Gran Tierra Energy Inc (GTE) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Gran Tierra Energy's results conference call for the second-quarter 2025. My name is Michelle, and I will be your coordinator for today. I would like to remind everyone that this conference is being webcast and recorded today, Thursday, July 31, 2025, at 11:00 AM Eastern Time.

女士們，先生們，早安！歡迎參加Gran Tierra Energy 2025年第二季業績電話會議。我叫Michelle，今天將擔任會議協調員。我想提醒大家，本次會議將於今天（2025年7月31日，星期四）美國東部時間上午11:00進行網路直播和錄製。

Today's discussion may include certain forward-looking information, oil and gas information and non-GAAP financial measures. Please refer to the earnings and operational update press release we issued yesterday for important advisories and disclaimers with regard to this information and reconciliations of any non-GAAP measures discussed on today's call.

今天的討論可能涉及某些前瞻性資訊、石油和天然氣資訊以及非公認會計準則 (GAAP) 財務指標。請參閱我們昨天發布的收益和營運更新新聞稿，以了解有關此類資訊的重要建議和免責聲明，以及今天電話會議上討論的任何非公認會計準則 (GAAP) 指標的對帳。

Finally, this earnings call is the property of Gran Tierra Energy, Inc. Any copying or rebroadcasting of this call is expressly forbidden without the written consent of Gran Tierra Energy.

最後，本次財報電話會議屬於 Gran Tierra Energy, Inc. 的財產。未經 Gran Tierra Energy 書面同意，嚴禁複製或轉播本次電話會議。

I will now turn the conference over to Gary Guidry, President and Chief Executive Officer of Gran Tierra. Mr. Guidry, please go ahead.

現在，我將會議交給 Gran Tierra 總裁兼執行長 Gary Guidry。請 Guidry 先生開始。

Thank you, operator. Good morning, and welcome to Gran Tierra's second-quarter 2025 results conference call. My name is Gary Guidry, Gran Tierra's President and Chief Executive Officer. And with me today are Ryan Ellson, our Executive Vice President and Chief Financial Officer; and Sebastien Morin, our Chief Operating Officer.

謝謝接線生。早安，歡迎參加 Gran Tierra 2025 年第二季業績電話會議。我是 Gran Tierra 總裁兼執行長 Gary Guidry。今天與我一起出席的還有我們的執行副總裁兼財務長 Ryan Ellson 和營運長 Sebastien Morin。

On Wednesday, July 30, 2025, we issued a press release that included detailed information about our second quarter 2025 results, which is available on our website. Ryan and Sebastien will make a few brief comments, and then we will open up the line for questions.

我們於2025年7月30日星期三發布了一份新聞稿，其中包含我們2025年第二季度業績的詳細信息，您可以在我們的網站上查閱。 Ryan和Sebastien將進行簡短發言，然後我們將開放提問環節。

I'll now turn the call over to Ryan to discuss some of our financial results.

現在我將把電話轉給瑞安，討論我們的一些財務結果。

Thanks, Gary. Good morning, everyone. Gran Tierra delivered another quarter of strong operational and financial performance, highlighted by record company production, the lowest per barrel operating cost since early 2022 and enhanced liquidity through a number of initiatives and credit capacity.

謝謝，Gary。大家早安。 Gran Tierra 又一個季度取得了強勁的營運和財務業績，其中最突出的是公司產量創歷史新高，每桶營運成本創下 2022 年初以來的新低，並透過一系列舉措和信貸能力增強了流動性。

During the quarter, we achieved record production of approximately 47,200 BOE per day, an increase of 1% from the prior quarter and 44% higher than Q2 2024. This continued growth reflects strong performance across Colombia, Ecuador and Canada, supported by successful drilling campaigns and waterflood execution.

本季度，我們的日產量達到創紀錄的約 47,200 桶油當量，較上一季成長 1%，比 2024 年第二季成長 44%。這一持續成長反映了哥倫比亞、厄瓜多和加拿大的強勁表現，這得益於成功的鑽井活動和注水實施。

Gran Tierra generated sales of $152 million, down 8% from the second quarter of 2024, primarily as a result of a 22% decrease in Brent pricing, which was partially offset by 43% higher sales volume due to higher production and lower South American oil differentials. Oil sales decreased 11% from the prior quarter, primarily due to an 11% decrease in Brent price, again, partially offset by lower South American oil differentials.

Gran Tierra 的銷售額為 1.52 億美元，較 2024 年第二季下降 8%，主要原因是布蘭特原油價格下跌 22%，但由於產量增加和南美原油差價降低，銷售額增長 43%，部分抵消了這一影響。石油銷售額較上一季下降 11%，主要原因是布蘭特原油價格下跌 11%，但南美原油差價降低也部分抵銷了這一影響。

On a per BOE basis, operating expenses decreased by 17% when compared to the second quarter of 2024 and 16% when compared to the prior quarter, primarily as a result of lower workover activities and lower lifting costs associated with inventory build in Ecuador, power generation and equipment rentals.

