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June 2023 Company Presentation – Gran Tierra Energy, Inc.

Gran Tierra Energy, Inc. · Jun 30, 2023 · 42 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. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 1
    June 2023 GENERATING LONG-TERM VALUE INTERNATIONALLY www.grantierra.com
  2. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 2
    INTRODUCTION Slide 3 Generating Long-Term Value Internationally June 2023 www.grantierra.com
  3. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 3
    WHY INVEST IN GRAN TIERRA Strong balance sheet and core asset value Net debt (1) of 466 million and net debt to EBITDA (1) of 1.0x as at March 31, 2023. Since starting bond buybacks, GTE has purchased 28 million in face value of bonds…
  4. June 2023 Company 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% 25 1.6MM Oil High-quality asset base Operated Production2…
  5. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 5
    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…
  6. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 6
    2022 HIGHLIGHTS Generated net income of 139 MM, highest in GTE history Financial 2022 Funds Flow from Operations1 increased 96% year-over- year to 366 MM, highest on record Generated record 2022 Free Cash Flow1 of 129 MM Achieved a…
  7. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 7
    2022 RESERVE HIGHLIGHTS 4 Of consecutive 1P Reserves Growth Years 17 Of 2P reserves added during the year including 16 MMBBLs from Exploration MMBBLS 3.0 Net Present Value Discounted by 10% Before Tax of 2P Reserves Billion…
  8. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 8
    2023 KEY OBJECTIVES Disciplined 2023 Development service Continue to High impact budget & significant contracts locked in for optimize exploration free cash flow2 2023 waterfloods 2023 cash flow fully Profitable production All…
  9. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 9
    2023 PLAN OVERVIEW Capital Investment of 210-250 MM Development wells : 18-23 Fully Funded Capital Exploration/Appraisal wells : 4-6 Program, Generating Free Cash Flow Focused on generating strong free Y-o-Y Production Per Share…
  10. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 10
    SIGNIFICANT LIQUIDITY AND FLEXIBILITY 2023 Cash Flows1,2 million Subtitle (delete if you dont this require Free cash flow additional yield3 of section) 34% for 2023 Strong adjusted EBITDA1 and cash flow1 allowing for the…
  11. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 11
    NO NEAR-TERM MATURITIES, NO HEDGING PROGRAM IN PLACE MATURITY PROFILE & DEBT INSTRUMENTS US100MM Credit Facility matures August 2024 Cash Balance (at 3/31/2023) Undrawn Credit Facility USD bonds with an option to potentially…
  12. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 12
    COLOMBIAN TAX REFORM IMPACT ON 2023 1 CORPORATE TAX AND SURTAX SENSITIVITY FOR 2023 CASH FLOW AND EFFECTIVE TAX RATE FOR 2023 40% (/bbl Brent) (/bbl Brent) 35% 40% 45% 50% 35% 30-36% 15% 10% 27-33% 30% 5% 25% 21-27% 335 295…
  13. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 13
    HSE IS A KEY PRIORITY AT GRAN TIERRA HEALTH AND SAFETY ACHIEVEMENTS LTIF1 TRIF2 0.08 0.35 0.07 0.07 0.3 0.07 0.3 0.06 0.06 0.25 0.05 0.2 0.16 0.04 0.15 0.12 0.03 0.02 0.02 0.08 0.08 0.08 0.02 0.1 0.01 0.05 0 0 0 2017…
  14. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 14
    ENVIRONMENT - EMISSIONS REDUCTION 39% 32% 73% 50% DECREASE IN SCOPE 1 & 2 DECREASE IN CARBON DECREASE IN FLARING DECREASE OF ENERGY FROM CARBON EMISSIONS INTENSITY SINCE 2019 EMISSIONS SINCE 2019 MUNICIPAL GRID SINCE 2018 SINCE…
  15. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 15
    SOCIAL INVESTMENT GTE IS COMMITTED TO PROVIDING MEANINGFUL LOCAL EMPLOYMENT OPPORTUNITIES, BUYING LOCAL GOODS AND SERVICES, AND VOLUNTARILY INVESTING IN LOCAL SOCIAL AND ENVIRONMENTAL PROJECTS 109 Awarded to local companies in 2022…
  16. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 16
    HUMAN RIGHTS GRAN TIERRA ENERGY IS COMMITTED TO RESPECT THE RIGHTS OF EMPLOYEES, CONTRACTORS, SUPPLIERS AND PROMOTES HUMAN RIGHTS PROJECTS IN THE COMMUNITIES NEIGHBOURING OUR OPERATIONS 35,000 16 380 EMPLOYEES, CONTRACTORS HECTARES…
  17. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 17
    LEADERS IN ENHANCED OIL RECOVERY Slide 18 Generating Long-Term Value Internationally June 2023 www.grantierra.com
  18. June 2023 Company 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. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 19
    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. injecting only water…
  20. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 20
