PRISM Oil and Gas Index Earnings: Gran Tierra Energy (GTE) Reports Q2 Results

This week the PRISM Oil and Gas company Gran Tierra Energy (GTE), announced Q2 EPS of $1.16 compared to a year ago of ($0.33) and achieved 2Q net income of $36M while exiting the quarter with $115M in cash. The company reiterated full-year production guidance, buoyed by positive testing of two new exploration wells. Additionally noted, its tax refile allowed retention of $85M in non-capital losses, benefiting from higher current tax rates and accelerated its long-term receivables through tax refile, expecting to collect an additional $65M over three years.

Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: “During the second quarter of 2024, Gran Tierra systematically stimulated and added electrical submersible pumps into each of our Costayaco 56, 57, 58, and 59 wells, which were drilled as part of the 2024 development campaign. While the temporary offline status of these wells for the planned completions did impact second-quarter production, the improvements have resulted in enhanced production and all wells are back online. We continue to be excited about these development wells demonstrating further potential to enhance recovery and optimize value from further development drilling and waterflood optimization.”