以每桶油當量計算，營運費用與 2024 年第二季相比下降了 17%，與上一季相比下降了 16%，這主要是由於修井活動減少以及與厄瓜多爾庫存建設、發電和設備租賃相關的起重成本降低。

This was the lowest operating cost per BOE achieved since the first quarter of 2022. During the second quarter of 2025, Gran Tierra incurred a net loss of $13 million compared to a net loss of $19 million in the prior quarter and compared to net income of $36 million in the same quarter last year. Funds flow from operations were $54 million or $1.53 per share, up 17% from the second quarter of 2024 and down 3% from the prior quarter.

這是自2022年第一季以來每桶油當量營運成本的最低值。 2025年第二季度，Gran Tierra淨虧損1,300萬美元，而上一季淨虧損1,900萬美元，去年同期淨利3,600萬美元。營運資金流為5,400萬美元，即每股1.53美元，較2024年第二季成長17%，較上一季下降3%。

Brent price decreased by 11% per barrel compared to the prior quarter, and our cash netback only decreased by 1%, illustrating the resiliency of our portfolio. The company generated adjusted EBITDA of $77 million versus $85 million in the prior quarter and $103 million in the first quarter of 2024. 12-month trailing net debt to adjusted EBITDA was 2.3x.

布蘭特原油價格與上一季相比每桶下跌了11%，而我們的現金淨回值僅下降了1%，這反映了我們投資組合的韌性。公司調整後EBITDA為7,700萬美元，上一季為8,500萬美元，2024年第一季為1.03億美元。 12個月淨債務與調整後EBITDA比率為2.3倍。

However, this only accounts for eight months of Canadian adjusted EBITDA, and we continue to have a long-term target of 1x. In terms of share buybacks, Gran Tierra purchased approximately 240,000 shares during the quarter. From January 1, 2023, to July 28, 2025, the company repurchased approximately 5.2 million shares or 15% of our shares issued and outstanding on January 1, 2023.

然而，這僅佔加拿大調整後EBITDA的八個月，我們的長期目標仍是1倍。在股票回購方面，Gran Tierra在本季回購了約24萬股。從2023年1月1日至2025年7月28日，公司回購了約520萬股，佔2023年1月1日已發行流通股的15%。

Gran Tierra's capital expenditures were $51 million during the quarter, which were lower than the $95 million in the prior quarter and lower than $61 million in the second quarter of 2024. During the quarter, the majority of capital expenditures were incurred in Colombia on Cohembi drilling and infrastructure.

Gran Tierra 本季的資本支出為 5,100 萬美元，低於上一季的 9,500 萬美元，也低於 2024 年第二季的 6,100 萬美元。本季度，大部分資本支出用於哥倫比亞的 Cohembi 鑽探和基礎設施。

In addition to the $61 million cash on hand as of June 30, 2025, the company currently has approximately $112 million in credit and lending facilities with $47 million drawn on June 30, 2025. From a liquidity perspective, Gran Tierra continues to advance multiple strategic initiatives to strengthen liquidity, including potential non-core asset sales, monetization of royalty interest, optimization of free cash flow and the evaluation of prepayment structures.

除了截至 2025 年 6 月 30 日的 6,100 萬美元現金外，該公司目前還擁有約 1.12 億美元的信貸和貸款額度，其中 4,700 萬美元已於 2025 年 6 月 30 日提取。從流動性角度來看，Gran Tierra 繼續推動多項策略措施以加強流動性，包括潛在的非核心資產出售、特許權使用費權益貨幣化、優化自由現金流和評估預付款結構。

All initiatives are progressing in line with our expectations. As part of these strategic initiatives, we have announced that we have signed a mandate letter with the syndicate of banks for a $200 million prepayment facility backed by crude oil deliveries.

所有措施均如預期推進。作為這些策略舉措的一部分，我們宣布已與銀行財團簽署了一份授權書，將提供一筆2億美元的預付款貸款，該貸款由原油交付擔保。

We are progressing towards full documentation with closing expected in the third quarter of 2025 and funding anticipated shortly thereafter. Also of note, as part of our -- and as part of the completed semiannual redetermination process, the company received confirmation from its lenders that the borrowing base under its Canadian credit facility remains unchanged at $100 million.

我們正朝著全面文件化的方向努力，預計在2025年第三季完成交割，並預計隨後不久將獲得融資。另外值得注意的是，作為我們以及已完成的半年期重新確定流程的一部分，公司已收到貸款方的確認，其加拿大信貸額度下的借款基數保持不變，為1億美元。

This outcome reflects ongoing strength and stability of the company's Canadian asset base. The revolving credit facility continues to provide $50 million available commitments with a maturity date of October 31, 2026. The next redetermination will be on or before November 30, 2025.

這一結果反映了公司加拿大資產基礎的持續強勁和穩定。循環信貸額度繼續提供5000萬美元的可用承諾，到期日為2026年10月31日。下次重新確定將於2025年11月30日或之前進行。

Gran Tierra also employs a disciplined and risk-managed hedging strategy designed to protect cash flows, support capital planning and enhance financial stability across commodity cycles. The company utilizes a diverse mix of oil and gas hedges with structures that provide downside protection while preserving upside exposure. This proactive approach contributed to a $14 million derivative hedging gain during the quarter. The company also maintains a rolling 12-month foreign exchange hedging program to further mitigate currency volatility.

