GTE - Gran Tierra maintains full-year production forecast after 20% Q1 boost

Gran Tierra Energy (NYSE:GTE) surged as much as 11% Wednesday after saying Q1 production met expectations, jumping 20% Y/Y to 29,362 boe/day, and reaffirmed its forecast for the full year. The company still guides for FY 2022 average production of 30.5K-32.5K boe/day, with output ramping up in the latter half of H2 as new Acordionero and Costayaco oil wells are brought online. At $80/bbl Brent crude, Gran Tierra (GTE) expects its 2022 capital program of $220M-$240M will generate full-year free cash flow of $100M-$120M, EBITDA of $440M-$460M and a year-end cash balance of $120M-$140M. Also, Gran Tierra (GTE) said it has reduced its credit facility to a remaining balance of $40M as of March 31, down 41% from a $67.5M balance at year-end 2021, and it expects to fully pay off the remaining balance during Q2. Gran Tierra Energy (GTE) should report significant increases in future revenue and free cash flow,

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Gran Tierra maintains full-year production forecast after 20% Q1 boost