Gran Tierra Energy Inc. (GTE) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Gran Tierra Energy's conference call for fourth-quarter and year-end 2025 results. My name is Shannon, and I will be your coordinator for today. (Operator Instructions) I would like to remind everyone that this conference call is being webcast and recorded today, Wednesday, March 4, 2026, at 11:00 AM Eastern Time.

女士們、先生們，早安，歡迎參加 Gran Tierra Energy 2025 年第四季和全年業績電話會議。我叫香農，我將擔任你們今天的協調員。（操作員說明）我想提醒大家，本次電話會議將於美國東部時間 2026 年 3 月 4 日星期三上午 11:00 進行網路直播和錄音。

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 for reconciliations of any non-GAAP measures discussed on today's call. 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.

今天的討論可能包含某些前瞻性資訊、石油和天然氣資訊以及非GAAP財務指標。有關此資訊的重要提示和免責聲明，以及今天電話會議上討論的任何非GAAP指標的調節表，請參閱我們昨天發布的收益和營運更新新聞稿。最後，本次財報電話會議的所有權歸 Gran Tierra Energy, Inc. 所有。未經 Gran Tierra Energy 的書面同意，嚴禁複製或轉播本次電話會議。

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

現在我將把電話會議交給 Gran Tierra 的總裁兼執行長 Gary Guidry。Guidry先生，請繼續。

Thank you, Shannon. Good morning, and welcome to Gran Tierra's fourth-quarter and year-end 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.

謝謝你，香農。早安，歡迎參加 Gran Tierra 2025 年第四季及全年業績電話會議。我是 Gary Guidry，Gran Tierra 的總裁兼執行長。今天陪同我出席的還有我們的執行副總裁兼財務長瑞安·埃爾森，以及我們的營運長塞巴斯蒂安·莫林。

Yesterday, we issued a press release that included detailed information about our fourth quarter and year-end 2025 results. In addition, Gran Tierra's Energy's 2025 annual report on Form 10-K has been filed on EDGAR and is available on our website. Ryan and Sebastien will make a few brief comments, and we will then open the line for questions.

昨天，我們發布了一份新聞稿，其中包含了有關我們 2025 年第四季和全年業績的詳細資訊。此外，Gran Tierra's Energy 的 2025 年 10-K 表格年度報告已在 EDGAR 上提交，並可在我們的網站上查閱。Ryan 和 Sebastien 將作簡短發言，之後我們將開放提問環節。

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

現在我將把電話交給瑞恩，讓他來討論我們的財務表現。

Thanks, Gary, and good morning, everyone. The company has recently successfully executed a bond exchange of our 9.5% senior secured amortizing notes due in 2029 with a participation rate of approximately 88%, demonstrating high investor confidence in the company's strategy. Combined with our prepayment agreement and recent Simonette disposition, we are entering 2026 with a meaningfully enhanced liquidity position and a stronger balance sheet.

謝謝你，加里，大家早安。該公司最近成功完成了 2029 年到期的 9.5% 優先擔保攤銷票據的債券交換，參與率約為 88%，這表明投資者對公司策略有很高的信心。結合我們的預付款協議和最近對 Simonette 的處置，我們進入 2026 年時，流動性狀況顯著增強，資產負債表也更加穩健。

Subsequent to year-end, we amended and expanded our existing prepayment agreement, adding up to $175 million of incremental capacity plus $25 million accordion and was our primary source of liquidity to support the 2029 notes exchange. Concurrently, we terminated our Colombia credit facility, however, kept our CAD75 million Canadian facility in place. Importantly, this improved maturity profile and enhanced liquidity position allow us to shift from near-term refinancing considerations to disciplined opportunistic debt reduction with extended runway provided from the debt exchange, we can actively pursue bond buybacks at attractive discounts while continuing to allocate capital to the highest return development opportunities across the portfolio, accelerating, deleveraging without sacrificing asset progression or long-term value creation.

