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Gran Tierra Energy Inc - focused on oil and gas exploration and production in Colombia and Ecuador - Swings to a USD778.0 million net loss for 2020 from net income off USD38.7 million the year before as oil sales drop 58% to USD237.8 million from USD571.0 million in 2019. The company explains that it "took decisive action during the first half of 2020 to shut-in minor fields, curtail drilling activity and defer workovers in order to protect the company's balance sheet and liquidity" during the Covid-19 pandemic. Average working interest production shrinks to 22,624 barrels of oil per day in 2020 from 34,817 barrels in 2019. Loss before interest, tax, depreciation, and amortisation for 2020 is USD635.0 million, swinging from a Ebitda figure of USD364.3 million. Reiterates forecasted ranges for 2021, including a low case Ebitda of between USD165 million and USD185 million; base case of USD200 million to USD220 million; and high case of USD240 million to USD260 million. Total company production forecast ranges from bottom of its low case at 27,5000 bopd to top of high case at 30,000 bopd.
"Our 2021 capital budget is a balanced, returns-focused program which prioritizes free cash flow generation and debt reduction. We have allocated a modest amount to advance exploration-related activities for our high-impact exploration portfolio, which we plan to accelerate in 2022. Our 2021 program is designed to continue focusing on optimizing our four core assets under waterflood and maximizing the long-term value from all of our assets," says President & Chief Executive Gary Guidry.
Current stock price: 65.00 pence
Year-to-date change: up sharply from 22.00p in December 2020
By Anna Farley; annafarley@alliancenews.com
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