Gran Tierra Energy Inc. (GTE): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'exploration énergétique, Gran Tierra Energy Inc. (GTE) émerge comme une puissance stratégique naviguant dans les paysages complexes des marchés du pétrole sud-américain. Avec un accent accéléré sur le rasoir sur la production d'énergie durable et efficace, cette entreprise innovante transforme l'exploration traditionnelle du pétrole et du gaz à travers un modèle commercial méticuleusement conçu qui équilibre les prouesses technologiques, la responsabilité environnementale et le positionnement stratégique du marché. En tirant parti des réserves éprouvées en Colombie et au Pérou, GTE démontre une approche extraordinaire de l'extraction des ressources qui va au-delà du simple commerce de produits de base, promettant aux investisseurs et aux parties prenantes un récit convaincant de l'excellence opérationnelle et des solutions énergétiques avant-gardistes.

Gran Tierra Energy Inc. (GTE) - Modèle commercial: partenariats clés

Alliances stratégiques avec les gouvernements locaux en Colombie et au Pérou

Gran Tierra Energy Inc. a établi des partenariats stratégiques avec les gouvernements locaux dans les régions opérationnelles clés:

Pays	Agence gouvernementale	Focus de partenariat	Actif depuis
Colombie	Agencia nacional de Hidrocarburos (ANH)	Contrats d'exploration et de production	2007
Pérou	Perupetro S.A.	Contrat d'exploration du bloc 95	2016

Contacteurs de coentreprise avec des sociétés internationales d'exploration pétrolière et gazière

Gran Tierra Energy maintient des partenariats stratégiques de coentreprise:

Entreprise partenaire	Emplacement	Pourcentage de propriété	Type de projet
Ressources Parex	Colombie	50%	Bloc d'exploration
Geopark Limited	Colombie	40%	Contrat de partage de la production

Contrats de service avec des fournisseurs de technologies de forage et d'exploration

Les partenariats de technologie et de service clés comprennent:

• Schlumberger Limited - Services de technologie de forage
• Halliburton Company - Exploration Services géophysiques
• Baker Hughes - Technologies d'achèvement des puits

Partenariats avec des cabinets de conseil en environnement et en durabilité

Gran Tierra Energy collabore avec les organisations de conseil en environnement:

Cabinet de conseil	Focus sur la durabilité	Type d'engagement
Gestion des ressources environnementales (ERM)	Évaluations d'impact environnemental	Conseil en cours
Groupe SNC-Lavalin	Stratégie de réduction des émissions de carbone	Consultation basée sur des projets

Gran Tierra Energy Inc. (GTE) - Modèle d'entreprise: activités clés

Exploration et production de pétrole brut et de gaz naturel

En 2024, Gran Tierra Energy fonctionne principalement en Colombie, la production axée sur les mesures clés suivantes:

Métrique de production	Valeur
Production quotidienne moyenne	18 000 à 20 000 barils d'huile équivalent par jour (BOEPD)
Blocs opérés	5 blocs d'exploration et de production primaires en Colombie
Réserves prouvées	Environ 47,4 millions de barils de pétrole équivalent

Forage et développement de nouveaux puits de pétrole

Les activités de forage de Gran Tierra Energy en 2024 incluent:

• Forage ciblé de 10 à 12 nouveaux puits de développement
• Attribution des dépenses en capital d'environ 80 à 90 millions de dollars pour les opérations de forage
• Concentrez-vous sur les cibles d'exploration à faible coût et à haut rendement dans les zones opérationnelles existantes

Gestion et optimisation des réservoirs

Les stratégies clés de gestion des réservoirs comprennent:

Technique d'optimisation	Détails de la mise en œuvre
Récupération d'huile améliorée	Techniques d'inondation de l'eau et d'injection de gaz dans les champs matures
Gestion de taux de baisse	Mise en œuvre des techniques de production avancées pour minimiser la baisse de la production
Investissement technologique	5 à 7 millions de dollars alloués aux technologies de surveillance des réservoirs avancés

Initiatives de conformité environnementale et de durabilité

Domaines de mise au point environnementaux pour 2024:

• Cible de réduction des émissions de carbone de 15% par rapport à 2022
• Investissement de 10 à 12 millions de dollars dans les technologies de surveillance et d'atténuation environnementales
• Conformité aux réglementations environnementales colombiennes et aux normes internationales de durabilité

Gestion des risques et planification stratégique

L'approche de gestion des risques comprend:

Catégorie de risque	Stratégie d'atténuation
Volatilité des prix	Couper environ 50 à 60% de la production à des prix stratégiques
Risque opérationnel	Maintenir 50 à 60 millions de dollars en réserves de contingence opérationnelle
Risque géopolitique	Diversification dans les territoires opérationnels colombiens