年末之後，我們修改並擴大了現有的預付款協議，增加了高達 1.75 億美元的增量能力，外加 2,500 萬美元的增額，這是我們支持 2029 年票據交換的主要流動性來源。同時，我們終止了在哥倫比亞的信貸安排，但保留了在加拿大的 7,500 萬加元信貸安排。重要的是，這種改善的到期結構和增強的流動性狀況使我們能夠從近期再融資考慮轉向有紀律的、機會主義的債務削減，並透過債務交換提供更長的資金週轉期，我們可以積極尋求以有吸引力的折扣回購債券，同時繼續將資本分配給投資組合中回報最高的開發機會，從而在不犧牲資產增長或長期價值的情況下加速去槓桿化。

Additionally, we are very pleased to announce our entry into Azerbaijan, which we view as a compelling and a capital-efficient addition to our portfolio. Partnering with SOCAR provides an early scaled entry into a stable and supportive jurisdiction with established infrastructure and a long production history. This opportunity aligns with our strategy of pursuing risk-mitigated growth in proven basins where our operating model and technical expertise can drive value. Given Azerbaijan's role in supplying energy to European markets, we see meaningful long-term strategic potential from this entry.

此外，我們非常高興地宣布進軍阿塞拜疆市場，我們認為這將是對我們投資組合的有力補充，也是一項資本效率高的舉措。與 SOCAR 合作可以讓你儘早大規模地進入一個穩定且支持性的司法管轄區，該管轄區擁有完善的基礎設施和悠久的生產歷史。這項機會符合我們在成熟盆地追求風險可控成長的策略，我們的營運模式和技術專長可以在這些盆地創造價值。鑑於阿塞拜疆在向歐洲市場供應能源方面所扮演的角色，我們認為此次入境具有重要的長期戰略潛力。

From a hedging standpoint, we continue to layer in hedges to support cash flow stability in 2026. Oil volumes are approximately 50% hedged throughout the year using a mix of 3-ways, collars and puts with an average floor around $60, balancing downside protection with upside exposure. For gas, we have AECO swaps covering on average 14,200 GJs per day at approximately $2.77 per GJ for 2026. Our 12-month rolling program maintains disciplined coverage levels while preserving price upside.

從對沖角度來看，我們將繼續逐步增加對沖措施，以支持 2026 年的現金流穩定性。全年約有 50% 的石油交易量透過三方選擇權、領式選擇權和賣權的組合進行避險，平均下限約為 60 美元，以平衡下行保護和上行風險敞口。對於天然氣，我們有 AECO 互換協議，平均每天可覆蓋 14,200 吉焦，價格約為每吉焦 2.77 美元，有效期至 2026 年。我們的 12 個月滾動計劃在保持價格上漲空間的同時，維持了嚴格的覆蓋水準。

Turning now to our financial results for the year. During 2025, Gran Tierra realized a net loss of $193 million or $5.45 per share, which included non-cash ceiling test impairment losses of $136 million compared to net income of $3.2 million or $0.10 per share in 2024.

現在來看看我們今年的財務表現。2025 年，Gran Tierra 實現淨虧損 1.93 億美元，即每股虧損 5.45 美元，其中包括 1.36 億美元的非現金上限測試減損損失，而 2024 年的淨利潤為 320 萬美元，即每股收益 0.10 美元。

Gran Tierra's capital expenditures increased slightly by $8 million or 3% to $256 million compared to 2024 due to a higher number of wells drilled during the year in Colombia, Ecuador and Canada. The company realized adjusted EBITDA of $284 million, a decrease of 23% from $367 million in 2024. 2025 funds flow from operations were $178 million or $5.02 per share compared to $225 million in 2024. Both these decreases were commensurate with the decrease in Brent oil price.

由於今年在哥倫比亞、厄瓜多和加拿大鑽探的油井數量較前一年有所增加，Gran Tierra 的資本支出比 2024 年略微增加了 800 萬美元，增幅為 3%，達到 2.56 億美元。該公司2025年調整後EBITDA為2.84億美元，較2024年的3.67億美元下降23%。 2025年營運資金流量為1.78億美元，即每股5.02美元，而2024年為2.25億美元。這兩項降幅均與布蘭特原油價格的下降幅度相符。

The company generated net cash provided by operating activities of $313 million, an increase of 31% from $239 million in 2024. The company had $83 million in cash and cash equivalents as at December 31, 2025, a decrease compared to a cash balance of $103 million as at December 31, 2024. In addition, the company has its Canadian credit facility fully undrawn with a capacity of CAD75 million.

