4th Mar 2026 03:46
(Alliance News) - Gran Tierra Energy Inc on Tuesday swung to a full‑year loss after a sizeable non‑cash impairment and softer oil and gas sales.
The Calgary, Canada-based oil and gas company swung to a net loss of USD193.1 million in the twelve months to December 31 from USD3.2 million net profit the previous year. Gran Tierra said this include a non-cash ceiling test impairment losses of USD136.3 million.
Net loss per share was USD5.45 from USD0.10 earnings per share in 2024.
Oil, natural gas, and natural gas liquids sales decreased 4.0% to USD596.7 million from USD621.8 million, reflecting a 15% drop in brent prices and a 19% decline in Colombia sales volumes.
Operating expenses grew 23% to USD248.7 million from USD202.3 million.
Working interest production before royalties rose 32% to 45,709 barrels of oil equivalent per day from 34,710 boepd.
Adjusted earnings before interest, tax, depreciation and amortisation declined 23% to USD283.7 million from USD366.8 million. Capital expenditures increased 3.3% to USD256.3 million from USD248.1 million.
Chief Executive Officer Gary Guidry said: "Over the past several years, our team has assembled a diversified, high-quality asset base across South America and Canada. That portfolio build-out required disciplined investment and the strategic use of leverage to secure long-life, high-quality assets with a focus on portfolio longevity.
"With the portfolio now established, our focus shifts to optimizing and developing those assets while steadily reducing debt and maximizing free cash flow."
In the fourth quarter alone, Gran Tierra widened its net loss to USD141.1 million from USD34.2 million in the same period a year earlier, with basic LPS also widening to USD4.00 from USD1.04.
Sales in oil, natural gas and NGL dropped 12% to USD129.9 million from USD147.3 million while operating expenses edged down 5.9% to USD57.2 million from USD60.8 million.
The company's base case guidance for 2026 production stands at 42,000 to 47,000 boepd while the base case for Ebitda is forecast between USD280 million and USD330 million.
Gran Tierra shares closed up 1.5% at CAD9.03 each in Toronto on Tuesday and ended 1.1% lower at 460.00 pence in London.
By Judy Amaca, Alliance News reporter Asia-Pacific
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