$GTE

GRAN TIERRA ENERGY INC.

CIK:0001273441|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Oil Sales [Member]
OIL, NATURAL GAS AND NGL SALES (Note 9)	$ 187,181	$ 149,357	$ 359,238	$ 317,530
EXPENSES
Operating	51,561	55,602	117,710	122,692
Transportation	3,907	4,494	9,210	9,045
Other taxes	1,389	577	2,430	1,058
Depletion, depreciation and accretion (Note 5)	62,334	68,635	132,208	140,837
General and administrative	9,462	14,682	44,287	26,091
Severance	95	0	2,563	0
Foreign exchange loss	2,603	3,716	4,028	7,554
Derivative instruments (gain) loss (Note 12)	(11,864)	(14,032)	76,546	(12,565)
Interest expense (Note 6)	24,473	24,366	74,351	47,601
EXPENSES	143,960	158,040	463,333	342,313
INTEREST INCOME	503	251	904	676
OTHER INCOME (Note 6)	1,625	339	2,773	287
INCOME (LOSS) BEFORE INCOME TAXES	45,349	(8,093)	(100,418)	(23,820)
INCOME TAX EXPENSE (RECOVERY)
Current (Note 10)	9,115	2,195	14,965	10,460
Deferred (Note 10)	11,373	2,453	(21,072)	(2,259)
INCOME TAX EXPENSE (RECOVERY)	20,488	4,648	(6,107)	8,201
NET INCOME (LOSS)	24,861	(12,741)	(94,311)	(32,021)
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment	(1,864)	9,583	(2,949)	9,774
COMPREHENSIVE INCOME (LOSS)	$ 22,997	$ (3,158)	$ (97,260)	$ (22,247)
NET INCOME (LOSS) PER SHARE
BASIC (in dollars per share)	$ 0.70	$ (0.36)	$ (2.67)	$ (0.90)
DILUTED (in dollars per share)	$ 0.70	$ (0.36)	$ (2.67)	$ (0.90)
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC (in shares)	35,368,716	35,334,692	35,334,469	35,554,806
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED (in shares)	35,368,716	35,334,692	35,334,469	35,554,806

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net loss	$ (94,311)	$ (32,021)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depletion, depreciation and accretion (Note 5)	132,208	140,837
Stock-based compensation expense (recovery)	(21,072)	(2,259)
Stock-based compensation expense (Note 8)	15,919	29
Amortization of debt issuance costs (Note 6)	13,015	7,915
Unrealized foreign exchange loss	2,663	4,801
(Gain) loss on bond repurchases and exchange (Note 6)	(728)	90
Unrealized derivative instruments loss (gain) (Note 12)	31,432	(10,491)
Cash settlement of asset retirement obligation	(1,510)	(3,045)
Non-cash lease expenses	2,971	3,461
Non-cash interest expense	10,647	0
Lease payments	(3,320)	(3,112)
Net change in assets and liabilities from operating activities (Note 13)	142,234	1,702
Net cash provided by operating activities	230,148	107,907
Investing Activities
Additions to property, plant and equipment (Note 5 and 13)	(102,517)	(153,971)
Proceeds on disposition of property, plant and equipment (Note 5)	57,944	0
Proceeds from assets exchange (Note 5)	583	0
Net cash used in investing activities	(43,990)	(153,971)
Financing Activities
Proceeds from long-term debt, net of issuance costs	0	44,781
Repayment of long-term debt	0	(1,894)
Re-purchase of Senior Notes (Note 6)	(8,087)	(1,712)
Repayment of Senior Notes (Note 6)	(125,000)	(24,828)
Re-purchase of shares of Common Stock (Note 8)	0	(3,466)
Proceeds from exercise of stock options	748	22
Lease payments	(8,347)	(7,849)
Net cash (used in) provided by financing activities	(140,686)	5,054
Foreign exchange loss on cash, cash equivalents and restricted cash and cash equivalents	(297)	(766)
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents	45,175	(41,776)
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period (Note 13)	92,666	111,337
Cash and cash equivalents and restricted cash and cash equivalents, end of period (Note 13)	$ 137,841	$ 69,561

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents (Note 13)	$ 126,728	$ 82,931
Accounts receivable	32,838	32,908
Inventory	48,425	55,384
Taxes receivable (Note 4)	15,038	27,113
Derivatives (Note 12)	3,077	10,147
Prepaid expenses	12,856	5,044
Total Current Assets	238,962	213,527
Oil and Gas Properties
Proved	1,073,792	1,154,836
Unproved	108,769	108,339
Total Oil and Gas Properties	1,182,561	1,263,175
Other capital assets	54,381	41,245
Total Property, Plant and Equipment	1,236,942	1,304,420
Other Long-Term Assets
Deferred tax assets	66,640	56,268
Taxes receivable long-term (Note 4)	10,227	1,912
Other long-term assets (Note 12 and 13)	11,324	9,952
Total Other Long-Term Assets	88,191	68,132
Total Assets	1,564,095	1,586,079
Current Liabilities
Accounts payable, accrued liabilities and other (Note 6 and 7)	383,814	314,005
Current portion of long-term debt (Note 6 and 12)	45,717	21,212
Taxes payable (Note 4)	15,109	11,906
Derivatives (Note 12)	30,693	0
Equity compensation award liability (Note 8)	17,991	8,569
Total Current Liabilities	493,324	355,692
Long-Term Liabilities
Long-term debt (Note 6 and 12)	551,812	686,521
Customer advance (Note 7)	201,409	115,909
Deferred tax liabilities	40,740	53,458
Asset retirement obligation	113,527	118,876
Equity compensation award liability (Note 8)	17,032	14,993
Other long-term liabilities (Note 4)	14,019	11,886
Total Long-Term Liabilities	938,539	1,001,643
Contingencies (Note 11)
Shareholders' Equity
Common Stock (35,380,429 and 35,298,774 issued and outstanding shares of Common Stock as at June 30, 2026 and December 31, 2025, respectively, par value $0.001 per share), (Note 8)	9,939	9,939
Additional paid-in capital	1,269,926	1,269,178
Accumulated other comprehensive (loss) gain	(389)	2,560
Deficit	(1,147,244)	(1,052,933)
Total Shareholders’ Equity	132,232	228,744
Total Liabilities and Shareholders’ Equity	$ 1,564,095	$ 1,586,079