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    Josef Schachter • SER

    Josef Schachter's questions to Gran Tierra Energy Inc (GTE) leadership

    Josef Schachter's questions to Gran Tierra Energy Inc (GTE) leadership • Q1 2025

    Question

    Josef Schachter of SERSI questioned the timeline for achieving the upside production potential in Ecuador and asked for details on the scenarios that could lead production to the high or low end of the full-year guidance range.

    Answer

    President and CEO Gary Guidry projected a 2-to-3-year timeline to reach plateau production in Ecuador, with the pace dependent on oil prices. He also identified commodity prices, particularly for natural gas, as the main variable that will influence where production lands within the guidance range, noting the company will adjust its capital program accordingly.

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    Josef Schachter's questions to Gran Tierra Energy Inc (GTE) leadership • Q4 2024

    Question

    Josef Schachter asked about the allocation of free cash flow between debt reduction and share buybacks, the political outlook in Ecuador, the potential for the 2025 program to stabilize Colombian production, and what actions could be taken to address the stock's valuation discount.

    Answer

    EVP and CFO Ryan Ellson stated that excess free cash flow would be split 50/50 between debt reduction and share repurchases. President and CEO Gary Guidry expressed confidence in a continued business-friendly government in Ecuador. COO Sebastien Morin affirmed he is comfortable that the 2025 program can maintain Colombian production levels. Finally, Gary Guidry reiterated that continuing to buy back shares is the primary tool to address the stock's discount to NAV.

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