Gran Tierra Energy (GTE) Q3 2025 earnings summary

Executive summary

• Achieved average production of 42,685 BOE per day in Q3 2025, up 30% year-over-year, driven by Canadian acquisition and Ecuador exploration success.

• Achieved three major oil discoveries in Ecuador, completing all exploration commitments and positioning for development and long-term growth.

• Colombia's Cohembi field reached its highest production in a decade, and new wells in Costayaco contributed to stable output.

• Canadian operations expanded with new Lower Montney wells, both meeting or exceeding expectations.

• Temporary production deferrals due to a landslide in Ecuador and trunk line repairs, but all pipelines restored by October 10th, with production rebounding to 45,200 BOE per day.

Financial highlights

• Generated $48 million in operating cash flow in Q3, up 39% from Q2, but down 39% year-over-year.

• Net loss of $20 million, compared to a net loss of $13 million in the prior quarter and net income of $1 million a year ago.

• Adjusted EBITDA was $69 million, down from $77 million in the prior quarter and $93 million year-over-year.

• Capital expenditures were $57 million, mainly on high-return projects across Colombia, Ecuador, and Canada.

• Ended the quarter with $49 million in cash and net debt of approximately $755 million.

Outlook and guidance

• Forecasting production at the lower end of guidance due to deferred volumes, but expect a strong year-end exit rate of 47,000–50,000 BOE per day.

• 2026 budget to be released in December, focusing on reduced capital expenditures, free cash flow generation, and deleveraging.

• Transitioning from exploration to development in Ecuador, with waterflood development planned for 2026.