Stay updated with the latest stock market news and insights
Weekly insights + SMS alerts
Gran Tierra Energy Inc. (GTE) is having a good Wednesday. The stock jumped in premarket trading after the company reported second-quarter 2026 results and agreed to sell its South American oil assets.
Investors were clearly pleased with the combination of stronger-than-expected revenue, improved profitability, and a $1.33 billion asset sale.
Gran Tierra reported earnings of 70 cents per share, missing the analyst consensus estimate of 85 cents. But revenue rose to $187.2 million, topping the Street estimate of $150.0 million.
Average production totaled 41,501 barrels of oil equivalent per day (BOEPD), down 12% from a year earlier.
The company also completed the Suroriente capital carry, which improved the block's profitability, and satisfied conditions precedent for the Tisquirama contract, creating additional growth opportunities in Colombia.
Gross profit increased to about $75 million from $23 million a year earlier. Gross profit per BOE improved to $19.90 from $8.49 in the prior quarter and $5.60 a year earlier.
Net cash provided by operating activities totaled $57 million during the quarter. As of June 30, 2026, Gran Tierra held $127 million in cash, with total debt of $606 million and net debt of $479 million.
In a separate announcement, Gran Tierra said it agreed to sell its Colombia and Ecuador oil business to Maurel & Prom for total consideration of $1.33 billion.
The company also announced the sale of its Lodgepole assets for 12.8 million Canadian dollars.
Management said the South American transaction implies a pro forma proved developed producing (PDP) net asset value (NPV10 before tax) of about $12.49 per fully diluted share, representing a premium to the stock's recent trading levels.
Gran Tierra Energy shares were up 44.22% at $9.85 during premarket trading on Wednesday, according to market data.
Real-time alerts on price moves, news, and trading opportunities.
Join 20,000+ investors. No spam, ever.