該公司經營活動產生的淨現金流為 3.13 億美元，比 2024 年的 2.39 億美元成長了 31%。截至 2025 年 12 月 31 日，該公司擁有現金及現金等價物 8,300 萬美元，較 2024 年 12 月 31 日的現金餘額 1.03 億美元有所減少。此外，該公司在加拿大的信貸額度為 7,500 萬加元，尚未動用。

During 2025, the company bought back $21.3 million in face value of the company's 2029 senior notes. Gran Tierra's net oil and gas sales for the year were $597 million, a slight decrease of 4% compared to 2024.

2025 年，該公司回購了面值為 2,130 萬美元的 2029 年到期優先票據。Gran Tierra 公司本年度的石油和天然氣淨銷售額為 5.97 億美元，與 2024 年相比略微下降了 4%。

Total 2025 operating expenses were $249 million compared to $202 million in 2024, representing a 23% increase, while operating expenses per BOE were $15.17, 6% lower when compared to 2024. The increase in total operating expenses in 2025 was a result of higher operating costs in Ecuador, driven by a production ramp-up in 2025 and a full year contribution from our Canadian operations. Taken together, we have had a very busy start to the year with all these corporate actions, reposition the company for a strong 2026 and beyond.

2025 年總營運支出為 2.49 億美元，而 2024 年為 2.02 億美元，成長了 23%；而每桶油當量營運支出為 15.17 美元，比 2024 年下降了 6%。2025 年總營運費用的增加是由於厄瓜多爾的營運成本上升，這是由於 2025 年產量增加以及加拿大業務的全年貢獻。綜上所述，今年開局我們非常忙碌，採取了一系列公司行動，為公司在 2026 年及以後取得強勁發展奠定了基礎。

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

現在我將把電話交給塞巴斯蒂安·莫林，讓他來談談我們目前運營的一些亮點。

Thanks, Ryan. Good morning, everyone. I will start with our 2025 year-end reserves. On January 28, 2026, we announced our year-end reserves as evaluated by McDaniel. The results reinforce the strength, depth and optionality embedded in our portfolio.

謝謝你，瑞恩。各位早安。我將先介紹我們2025年底的儲備金。2026 年 1 月 28 日，我們公佈了 McDaniel 評估的年終儲備金。結果進一步印證了我們投資組合的實力、深度和多樣性。

In South America, we delivered greater than 100% reserve replacement on both a PDP and 2P basis, driven by exploration success and strong asset performance. For 2025, we reported 142 million barrels of oil equivalent of 1P reserves, 258 million barrels of oil equivalent of 2P reserves, and 329 million barrels of oil equivalent of 3P reserves. South American reserve replacement was 101 for PDP -- 101% for PDP, 61% for 1P and 105% for 2P. These outcomes were supported by multiple exploration discoveries in Ecuador, disciplined management of our low-decline Colombian assets and successful integration of our Canadian operations into a diversified multi-basin portfolio.

在南美洲，我們透過勘探成功和強勁的資產表現，實現了超過 100% 的儲量替代率（以 PDP 和 2P 計算）。2025 年，我們報告 1P 儲量為 1.42 億桶油當量，2P 儲量為 2.58 億桶油當量，3P 儲量為 3.29 億桶油當量。南美洲儲備替代率 PDP 為 101%——PDP 為 101%，1P 為 61%，2P 為 105%。這些成果得益於我們在厄瓜多爾的多項勘探發現、對哥倫比亞低衰減資產的嚴格管理以及將我們在加拿大的業務成功整合到多元化的多盆地投資組合中。

In Canada, certain natural gas reserves were reclassified to contingent resources due to current low gas prices under reserve booking standards. As operator of the majority of our assets, we retain the flexibility to reallocate capital toward high-return, quick payout gas development in a stronger price environment. And we remain constructive on long-term natural gas demand given LNG expansion and structural growth and power demand.