Gran Tierra 也採用了嚴謹且風險管理良好的避險策略，旨在保護現金流、支援資本規劃並增強大宗商品週期內的財務穩定性。本公司採用多樣化的油氣避險組合，其結構既能提供下檔保護，又能保留上行風險敞口。這種積極主動的策略在本季促成了 1,400 萬美元的衍生性商品對沖收益。該公司還維持著為期 12 個月的滾動外匯對沖計劃，以進一步緩解匯率波動。

Gran Tierra implemented a robust hedging program to manage price volatility across its operations. For the second half of 2025, the company has hedged approximately 50% of its South American oil production and 60% of its Canadian oil production.

Gran Tierra實施了一套穩健的對沖計劃，以管理其業務範圍內的價格波動。 2025年下半年，該公司已對南美石油產量的約50%和加拿大石油產量的約60%進行了對沖。

For the first half of 2026, hedge coverage stands at roughly 33% for South America and 50% for Canada. The pricing levels of these hedges are in line with the company's planning assumptions and provide downside protection while preserving upside exposure.

2026年上半年，南美的避險覆蓋率約為33%，加拿大約50%。這些對沖的定價水準符合公司的規劃假設，並在保留上行風險敞口的同時，提供了下行保護。

Gran Tierra has also hedged approximately 40% of Canadian natural gas production for the second half of 2025. In addition to help manage foreign exchange risk, the company began a 12-month COP to USD hedging program in April 2025, covering approximately USD10 million per month. We also continue to optimize our portfolio with the signed disposition of the UK North Sea assets for approximately $7.5 million, which is expected to close in the third quarter of 2025.

Gran Tierra 也對 2025 年下半年約 40% 的加拿大天然氣產量進行了對沖。除了協助管理外匯風險外，該公司於 2025 年 4 月啟動了一項為期 12 個月的加拿大元兌美元對沖計劃，每月覆蓋約 1000 萬美元。我們也將繼續優化投資組合，並已簽署了以約 750 萬美元出售英國北海資產的協議，預計將於 2025 年第三季完成。

Overall, Gran Tierra's second quarter performance continues to demonstrate our commitment to capital discipline and operational excellence by delivering record production and reporting lower operating expenses per barrel while also enhancing our liquidity position through a number of initiatives to add financial flexibility heading into the second half of 2026.

總體而言，Gran Tierra 第二季度的業績繼續體現了我們對資本紀律和卓越營運的承諾，實現了創紀錄的產量並報告了更低的每桶營運費用，同時還透過一系列舉措增強了我們的流動性狀況，以在 2026 年下半年增加財務靈活性。

I'll now turn the call over to Sebastien to discuss some of the highlights of our current operations.

現在我將把電話轉給塞巴斯蒂安，討論我們目前營運的一些亮點。

Good morning, everyone, and thank you, Ryan. Operationally, Gran Tierra delivered another strong quarter, building on the momentum from Q1 and continuing to advance key initiatives across our core areas in Colombia, Ecuador and Canada. Starting in Colombia, total working interest production averaged approximately 25,100 barrels of oil per day during the quarter. driven by successful development drilling at Cohembi and Costayaco and continued improvements in waterflood execution in Costayaco-Cohembi and Acordionero.

大家早安，謝謝你，Ryan。 Gran Tierra 的營運表現再創佳績，延續了第一季的強勁勢頭，並繼續推動我們在哥倫比亞、厄瓜多爾和加拿大核心區域的關鍵舉措。以哥倫比亞為例，本季總權益產量平均約為每日 25,100 桶，這得益於 Cohembi 和 Costayaco 開發鑽井的成功，以及 Costayaco-Cohembi 和 Acordionero 注水作業的持續改進。

At Cohembi, the remaining two wells from our five-well North pad program were brought on to production. Average drilling cost was approximately $3 million per well, representing a 47% reduction from the previous operator's historical costs. Injection of 8,000 barrels of water injected per day in the newly delivered North pad began in June.

在Cohembi，我們北平台五口井工程中剩餘的兩口井已投產。平均每口井鑽井成本約300萬美元，較先前營運商的歷史成本降低了47%。新交付的北平台於6月開始每日註水8,000桶。

Already, we are seeing a strong waterflood response with gross production increasing by 2,600 barrels of oil per day in the northern area of the field. At Costayaco, we completed and brought on stream the Costayaco-63 and Costayaco-64 development wells. Both wells were stimulated and placed on production with initial results exceeding expectations.

我們已經看到了強勁的注水效果，油田北部地區的總產量增加了2600桶/天。在科斯塔亞科，我們完成了科斯塔亞科63號和科斯塔亞科64號開發井的完井並投產。這兩口井都進行了增產處理並投入生產，初步結果超出預期。

Costayaco-63 is currently producing 800 barrels of oil per day with a 48% water cut, and Costayaco-64 is producing 1,300 barrels of oil per day with only a 13% water cut. The final well in the program, Costayaco-65 was spud in July and is expected to be on production in August.

