Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | GRAN TIERRA ENERGY INC. | |
Entity Central Index Key | 1,273,441 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 274,499,439 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Retained Earnings - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
REVENUE AND OTHER INCOME | ||||
Oil and natural gas sales | $ 75,653 | $ 161,517 | $ 221,234 | $ 460,510 |
Interest income | 266 | 772 | 1,069 | 2,160 |
Total revenue and other income | 75,919 | 162,289 | 222,303 | 462,670 |
EXPENSES | ||||
Operating | 33,751 | 33,949 | 89,318 | 81,161 |
Depletion, depreciation, accretion and impairment | 204,993 | 53,936 | 360,620 | 140,137 |
General and administrative | 7,863 | 13,350 | 25,455 | 40,145 |
Severance | 461 | 0 | 6,827 | 0 |
Equity tax | 0 | 0 | 3,769 | 0 |
Foreign exchange gain | (12,923) | (12,438) | (21,492) | (6,604) |
Financial instruments loss (gain) | 2,670 | 2,790 | 1,262 | (2,223) |
Total expenses | 236,815 | 91,587 | 465,759 | 252,616 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (160,896) | 70,702 | (243,456) | 210,054 |
INCOME TAX (EXPENSE) RECOVERY | ||||
Current | (3,523) | (24,246) | (11,632) | (83,183) |
Deferred | 62,542 | (2,272) | 69,781 | (1,431) |
Income tax expense | 59,019 | (26,518) | 58,149 | (84,614) |
(LOSS) INCOME FROM CONTINUING OPERATIONS | (101,877) | 44,184 | (185,307) | 125,440 |
Loss from discontinued operations, net of income taxes | 0 | 0 | 0 | (26,990) |
NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) | (101,877) | 44,184 | (185,307) | 98,450 |
RETAINED EARNINGS, BEGINNING OF PERIOD | 156,192 | 465,227 | 239,622 | 410,961 |
RETAINED EARNINGS, END OF PERIOD | $ 54,315 | $ 509,411 | $ 54,315 | $ 509,411 |
Basic | ||||
(LOSS) INCOME FROM CONTINUING OPERATIONS (in dollars per share) | $ (0.36) | $ 0.15 | $ (0.65) | $ 0.44 |
LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES (in dollars per share) | 0 | 0 | 0 | (0.09) |
NET INCOME (LOSS) (in dollars per share) | (0.36) | 0.15 | (0.65) | 0.35 |
Diluted | ||||
(LOSS) INCOME FROM CONTINUING OPERATIONS (in dollars per share) | (0.36) | 0.15 | (0.65) | 0.44 |
LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES (in dollars per share) | 0 | 0 | 0 | (0.09) |
NET INCOME (LOSS) (in dollars per share) | $ (0.36) | $ 0.15 | $ (0.65) | $ 0.35 |
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC | 285,592,382 | 285,576,898 | 286,057,952 | 284,203,679 |
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED | 285,592,382 | 288,059,601 | 286,057,952 | 287,569,347 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 186,978 | $ 331,848 |
Restricted cash | 303 | 1,836 |
Accounts receivable | 21,426 | 83,227 |
Marketable securities | 7,016 | 7,586 |
Inventory | 19,073 | 17,298 |
Taxes receivable | 27,507 | 15,843 |
Prepaids | 3,462 | 6,000 |
Deferred tax assets | 583 | 1,552 |
Total Current Assets | 266,348 | 465,190 |
Oil and Gas Properties | ||
Proved | 546,069 | 801,075 |
Unproved | 326,717 | 316,856 |
Total Oil and Gas Properties | 872,786 | 1,117,931 |
Other capital assets | 9,478 | 11,013 |
Total Property, Plant and Equipment | 882,264 | 1,128,944 |
Other Long-Term Assets | ||
Restricted cash | 3,272 | 2,037 |
Deferred tax assets | 483 | 601 |
Taxes receivable | 9,250 | 9,684 |
Other long-term assets | 6,670 | 5,013 |
Goodwill | 102,581 | 102,581 |
Total Other Long-Term Assets | 122,256 | 119,916 |
Total Assets | 1,270,868 | 1,714,050 |
Current Liabilities | ||
Accounts payable | 25,984 | 112,401 |
Accrued liabilities | 44,123 | 75,430 |
Foreign currency derivative | 0 | 3,057 |
Taxes payable | 750 | 25,412 |
Deferred tax liabilities | 21 | 1,040 |
Asset retirement obligation | 4,686 | 8,026 |
Total Current Liabilities | 75,564 | 225,366 |
Long-Term Liabilities | ||
Deferred tax liabilities | 74,596 | 175,324 |
Asset retirement obligation | 27,167 | 27,786 |
Other long-term liabilities | 6,523 | 8,889 |
Total Long-Term Liabilities | $ 108,286 | $ 211,999 |
Contingencies | ||
Shareholders’ Equity | ||
Common Stock (274,814,539 and 276,072,351 shares of Common Stock and 8,616,666 and 10,119,745 exchangeable shares, par value $0.001 per share, issued and outstanding as at September 30, 2015, and December 31, 2014, respectively) | $ 10,187 | $ 10,190 |
Additional paid in capital | 1,022,516 | 1,026,873 |
Retained earnings | 54,315 | 239,622 |
Total Shareholders’ Equity | 1,087,018 | 1,276,685 |
Total Liabilities and Shareholders’ Equity | $ 1,270,868 | $ 1,714,050 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common shares, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common shares, issued | 274,814,539 | 276,072,351 |
