Gran Tierra Energy Inc. (GTE) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Gran Tierra Energy's conference call for first quarter 2026 results. My name is Tanya, 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, Friday, May 8, 2026, at 11 AM Eastern Time.

各位女士、先生，早安，歡迎參加 Gran Tierra Energy 2026 年第一季業績電話會議。我是 Tanya，將擔任今天的會議協調人。（接線員指示）提醒各位，本次電話會議將於今天（2026 年 5 月 8 日，星期五）美東時間上午 11 點進行網路直播並錄音。

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.

今天的討論可能包含若干前瞻性資訊、油氣資訊以及非 GAAP 財務衡量指標。請參閱我們於昨日發布的盈餘與營運更新新聞稿，其中載有與上述資訊相關的重要提示與免責聲明，以及對於今日電話會議中所討論任何非 GAAP 指標的調節表。

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

最後，本次財報電話會議為 Gran Tierra Energy, Inc. 之財產。未經 Gran Tierra Energy 書面同意，嚴禁以任何形式複製或轉播本次會議內容。現在我將把電話會議交給 Gran Tierra 總裁兼執行長 Gary Guidry。Guidry 先生，請開始。

Thank you, Tanya. Good morning, and welcome to Gran Tierra first-quarter 2026 results conference call. My name is Gary Guidry, Gran Tierra 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，Tanya。各位早安，歡迎參加 Gran Tierra 2026 年第一季業績電話會議。我是 Gran Tierra 總裁兼執行長 Gary Guidry。今天與我一同出席的還有：執行副總裁兼財務長 Ryan Ellson，以及營運長 Sebastien Morin。

On Thursday, May 7, 2026, we issued a press release that included detailed information about our first quarter 2026 results, which is available on our website. Ryan and Sebastien will make a few brief comments, and then we will open the line for questions.

我們已於 2026 年 5 月 7 日（星期四）發布新聞稿，內含關於 2026 年第一季業績的詳細資訊，並已刊登於公司網站。Ryan 與 Sebastien 將先做幾點簡短說明，之後我們將開放提問。

Immediately following this earnings call at 10:00 AM Mountain Time, 12:00 noon Eastern Time, we will be holding our Annual General Meeting of Stockholders. During the meeting, I will give a brief overview of Grand Sierra and where the company is heading.

在本次財報電話會議結束後（山區時間上午 10:00、美東時間中午 12:00），我們將召開年度股東常會。會中我將簡要概述 Grand Sierra 以及公司未來的發展方向。

We invite you to join us on this call and dial-in instructions can be found on our website. I will now turn the call over to Ryan to discuss our financial results.

我們誠摯邀請各位參與，撥入指示可於公司網站查詢。現在我將把電話交給 Ryan，請他說明我們的財務結果。

Thanks, Gary, and good morning, everyone. Our first quarter performance marks a solid start to 2026, with production aligning within expectations and capital spending coming in under plan, highlighting disciplined execution across the organization. With assignment of asset disposition and bond exchange completed during the quarter, we have materially strengthened the balance sheet as we exited the quarter with $125 million in cash and extended maturities.

謝謝你，Gary，各位早安。第一季表現為 2026 年奠定穩健開局，產量符合預期區間，資本支出低於計畫，展現全組織紀律執行。隨著本季完成資產處分交割及債券交換，我們的資產負債表已顯著強化；季末現金達 1.25 億美元，且到期結構已延長。

Additionally, we signed an exploration, development, and production sharing agreement with the State Oil Company of the Republic of Azerbaijan, which provides access to a world-class, proven basin with established infrastructure and contiguous acreage with significant development, appraisal, and exploration opportunities.

此外，我們與亞塞拜然共和國國家石油公司簽署勘探、開發與生產分成協議，使我們得以進入世界級、已證實的盆地；該區具備既有基礎設施，且與我們相鄰的區塊連成一體，擁有可觀的開發、評估與勘探機會。

Lastly, we entered a strategic partnership with Ecopetrol, where Gran Tierra expects to earn a 49% working interest in the Tisquirama Block, located in the middle Magdalena Valley basin of Colombia combined with our existing Acordionero operations, this expands our operating position in the basin and is expected to drive operational synergies and enhance long-term value.