目前，Costayaco-63井日產原油800桶，含水率48%；Costayaco-64井日產原油1,300桶，含水率僅13%。本計畫的最後一口井Costayaco-65井已於7月開鑽，預計8月投產。

At Acordionero, we achieved record total fluid production of 89,400 barrels per day and water injection of 85,000 barrels per day during the quarter. Field production averaged 14,200 barrels of oil per day, up from 13,800 in Q1. This improvement reflects continued gains in pump upsizing, enhanced surface capacity and real-time waterflood surveillance.

在Acordionero油田，本季我們實現了創紀錄的日產液量89,400桶，注水量85,000桶。油田平均日產油量14,200桶，高於第一季的13,800桶。這一增長得益於泵體尺寸的持續提升、地面產能的提升以及即時注水監測的持續改進。

Moving to Ecuador. We continue to execute our strategy and fulfill our commitments. Civil works are underway in preparation for drilling two high-impact exploration wells at the Conejo prospect on the Charapa block with spud expected in late Q3. These will be the final wells under our exploration commitments in the country. The results will help guide further development plans and infrastructure alignment in the region.

轉向厄瓜多。我們將繼續執行策略並履行承諾。土木工程正在進行中，為在Charapa區塊Conejo勘探區鑽探兩口高影響力勘探井做準備，預計第三季末開鑽。這將是我們在厄瓜多爾勘探承諾下的最後幾口井。勘探結果將有助於指導該地區的進一步開發計劃和基礎設施建設。

In Canada, the Simonette Montney program continues to outperform. The first two Lower Montney wells were completed and brought on stream in early April and are currently exceeding management's type curves expectations.

在加拿大，西蒙內特·蒙特尼（Simonette Montney）計畫繼續表現出色。前兩口下蒙特尼井已於4月初完井並投產，目前產量已超出管理層的曲線預期。

The third well in the program was drilled in case successfully in July. The rig was moved to the next location on the pad and is now drilling the fourth well in the program. The well is expected to reach total depth in August. Both of these new wells are expected to be stimulated and put on stream in Q4.

該計畫的第三口井已於7月順利鑽探。鑽機已移至平台的下一個位置，目前正在鑽探該專案的第四口井。預計該井將於8月達到最大鑽深。這兩口新井預計將於第四季進行增產改造並投產。

Across the portfolio, we remain focused on capital efficiency, reservoir optimization and unlocking further value from our diverse asset base. The success of our drilling programs, enhanced field performance and reduced operating costs position us well to deliver free cash flow and strengthen our financial position through the second half of 2025.

在整個投資組合中，我們始終專注於資本效率、油藏優化以及從我們多元化的資產基礎中釋放更多價值。鑽井專案的成功、油田績效的提升以及營運成本的降低，使我們在2025年下半年之前能夠實現自由現金流並增強財務狀況。

Looking ahead, we remain focused on continuing to ramp base production at Cohembi North and Costayaco from our Q1, Q2 development programs, which are delivering very positive results. optimizing Acordionero production with continued waterflood enhancements and facility optimizations.

展望未來，我們將繼續專注於透過第一季和第二季的開發計劃來提高 Cohembi North 和 Costayaco 的基礎產量，這些計劃正在取得非常積極的成果。透過持續的水驅增強和設施優化來優化 Acordionero 的產量。

Initiating the high-impact Banjo exploration wells in Ecuador to unlock additional value from the Oriente Basin, completing and bringing online the third and fourth Simonette Montney wells while optimizing existing field production, maintaining capital and operational cost discipline while targeting free cash flow generation in the second half of the year.

啟動厄瓜多爾高影響力的 Banjo 勘探井，以釋放 Oriente 盆地的更多價值，完成並投產第三和第四口 Simonette Montney 井，同時優化現有油田產量，保持資本和運營成本控制，同時爭取在下半年產生自由現金流。

I will now turn the call back to the operator, and Gary, Ryan, and I will be happy to take questions. Operator, please go ahead.

現在我將把電話轉回給接線員，Gary、Ryan 和我很樂意回答您的問題。接線員，請繼續。

(Operator Instructions) David Round with Stifel.

（操作員指示）David Round 與 Stifel。

Can I start with a broad question on production, please? And I know we just touched on a few of the key highlights. I just want to dig into it a bit more, if possible. So firstly, I guess I'm interested in how production has gone so far this year versus where you thought you'd be at the start of the year? Whether there were any positive, negative surprises there?

我可以先問一個關於生產方面的大問題嗎？我知道我們剛才談到了一些關鍵的亮點。如果可能的話，我想再深入探討一下。首先，我感興趣的是，今年到目前為止的生產情況與您年初的預期相比如何？有沒有一些正面的或負面的意外？

Any highlights just to bring out? And I know we just briefly mentioned sort of Costayaco, Acordionero. I suppose, are we able to just kind of elaborate on current contributions and expectations, I guess, for H2 and beyond for -- I suppose the key moving parts, so Soriente, Ecuador and Simonette. I don't know if you're able to just elaborate on some of the specifics there.