根據儲量登記標準，由於當前天然氣價格低迷，加拿大某些天然氣儲量被重新歸類為或有資源。作為我們大部分資產的營運商，我們保留了在價格環境走強時將資本重新分配到高回報、快速回本的天然氣開發專案的靈活性。鑑於液化天然氣擴張、結構性成長和電力需求，我們仍然對天然氣的長期需求持樂觀態度。

Our PDP reserves continue to generate meaningful cash flow that supports deleveraging, while our broader inventory, including approximately 0.3 Tcf of unrisked 3P contingent resources in the Gacanidic formation and 0.4 Tcf of 3P gas reserves across our Canadian assets provide substantial long-term gas development optionality. The organic and inorganic growth achieved over the past several years has created a runway of highly economic development opportunities in proven plays with established infrastructure.

我們的 PDP 儲量繼續產生可觀的現金流，支持去槓桿化，而我們更廣泛的庫存，包括 Gacanidic 地層中約 0.3 兆立方英尺的未風險 3P 或有資源和我們在加拿大資產中的 0.4 萬億立方英尺 3P 天然氣儲量，提供了大量的長期天然氣開發選擇權。過去幾年所取得的有機和無機成長，為成熟油氣田和基礎設施完善的油氣田創造了大量極具經濟發展機會。

With Canadian operations now fully integrated, approximately 18% of production, 19% of 1P reserves and 22% of 2P reserves are attributable to natural gas and Canada represents 39% of 1P and 44% of 2P reserves. This diversification enhances resilience across commodity cycles while preserving capital allocation flexibility.

隨著加拿大業務的全面整合，天然氣約佔總產量的 18%，1P 儲量的 19%，2P 儲量的 22%，而加拿大分別佔 1P 儲量的 39% 和 2P 儲量的 44%。這種多元化投資增強了企業在商品週期中的抗風險能力，同時保持了資本配置的靈活性。

From a valuation perspective, year-end 2025 NAV per share was $22.61 before tax and $13.61 after tax on a 1P basis, and $51.09 before tax and $31.17 after tax on a 2P basis. Compared to our current share price, this reflects a meaningful discount of 2 to 5 times across all NAV categories.

從估值角度來看，2025 年底每股淨值以 1P 基礎計算稅前為 22.61 美元，稅後為 13.61 美元；以 2P 基礎計算稅前為 51.09 美元，稅後為 31.17 美元。與我們目前的股價相比，這反映出所有淨值類別均有 2 至 5 倍的顯著折價。

In terms of production, Gran Tierra achieved 2025 average working interest production of 45,709 barrels per day, representing a 32% increase from 2024 due to our positive exploration well drilling results in Ecuador and full year production from our Canadian operations, which was partially offset by lower production in Southern Colombia and Ecuador as a result of 2 major export pipeline disruptions and the Moqueta field being shut in due to trunk line repairs during the third quarter of 2025.

就產量而言，Gran Tierra 2025 年平均工作權益產量為每天 45,709 桶，比 2024 年增長 32%，這得益於我們在厄瓜多爾的勘探井鑽探取得的積極成果以及加拿大業務的全年產量，但部分被哥倫比亞南部和厄瓜多爾的產量下降所抵消，原因是主要在兩季度關閉管道。

Operationally, we are building off a successful year in 2025 to start off 2026 on a strong note. As Ryan noted previously, with the company fulfilling all 2025 Ecuador commitments and the Suroriente carried work program well underway, we are entering a new phase focused on generating cash flow and maximizing the value of our diversified portfolio.

在營運方面，我們以 2025 年的成功為基礎，力爭在 2026 年取得強勁開端。正如 Ryan 之前指出的那樣，隨著公司履行了 2025 年在厄瓜多爾的所有承諾，以及 Suroriente 承運的工作計劃進展順利，我們正在進入一個以產生現金流和最大化我們多元化投資組合價值為重點的新階段。

From a development standpoint, we are excited to share that we recently drilled the Raju-2 well on the Suroriente block, targeting the northern extent of the Cohembi field. The well is producing approximately 790 barrels of oil per day at less than 1% water cut and is performing ahead of our initial expectations. The result further delineates the field and supports the broader development potential of Cohembi to the north. Raju-2 also advances our Suroriente capital carry commitment, which we expect to complete by mid-2026.