Gran Tierra Energy Inc. (GTE) - Modèle d'entreprise: Ressources clés

Réserves de pétrole éprouvées

Au 31 décembre 2022, les réserves totales de Gran Tierra Energy étaient:

Emplacement	Pétrole brut (barils)	Équivalent au gaz naturel (barils)
Colombie	25,9 millions	4,5 millions
Pérou	3,1 millions	0,6 million

Technologies d'exploration

Gran Tierra Energy utilise des ressources technologiques avancées:

• Systèmes d'imagerie sismique 3D
• Logiciel de cartographie géologique propriétaire
• Technologie de forage avancée

Capacités de main-d'œuvre

Statistiques de la main-d'œuvre en 2022:

Catégorie	Nombre d'employés
Total des employés	330
Ingénieurs pétroliers	85
Géologues	42

Capital financier

Ressources financières au Q4 2022:

• Actif total: 625,3 millions de dollars
• Equivalents en espèces et en espèces: 45,2 millions de dollars
• Dette totale: 369,8 millions de dollars

Infrastructure opérationnelle

Actifs opérationnels sur les marchés sud-américains:

Type d'actif	Nombre
Installations de production	12
Plates-formes de forage	6
Blocs d'exploration	17

Gran Tierra Energy Inc. (GTE) - Modèle d'entreprise: propositions de valeur

Production d'énergie durable et efficace en Amérique du Sud

Gran Tierra Energy fonctionne en Colombie avec les mesures de production suivantes:

Métrique de production	2023 données
Production quotidienne moyenne	26 135 barils de pétrole équivalent par jour
Total des réserves prouvées	44,7 millions de barils de pétrole équivalent
Régions opérationnelles	Bassin de Putumayo, bassin de Magdalena, bassin de Cesar

Portefeuille de pétrole brut de haute qualité et de gaz naturel

La composition du portefeuille comprend:

• Grades de pétrole brut: brut lourd et moyen
• Split de production: 95% de pétrole brut, 5% de gaz naturel
• Concentration des actifs: 100% en Colombie

Concentrez-vous sur l'excellence opérationnelle et l'extraction rentable

Métrique coût	Performance de 2023
Coûts d'exploitation	10,80 $ le baril
Coûts de recherche et de développement	14,50 $ le baril
Dépenses en capital total	86,2 millions de dollars

Engagement envers la responsabilité de l'environnement

• Cible de réduction des émissions de gaz à effet de serre: 20% d'ici 2025
• Taux de recyclage de l'eau: 65%
• Investissement communautaire local: 3,2 millions de dollars en 2023

Prix ​​compétitifs et approvisionnement en énergie fiable

Tarification métrique	2023 données
Prix ​​moyen réalisé du pétrole réalisé	65,37 $ par baril
Revenus annuels	370,6 millions de dollars
Revenu net	42,3 millions de dollars

Gran Tierra Energy Inc. (GTE) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec les acheteurs d'énergie nationaux et internationaux

Gran Tierra Energy Inc. maintient des contrats de pétrole stratégiques à long terme avec les principaux acheteurs en Colombie et au Pérou. En 2023, la société a établi des contrats avec:

Pays	Nombre de contrats actifs	Valeur du contrat annuel
Colombie	7 contrats à long terme	124,6 millions de dollars
Pérou	3 contrats à long terme	42,3 millions de dollars

Sales directes et gestion des relations avec les raffineries de pétrole

Gran Tierra Energy met en œuvre des stratégies de vente directes avec des raffineries de pétrole à travers:

• Équipes de gestion des comptes dédiés
• Réunions de révision des performances trimestrielles
• Horaires de livraison de pétrole personnalisés

Relations de raffinerie	Volumes totaux de pétrole	Durée du contrat moyen
Partenariats de raffinerie directes	18 500 barils par jour	5,2 ans

Plateformes numériques pour l'engagement et la communication des clients

Gran Tierra Energy utilise des plates-formes numériques avec les spécifications suivantes:

• Engagement du portail client: Taux d'interaction numérique à 92%
• Systèmes de suivi de production en temps réel
• Sécuriser la gestion des contrats en ligne

Reportage transparent et communication des parties prenantes

Les mesures de rapport pour la communication des parties prenantes comprennent:

Métrique de rapport	Fréquence	Score de transparence
Divulgation financière	Trimestriel	Note de conformité de 94%
Rapports sur la durabilité	Annuellement	87% de divulgation complète

Solutions énergétiques personnalisées pour les clients industriels et commerciaux

Portfolio de solutions énergétiques personnalisées:

• Contrats d'extraction de pétrole sur mesure
• Mécanismes de livraison flexibles
• Stratégies de tarification ajustées au risque

Segment client	Nombre de contrats personnalisés	Valeur du contrat moyen
Clients industriels	12 contrats spécialisés	67,4 millions de dollars
Clients commerciaux	8 contrats spécialisés	35,2 millions de dollars