有什麼亮點可以分享嗎？我知道我們剛才簡單提到了科斯塔亞科（Costayaco）和阿科迪奧內羅（Acordionero）。我想，我們能否詳細說明一下目前的貢獻和對下半年及以後的預期——我想是關鍵的幾個發展部分，比如索倫特（Soriente）、厄瓜多爾（Ecuador）和西蒙內特（Simonette）。能否詳細說明一下這些方面的具體情況？

I think at a very high level, all of our fields have been performing as expected or beyond expectations. We have the normal interruptions in Colombia and Ecuador with blockades, but we have a very good team that manage those, the impact. We've seen also some infrastructure issues. There's one that's just finishing up in Ecuador at the moment with a very heavy rains, pipeline interruption.

我認為，從整體來看，我們所有油田的表現都符合預期，甚至超乎預期。哥倫比亞和厄瓜多爾的封鎖造成了正常的生產中斷，但我們擁有一支非常優秀的團隊來應對這些中斷及其影響。我們也遇到了一些基礎設施問題。厄瓜多爾的一個油田目前剛完工，由於暴雨，管道中斷。

But in general, the answer to your question is from a field and asset performance, everything has performed as expected or outperformed. And that's both in Canada, Colombia and Ecuador. On the specifics, maybe, Sebastien, you could say a few words about rates?

但總的來說，從各個領域和資產的表現來看，你的問題的答案是，所有資產的表現都符合預期，甚至超越預期。加拿大、哥倫比亞和厄瓜多爾的情況都是如此。賽巴斯蒂安，具體來說，你能談談利率嗎？

Yes. So on rates, I think we continue to be very excited. We did an ESP conversion over on Terapa B7, which is, again, highlighted the quality of the Basal Tena in Ecuador. And so that well is currently doing 1,800 barrels of oil per day and decline is extremely flat. So we've had some significant wins as well within the portfolio, especially as we continue to develop in Ecuador. And then at Cohembi, the pressure response that we're seeing is really encouraging. And so we see that ramping up through Q3 and Q4.

是的。所以，就油價而言，我認為我們仍然非常興奮。我們對 Terapa B7 進行了 ESP 轉換，這再次凸顯了厄瓜多爾 Basal Tena 油田的品質。目前，該油井日產石油 1,800 桶，產量遞減非常穩定。因此，我們的投資組合也取得了一些重大進展，尤其是在我們繼續在厄瓜多爾開發的同時。在 Cohembi，我們看到的壓力響應非常令人鼓舞。因此，我們預計第三季和第四季的壓力響應將會上升。

Okay. So just then a very quick follow-up on that point. So actually, if I think about all 3 of those areas, I mentioned Simonette, Cohembi and Ecuador, I mean, should we be assuming ramp-up on all those assets over the second half of this year?

好的。那麼，接下來我來快速跟進這個問題。實際上，如果我考慮這三個地區，也就是我提到的西蒙內特、科亨比和厄瓜多爾，我們是否應該假設今年下半年所有這些資產都會增加？

Yes.

是的。

Okay. Fine. Just a second question then, and I appreciate it's not final, but just on the prep -- can you say anything even in broad terms about how that might work or just sort of indicatively what that might cost? Or are we too early on that one?

好的。好的。還有第二個問題，我知道這不是最終答案，但只是關於準備工作——您能否大致說一下具體如何運作，或者大概說一下大概需要多少成本？還是說我們現在討論這個問題還太早？

Yes. No, at a high level, it's -- we will be committing to essentially selling oil for future prepayments. It's going to be over about a four-year term. So it's quite long term in nature, not a huge grind on our cash flows. So just think of it as a loan that really amortizes over four years settled with oil payments.

是的。不，從宏觀層面來說，我們承諾透過出售石油來獲得未來的預付款。預付款期限約為四年。所以這筆貸款的期限相當長，不會對我們的現金流造成太大的影響。所以，就把它看作一筆貸款，實際上會在四年內分期償還，並以石油付款的方式償還。

And so the terms will be very, very competitive, and we're quite excited about it. And so it's similar to what we've done in the past. It will just be a longer tenor.

所以條款會非常非常有競爭力，我們對此感到非常興奮。這和我們過去的做法類似，只是期限會更長。

Anne Milne, Bank of America.

美國銀行的安妮‧米爾恩 (Anne Milne)。

Congratulations on your results. I have a few questions relatively short, hopefully. The first is, could you provide us with an additional -- any additional updates or your thoughts on other asset sales for this year? I believe you mentioned the UK North Sea, $7.5 million. I think there were a couple of others on the list there. That would be the first question.

恭喜你們取得的成績。我有幾個問題，希望比較短。第一個問題，能否提供一些補充信息，或者您對今年其他資產出售有什麼想法？我記得您提到了英國北海，價值750萬美元。我想名單上還有其他幾個資產出售。這是第一個問題。

Yes. The answer to that question is we have several things that are ongoing, and we have nondisclosure agreements in place. So we're really not talking about those, but we are very actively looking at our portfolio to divest of non-core assets and in some other areas to dilute our interests. And so you'll see more of that here over the third quarter.

