Gran Tierra reports record quarterly production of 47,196 boe/d

CALGARY - Gran Tierra Energy Inc . (NYSE American:NYSE:GTE) (TSX:GTE) (LSE:GTE) reported record total company average production of 47,196 barrels of oil equivalent per day (boe/d) for the second quarter of 2025, a 44% increase from the same period last year.

The company recorded operating costs of $13.42 per boe during the quarter, the lowest since the first quarter of 2022. Despite achieving record production, Gran Tierra posted a net loss of $13 million compared to net income of $36 million in the second quarter of 2024, primarily due to lower oil prices.

Funds flow from operations reached $54 million ($1.53 per share), up 17% from the second quarter of 2024, while adjusted EBITDA was $77 million. The company reported cash and cash equivalents of $61 million as of June 30, with total debt of $807 million.

Gran Tierra announced it has signed a mandate letter with a syndicate of banks for a $200 million prepayment facility backed by crude oil deliveries, with closing expected in the third quarter.

In operational updates, the company highlighted successful drilling in Colombia’s Costayaco and Cohembi fields, with the latter showing strong waterflood response. In Canada, the first two Lower Montney wells are outperforming management’s type curves. The company also reported entering into a binding agreement to exit the UK North Sea, with the transaction expected to close in the third quarter.

On the safety front, Gran Tierra achieved a company record of 32 million hours without a lost time injury, representing more than three years of operations.

The company’s working interest sales decreased to 45,727 boe/d during the quarter primarily due to the deferral of 143,730 barrels of Ecuador oil production, which were held in inventory at quarter-end and subsequently sold in July.

This article is based on a press release statement from Gran Tierra Energy.

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