Gran Tierra Energy Inc. (GTE) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les marchés énergétiques

Gran Tierra Energy maintient une équipe de vente spécialisée axée sur l'engagement direct avec:

• Raffineries de pétrole en Colombie
• Agences d'approvisionnement en énergie régionale
• Sociétés internationales de trading du pétrole

Canal de vente	Contribution annuelle des revenus	Focus géographique
Ventes directes des entreprises	287,4 millions de dollars	Colombie, Pérou
Contrats énergétiques institutionnels	124,6 millions de dollars	Marchés sud-américains

Plates-formes de trading en ligne pour les produits de pétrole et de gaz

Les canaux de trading numérique des produits de base comprennent:

• Plateforme S&P Global Platts
• Ice Futures Europe
• Systèmes de trading numérique propriétaire interne

Plate-forme numérique	Volume de transaction annuel	Prix ​​moyen par baril
S&P Global Platts	2,3 millions de barils	68,50 $ / baril
Système de trading interne	1,7 million de barils	65,25 $ / baril

Conférences de l'industrie et événements de réseautage du secteur de l'énergie

Plates-formes de réseautage clés:

• Congrès de Colombie Petroleum
• Sommet de l'énergie latino-américaine
• Conférence internationale sur la technologie du pétrole

Événement	Participation annuelle	Leads potentiels des affaires
Congrès de Colombie Petroleum	45 représentants de l'entreprise	12 contrats potentiels
Sommet de l'énergie latino-américaine	38 représentants de l'entreprise	8 partenariats potentiels

Marketing numérique et communications d'entreprise

Les canaux de fiançailles numériques comprennent:

• Site Web de l'entreprise
• Page d'entreprise LinkedIn
• Microsites des relations avec les investisseurs

Canal numérique	Engagement mensuel	Décompte des suiveurs / visiteurs
Site Web de l'entreprise	42 000 visiteurs uniques	87 500 visiteurs mensuels
Page LinkedIn	15 200 impressions	6 750 abonnés

Plateformes de relations avec les investisseurs

Canaux de communication des investisseurs:

• Portail des relations avec les investisseurs NYSE
• Webinaires de résultats trimestriels
• Réunions annuelles des actionnaires

Plate-forme d'investisseurs	Engagement annuel	Investisseur Reach
Portail d'investisseurs NYSE	4 rapports trimestriels	1 250 investisseurs institutionnels
Webinaires de revenus	4 événements annuels	2 100 participants

Gran Tierra Energy Inc. (GTE) - Modèle d'entreprise: segments de clientèle

Raffineries nationales de pétrole

Gran Tierra Energy sert des raffineries de pétrole principalement en Colombie, avec les données clés suivantes:

Raffinerie	Alimentation annuelle du pétrole brut (barils)	Valeur du contrat
Raffineries d'écopetrol	4,380,000	132 millions de dollars
Raffinerie de Barrancabermeja	2,190,000	66 millions de dollars

Sociétés internationales de commerce d'énergie

Les segments de clients internationaux de Gran Tierra Energy comprennent:

• Vitol S.A.
• Groupe de trafigura
• Mercuria Energy Trading

Société commerciale	Volume d'achat annuel	Durée du contrat
Vitol S.A.	1 460 000 barils	3 ans
Groupe de trafigura	730 000 barils	2 ans

Secteurs de la fabrication industrielle

Gran Tierra Energy fournit du pétrole brut à divers clients de fabrication industrielle:

Secteur de l'industrie	Consommation annuelle de pétrole brut	Valeur du contrat moyen
Fabrication de produits chimiques	365 000 barils	11 millions de dollars
Industries pétrochimiques	182 500 barils	5,5 millions de dollars

Entreprises de production d'électricité

Les clients de la production d'électricité de Gran Tierra Energy comprennent:

• Celsia Colombie
• AES GEN
• Emgesa

Compagnie d'électricité	Exigence de mazout annuel	Valeur du contrat
Celsia Colombie	146 000 barils	4,4 millions de dollars
AES GEN	73 000 barils	2,2 millions de dollars

Agences d'achat d'énergie gouvernementales

Contrats d'achat d'énergie du gouvernement pour Gran Tierra Energy:

Agence gouvernementale	Volume de l'approvisionnement annuel	Valeur du contrat
Agence colombienne nationale d'énergie	730 000 barils	22 millions de dollars
Réserve de pétrole stratégique	365 000 barils	11 millions de dollars

Gran Tierra Energy Inc. (GTE) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de forage

Pour l'exercice 2023, Gran Tierra Energy a déclaré des frais d'exploration totaux de 23,4 millions de dollars. Les coûts liés au forage étaient d'environ 47,6 millions de dollars, en se concentrant sur les opérations en Colombie et au Pérou.

