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2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc.

Gran Tierra Energy, Inc. · Aug 4, 2022 · 40 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 1
    August 2022 CREATING VALUE IN COLOMBIA & ECUADOR www.grantierra.com
  2. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 2
    INTRODUCTION Slide 3 Creating Value in Colombia & Ecuador August 2022 www.grantierra.com
  3. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 3
    WHY INVEST IN GRAN TIERRA Strong balance sheet and core asset value GTE is forecasting 2022 YE net debt (1) under 400 million and net debt to EBITDA of under 0.7x. (2) Balance sheet has strengthened significantly over the past two…
  4. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 4
    GRAN TIERRA SNAPSHOT INDEPENDENT INTERNATIONAL EXPLORATION AND PRODUCTION COMPANY WITH ASSETS IN COLOMBIA & ECUADOR Llanos Middle Magdalena Valley 100% DIVERSIFIED 99% 26 1.6MM Oil High-quality asset base Operated Production2…
  5. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 5
    GRAN TIERRA SHARE PRICE PERFORMANCE JANUARY 1ST, 2021 AUGUST 18TH, 2022 Gran Tierra has outperformed its Colombian, International and US Oil-Weighted Peers and the Brent oil price Percent (%) Increase1 2 3 4 GTE has regained…
  6. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 6
    RETURNING TO MATERIAL FREE CASH FLOW FINANCIAL OPERATIONAL ON TRACK TO DELIVER ACHIEVEMENTS ACHIEVEMENTS STRONG RESULTS Laser Sharp Focus on Reducing Debt Returning to Production Growth Strengthening of the Balance Sheet Credit…
  7. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 7
    2022 KEY OBJECTIVES Disciplined 2022 Clear path to debt Continue to High impact budget & material free reduction optimize exploration cash flow2 Credit facility repaid waterfloods Material 2022 cash flow Profitable production with…
  8. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 8
    SIGNIFICANT LIQUIDITY AND FLEXIBILITY 2022 Cash Flows12 million Subtitle (delete if you dont Significant require liquidity this additional section) Free cash flow yield3 of 38% for 2022 Strong adjusted EBITDA1 and cash flow1…
  9. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 9
    MEANINGFUL STRENGTHENING OF THE BALANCE SHEET Gran Tierra has taken advantage of a strong pricing Net Debt to Adjusted (Adj.) EBITDA1 continues to be environment and is following through on its a focus for the Company commitment to…
  10. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 10
    DRILLING SCHEDULE DEVELOPMENT Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 COSTAYACO: 4-5 WELLS ACORDIONERO: 14-16 WELLS MOQUETA: 3 WELLS EXPLORATION Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 ECUADOR:…
  11. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 11
    NO NEAR-TERM MATURITIES, HEDGING PROGRAM IN PLACE MATURITY PROFILE & DEBT INSTRUMENTS US100MM Capacity Credit Facility matures Cash Balance (at 6/30/2022) Draw (8/18/2022) Undrawn Facility Capacity USD bonds August 2024 with a…
  12. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 12
    GRAN TIERRAS FOCUSED STRATEGY STRATEGY TACTICS Proven, Under-Explored Conventional Hydrocarbon Basins World-class exploration program targeting Apply Proven Technology large prospect inventory across proven plays GTE has been able to…
  13. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 13
    GTES CONTRIBUTION AS AN E&P COMPANY Maximize Value GTEs mandate is to develop high value resource opportunities in order to deliver top-quartile returns Social Investments GTE aims to have a meaningful and sustainable impact…
  14. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 14
    CAPITAL ALLOCATION PRINCIPLES & FRAMEWORK PRINCIPLES FRAMEWORK Fund growth program through internally generated cash flows Disciplined Approach to Managing Leverage Targeting 2022 net debt1 under 400 million and net debt1 to…
  15. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 15
    HSE IS A KEY PRIORITY AT GTE 2021 and 2022 ACHIEVEMENTS The Company's LTIF in 2021 of 0.02 was well below the LTIF TRIF 2021 industry averages of 0.08 for Latin America and 0.05 for North American exploration and production…
  16. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 16
    ENVIRONMENTAL, SOCIAL, GOVERNANCE We are focused not only on being an excellent partner to communities but also on leaving a permanent legacy of environmental protection in the regions where we work. All of our environmental efforts…
  17. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 17
    LEADERS IN ENHANCED OIL RECOVERY Slide 18 Creating Value in Colombia & Ecuador August 2022 www.grantierra.com
  18. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 18
    WATERFLOODING IMPROVED OIL RECOVERY Waterflooding practiced since the 1920s, widest practiced secondary recovery method GTE utilizes waterflood technology in several key pools, improves recovery by: Displacing / sweeping oil towards…
  19. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 19
    WATERFLOODING CANDIDATE SCREENING Gran Tierras assets rank as All of Gran Tierras assets currently under world-class candidates for waterflood greatly exceed success factors 1 waterflooding GRAN TIERRA ASSETS UNDER WATERFLOOD2…
  20. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 20
