GRAN TIERRA ENERGY INC. GTE
Gran Tierra Energy Inc., together with its subsidiaries ("Gran Tierra", "the Company", "us", "our", or "we"), is a company focused on oil and gas exploration and production, with assets in Colombia, Canada and Ecuador. Our Colombian properties represented 46%, our Canadian properties represented 38%, and our Ecuadorian properties represented 16% of our proved reserves NAR at December 31, 2025 and for the year ended December 31, 2025, 70% (2024 - 93%, 2023 -97%) of our revenue
All dollar ($) amounts referred to in this Annual Report on Form 10-K are United States (U.S.) dollars, unless otherwise indicated.
During the year ended December 31, 2025, we drilled 22 gross wells (13 development, two service and seven exploration), 12 in Colombia (eight net), four in Ecuador and six in Canada (three net), and incurred capital expenditures of $256.3 million, of which $149.1 million were incurred in Colombia, $62.3 million in Ecuador and $44.1 million in Canada, with the remainder comprised of administrative assets incurred by the corporate entity.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $596.7M | $621.8M | $637.0M | $711.4M | $473.7M | $237.8M | $571.0M | $613.4M | $421.7M | — |
| Cost of revenue | $265.8M | $220.8M | $201.4M | $172.6M | $147.3M | — | — | — | — | — |
| Gross profit | $330.9M | $401.1M | $435.5M | $538.8M | $326.4M | — | — | — | — | — |
| SG&A | $60.1M | $51.1M | $45.8M | $41.0M | $36.3M | $25.4M | $36.5M | $39.5M | $39.0M | $33.2M |
| Total operating expenses | $834.9M | $582.4M | $530.5M | $469.5M | $450.5M | $1.09B | $462.8M | $464.0M | $341.2M | $942.8M |
| Interest expense | — | — | — | — | — | — | — | — | $13.9M | $14.1M |
| Pre-tax income | -$232.9M | $44.6M | $106.2M | $244.9M | $23.1M | -$853.4M | $96.0M | $151.5M | $37.3M | -$650.2M |
| Income tax | $39.8M | $41.4M | $112.4M | $105.9M | $19.3M | $75.4M | $57.3M | $48.9M | $69.0M | $184.7M |
| Net income | -$193.1M | $3.2M | -$6.3M | $139.0M | $42.5M | -$778.0M | $38.7M | $102.6M | -$31.7M | -$465.6M |
| EPS, basic | -5.45 | 0.10 | -0.19 | 3.81 | 1.16 | -2.12 | 0.10 | 0.26 | -0.08 | -1.45 |
| EPS, diluted | -5.45 | 0.10 | -0.19 | 3.76 | 1.15 | -2.12 | 0.10 | 0.26 | -0.08 | -1.45 |
| Shares, diluted (wtd. avg.) | $35.4M | $32.0M | $33.5M | $36.9M | $36.8M | $367.0M | $376.5M | $427.1M | $396.7M | $320.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $82.9M | $103.4M | $62.1M | $133.4M | $31.4M | $17.5M | $11.1M | $54.3M | $12.3M | $43.3M |
| Short-term investments | — | — | — | — | — | $48.3M | $94.7M | $32.7M | $25.1M | $0 |
| Receivables | $32.9M | $35.5M | $12.4M | $10.7M | $13.2M | $8.0M | $36.3M | $26.2M | $45.4M | $45.7M |
| Inventory | $55.4M | $43.1M | $29.0M | $20.2M | — | — | — | — | $7.1M | $7.8M |
| Total current assets | $213.5M | $211.3M | $112.5M | $168.6M | $101.8M | $133.9M | $290.7M | $202.5M | $145.2M | $131.7M |
| Property, plant and equipment | $1.30B | $1.42B | $1.14B | — | $995.8M | $964.5M | $1.58B | $1.31B | $1.10B | $1.07B |
| Goodwill | — | — | — | — | — | $0 | $102.6M | $102.6M | $102.6M | $102.6M |
| Total assets | $1.59B | $1.65B | $1.33B | $1.34B | $1.19B | $1.20B | $2.04B | $1.68B | $1.43B | $1.37B |
| Accounts payable | $314.0M | $273.1M | $187.0M | $167.6M | $148.7M | $100.8M | $195.5M | $154.7M | $126.2M | $107.1M |
| Short-term debt | $21.2M | $24.8M | $0 | $0 | $67.0M | $0 | — | — | — | — |
| Total current liabilities | $355.7M | $322.4M | $260.3M | $241.6M | $228.0M | $113.6M | $199.3M | $169.4M | $157.0M | $155.0M |
| Long-term debt | — | — | — | $589.6M | $587.4M | $774.8M | $700.5M | $399.4M | $256.5M | $197.1M |
| Retained earnings | -$1.05B | -$859.8M | -$863.0M | -$856.7M | -$995.8M | -$1.04B | -$260.3M | -$298.6M | -$401.2M | -$494.0M |
| Total equity | $228.7M | $413.6M | $396.4M | $417.6M | $302.1M | $257.0M | $1.03B | $1.03B | $936.3M | $859.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $313.2M | $239.3M | $228.0M | $427.7M | $244.8M | $81.1M | $177.7M | $284.5M | $189.6M | $93.0M |
| Depreciation and amortisation | $267.9M | $223.1M | $209.7M | $175.8M | $135.7M | $160.8M | $220.8M | $197.0M | $126.8M | $130.2M |
| Stock-based compensation | $3.2M | $9.7M | $5.7M | $9.0M | $8.4M | $1.2M | $1.4M | $8.3M | $9.8M | $6.3M |
| Investing cash flow | -$272.5M | -$352.5M | -$226.6M | -$210.3M | -$105.3M | -$144.9M | -$464.9M | -$382.6M | -$243.8M | -$605.9M |
| Financing cash flow | -$59.8M | $156.9M | -$69.6M | -$113.3M | -$124.8M | $70.5M | $245.1M | $128.4M | $39.1M | $407.1M |
| Buybacks | $3.5M | $15.3M | $17.3M | $27.3M | $0 | $0 | $37.6M | $12.7M | $17.9M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001273441-26-000010.
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