最後，我們與 Ecopetrol 建立策略夥伴關係，Gran Tierra 預期可取得位於哥倫比亞中馬格達萊納谷（Middle Magdalena Valley）盆地之 Tisquirama 區塊 49% 的作業權益；結合我們既有的 Acordionero 營運，將擴大我們在該盆地的營運布局，並預期帶動營運綜效、提升長期價值。

From a hedging standpoint, oil volumes are hedged throughout the year using a mix of 3 Ways, Collars, and Puts with an average ceiling of approximately $76 per barrel. For gas, we have AECO swaps covering an average of 15,600 GJs per day at approximately $2.71 per GJ for 2026.

就避險而言，我們全年以 3-Way、Collar 與 Put 的組合對原油量進行避險，平均上限價約為每桶 76 美元。天然氣方面，我們有 AECO 掉期，涵蓋 2026 年平均每日 15,600 GJ，價格約為每 GJ 2.71 美元。

We continue to evaluate market conditions and will add to our hedge position where opportunities align with our established hedging policy and support our objectives of protecting cash flow while maintaining exposure to higher commodity prices.

我們將持續評估市場狀況，並在機會符合既定避險政策且支持我們目標時，增加避險部位，以在維持對較高商品價格曝險的同時，保護現金流。

As a result of our strategic developments in the evolving market environment, our 2026 guidance has been revised to reflect how our portfolio and the market has changed since our original guidance announced in December 2025.

由於我們在不斷演變的市場環境中推動策略性進展，我們已修訂 2026 年指引，以反映自 2025 年 12 月公布原始指引以來，我們的投資組合與市場所發生的變化。

The primary drivers of our revised guidance were the higher commodity price assumptions, our completed Simonette disposition, the addition of the Tisquirama block through our partnership with Ecopetrol and incremental hedges put in place after the original guidance was announced.

本次修訂指引的主要驅動因素包括：較高的商品價格假設、已完成的 Simonette 處分、透過與 Ecopetrol 的合作新增 Tisquirama 區塊，以及在原始指引公布後新增的避險部位。

Despite higher oil prices improving the backdrop, the benefit is partially offset hedging losses forecast between $70 million to $72 million, the loss of Simonette production and incremental capital spend tied to our new portfolio additions.

儘管油價上升改善了整體環境，但其效益部分被預估 7,000 萬至 7,200 萬美元的避險損失、Simonette 產量流失，以及與新增投資組合相關的額外資本支出所抵銷。

At approximately $84 Brent average for the year, we are guiding to production of 40,000 to 45,000 barrels of oil equivalent per day, EBITDA of $345 million to $395 million and free cash flow of $95 million to $115 million with a capital program of $130 million to $170 million.

以全年布蘭特（Brent）平均約 84 美元計算，我們預估產量為每日 40,000 至 45,000 桶油當量，EBITDA 為 3.45 億至 3.95 億美元，自由現金流為 9,500 萬至 1.15 億美元，資本計畫為 1.3 億至 1.7 億美元。

Turning now to our financial results for the first quarter of 2026. Gran Tierra incurred a net loss of $119 million compared to a net loss of $141 million in the prior quarter and net loss of $19 million in the first quarter of 2025. The net loss position was primarily the result of non-cash charges such as unrealized hedging losses, the remeasurement of equity compensation plans, coupled with non-recurring charges such as a senior note exchange and severance.

接著說明 2026 年第一季財務結果。Gran Tierra 淨損 1.19 億美元，較上一季淨損 1.41 億美元收斂，但高於 2025 年第一季淨損 1,900 萬美元。淨損主要源於未實現避險損失、股權薪酬計畫重估等非現金費用，並加上如高級票據交換與資遣費等一次性費用。

Ecuador pricing lagged during the quarter due to our M-1 structure, reducing revenue by approximately $16 million versus the average Brent. With Brent moving higher in April and May, we expect the timing effect to reverse and support stronger realizations from Ecuador in the second quarter.

