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Gran Tierra net profit dives as oil price declines

4th Nov 2024 12:33

(Alliance News) - Gran Tierra Inc on Monday reported a fall in profit as oil sales and the oil price came down on-year in the third quarter, as it expects an expansion in water treatment facilities in Colombia to be completed by mid-December.

Gran Tierra is an oil and gas exploration and production company focused on the acquisition and development of energy assets in South America.

Net profit dived to USD1.1 million in the third quarter of 2024 from USD6.5 million a year ago.

Notably, oil sales fell 16% to USD151.4 million from USD179.9 million.

Operating costs came down 6.7% to USD46.1 million from USD49.4 million.

Gran Tierra said the average Brent price was USD78.71 in the third quarter, down 8.4% from USD85.92 a year ago.

Looking ahead, the company said: "Acordionero water treatment facilities expansion is expected to be completed mid-December which will result in an addition of 21,500 barrels of water handling per day which represents a 35% increase in water treatment capacity." Acordionero is based in Colombia.

Gran Tierra shares were 4.9% lower at 487.50 pence each on Monday afternoon in London.

By Tom Budszus, Alliance News slot editor

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Copyright 2024 Alliance News Ltd. All Rights Reserved.

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