從開發角度來看，我們很高興地宣布，我們最近在 Suroriente 區塊鑽探了 Raju-2 井，目標是 Cohembi 油田的北部延伸部分。該油井每天約生產 790 桶原油，含水率低於 1%，其表現超出了我們最初的預期。該結果進一步界定了該區域的範圍，並支持了科亨比北部更廣泛的發展潛力。Raju-2 也推進了我們對 Suroriente 的資本承諾，我們預計將在 2026 年年中完成。

To close, our operational focus remains on portfolio longevity, asset quality and disciplined execution. With the addition of Azerbaijan, our portfolio now spans 4 countries, 6 basins and 3 continents, further enhancing diversification. The company continues to be supported by a strong PDP foundation, meaningful 1P and 2P reserves and a consistent track record of progressing resources from 2P to 1P and ultimately into producing assets.

最後，我們的營運重點仍然是投資組合的長期性、資產品質和嚴謹的執行。隨著阿塞拜疆的加入，我們的投資組合現在涵蓋 4 個國家、6 個盆地和 3 大洲，進一步增強了多元化。公司繼續擁有強大的 PDP 基礎、可觀的 1P 和 2P 儲量，以及將資源從 2P 推進到 1P 並最終轉化為生產資產的持續良好記錄。

As we advance our operational and financial objectives, we remain steadfast in our commitment to safe, responsible operations and supporting the communities in which we work. With a stronger capital structure and a clear focus on free cash flow and debt reduction, we believe 2026 marks an important step in enhancing the long-term value of Gran Tierra.

在推動營運和財務目標的同時，我們始終堅定不移地致力於安全、負責任的運營，並支持我們開展業務的社區。憑藉更強大的資本結構和對自由現金流和債務削減的明確關注，我們相信 2026 年是 Gran Tierra 提升長期價值的重要一步。

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，我和 Gary、Ryan 很樂意回答您的問題。操作員，請開始。

(Operator Instructions) David Round, Stifel.

（操作說明）David Round，Stifel。

Great. Thank you. Thanks, everyone. Probably an obvious one to start, but maybe can you just talk about your exposure to near-term prices, please? Specifically, if you can just mention sort of how and when your sales are priced?

偉大的。謝謝。謝謝大家。這或許是個顯而易見的問題，但您能否談談您對近期價格波動的擔憂？具體來說，您能否簡單說明一下您的銷售定價方式和時間？

Secondly, a bit of a follow-on. I appreciate this is all new, but I mean, I see your CapEx guidance is the same in your base case and your high case, but that's up to $75. So I'm wondering, $80 plus, does that change? At what point does your thinking around capital allocation change?

其次，還有一些後續問題。我知道這一切都是新的，但我的意思是，我看到你們的基本情況和最高情況的資本支出指導相同，但最高可達 75 美元。所以我想知道，80美元以上的價格會改變嗎？你對資本配置的看法在什麼情況下會改變？

And third one, just on Azerbaijan, please. If you wouldn't mind just sort of giving us an idea on potential capital allocation there, please? Thank you.

第三點，請只談阿塞拜疆。如果您不介意的話，能否給我們簡單介紹一下那裡的潛在資金配置方案？謝謝。

Great. Thanks, David. Yeah, with respect to pricing, you're right, it is fairly new. And the way our pricing works is we're paid in Colombia, we're paid just on the monthly average Brent price. And in Ecuador, we're paid at [M-1], which is really the month of lifting. We get paid the prior month pricing is how we get as far as the pricing. And in Canada, we're paying on the average of WTI for the month.

偉大的。謝謝你，大衛。是的，就價格而言，你說得對，它確實是比較新的。我們的定價方式是，我們在哥倫比亞收款，我們只根據布蘭特原油的月平均價格收款。在厄瓜多爾，我們按 [M-1] 月發放工資，而 [M-1] 實際上是舉重月。我們收到的款項是根據上個月的定價計算出來的，這就是我們定價的依據。在加拿大，我們以當月WTI原油的平均價格支付。

And so right now, and just for sensitivities, we do have a sensitivity in our corporate deck. If you look at the low case, mid-case and high case, you're right that at the $75 high case, we're generating -- it's about $130 million of free cash flow and capital expenditures are relatively flat. Actually, they're the same across all categories. And I think right now, it's too early to say what we do with additional funds.