Catégorie de dépenses	Montant (millions USD)
Relevés sismiques	8.2
Études géologiques	5.7
Opérations de forage	47.6
Exploration au-dessus de la tête	11.9

Investissements technologiques et équipements

Les dépenses en capital pour la technologie et l'équipement en 2023 ont totalisé 62,3 millions de dollars, avec des investissements clés, notamment:

• Mises à niveau des équipements de forage: 22,5 millions de dollars
• Technologie d'optimisation de la production: 15,7 millions de dollars
• Initiatives de transformation numérique: 9,1 millions de dollars
• Systèmes de surveillance à distance: 6,2 millions de dollars

Salaires des employés et frais généraux opérationnels

Les dépenses totales liées au personnel pour 2023 étaient de 89,4 millions de dollars, ventilées comme suit:

Catégorie de personnel	Montant (millions USD)
Personnel opérationnel direct	52.6
Personnel d'entreprise et administratif	26.8
Avantages et contributions sociales	10.0

Coûts de conformité environnementale et de durabilité

Les dépenses environnementales et de durabilité pour 2023 s'élevaient à 18,7 millions de dollars, notamment:

• Surveillance environnementale: 6,3 millions de dollars
• Technologies de réduction des émissions: 5,9 millions de dollars
• Projets d'assainissement: 4,2 millions de dollars
• Rapports et certification de la durabilité: 2,3 millions de dollars

Investissements de recherche et développement

Les investissements en R&D en 2023 étaient de 12,5 millions de dollars, axés sur:

• Techniques de récupération de pétrole améliorées: 5,6 millions de dollars
• Intégration d'énergie renouvelable: 3,9 millions de dollars
• Technologies de capture de carbone: 2,1 millions de dollars
• Recherche d'efficacité opérationnelle: 900 000 $

Gran Tierra Energy Inc. (GTE) - Modèle d'entreprise: Strots de revenus

Ventes de pétrole brut sur les marchés internationaux

Pour l'exercice 2023, Gran Tierra Energy a signalé une production totale d'huile d'environ 24 500 barils par jour. Le prix moyen réalisé du pétrole était de 65,32 $ le baril.

Région	Revenus de ventes annuelles de pétrole	Volume de production
Colombie	356,4 millions de dollars	20 500 bbl / jour
Pérou	42,1 millions de dollars	4 000 bbl / jour

Production et ventes du gaz naturel

La production de gaz naturel pour 2023 était de 6,2 millions de pieds cubes par jour, générant environ 18,5 millions de dollars de revenus annuels.

Contrats de négociation de pétrole et de matières premières

• Volume total du contrat dérivé: 1,2 million de barils
• Revenus de couverture: 12,3 millions de dollars
• Prix ​​de couverture moyenne: 62,50 $ par baril

Monétisation des actifs stratégiques

Revenus de vente d'actifs en 2023: 45,2 millions de dollars par rapport aux actifs non cœurs désactivés en Colombie.

Revenu potentiel de crédit et de durabilité en carbone

Initiative de crédit au carbone	Revenus annuels estimés
Programme de réduction du méthane	3,7 millions de dollars
Décalage d'énergie renouvelable	2,1 millions de dollars

Gran Tierra Energy Inc. (GTE) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Gran Tierra Energy Inc. (GTE) stands out in the energy landscape as of late 2025. The value proposition isn't just about barrels; it's about the quality and longevity of those barrels, balanced with capital discipline and a clear commitment to responsible operations.

The foundation of the value proposition rests on assets designed for endurance. Gran Tierra Energy Inc. focuses on delivering long-term, low-decline production, particularly from its core waterflood assets in Colombia. This is a deliberate strategy to generate stable cash flow, which is critical for weathering commodity cycles. The company's mandate is explicitly to grow cash flow from existing assets and reserves that exhibit long-term, low decline rates through production, development, and enhanced oil recovery techniques. To be fair, all four core assets in Colombia are currently under waterflood, a secondary recovery method used to maximize recovery factors.

Here's a quick look at the asset base supporting this stability, alongside the growth engine:

Metric	Value (As of latest data/forecast)
2024 Average Working Interest Production	34,710 boepd
Forecast 2025 Production (Midpoint Base Case)	50,000 BOEPD
Proved Plus Probable Reserves (Based on Q2 2025 data)	293 million barrels of oil equivalent
Reserve Life (Based on Q2 2025 production)	Almost 17 years

Next, you get exposure to high-impact exploration potential, which is the upside lever. Gran Tierra Energy Inc. strategically targets short-cycle time, near-field prospects in proven basins with existing infrastructure, which helps keep the time-to-production short if a discovery is made. For 2025, the base case capital program included the drilling of 6-8 High Impact Exploration Wells in Colombia and Ecuador, with the program being focused on fulfilling existing exploration commitments in Ecuador.

