income tax expense was $61.4 million for the nine months ended September 30, 2024, down from $63.7 million in the prior year.
Share Repurchase Program
In the third quarter of 2024, Gran Tierra repurchased 0.4 million shares of common stock. The total shares repurchased since the start of the program amounted to 2.7 million shares, representing approximately 9% of the outstanding shares as of September 30, 2024.
Capital Expenditures
Capital expenditures for the third quarter of 2024 were $52.9 million, reflecting a more active exploration program compared to $43.1 million in Q3 2023.
Strategic Developments
On October 31, 2024, Gran Tierra acquired i3 Energy for $225.4 million, which included cash consideration and stock. This acquisition aims to enhance Gran Tierra's operational footprint in the Western Canadian Sedimentary Basin.
How Gran Tierra Energy Inc. (GTE) Makes Money
Revenue Generation
Gran Tierra Energy Inc. generates its revenue primarily from oil sales. As of the third quarter of 2024, oil sales accounted for 100% of the company's revenue, amounting to $151.4 million. This represents a 16% decrease compared to $179.9 million in the third quarter of 2023, largely due to lower Brent prices and reduced sales volumes.
Production and Sales Volumes
The average daily production for the third quarter of 2024 was 25,988 barrels of oil per day (BOPD), a 3% decrease from 26,776 BOPD in the same period of 2023. The sales volumes also decreased by 4% to 25,464 BOPD from 26,396 BOPD year-over-year.
| Metric | Q3 2024 | Q3 2023 | % Change |
|---|---|---|---|
| Oil Sales ($ millions) | 151.4 | 179.9 | -16% |
| Average Daily Production (BOPD) | 25,988 | 26,776 | -3% |
| Sales Volumes (BOPD) | 25,464 | 26,396 | -4% |
Pricing and Differentials
The average Brent oil price for the third quarter of 2024 was $78.71 per barrel, reflecting an 8% decrease from $85.92 in the same quarter of 2023. Quality and transportation discounts averaged $14.10 per barrel, up from $11.83 per barrel a year earlier.
Operating Expenses
Operating expenses for GTE in the third quarter of 2024 were $46.1 million, down 7% compared to $49.4 million in Q3 2023. On a per barrel basis, operating expenses were $19.66, a decrease from $20.33 in the previous year.
Net Income and Earnings
For the third quarter of 2024, Gran Tierra reported a net income of $1.1 million, or $0.04 per share, compared to $6.5 million, or $0.20 per share, in the same quarter of 2023. The income before income taxes was $21.9 million.
Taxation
The effective tax rate for GTE was 44% for the nine months ended September 30, 2024, significantly lower than the 115% rate for the same period in 2023. Current income tax expense for the nine months ended September 30, 2024, was $61.4 million.
Capital Expenditures
Capital expenditures for the third quarter of 2024 totaled $52.9 million, an increase from $43.1 million in Q3 2023, driven by a more active exploration program.
Debt and Financial Position
As of September 30, 2024, GTE's debt consisted of $24.8 million in 6.25% Senior Notes due February 2025. Cash and cash equivalents were reported at $277.6 million.
Operational Efficiency
Operating netback for the third quarter of 2024 was $101.4 million, down from $126.7 million in the same quarter of 2023.
| Financial Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Income ($ millions) | 1.1 | 6.5 |
| Operating Expenses ($ millions) | 46.1 | 49.4 |
| Capital Expenditures ($ millions) | 52.9 | 43.1 |
| Cash and Cash Equivalents ($ millions) | 277.6 | 62.1 |
Conclusion on Financial Performance
Gran Tierra Energy Inc. continues to navigate a challenging oil market, with varying production levels and pricing impacts. The company's revenue model remains heavily reliant on oil sales, with strategic initiatives aimed at managing costs and capital expenditures to enhance financial performance.
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Resources:
- Gran Tierra Energy Inc. (GTE) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Gran Tierra Energy Inc. (GTE)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Gran Tierra Energy Inc. (GTE)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.