    WATERFLOODING MAXIMIZING FIELD RECOVERY1 Size of the bubble represents 2P OOIP in MMBOE under waterflood 2P ORIGINAL OIL-IN-PLACE2 (MMBBLS) 100% Costayaco Acordionero Cohembi 3 Costayaco 4 Moqueta Put-7 & Charapa 5 194 MM…
  21. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 21
    COSTAYACO WATERFLOOD PERFORMANCE - HISTORICAL Current 60% ACR2 90% CYC2 watercuts: (early life flood) (later life flood) STARTED INJECTION Waterflood Incremental Above 1P YE2010 2010 YE Reserves Production to 2022 YE…
  22. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 22
    ASSET OVERVIEW Slide 23 Generating Long-Term Value Internationally June 2023 www.grantierra.com
  23. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 23
    2022 RESERVES ACORDIONERO CHAZA2 SOUTH PUTUMAYO3 ECUADOR Reserves by Category Reserves by Category Reserves by Category Reserves by Category 80 40 30 30 70 35 25 25 60 71 30 35 27 50 25 30 20 20 24 57 40 20 15 15 30 44 15 22…
  24. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 24
    RESERVES GROWTH 2015 TO 2022 1P RESERVE MOVEMENT1 2015 TO 2022 2P RESERVE MOVEMENT1 1P Reserves (MMBOE) 2P Reserves (MMBOE) STRONG 1P GROWTH 2P RESULTS THROUGH ACQUISITIONS & DEVELOPMENT 150% 1P reserves replacement from 2015 to…
  25. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 25
    ACORDIONERO DEVELOPMENT & CONTINUOUS IMPROVEMENT RAPID FIELD DEVELOPMENT AVERAGE DRILLING & COMPLETION COSTS & TIME AUGUST 2016 DECEMBER 2022 4.50 45.0 D&C cost and time Total Drill & Complete Days per Well Drilling &…
  26. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 26
    ACORDIONERO SNAPSHOT ASSET OVERVIEW 100% WI Gran Tierra ACTIVITY MAP Since acquisition in 2016, Acordionero has produced 34MMbbls and generated 1.6 billion in oil and gas sales and 625MM of free cash flow1 (as of March 31, 2023)…
  27. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 27
    SURORIENTE SNAPSHOT ASSET OVERVIEW 52% WI Gran Tierra, 48% Ecopetrol ACTIVITY MAP GTE became operator in March 2019 In April 2023, Gran Tierra announced that it had entered into an agreement with the national oil company in…
  28. June 2023 Company 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. June 2023 Company 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 2023 ACTIVITY OVERVIEW On…
  30. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 30
    DRILLING OPERATIONS, OUR LEARNING CURVE ACORDIONERO HISTORICAL DRILLING COSTS CLEAR PATH TO REDUCING COSTS 3.0 Drilling 25 Improved integration across all functions of the Drilling Cost per Well (MM) Drill Days per well…
  31. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 31
    COMPLETIONS AND WORKOVERS, OUR LEARNING CURVE ACORDIONERO HISTORICAL COMPLETION COSTS Developing fit for purpose technology to reduce completion times 2.0 Completions 20 Implementing and designing trials to reduce Completion Cost per…
  32. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 32
    TRANSPORTATION Slide 33 Generating Long-Term Value Internationally June 2023 www.grantierra.com
  33. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 33
    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…
  34. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 34
    EXPLORATION OVERVIEW Slide 35 Generating Long-Term Value Internationally June 2023 www.grantierra.com
  35. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 35
    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…
  36. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 36
    APPENDIX Slide 37 Generating Long-Term Value Internationally June 2023 www.grantierra.com
  37. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 37
    MCDANIEL PRICE DECKS JAN 1, 2023 OIL PRICE (US/BBL) BRENT COMPARISON (US/BBL) 1) As per McDaniels prices deck assumptions. Generating Long-Term Value Internationally June 2023 Slide 38
  38. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 38
    WHY INVEST SLIDE 4 FOOTNOTES 1) Free cash flow, EBITDA, Adjusted EBITDA and net debt are non-GAAP measure and do not have a standardized meaning under GAAP. Refer to Non-GAAP Measures in the appendix. 2) Based on an assumption of an…
  39. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 39
    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…
  40. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 40
    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…
  41. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 41
    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…
  42. June 2023 Company Presentation – Gran Tierra Energy, Inc. – slide 42
    CONTACT US 500 CENTRE STREET SE, CALGARY, ALBERTA, CANADA. T2G 1A6 Investor Relations: Tel: 403-265-3221 Email: infograntierra.com Slide 46 Generating Long-Term Value Internationally June 2023

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