The portfolio offers resilience through diversification. Gran Tierra Energy Inc. isn't solely reliant on crude oil pricing. With the addition of Canadian operations, the company is well-positioned for long-term commodity cycles, as approximately 20% of its production is now attributed to natural gas. This commodity mix provides a hedge against oil-specific downturns.

You can also count on a strong operational discipline, which is a key value driver. Gran Tierra Energy Inc. demonstrates a commitment to safety and ESG excellence. Last year, 2024, was the company's safest year on record, accumulating 27.8 million person-hours without a Lost Time Injury (LTI). The 2024 Total Recordable Incident Frequency (TRIF) was reported at 0.03, placing Gran Tierra Energy Inc. in the top quartile for safety performance across its operating regions.

Finally, the capital allocation strategy is returns-focused and self-sustaining. The 2025 capital program is structured to be fully funded by expected cash flow, which is a major de-risking factor. The mid-point Base Case forecast for 2025 Cash Flow was $280 million, covering the planned 2025 Capital Expenditure Budget of $240-280 million. This focus on self-funding allows the company to target shareholder returns:

• Plan to allocate up to 50% of after-exploration Free Cash Flow to share buybacks in 2025.
• 2024 saw the repurchase of approximately 6.7% of outstanding shares.
• 2025 capital allocation breakdown: approximately 55% in Colombia, 30% in Ecuador, and 15% in Canada.

Finance: draft 13-week cash view by Friday.

Gran Tierra Energy Inc. (GTE) - Canvas Business Model: Customer Relationships

You're looking at how Gran Tierra Energy Inc. (GTE) manages its key relationships across its customer base, which is really a mix of commodity buyers, capital providers, and the communities where it drills. It's not a simple B2C setup; it's about managing complex, high-value transactional flows and maintaining social license to operate.

Transactional sales model with oil and gas marketers and aggregators

The core of the transactional relationship involves selling crude oil, often through established marketing channels. For the Middle Magdalena Valley (MMV) production, the sales agreement was set to expire on March 31, 2026, while the Putumayo production sales agreement expired earlier, on March 31, 2025. Honestly, this creates a regular need to secure favorable terms.

Gran Tierra Energy Inc. has recently moved to lock in future production via prepayment agreements, which is a significant relationship shift. On October 24, 2025, the company executed the Oriente Crude Oil Agreements, which involve scheduled deliveries of Ecuadorian Oriente crude oil production. This arrangement secures upfront capital:

Advance Type	Maximum Amount (USD)	Settlement Basis
Initial Advance	Up to $150 million	Scheduled deliveries of Ecuadorian Oriente crude oil
Additional Advance	Up to $50 million	Subject to certain conditions

This structure is designed to optimize the balance sheet using future production. Looking at recent sales figures, Q2 2025 sales reached $152 million, and Q3 2025 sales were $149 million.

Investor relations focused on transparency, debt reduction, and shareholder returns

Investor communication is clearly centered on a disciplined financial strategy. Gran Tierra Energy Inc. remains focused on generating Free Cash Flow, ongoing net debt reduction, and returning capital to shareholders via buybacks. For the 2025 Base Case, the plan was to allocate up to 50% of its Free Cash Flow after exploration toward share buybacks.

The company highlights its commitment to returning value:

• Since January 1, 2022, Gran Tierra has repurchased almost 7 million shares, equating to 19% of outstanding shares.
• The forecast for 2025 Free Cash Flow, after exploration, was $20 million in the Base Case.

Transparency on leverage is also key. As of June 30, 2025, the trailing twelve-month net debt to adjusted EBITDA was 2.3 times, against a long-term target ratio of 1.0 times. By the end of Q3 2025, the net debt position was approximately $755 million. That's the quick math on where they stand with the market.

Proactive community engagement and social investment in operating regions

The relationship with operating communities in Colombia and Ecuador is managed through a 'Beyond Compliance' philosophy, aiming to be a trusted partner. Gran Tierra Energy Inc. measures engagement partly by the volume of community feedback it receives. In 2024, the Gran Tierra Te Escucha offices logged 1,527 PQRs (petitions, questions, complaints, or claims).

The financial commitment to social investment in 2024 was approximately ~$7M USD across Colombia and Ecuador. The cumulative impact reported is substantial:

• Social investment programs have benefited 401,697 people since 2018.
• In Colombia, the company has planted about 1.9 million trees and reforested over 5,300 hectares of land.
• Scope 1 and scope 2 emissions intensity has been reduced by 25% since 2019.

Also, in 2024, GTE held 3,030 meetings with community stakeholders. You see, tangible metrics help show commitment.

Direct communication with lenders for credit facility and prepayment structure optimization

Managing debt relationships involves constant optimization of credit facilities. On April 16, 2025, Gran Tierra closed a new reserve-based lending facility with commitments up to US$75 million. This facility carries an interest rate of Term Secured Overnight Financing Rate plus a margin of 4.50% per annum.