    WATERFLOODING MAXIMIZING FIELD RECOVERY1 Size of the bubble represents 2P ORIGINAL OIL-IN-PLACE2 (MMBBLS) 2P OOIP in MMBOE under waterflood 100% 3 Acordionero Cohembi Costayaco4 Moqueta Costayaco 187 MM 75% Cohembi MQT 76 179…
  21. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 21
    COSTAYACO WATERFLOOD PERFORMANCE - HISTORICAL Oil Prod. Rate Water Prod. Rate Water Inj. Rate 60,000 1P - YE2010 2P - YE2010 3P - YE2010 Production and Injection Rate (barrels per day) Current 45% ACR2 90% CYC2 50,000 watercuts:…
  22. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 22
    GTE PLANS ACORDIONERO POLYMER FLOOD PILOT PROJECT (POLYMER OR CHEMICAL ENHANCED OIL RECOVERY, CEOR) Injection of a viscous solution (polymer) can accelerate In oil reservoirs, polymer injection results in more oil oil production vs.…
  23. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 23
    ASSET OVERVIEW Slide 24 Creating Value in Colombia & Ecuador August 2022 www.grantierra.com
  24. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 24
    2021 RESERVES ACORDIONERO COSTAYACO MOQUETA SURORIENTE Reserves by Category Reserves by Category Reserves by Category Reserves by Category 80 30 14 6 70 25 12 76 5 60 10 12 5 5 63 20 24 4 50 10 8 40 15 19 3 4 42 6 8 30 10 14…
  25. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 25
    RESERVES GROWTH 2015 TO 2021 1P RESERVE MOVEMENT1 2015 TO 2021 2P RESERVE MOVEMENT1 1P Reserves (MMBOE) 2P Reserves (MMBOE) STRONG 1P GROWTH 2P RESULTS THROUGH ACQUISITIONS & DEVELOPMENT 148% 1P reserves replacement from 2015 to…
  26. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 26
    ACORDIONERO DEVELOPMENT & CONTINUOUS IMPROVEMENT RAPID FIELD DEVELOPMENT AVERAGE DRILLING & COMPLETION COSTS & TIME 4.50 45.0 Total Drill & Complete Days per Well AUGUST 2016 DECEMBER 2021 D&C cost and time Drilling &…
  27. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 27
    ACORDIONERO SNAPSHOT ASSET OVERVIEW ACTIVITY MAP 100% WI Gran Tierra Since its acquisition in 2016, Acordionero has produced 29MMbbls, generated 1.3 billion in oil and gas sales and 476MM of free cash flow1 (as of June 30, 2022)…
  28. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 28
    COSTAYACO SNAPSHOT ASSET OVERVIEW ACTIVITY MAP 100% WI Gran Tierra Multiple, high-quality stacked reservoirs; oil concentrated in the T & Kc sandstone reservoirs Sandstone light oil peripheral waterflood, carbonates light oil…
  29. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 29
    MOQUETA SNAPSHOT ASSET OVERVIEW ACTIVITY MAP 100% WI Gran Tierra Multiple stacked reservoirs, highly structured, oil concentrated in the T & Kc reservoirs Sandstone light oil waterflood development 2022 ACTIVITY OVERVIEW…
  30. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 30
    SURORIENTE SNAPSHOT ASSET OVERVIEW ACTIVITY MAP 52% WI Gran Tierra, 48% Ecopetrol GTE became operator in March 2019 Excellent waterflood response observed to date at the Cohembi field, with potential to increase production…
  31. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 31
    TRANSPORTATION Slide 32 Creating Value in Colombia & Ecuador August 2022 www.grantierra.com
  32. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 32
    ACCESS TO EXISTING TRANSPORTATION INFRASTRUCTURE Gran Tierra benefits from large spare capacity in pipelines & trucking throughout Colombia & Ecuador, which leads to: Quick access to world markets through major export Strong oil…
  33. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 33
    EXPLORATION OVERVIEW Slide 34 Creating Value in Colombia & Ecuador August 2022 www.grantierra.com
  34. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 34
    HIGH IMPACT EXPLORATION PORTFOLIO PUTUMAYO & ORIENTE: UNDEREXPLORED, PROVEN BASINS Colombias Putumayo basin is 6 TIMES the area for seismic underexplored due to past coverage1 in the Oriente above-ground security issues, 3,400 km2 vs…
  35. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 35
    APPENDIX Slide 36 Creating Value in Colombia & Ecuador August 2022 www.grantierra.com
  36. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 36
    MCDANIEL PRICE DECKS JAN 1, 2022 OIL PRICE (US/BBL) BRENT COMPARISON (US/BBL) Brent WTI McDaniel, Jan 1 2022 McDaniel, Jan 1 2021 85 80 80 75 75 70 70 65 65 60 60 55 55 50 50 45 45 40 40 2022 2023 2024 2025 2026 2027 2028…
  37. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 37
    GLOSSARY OF TERMS NON-GAAP TERMS OIL & GAS Operating netback: Oil and gas sales less operating and transportation expenses. Operating netback per boe as presented is defined as oil and gas sales price less forecasts of transportation…
  38. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 38
    NON-GAAP MEASURES EBITDA & Adjusted EBITDA Forward-Looking Non-GAAP Measures EBITDA, as presented, is defined as net income or loss adjusted for depletion, depreciation and accretion This presentation includes forward-looking non-GAAP…
  39. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 39
    NON-GAAP MEASURES LTM Adjusted EBITDA Reconciliation Net Debt Reconciliation Quarterly Adjusted LTM Adjusted Period (000s) EBITDA EBITDA Period (000s) Debt Less Cash Net Debt Q2 2020 17,851 - Q2 2021 775,000 19,573 755,427 Q3 2020…
  40. 2Q 2022 Earnings Presentation – Gran Tierra Energy, Inc. – slide 40
    CONTACT US 500 CENTRE STREET SE, CALGARY, ALBERTA, CANADA. T2G 1A6 Investor Relations: Tel: 403-265-3221 Email: infograntierra.com Slide 44 Creating Value in Colombia & Ecuador August 2022

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