所以現在，為了避免敏感問題，我們在公司宣傳冊中確實加入了敏感問題說明。如果你看一下低情景、中情景和高情景，你是對的，在75美元的高情景下，我們將產生大約1.3億美元的自由現金流，而資本支出相對平穩。實際上，它們在所有類別中都是一樣的。我認為現在談論如何使用額外資金還為時過早。

But our capital program for 2026 is pretty well set. So I think this would really -- we wouldn't expect any material changes at all for 2026. It really help us with our planning for 2027. We're very focused on debt reduction, free cash flow generation. And so I think any excess free cash will either go with cash on the balance sheet or repurchasing our outstanding debt.

但我們2026年的資本支出計畫已經基本製定完畢。所以我認為，2026年應該不會有任何實質的改變。它確實對我們2027年的規劃很有幫助。我們非常注重降低債務和創造自由現金流。因此，我認為任何多餘的自由現金要么會轉化為資產負債表上的現金，要么會用於回購我們未償債務。

And then with respect to Azerbaijan, it's -- we are still waiting to get the PSC ratified. So really, capital -- we'll come out with capital guidance for Azerbaijan. Really, it's really a 2027 and beyond with some capital this year, most likely some gravity that we'll see in Azerbaijan.

至於阿塞拜疆，我們仍在等待和平與安全會議獲得批准。所以，關於資本——我們將發布針對阿塞拜疆的資本指導意見。實際上，這真的要等到 2027 年及以後，今年會有一些資金到位，很可能也會有一些引力作用，我們會在阿塞拜疆看到這些引力作用。

Okay. Makes sense. Maybe I can just sneak another quick one just on OpEx. It looks like actually a pretty meaningful reduction in OpEx in '26. How much of that is structural savings that we can assume will persist? And are there any deferrals we just need to be aware of there?

好的。有道理。或許我可以偷偷再做一個，就當是營運支出。看起來 2026 年的營運支出確實會有相當大的下降。其中有多少是我們可以預期會持續存在的結構性節省？還有什麼需要我們注意的延期規定嗎？

So from a -- they're mostly all structural components. Even in Canada, we've reduced as a whole, about 10% per year on a structural basis. So the integration of (inaudible) has been significant. And the same goes in Colombia and Ecuador. And a lot of that is moving from our diesel to gas to power as we develop the fields in Ecuador.

所以從某種意義上來說——它們大多都是結構部件。即使在加拿大，從結構上看，我們整體上也減少了約 10%。因此，（聽不清楚）的整合意義重大。哥倫比亞和厄瓜多爾的情況也是如此。隨著我們在厄瓜多爾開發油田，許多能源消耗正從柴油轉向天然氣發電。

Josef Schachter, SER.

Josef Schachter，SER。

Good morning, everyone. Thanks for taking my question. First one for Ryan. Ryan, with all these higher prices and you mentioned your hedge book, how much incremental hedges have you put on? And are you stretching that into '27? Is this war premium giving the ability to add hedges at very attractive prices?

各位早安。謝謝您回答我的問題。第一個是瑞恩的。Ryan，鑑於價格上漲，而且你提到了你的對沖策略，你增加了多少對沖部位？你們打算把這個期限延長到 2027 年嗎？這項戰爭溢價是否能以極具吸引力的價格進行避險？

I think for this year, we have about 50% of our production hedged. We have started to add a few into Q1 of 2027. I think the reality is, obviously, front month is quite a bit higher, but the curve is steeply backward dated. And so -- but we are continuing to look at hedges for latter half of the year, but more so into next year.

我認為今年我們大約有 50% 的產量進行了避險。我們已開始在 2027 年第一季增加一些項目。我認為現實情況顯然是，近月合約價格要高得多，但曲線向後傾斜的趨勢非常明顯。因此——但我們將繼續關注下半年的對沖策略，尤其是明年的對沖策略。

As I said, we're about 50% hedged already this year. We may do some short-term options to take advantage of it, get above that 50% probably through puts over the next couple of months. But that really is, again, with the curve so steeply backward dated.