由於我們的 M-1 定價結構，厄瓜多爾的定價在本季出現落後，與布蘭特平均相比使營收減少約 1,600 萬美元。隨著布蘭特在 4 月與 5 月走高，我們預期此時間差效應將反轉，並在第二季支撐厄瓜多爾更強的實現價格。

The company generated adjusted EBITDA of $74 million versus $52 million in the prior quarter and $85 million in the first quarter of 2025. Funds filled from operations were $43 million or $1.21 per share, up 60% from the prior quarter and down 20% from the first quarter of 2025.

公司本季調整後 EBITDA 為 7,400 萬美元，較上一季 5,200 萬美元增加，較 2025 年第一季 8,500 萬美元減少。營運資金流入（funds flow from operations）為 4,300 萬美元或每股 1.21 美元，較上一季增加 60%，較 2025 年第一季下降 20%。

Gran Tier's capital expenditure of $45 million were lower than the $53 million in the prior quarter and $95 million in the first quarter of 2025.

Gran Tierra 的資本支出為 4,500 萬美元，低於上一季的 5,300 萬美元，也低於 2025 年第一季的 9,500 萬美元。

During the quarter, the company spent three development wells in Colombia and three development wells in Canada. In the Simonette area, which was disposed in March 2026. Gran Tierra recouped the costs associated with the drilling of the Montney wells through the purchase price adjustment related to the transaction as the effective date was January 1.

本季公司在哥倫比亞鑽了三口開發井，在加拿大鑽了三口開發井。在 Simonette 區域（已於 2026 年 3 月處分），由於交易生效日為 1 月 1 日，Gran Tierra 透過與該交易相關的購買價格調整，收回了鑽鑿 Montney 井所產生的成本。

At quarter end, Gran Tierra had a cash balance of $125 million, total gross debt of $606 million and net debt of $481 million. Furthermore, we repurchased approximately $9.2 million face value of the company's 9.75% senior notes due April 15, 2031. The repurchase represents a discount of 12% to the face value of the repurchased bonds.

截至季末，Gran Tierra 現金餘額為 1.25 億美元，總負債（毛額）為 6.06 億美元，淨負債為 4.81 億美元。此外，我們回購了公司於 2031 年 4 月 15 日到期之 9.75% 高級票據，面額約 920 萬美元。本次回購價格相較所回購債券面額折價 12%。

Alongside the $125 million of cash as of March 31, 2026, the company currently has approximately $54 million undrawn credit and lending facilities.

除截至2026年3月31日的1.25億美元現金外，公司目前尚有約5,400萬美元未動用的信用額度與借貸融資額度。

Gran Tierra generated oil sales of $172 million, which was up 2% from the first quarter of 2025 and up 32% from the prior quarter, primarily due to a 24% increase in Brent price and a 12% increase in sales volume as a result of higher sale volumes in Ecuador, partially offset by higher differentials.

Gran Tierra 的原油銷售額為1.72億美元，較2025年第一季增加2%，較上一季增加32%，主要受惠於布蘭特油價上漲24%以及因厄瓜多銷售量提高而帶動銷售量增加12%，但部分被較高的價差（differentials）所抵銷。

On a per weekly basis, operating expenses decreased by 3% when compared to the first quarter of 2025 due to lower workover activities, which was first offset by higher lifting costs with inventory fluctuations resulting from the Ecuador sales.

以每週為基礎計算，與2025年第一季相比，營運費用下降3%，原因是修井（workover）活動減少；但此降幅起初被較高的舉升成本所抵銷，而舉升成本上升與厄瓜多銷售導致的庫存波動有關。

With the portfolio changes and current market conditions, we remain focused on generating free cash flow, reducing debt, and maintaining the flexibility to adjust capital allocation as conditions evolve. I'll now turn the call over to Sebastien to discuss some of the operational highlights.

在投資組合變動與目前市場環境下，我們仍專注於創造自由現金流、降低負債，並維持可隨情勢演變而調整資本配置的彈性。接下來我把電話交給 Sebastien，請他說明一些營運重點。

Thanks, Ryan, and good morning, everyone. From a production perspective, Gran Tierra delivered first quarter 2026 average working interest production of approximately 45,500 barrels of oil equivalent per day which was 2% lower than fourth quarter 2025 and 2% lower year-over-year. This was primarily driven by the timing of waterflood optimization responses in Colombia and the disposition of our Simonette assets, partially offset by strong performance from the Conejo wells in the Charapa block and incremental volumes from Perico.