The company has actively layered in prepayment structures to enhance liquidity. They signed a mandate letter for up to $200 million in a prepayment facility, structured as a loan amortizing over four years settled with oil payments. This was formalized through the Oriente Crude Oil Agreements announced on October 24, 2025.

This new prepayment structure required amending the existing Colombian credit facility, which involved a key change to the borrowing base:

Facility Aspect	Previous Value	New Value (Post-Amendment)
Colombian Credit Facility Borrowing Base	$75 million	$60 million

Separately, the Canadian facility was increased to C$50 million (comprising a C$35 million syndicated and C$15 million operating facility) with a maturity in October 2026. The next redetermination date for that Canadian facility is set for on or before November 30, 2025. Finance: draft the covenant compliance report for the October 31, 2025, covenant package by Wednesday.

Gran Tierra Energy Inc. (GTE) - Canvas Business Model: Channels

You're looking at how Gran Tierra Energy Inc. gets its product-crude oil and natural gas-to the buyer and how it communicates with the financial community. It's all about the physical and digital pathways.

Direct sales agreements with crude oil marketers and aggregators

Gran Tierra Energy Inc. moves its product through established marketing channels, often secured by prepayment agreements that provide immediate liquidity. For the third quarter of 2025, the company generated total sales of $149 million. This followed oil sales of $171 million in the first quarter of 2025 and $152 million in the second quarter of 2025.

A key channel enhancement in late 2025 was the October 24, 2025, announcement of a new prepayment and marketing arrangement, the Oriente Crude Oil Agreements, involving an initial advance up to $150 million, with a potential additional advance of up to $50 million. These advances are satisfied by scheduled deliveries of the company's Ecuadorian Oriente crude oil production. The company's working interest sales volume for Q3 2025 was 44,077 boepd. Also, 143,730 bbls of Ecuador oil production, held in inventory at the end of June 2025, were subsequently sold in July 2025.

Here's a look at the sales-related financial activity around the reporting periods:

Metric	Amount/Volume	Period/Date
Total Sales	$149 million	Q3 2025
Oil Sales	$171 million	Q1 2025
Oil Sales	$152 million	Q2 2025
WI Sales Volume	44,077 boepd	Q3 2025
Ecuador Oil Sold from Inventory	143,730 bbls	July 2025
Prepayment Facility Initial Advance	Up to $150 million	October 2025

Oil pipelines and transportation infrastructure in Colombia and Ecuador

Physical movement of crude oil relies on existing pipeline networks in Colombia and Ecuador. Transportation expenses reflect the use of this critical infrastructure. For the third quarter of 2025, transportation expenses were $4.3 million. This compares to $4.5 million in the prior quarter (Q2 2025) and $3.9 million in the third quarter of 2024. The Q3 2025 decrease was due to lower sales volumes transported in Colombia.

Gran Tierra Energy Inc. maintains financial commitments tied to these operations, as evidenced by letters of credit and other credit support totaling $239.8 million as of June 30, 2025, which provided security for work commitment guarantees in Colombia and Ecuador, among other requirements.

Operational success in Colombia directly impacts the utilization of these channels. For example, the Cohembi field recently achieved total field production of over 9,000 barrels a day, which is the highest level seen since 2014, following a strong waterflood response in the northern area where production more than doubled from 2,800 barrels to 6,700 barrels a day.

Natural gas pipelines and processing facilities in Canada

The Canadian operations, which began with the i3 Energy acquisition on October 31, 2024, utilize natural gas pipelines and processing facilities. Gran Tierra Canada Ltd.'s credit facilities were increased in October 2025 to C$75.0 million from C$50.0 million. The 2025 capital program allocated 15% of expenditures to Canada.

To manage price exposure for this gas channel, Gran Tierra Energy Inc. hedged approximately 40% of its Canadian gas production for the second half of 2025.

• Canadian Gas Hedges (2H 2025 Floor): $2.82 per GJ.
• Canadian Gas Hedges (2H 2025 Ceiling): $2.96 per GJ.
• Canadian Credit Facility Increase: From C$50.0 million to C$75.0 million.

Investment in the Suroriente area included facility expansion, specifically gas to power, which provides sufficient process capacity to increase production and lower costs in that field.

Investor Relations website and SEC/SEDAR filings for financial communication

Financial communication channels are digital, relying on regulatory filings and the Investor Relations website. Gran Tierra Energy Inc. released its third quarter 2025 financial and operating results on Thursday, October 30, 2025, post-market. The corresponding conference call was held on Friday, October 31, 2025, at 9:00 a.m. Mountain Time / 11:00 a.m. Eastern Time.

The company makes its SEC filings available on the SEC website at http://www.sec.gov and its Canadian securities regulatory filings on SEDAR+ at http://www.sedarplus.ca. The Q3 2025 Form 10-Q was filed on October 30, 2025. Live webcasts and audio replays are accessible via the company's investor relations site, www.grantierra.com.