是的。答案是，我們正在進行幾項工作，並且我們簽訂了保密協議。所以我們實際上不會談論這些，但我們正在非常積極地考慮剝離我們的投資組合，剝離非核心資產，並在其他一些領域稀釋我們的權益。所以你會在第三季看到更多這樣的情況。

Okay. Very good. And then in terms of your guidance that you had previously given, I look quickly at your presentation here versus what you had last quarter. I do see there is a comment that you're looking to generate $20 million of free cash flow this year, but yet for your $65 a barrel assumption in terms of the guidance, there was zero free cash flow. Could you just tell us what you're thinking? And then since you've sort of front-loaded your CapEx for 2025, will some of this come from lower CapEx and this additional new production that's coming online from a number of your fields?

好的，非常好。關於您之前給出的指導意見，我快速瀏覽了一下您這次的演示，並與上個季度的演示進行了比較。我看到有人評論說，您希望今年產生2000萬美元的自由現金流，但對於您之前給出的每桶65美元的油價預測，自由現金流為零。您能不能談談您的想法？另外，既然您已經為2025年預先設定了資本支出，那麼這部分收入會不會來自較低的資本支出以及您多個油田即將投產的新增產量？

Yes. Great question. The biggest driver on that Anne, is just lower CapEx. The team has done a great job of executing the program. And so -- and we continue to look at how do we optimize that in the second half of the year. So the number one driver is obviously, oil price is somewhat supportive right now at $70 and very, very tight differentials in Colombia and Ecuador. But the main driver will be on the CapEx side.

是的。問得好。安妮，最大的驅動力就是降低資本支出。團隊在執行專案方面做得非常出色。因此，我們會繼續研究如何在下半年優化這一點。所以，最重要的驅動力顯然是，目前每桶70美元的油價有一定的支撐作用，而且哥倫比亞和厄瓜多爾的油價差非常小。但主要的驅動力還是在資本支出方面。

Okay. And then just tell me if I'm missing something, but do you break down EBITDA by country in the presentation here? I don't think I saw it, but --

好的。如果我遺漏了什麼，請告訴我。請問您在簡報中按國家細分了EBITDA嗎？我好像沒看到，但…

We don't. In our press release, we have more details by country as far as netbacks and whatnot, but not EBITDA.

我們沒有。我們的新聞稿裡有更多按國家劃分的淨回值和其他數據，但沒有EBITDA。

Okay. And then I guess final question would be Colombia. There have been a lot of, I guess, you could say, pipeline disruption and other types of disruptions. And I think there were some export taxes that I know they affected Ecopetrol. Do they affect Gran Tierra?

好的。我想最後一個問題是關於哥倫比亞的。我想，可以說，那裡發生了很多管道中斷和其他類型的中斷。而且，我知道一些出口稅影響了哥倫比亞國家石油公司（Ecopetrol）。這些稅會影響到Gran Tierra嗎？

Could you tell us what the operating environment in Colombia, what impact it might have had on your -- either the operations or -- and I know you sort of hinted at that in some of your comments or on any sort of financial metrics you have?

您能否告訴我們哥倫比亞的經營環境如何，它可能對您的經營活動產生什麼影響？我知道您在一些評論中或任何財務指標中暗示了這一點？

Yes. On the export tax, we've been unaffected. The main thing that's impacted us is pipeline disruptions in Ecuador. As Sebastien mentioned, there were some significant land slides. And obviously, it's not our pipelines, but there was some disruptions in Ecuador on the pipelines. And so that more impacted our Ecuador production in the first part of July. But all the pipelines are back in operation, and we're in its normal operations.

是的。出口稅方面，我們沒有受到影響。主要影響我們的是厄瓜多爾的管道中斷。正如塞巴斯蒂安所提到的，那裡發生了一些嚴重的山體滑坡。顯然，問題不在於我們的管道，而是厄瓜多爾的管道出現了一些中斷。這對我們7月初在厄瓜多爾的生產造成了更大的影響。不過，所有管道都已恢復運營，我們的營運也恢復正常。

Josef Schachter, Schachter Energy.

Josef Schachter，Schachter Energy。

First question for me. You've got a range of 47,000 to 53,000 for production this year. Your average for the first half, 47,000. What needs to happen to get to 50,000? What needs to happen to get to 53,000 in terms of your forecast?

我的第一個問題。您預測今年的產量在4.7萬到5.3萬輛之間。您預測上半年的平均產量是4.7萬輛。要達到5萬輛，需要做些什麼呢？要達到5.3萬輛，您預測需要做些什麼呢？

Yes. Thank you, Joseph. I think the answer to that is we have the capacity. We have the production capacity. It's no disruptions. And we're working through that. We're -- yes, the answer is we're at the lower end of our guidance, but we're still easily within our guidance.

