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Gran Tierra Energy Inc GTE

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Morningstar’s Analysis

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Economic Moat


Capital Allocation


Gran Tierra Misses Our Expectations in the Fourth Quarter

Joe Gemino, CPA Senior Equity Analyst

Analyst Note

| Joe Gemino, CPA |

No-moat Gran Tierra Energy’s fourth-quarter results fell short of our expectations. The company generated funds from operations of $9 million, which increased 25% sequentially. Fourth-quarter adjusted EBITDA of $22 million was essentially flat from the third quarter. The sequential cash flow increase was due to a 4% increase in Brent prices and a 16% increase in production. However, lower operating netbacks partially offset the higher prices and increased production.  

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Company Profile

Business Description

Gran Tierra Energy is an independent energy company engaged in the acquisition, exploration, development, and production of oil and gas properties in Colombia. The company produces primarily light crude oil, supplemented with medium crude and natural gas. Production averaged 22,600 barrels of oil equivalent per day in 2020, and the company estimates that it holds approximately 133 million boe of proven and probable crude oil and natural gas reserves.

520 - 3 Avenue SW, Suite 900
Calgary, AB, T2P 0R3
T +1 403 265-3221
Sector Energy
Industry Oil & Gas E&P
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2019
Stock Type Hard Assets
Employees 322