Gran Tierra Inc on Monday reported a fall in profit as oil sales and the oil price came down on-year in the third quarter, as it expects an expansion in water treatment facilities in Colombia to be completed by mid-December.
Gran Tierra is an oil and gas exploration and production company focused on the acquisition and development of energy assets in South America.
Net profit dived to $1.1 million in the third quarter of 2024 from $6.5 million a year ago.
Notably, oil sales fell 16% to $151.4 million from $179.9 million.
Operating costs came down 6.7% to $46.1 million from $49.4 million.
Gran Tierra said the average Brent price was $78.71 in the third quarter, down 8.4% from $85.92 a year ago.
Looking ahead, the company said: ‘Acordionero water treatment facilities expansion is expected to be completed mid-December which will result in an addition of 21,500 barrels of water handling per day which represents a 35% increase in water treatment capacity.’ Acordionero is based in Colombia.
Gran Tierra shares were 4.9% lower at 487.50 pence each on Monday afternoon in London.
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