正如我所說，我們今年已經對沖了大約 50% 的風險。我們可能會採取一些短期期權策略來利用這一機會，並可能在未來幾個月內透過賣出看跌期權來獲得超過 50% 的收益。但這確實是因為曲線向後傾斜得太厲害了。

Okay. Next one, the disruption on the pipelines in the south for Colombia and then the recent announcements of the Americans being involved with the Ecuadorian military. Is there any concern about Ecuador production? And has there been a recovery from the pipeline disruptions in Southern Colombia?

好的。接下來是哥倫比亞南部輸油管的中斷，以及最近美國宣布介入厄瓜多爾軍方事務的消息。對厄瓜多爾的生產有任何擔憂嗎？哥倫比亞南部輸油管中斷事件是否已恢復？

Thanks, Josef. I think the answer to that is there's no disruption in Ecuador. We're currently starting our water injection pilot test. We are working with the government to tie into the Osla pipeline going forward.

謝謝你，約瑟夫。我認為答案是厄瓜多爾沒有任何混亂。我們目前正在啟動注水試驗。我們正在與政府合作，以便未來能夠連接奧斯拉輸油管。

And with the border disruption, the border being closed between Colombia and Ecuador, we have multiple ways to export our crude from Colombia. And so now it's all being exported directly from Colombia as opposed through the OTA and the SOTE lines. And so, no disruption to production or exports. It's just different routing.

由於邊境中斷，哥倫比亞和厄瓜多爾之間的邊境關閉，我們有多種方式從哥倫比亞出口原油。因此，現在所有產品都直接從哥倫比亞出口，而不是透過OTA和SOTE線路出口。因此，生產和出口均未受到影響。只是路徑不同而已。

So has production come up materially? What would production be now versus what it was during Q4?

那麼產量是否有實質成長呢？與第四季相比，目前的產量會是多少？

In Ecuador, we're still at the 8,500, 9,000 barrels a day. But we are quite enthusiastic. We're already seeing response from the injection in the fields that we're on, but we're -- our plans are to start water injection pilots in all of our fields.

在厄瓜多爾，我們每天的產量仍然是 8500 到 9000 桶。但我們熱情很高。我們已經看到在我們正在開發的油田中進行注水試驗的效果，但是——我們的計劃是在我們所有的油田進行注水試驗。

Okay. And in Colombia, production now versus Q4?

好的。那麼，哥倫比亞目前的產量與第四季相比如何？

Yes, Josef, it's pretty much flat. So as we manage the waterflood at Costayaco and Moqueta, we're doing some optimizations on both the waterfloods and Moqueta is actually back up over 1,100 barrels a day. So we're essentially flat for Q4 to Q1 now.

是的，約瑟夫，這裡幾乎是平坦的。因此，在管理 Costayaco 和 Moqueta 的注水作業時，我們正在對這兩個注水作業進行一些優化，Moqueta 的日產量實際上已經恢復到 1100 桶以上。所以，第四季到第一季的業績基本上持平。

Rob Mann, RBC Capital Markets.

Rob Mann，加拿大皇家銀行資本市場。

Good morning, guys. Thanks for taking my questions. My first one just around the Simonette disposition in the context of your production guidance for this year. It sounds like operations are trending positively so far. But would you anticipate a small change to your production guidance range upon deal close or look to maintain your current guidance?

各位早安。謝謝您回答我的問題。我的第一個問題是關於 Simonette 的安排，以及您今年的生產指導。聽起來目前營運進展順利。但您預計交易完成後產量預期範圍會略有變化，還是會維持目前的預期？

Yes. Well, it is -- we will revise our guidance once we've closed that transaction, which will happen here over the next week or two going forward. And so, it's not material, but it is an effective date of January 1, 2026.

是的。沒錯——一旦完成這筆交易，我們將修改我們的指導意見，這筆交易將在未來一兩週內完成。因此，這並非實質問題，但生效日期為 2026 年 1 月 1 日。

Okay. Great. Just one more for me, if I could. Can you just remind us of your activity in the Clearwater this year? And is there any potential to accelerate or expand the program there just following the Simonette disposition, the planned activity there? Thanks.