是的，謝謝你，約瑟夫。我認為答案是，我們有能力。我們有生產能力。不會出現任何中斷。我們正在努力解決這個問題。是的，答案是，我們處於預期的低端，但我們仍然很容易達到預期。

And our target is to be at the upper end. We're going to do our best to ramp. I think Anne asked the question or David Round asked the question. Yes, we have most of our capital deployed. We've had some excellent results in Cohembi, excellent results in Costayaco.

我們的目標是達到高端。我們將竭盡全力提升業績。我想這個問題是安妮或大衛朗德提出的。是的，我們已經部署了大部分資金。我們在科亨比和科斯塔亞科都取得了一些優異的業績。

The waterflood is going in the right direction in Acordionero. So all of that's there. The exciting one as well is Ecuador. We're just going through our field development plan approvals with the government, and these are some fantastic reservoirs.

Acordionero油田的注水進展順利，一切都在計畫之中。厄瓜多也同樣令人興奮。我們正與政府洽談油田開發計畫的審批，那裡的油藏非常棒。

As Sebastien alluded to, the performance is very clear that we're going to be doing some waterflooding, quick response -- so not only the second half of the year, but the next few years, we're quite excited about where we're going with our capital and capital allocation with some fantastic reservoirs.

正如塞巴斯蒂安所提到的那樣，業績表現非常明顯，我們將進行一些注水、快速響應——因此，不僅是今年下半年，而且在接下來的幾年裡，我們對我們的資本和資本配置的方向感到非常興奮，因為我們擁有一些很棒的水庫。

Okay. Second question for me. In your Canadian side where you have the Central 12,500 BOEs a day, 49% working interest. How much of that do you operate? And where do you see any potential growth for you in that Central area? Does that include things like the Belly River? How do you see upside from that part of the portfolio?

好的。第二個問題。在加拿大方面，你們的中央油田日產量為12,500桶油當量，佔總產量的49%。你們目前營運多少桶油？您認為中央油田在哪些方面有成長潛力？這包括貝利河（Belly River）之類的地區嗎？您認為這部分投資組合的上行空間為何？

Yes. I think to go back on sort of the transaction questions that we were talking about, there's a ton of opportunity in Central. And the nice part is we do have a lot of linking infrastructure and so the team is actively working the central portfolio.

是的。我想回到我們之前討論的交易問題，中央區有很多機會。而且好消息是我們確實有很多連接基礎設施，所以團隊正在積極地處理中央區投資組合。

And I won't talk to a specific formation because there's many of them and starting from the NCIB to the [Glock]. And the team has been working on how do we optimize that portfolio. And so I think that's kind of the approach that we're taking is where it makes sense to have some synergies, especially on third-party processing fees and so on and so forth to optimize, again, on cost, but also in terms of profit.

我不會談論某個具體的組織，因為有很多組織，從NCIB到[Glock]。團隊一直在研究如何優化這些組合。所以我認為我們採取的方法是合理的，可以實現一些協同效應，尤其是在第三方處理費等方面，這不僅可以優化成本，還可以提高利潤。

And surely looking forward to Q3 and Q4 with the results.

當然，我們也期待第三季和第四季的結果。

Peter Bowley, Jefferies.

彼得·鮑利，傑富瑞集團。

First question is after recently increasing your hedges for 2026, is the strategy to continue increasing hedges even further? Or are you comfortable at this level?

第一個問題是，在最近增加了2026年的對沖之後，您的策略是繼續增加對沖嗎？還是說您對目前的水平感到滿意？

And the second question is just regarding some report or media that there was an MOU signed for potential entry into the Azerbaijani market. Could you share any updates there or any expected timing if you are contemplating a market entry there?

第二個問題是關於一些報導或媒體報道，表示雙方簽署了一份可能進入阿塞拜疆市場的諒解備忘錄。如果您正在考慮進入阿塞拜疆市場，能否分享一下這方面的進展或預期時間？

Great. Thanks. Yes. On the hedging front, yes, what we've been communicating is that we're putting more of a structured plan. And so our objective is to hedge 30% to 50% six months out and then 20% to 30% the following six months on a continuous basis. So we will -- as a month rolls off, we will add hedges for the following month that rolled off. And so we continue to have a continued more systematic hedging program.

太好了，謝謝。是的。關於對沖，是的，我們一直在溝通的是，我們正在製定一個更結構化的計劃。我們的目標是，在六個月內對沖30%到50%的資金，然後在接下來的六個月內持續對沖20%到30%的資金。所以，隨著一個月的結束，我們會為下個月的資金增加對沖。因此，我們將繼續實施一個更系統化的對沖計劃。

Yes. On your question on Azerbaijan, yes, in fact, we did sign an MOU, and we're working with the governments of Azerbaijan with SOCAR, the national company on progressing that to a production sharing agreement.

是的。關於你提到的阿塞拜疆問題，是的，事實上，我們確實簽署了一份諒解備忘錄，我們正在與阿塞拜疆政府以及國家石油公司SOCAR合作，推進其產品分成協議。

And what I'll say -- what I will say about what we're doing in Azerbaijan, this is the one thing in our portfolio that we've been trying to add for the last five or six years, looking in specific basins around the world where you have an order of magnitude opportunity greater than we have currently in terms of Colombia, Ecuador, Canada, where you can find multi-Tcf type fields, you can find a couple of hundred million barrel oil fields.