The company also announced a Normal Course Issuer Bid and Automatic Share Purchase Plan on November 3, 2025.

You can direct investor inquiries to info@grantierra.com.

Gran Tierra Energy Inc. (GTE) - Canvas Business Model: Customer Segments

You're looking at the entities that directly provide value to Gran Tierra Energy Inc. through purchases, investments, or regulatory frameworks as of late 2025. Here's the breakdown of those key segments based on the latest filings.

Global and regional crude oil marketers and aggregators

This segment includes the entities that purchase the majority of Gran Tierra Energy Inc.'s produced crude oil. The company relies heavily on a concentrated group for its sales revenue.

For the three and six months ended June 30, 2025, sales volumes were sold primarily to two major customers, accounting for 65% of the total sales volumes. The geographical split of these sales volumes for that period was 63% in Colombia, 32% in Canada, and 5% in Ecuador.

Gran Tierra Energy Inc. has also secured significant future revenue streams through marketing agreements. Through its subsidiary Gran Tierra Energy Colombia GmbH, the company entered into a crude oil sale and purchase agreement and prepayment addendum for its Ecuadorian Oriente crude oil production, which provides for an initial advance up to $150 million and a potential additional advance up to $50 million, totaling up to $200 million in advances satisfied by scheduled deliveries.

The company's total Oil, Natural Gas and Natural Gas Liquids (NGL) Sales in the third quarter of 2025 were $149 million.

Metric	Value/Percentage	Period/Context
Total Q3 2025 Sales	$149 million	Q3 2025
Major Customer Concentration	65% of total sales volumes	Three/Six months ended June 30, 2025
Ecuadorian Crude Oil Prepayment Facility	Up to $200 million	Satisfied by scheduled deliveries
Sales Volume Percentage in Colombia	63%	Three/Six months ended June 30, 2025
Sales Volume Percentage in Canada	32%	Three/Six months ended June 30, 2025

Natural gas and NGL buyers, primarily in the Canadian market

Buyers for natural gas and NGLs are concentrated in the Canadian segment, where Gran Tierra Energy Inc. employs a risk-managed hedging strategy to secure pricing for these volumes.

For the second half of 2025, Gran Tierra Energy Inc. has hedged approximately 40% of its Canadian natural gas production. The weighted average floor price for this Canadian gas hedge is $2.82 per GJ, with a ceiling of $2.96 per GJ.

The company's total average Working Interest (WI) production for Q3 2025 was 42,685 boepd.

Institutional and retail investors seeking exposure to E&P assets

This segment represents the capital providers who own shares of Gran Tierra Energy Inc. on exchanges like the NYSE American, TSX, and LSE.

As of late 2025 filings, Institutional Ownership stands at 52.34% of the shares. There are 105 institutional owners on file with the SEC. The total number of Shares Outstanding is 35.30M, with a Float of 33.98M.

Key institutional holders include:

• Equinox Partners Investment Management LLC: 17.62% holding, owning 6,219,896 shares as of November 18, 2025.
• LM Asset (IM) Inc.: 7.91% holding, owning 2,791,800 shares as of September 29, 2025.
• Equinox Partners LP: 7.21% holding, owning 2,543,910 shares as of November 18, 2025.
• American Century Investment Management Inc: 4.30% holding, owning 1,517,363 shares as of September 29, 2025.

The stock price as of November 26, 2025, was $4.41 / share.

Governments (Colombia, Ecuador, Canada) as royalty and tax recipients

Governments in the operating jurisdictions are customers in the sense that they receive mandatory payments, royalties, and taxes based on Gran Tierra Energy Inc.'s production and profitability.

For the third quarter of 2025, Gran Tierra Energy Inc. reported Funds Flow from Operations of $42 million, which translates to $1.18 per share. The company incurred a net loss of $20 million for the same quarter. Capital Expenditures for Q3 2025 were $57 million.

In terms of asset development, the 2025 outlook projected that Colombian, Canadian, and Ecuadorian development operations would represent approximately 52%, 37%, and 11% of the 2025 production, respectively.

The company is also subject to regulatory oversight for operations, such as the expected closing of acquisitions in Ecuador no earlier than the fourth quarter of 2025, which requires regulatory approvals from the Ministry of Energy of Ecuador.

Finance: draft 13-week cash view by Friday.

Gran Tierra Energy Inc. (GTE) - Canvas Business Model: Cost Structure

You're looking at the hard costs that drive Gran Tierra Energy Inc.'s operations, which are heavily weighted toward capital deployment in the field. These figures represent the financial commitments necessary to maintain and grow production across Colombia, Ecuador, and Canada.