謝謝你，Ryan，各位早安。從產量角度來看，Gran Tierra 於2026年第一季的平均工作權益產量約為每日45,500桶油當量，較2025年第四季下降2%，且年減2%。主要原因為哥倫比亞水驅（waterflood）最佳化反應的時點，以及我們處分 Simonette 資產；但部分被 Charapa 區塊 Conejo 井的強勁表現與 Perico 的增量產量所抵銷。

Turning to operations in Colombia, we continued to execute efficiently across our development program. We drilled the Raju 2 well at Cohembi and initiated infill drilling of three wells on Pad 6 with the drilling of Cohembi 29. Together, these two wells were drilled with a total cost of $7.5 million, approximately 18% below budget, reflecting continued capital discipline.

談到哥倫比亞的營運，我們持續在開發計畫中高效率執行。我們在 Cohembi 鑽探 Raju 2 井，並以鑽探 Cohembi 29 啟動第6井場（Pad 6）三口井的加密鑽井（infill drilling）。這兩口井合計鑽井總成本為750萬美元，約較預算低18%，反映我們持續的資本紀律。

We are currently in the final execution phases of the Cohembi program and expect completion by the end of Q2.

我們目前正處於 Cohembi 計畫的最後執行階段，預期將於第二季末完成。

In Ecuador, we commenced water injection at Chanangue in early February. With early results exceeding expectations and reinforcing our reservoir management approach. In addition, we finalized all injectivity tests and regulatory submissions to initiate water flooding operations in late Q2, early Q3 at the Iguana and Perico blocks.

在厄瓜多，我們於2月初在 Chanangue 開始注水。初期成果超出預期，並強化了我們的油藏管理方法。此外，我們已完成所有注入能力（injectivity）測試與監管申報，預計於第二季末、第三季初在 Iguana 與 Perico 區塊啟動水驅作業。

With water flooding operations full steam ahead in Ecuador, we expect to see both an incremental oil uplift and significant water disposal cost reductions.

隨著厄瓜多水驅作業全速推進，我們預期將同時看到額外的原油增產，以及顯著的水處置成本降低。

As Ryan previously mentioned, on the strategic front, we entered into a partnership with Ecopetrol to earn 49% working interest in the Tisquirama block in Colombia's Middle Magdalena Valley basin. The block contains approximately 364 million barrels of original oil in place and has seen limited historical recovery of approximately 7% or 25 million barrels.

如 Ryan 先前提到，在策略面上，我們與 Ecopetrol 建立合作夥伴關係，以取得哥倫比亞中馬格達萊納谷（Middle Magdalena Valley）盆地 Tisquirama 區塊49%的工作權益。該區塊原始地層含油量約3.64億桶，歷史採收有限，採收率約7%或2,500萬桶。

This represents a clear opportunity to apply our waterflood expertise gained at Acordionero to enhance recovery and extend field life in the Tisquirama block.

這明確代表一項機會：將我們在 Acordionero 累積的水驅專業應用於 Tisquirama 區塊，以提升採收率並延長油田壽命。

By comparison, Acordionero, which has a similar -- original oil in place of 338 million barrels is directly adjacent and analogous to the Tisquirama block and has achieved a current recovery factor of 16% or 53 million barrels and has a 2P recovery factor of 27% or 35 million barrels additional to recover. We expect to initiate operations at Tisquirama in the second-half of 2026.

相較之下，Acordionero 的原始地層含油量為3.38億桶，與 Tisquirama 區塊直接相鄰且具可比性；其目前採收率為16%或5,300萬桶，且其2P採收率為27%，尚有可額外採收3,500萬桶。我們預期將於2026年下半年在 Tisquirama 啟動作業。

We also signed an exploration, development, and production sharing agreement in Azerbaijan, securing a 65% working interest across approximately 400,000 gross acres in a proven basin with established infrastructure and long-term development potential.