我想說的是——我想說的是我們在阿塞拜疆所做的事情，這是我們過去五六年來一直試圖添加到投資組合中的一件事，尋找世界各地的特定盆地，在那裡你可以找到比我們目前在哥倫比亞、厄瓜多爾、加拿大更大的數量級的機會，在那裡你可以找到數萬億立方英尺類型的油田，你可以找到幾億桶，你可以找到幾億桶的油田。

And so it's a very large block of land in a very prospective part of the country onshore, and we're very excited about it. You'll hear more about it when we go to a definitive agreement with a production sharing agreement, hopefully, in the third, fourth quarter here. And so yes, we're very excited about Azerbaijan.

這塊地面積非常大，位於該國極具潛力的陸上地區，我們對此感到非常興奮。當我們在第三季或第四季達成最終產品分成協議時，大家會聽到更多消息。所以，是的，我們對阿塞拜疆的前景非常興奮。

Garrett Fellows, J.H. Lane Partners.

加勒特‧費洛斯 (Garrett Fellows)、J.H. Lane Partners。

So I mean, you listed a few other ways of raising capital here, the royalties, non-core asset sales. I guess I'm curious why we felt the need to do the forward sale sort of loan agreement now if the assumption is that this was to derisk the $184 million amort payment next year, why do we need to pay a full year of interest on it? Or maybe there's something else going on that I don't know?

我的意思是，你列舉了其他幾種融資方式，像是特許權使用費、非核心資產出售。我很好奇，為什麼我們現在覺得有必要簽訂遠期銷售貸款協議？如果假設這樣做是為了降低明年1.84億美元攤銷款項的風險，那我們為什麼還要支付全年的利息？或者可能還有其他我不知道的原因？

Yes. No, it's a good question. And I think part of it is the number one concern I think people had with the company was addressing next year's maturity. And so we think we're proactively addressing the maturity. In respect to the interest, the way we've structured things, there's actually going to be a very low negative carry on the transaction. So again, de minimis negative carry just with investments that we can do and some tax efficiency that we have. And so we thought now would be the time to proactively address that with very minimal cost.

是的，不，這是個好問題。我認為部分原因是，我認為大家對公司最大的擔憂是明年的到期問題。所以，我們認為我們正在積極應對到期問題。就利息而言，根據我們的結構安排，交易的負收益實際上會非常低。所以，光是我們現有的投資和稅收效率，就能將負收益降至最低。所以我們認為現在是時候以最低的成本積極解決這個問題了。

Okay. Okay. Great. And then I guess just quickly on Azerbaijan. Could you walk us through the kind of cadence of how this project progresses. And let's say you have a signed MOU or signed production sharing agreement in the back half of the year. How does this project progress from there?

好的。好的。太好了。接下來我想快速談談阿塞拜疆的情況。您能否向我們介紹一下這個專案的進度？假設您在下半年簽署了諒解備忘錄或產品分成協議。那麼這個計畫接下來的進度如何？

Yes. It's a five-year first phase, very low cost in terms of the reward that's in front of us. And so there's no pressure in terms of timing. We have a full 5y years from the time the Congress ratifies a PSA. And so timing that we see, there are discoveries on the block -- it is very close to infrastructure.

是的。第一階段為期五年，就我們面臨的報酬而言，成本非常低。因此，在時間方面沒有壓力。從國會批准公共服務協議（PSA）開始，我們有整整五年的時間。因此，我們看到的時間，以及即將發現的資源——距離基礎設施建設非常近。

Gas, there's a very, very prolific price for both domestic and European exports. There's room in pipelines. And so that explains our excitement about having big structures in a very prolific oil and gas basin. And it really is just applying modern technology that will apply over the next years to come. And so that is the timing.

天然氣，無論是國內或出口到歐洲，價格都非常高。管道還有空間。這解釋了我們為何對在一個油氣資源豐富的盆地建造大型設施感到興奮。這實際上只是應用了未來幾年將要應用的現代技術。所以時機就到了。

It's a five-year program, and we'll disclose more about it, but a low cost of entry that we see with -- in terms of the reward that's potentially there.

這是一個五年計劃，我們將披露更多相關信息，但就潛在的回報而言，我們看到的進入成本很低。

Got it. But just in terms of when you could actually start producing after the PSA is signed?

明白了。但是，PSA 簽署後，你們什麼時候才能真正開始製作呢？

Depending on a proven discovery within that same year.

取決於同一年內已證實的發現。

Gentlemen, there are no further questions at this time. Please continue.

先生們，目前沒有其他問題了。請繼續。

I would once again like to thank everyone for joining us today. We look forward to speaking with you over the next quarter and update you on our ongoing progress. Thank you.

我再次感謝各位今天的到來。我們期待在下個季度與您溝通，並向您報告我們目前的進展。謝謝。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，現在可以掛斷電話了。