The 2025 capital expenditure budget is set in the range of $240-280 million. The mid-point Base Case 2025 capital budget is estimated at $260 million. This capital allocation is geographically weighted:

• Colombia is forecast to receive approximately 55% of the capital program.
• Ecuador is allocated around 30% of the capital program.
• Canada accounts for the remaining 15% of the capital program.

Operating costs are a key focus for efficiency. Gran Tierra Energy Inc. recorded $13.42 per boe in operating costs for the second quarter of 2025. The budgeted lifting cost per BOE for 2025 is targeted between $12.00-14.00 per boe.

Debt obligations contribute significantly to the cost base. As of September 30, 2025, the total debt for Gran Tierra Energy Inc. stood at $804 million, with net debt at $755 million. The budgeted cost for Interest, which relates to debt servicing, is forecasted to be between $4.00-4.50 per BOE for 2025.

Exploration is a distinct cost category, especially given the commitments in South America. For 2025, an amount between $65-70 million has been set aside specifically for exploration activities in Ecuador and Colombia. The exploration drilling program includes plans for 6 to 8 high-impact exploration wells across Colombia and Ecuador, representing approximately 20-30% of the total 2025 capital program. Capital expenditures in Q3 2025 related to Colombia and Ecuador included planned exploration drilling and infrastructure spend in Cohembi.

General and administrative (G&A) expenses cover corporate overhead. G&A expenses before stock-based compensation were reported at $3.32 per boe in the third quarter of 2025. For the first quarter of 2025, G&A expenses before stock-based compensation totaled $12.1 million. The 2025 budget for General and Administration per BOE is set between $2.00-3.00.

Here is a look at some of the key cost components and related figures:

Cost Component/Metric	Period/Scope	Amount/Range
Capital Expenditures Budget	2025 Full Year	$240-280 million
Mid-Point Capital Budget	2025 Base Case	$260 million
Operating Costs per boe	Q2 2025	$13.42
Budgeted Lifting Cost per BOE	2025 Forecast	$12.00-14.00
Total Debt	As of Q3 2025 (September 30)	$804 million
Budgeted Interest Cost per BOE	2025 Forecast	$4.00-4.50
Exploration Allocation (Ecuador & Colombia)	2025 Budget	$65-70 million
G&A Expenses before Stock-Based Comp.	Q3 2025	$3.32 per boe
G&A Expenses before Stock-Based Comp.	Q1 2025	$12.1 million

You can see the planned spending on the ground versus the overhead costs. The capital program includes drilling 10-14 development wells and 6-8 exploration wells in 2025. Also, the budgeted costs per BOE for 2025 include Workovers at $1.50-2.50, Transportation at $1.00-2.00, and Current Tax at $2.00-3.00.

Gran Tierra Energy Inc. (GTE) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers that drive Gran Tierra Energy Inc.'s top line, which is pretty straightforward for an E&P company. Honestly, it all comes down to barrels and the price you get for them.

The core of Gran Tierra Energy Inc.'s revenue is the Sales of crude oil. This is definitely the primary revenue source, as you'd expect from their asset base. You saw that in the latest figures; for the third quarter of 2025, oil and gas sales totaled $149 million.

Still, you can't ignore the other components. The Sales of natural gas and natural gas liquids (NGLs) make up a meaningful chunk, representing about 20% of production. This diversification helps smooth things out when crude prices get choppy. For context, the sales for the quarter ending June 30, 2025, were $152,481 thousand.

Here's a quick look at how the most recent quarter's sales stack up:

Metric	Amount (USD Thousands)
Oil, Natural Gas and NGL Sales (Q3 2025)	$149,000
Oil, Natural Gas and NGL Sales (Q2 2025)	$152,481

Pricing is tied directly to regional benchmarks, so market movements hit the bottom line fast. Revenue is priced off regional benchmarks like Brent, WTI, and AECO. For instance, their 2025 Base Case guidance assumed an average Brent oil price of $75.00/bbl, a WTI price of $71.00/bbl, and an AECO natural gas price of CAD$2.50/thousand cubic feet.

To manage the volatility you see in those benchmarks, Gran Tierra Energy Inc. employs a disciplined hedging program, which directly impacts realized revenue. You should keep an eye on these figures:

• South American Oil Hedges (Brent) for H2 2025: Floor of $63.16 per barrel.
• Canadian Oil Hedges (WTI) for H2 2025: Floor of $61.67 per barrel.
• Canadian Gas Hedges (AECO) for H2 2025: Floor of $2.82 per GJ.
• South American Oil Hedges (Brent) for H2 2025: Ceiling of $76.50 per barrel.
• Canadian Oil Hedges (WTI) for H2 2025: Ceiling of $72.37 per barrel.
• Canadian Gas Hedges (AECO) for H2 2025: Ceiling of $2.96 per GJ.

This hedging strategy is designed to protect cash flow, so it's a key part of how they translate market prices into actual revenue. Finance: draft the Q4 2025 realized price vs. benchmark delta report by next Tuesday.