我們也在亞塞拜然簽署一項勘探、開發與生產分成協議，取得在一個已證實盆地中約40萬總英畝（gross acres）的65%工作權益，該盆地具既有基礎設施與長期開發潛力。

The agreement includes a five-year exploration and appraisal period, followed by a 25-year development term. Overall, the quarter reflects disciplined execution across the base business, supported by capital-efficient operations and targeted portfolio additions that enhance our long-term growth profile.

該協議包含五年的勘探與評估期，之後為25年的開發期。整體而言，本季展現了我們在核心業務上的紀律執行，並由資本效率高的營運與具針對性的投資組合增補所支撐，進一步強化我們的長期成長輪廓。

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.

我現在把電話交回給主持人，Gary、Ryan 和我很樂意回答問題。主持人，請開始。

(Operator Instructions)

（主持人指示）

Massimiliano Pilato, Stifel.

Massimiliano Pilato，Stifel。

Good morning. Thank you for taking my questions. Actually, two. So firstly, 2026 topic status has increased slightly. Can you please elaborate on that? And could you confirm if there is any potential spending? If prices stay this high, and how should we be thinking about a normalized CapEx level going forward?

早安。謝謝讓我提問。其實有兩個問題。第一，2026年的指引狀態略有上調。可以請你們進一步說明嗎？另外，若油價維持在這麼高的水準，是否可確認會有任何潛在的額外支出？以及我們應如何看待未來正常化的資本支出（CapEx）水準？

And secondly, regional mix. Most of the activity recently has been in Colombia and Ecuador. So, the question is, what prices do you need to see to ramp up activity in Canada? Thank you.

第二，區域組合。近期大部分活動都在哥倫比亞與厄瓜多。因此問題是，要看到什麼樣的價格，你們才會在加拿大加速（ramp up）活動？謝謝。

Great. Thanks for the questions. Yeah, with respect to the 2026 guidance and capital, yeah, there is a slight increase and that really just reflects us securing the Tisquirama block. We expect to spend $15 million to $20 million this year in the Tisquirama block in order to get water in the ground and start the injection project before we earn into the base production in Tisquirama.

好的，謝謝你的問題。關於2026年指引與資本支出，確實有小幅增加，主要反映我們取得了 Tisquirama 區塊。我們預期今年在 Tisquirama 區塊投入1,500萬至2,000萬美元，以便把水注入地層並在我們取得 Tisquirama 基礎產量權益之前啟動注入專案。

With respect to increasing capital with higher oil price, we're going as fast as we can. We're happy with the capital program. I think it's well thought out of and, we're getting water in the ground in Ecuador. And so we're really going -- I think it's more capital efficient way we could spend the money this year. We'll start -- we've already started our planning for 2027 and 2028.

至於油價較高時是否增加資本支出，我們會以最快速度推進。我們對資本計畫感到滿意，我認為規劃得很周全，而且我們正在厄瓜多把水注入地層。因此今年我們的資金投入方式，我認為已是更具資本效率的做法。我們也將開始——其實已經開始——規劃2027與2028年。

We're expecting in Canada, yeah, equal prices continue to struggle with Shell LNG fully ramping up, there's been more and more activity on the LNG front. We expect AECO prices to defer, and we need to see AECO north of $3 in order to allocate capital of Canada on the outside.

至於加拿大方面，是的，AECO 價格在 Shell LNG 完全爬坡（fully ramping up）的情況下仍持續承壓；LNG 端的活動愈來愈多。我們預期 AECO 價格會有所改善，而我們需要看到 AECO 高於3美元，才會在加拿大配置資本（在邊際上）。

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

各位先生，目前沒有其他問題。請繼續。

I would once again like to thank everyone for joining us today. We look forward to speaking with you in the next quarter and our ongoing progress. Please join us for our Annual General Meeting of Stockholders, which will commence at 10 AM Mountain Time, 12 noon Eastern Time. I will give a brief overview of Gran Tierra and where the company is heading. Dial-in instructions can be found on our website. Thank you very much.

我再次感謝各位今天參與。我們期待在下一季與各位交流並更新我們的持續進展。也請各位參加我們的年度股東大會，將於山區時間上午10點、東部時間中午12點開始。我將簡要概述 Gran Tierra 以及公司未來方向。撥入指示可在我們的網站上找到。非常感謝。