Record Production Achieved
Gran Tierra achieved record production of approximately 47,200 BOE per day, an increase of 1% from the prior quarter and 44% higher than Q2 2024.
Cost Reduction Success
Operating expenses decreased by 17% compared to Q2 2024 and 16% compared to the prior quarter, achieving the lowest operating cost per BOE since early 2022.
Improved Financial Metrics
The company reported a funds flow from operations of $54 million, up 17% from Q2 2024, and a net loss reduced to $13 million from $19 million in the prior quarter.
Successful Hedging Strategy
Gran Tierra gained $14 million from derivative hedging, with a robust hedging program covering a significant portion of production to manage price volatility.
Operational Excellence in Colombia
Successful drilling at Cohembi and Costayaco with reduced drilling costs and positive waterflood response led to increased production rates.