好的。偉大的。如果可以的話，我再給自己留一個。您能否簡單介紹一下今年在克利爾沃特的活動？在西蒙內特處置之後，是否有可能加快或擴大那裡的項目，以及計劃在那裡進行的活動？謝謝。

Yes. So right now, we're doing some more core work studies, essentially cost optimization studies for when we go to full field development. And to your point, we have an existing pad with room for up to 4 to 6 wells. So that's all in the planning stages that we can pull off of the shelf.

是的。所以現在，我們正在進行一些更核心的工作研究，本質上是為全面開發油田時進行成本優化研究。正如您所說，我們現有的井場可以容納 4 到 6 口井。所以這些都是我們可以立即實施的計畫階段方案。

Alejandra Andrade, JPMorgan.

Alejandra Andrade，摩根大通。

You mentioned debt reduction. I was wondering what would be your target in terms of debt reduction? And when do you think it's feasible to achieve that? Thank you.

你提到了減少債務。我想知道你們在減少債務方面設定的目標是什麼？你認為什麼時候才能實現這個目標？謝謝。

Longer term, we're targeting net debt to EBITDA of 1 times, and we're targeting that for 2028. It obviously contingent on pricing. And pricing like today, that accelerates quite quickly.

從長遠來看，我們的目標是將淨債務與 EBITDA 的比率降至 1 倍，並計劃在 2028 年實現這一目標。這顯然取決於價格。而像現在這樣的定價策略，成長速度相當快。

Chris Dechiario, BTIG.

克里斯·德基亞裡奧，BTIG。

Good morning. Just -- I guess, a couple of follow-up questions on topics that have already been asked. On the hedging program, you mentioned, I think, an average floor price of $60. Just what's the average ceiling price now that we have prices at least in the near term where they are? I guess my first question.

早安.我想就之前已經問過的一些話題再提幾個後續問題。關於對沖計劃，我記得你提到平均最低價格為 60 美元。既然我們現在至少在短期內已經確定了價格水平，那麼平均最高價格是多少呢？我的第一個問題。

About $74 is the ceiling.

價格上限約74美元。

Okay. Thank you. And then just following up on Alejandra's question. I mean, to the extent you're focused now on free cash flow and debt reduction going forward, to the extent perhaps we'll have a little bit higher oil prices for longer. How do you think about sort of share buybacks versus net debt reduction or debt reduction? I mean, to the extent things end up better than your guidance, sort of how do you think of allocating between the two?

好的。謝謝。然後，我再補充一下 Alejandra 的問題。我的意思是，鑑於你現在關注的是未來的自由現金流和債務削減，或許我們會面臨油價在更長時間內保持較高水準的情況。您如何看待股票回購與淨債務減少或債務減少之間的關係？我的意思是，如果最終結果比你的指導更好，你打算如何分配這兩者之間的利益呢？

Yeah, it's a good question. I think if you look at where the bonds yield right now, we're very focused on debt reduction. And our first choice would be to repurchase outstanding debt. And then you'll recall in the exchange that we just did, any restricted payments that go out, we have to 2:1 for debt reduction versus share buybacks. So we're going to buy back $10 million worth of shares, we'd be obligated to buy back $20 million versus debt. So you can see the emphasis on the debt reduction.

是的，這是個好問題。我認為，如果你看看目前的債券殖利率，你會發現我們非常注重減少債務。我們的首選方案是回購未償債務。然後，您可能還記得我們剛才提到的，任何受限的付款，都必須以 2:1 的比例用於減少債務和回購股票。所以，如果我們要回購價值 1,000 萬美元的股票，我們將有義務回購價值 2,000 萬美元的股票以償還債務。由此可見，重點在於減少債務。

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。

Thank you, operator. I would once again like to thank everyone for joining us today. I would like to also take this opportunity to thank the entire Gran Tierra team for their commitment and their hard work in 2025, while thanking stakeholders for their continued support. We look forward to speaking with you next quarter and update you on our ongoing progress. Thank you.

謝謝接線生。我再次感謝各位今天蒞臨現場。我還要藉此機會感謝 Gran Tierra 團隊在 2025 年的付出和努力，同時感謝利害關係人的持續支持。我們期待下個季度與您再次溝通，並向您報告我們的最新進展。謝謝。

This concludes today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。