Common shares, outstanding | 274,814,539 | 276,072,351 |
Exchangeable shares, issued | 8,616,666 | 10,119,745 |
Exchangeable shares, outstanding | 8,616,666 | 10,119,745 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Activities | ||
Net income (loss) | $ (185,307) | $ 98,450 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Loss from discontinued operations, net of income taxes | 0 | 26,990 |
Depletion, depreciation, accretion and impairment | 360,620 | 140,137 |
Deferred tax (recovery) expense | (69,781) | 1,431 |
Non-cash stock-based compensation | 1,511 | 4,341 |
Unrealized foreign exchange gain | (13,093) | (6,924) |
Financial instruments loss (gain) | 1,262 | (2,223) |
Equity tax | 0 | (3,283) |
Cash settlement of foreign currency derivatives | (3,749) | 4,662 |
Cash settlement of asset retirement obligation | (4,768) | (211) |
Net change in assets and liabilities from operating activities of continuing operations | ||
Accounts receivable and other long-term assets | 52,133 | (61,224) |
Inventory | 1,599 | (1,688) |
Prepaids | 2,538 | 2,565 |
Accounts payable and accrued and other long-term liabilities | (36,935) | (981) |
Taxes receivable and payable | (47,483) | (55,084) |
Net cash provided by operating activities of continuing operations | 58,547 | 146,958 |
Net cash used in operating activities of discontinued operations | 0 | (4,792) |
Net cash provided by operating activities | 58,547 | 142,166 |
Balance, September 30, 2015 | 31,853 | |
Investing Activities | ||
Decrease in restricted cash | 298 | 877 |
Additions to property, plant and equipment | (116,353) | (268,859) |
Changes in non-cash investing working capital | (75,152) | 18,225 |
Net cash used in investing activities of continuing operations | (191,207) | (249,757) |
Proceeds from sale of Argentina business unit, net of cash sold and transaction costs | 0 | 42,755 |
Net cash used in investing activities of discontinued operations | 0 | (12,384) |
Net cash used in investing activities | (191,207) | (219,386) |
Financing Activities | ||
Repurchase of shares of Common Stock | (6,616) | 0 |
Proceeds from issuance of shares of Common Stock | 602 | 11,177 |
Net cash (used in) provided by financing activities | (6,014) | 11,177 |
Foreign exchange loss on cash and cash equivalents | (6,196) | (2,327) |
Net decrease in cash and cash equivalents | (144,870) | (68,370) |
Cash and cash equivalents, beginning of period | 331,848 | 428,800 |
Cash and cash equivalents, end of period | 186,978 | 360,430 |
Non-cash investing activities: | ||
Net liabilities related to property, plant and equipment, end of period | $ 34,023 | $ 72,410 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Share Capital [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Beginning balance at Dec. 31, 2013 | $ 10,187 | $ 1,008,760 | $ 410,961 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issue of shares of Common Stock | 3 | |||
Repurchase of shares of Common Stock | 0 | 0 | ||
Exercise of stock options | 11,137 | |||
Stock-based compensation | 6,976 | |||
Net loss | (171,339) | |||
Ending balance at Dec. 31, 2014 | $ 1,276,685 | 10,190 | 1,026,873 | 239,622 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issue of shares of Common Stock | 0 | |||
Repurchase of shares of Common Stock | (3) | (6,613) | ||
Exercise of stock options | 602 | |||
Stock-based compensation | 1,654 | |||
Net loss | (185,307) | (185,307) | ||
Ending balance at Sep. 30, 2015 | $ 1,087,018 | $ 10,187 | $ 1,022,516 | $ 54,315 |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business Gran Tierra Energy Inc., a Nevada corporation (the “Company” or “Gran Tierra”), is a publicly traded oil and gas company engaged in the acquisition, exploration, development and production of oil and natural gas properties. The Company’s principal business activities are in Colombia, Peru and Brazil. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies These interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The information furnished herein reflects all normal recurring adjustments that are, in the opinion of management, necessary for the fair presentation of results for the interim periods. The note disclosure requirements of annual consolidated financial statements provide additional disclosures to that required for interim unaudited condensed consolidated financial statements. Accordingly, these interim unaudited condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements as at and for the year ended December 31, 2014 , included in the Company’s 2014 Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 2, 2015 . The Company’s significant accounting policies are described in Note 2 of the consolidated financial statements which are included in the Company’s 2014 Annual Report on Form 10-K and are the same policies followed in these interim unaudited condensed consolidated financial statements. The Company has evaluated all subsequent events through to the date these interim unaudited condensed consolidated financial statements were issued. Recently Issued Accounting Pronouncements Simplifying the Measurement of Inventory In July 2015, the FASB issued ASU 2015-11, “ Simplifying the Measurement of Inventory ". The ASU provides guidance for the subsequent measurement of inventory and requires that inventory that is measured using average cost be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The ASU will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The implementation of this update is not expected to materially impact the Company’s consolidated financial position, results of operations or cash flows or disclosure. Revenue from Contracts with Customers In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers - Deferral of the Effective Date". The ASU defers the effective date of the new revenue recognition model by one year. As a result, the guidance will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company is currently assessing the impact the new revenue recognition model will have on its consolidated financial position, results of operations, cash flows, and disclosure. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On June 25, 2014 , the Company, through several of its indirect subsidiaries, sold its Argentina business unit to Madalena Energy Inc. ("Madalena") for aggregate consideration of $69.3 million , comprising $55.4 million in cash and $13.9 million in Madalena shares. Accordingly, the results of the Company’s Argentina business unit are classified as “Loss from discontinued operations, net of income taxes” on the consolidated statements of operations for the nine months ended September 30, 2014 . Additionally, cash flows of the Company’s Argentina business unit are presented separately in the interim unaudited condensed consolidated statement of cash flows for the nine months ended September 30, 2014 , as cash provided by or used in operating and investing activities of discontinued operations. Revenue and other income and loss from discontinued operations, net of income taxes, for the nine months ended September 30, 2014 , were as follows: (Thousands of U.S. Dollars) Nine Months Ended September 30, 2014 Revenue and other income $ 31,985 Loss from operations of discontinued operations before income taxes $ (6,252 ) Income tax expense (1,458 ) Loss from operations of discontinued operations (7,710 ) Loss on sale before income taxes (18,235 ) Income tax expense (1,045 ) Loss on sale (19,280 ) Loss from discontinued operations, net of income taxes $ (26,990 ) |
Segment and Geographic Reportin
Segment and Geographic Reporting | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment and Geographic Reporting | Segment and Geographic Reporting The Company is primarily engaged in the exploration and production of oil and natural gas. The Company’s reportable segments are Colombia, Peru and Brazil based on geographic organization. Prior to classifying the Company’s Argentina business unit as discontinued operations, Argentina was a reportable segment. The All Other category represents the Company’s corporate activities. The amounts disclosed in the tables below exclude the results of the Argentina business unit. Certain subsidiaries which were previously included in the All Other category were sold as part of the Argentina business unit, and therefore amounts disclosed in the All Other category have been reclassified to exclude amounts reported in loss from discontinued operations. The Company evaluates reportable segment performance based on income or loss from continuing operations before income taxes. The following tables present information on the Company’s reportable segments and other activities: Three Months Ended September 30, 2015 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Oil and natural gas sales $ 73,557 $ — $ 2,096 $ — $ 75,653 Interest income 61 — — 205 266 Depletion, depreciation, accretion and impairment 181,981 3,208 19,396 408 204,993 Loss from continuing operations before income taxes (130,154 ) (5,020 ) (18,540 ) (7,182 ) (160,896 ) Segment capital expenditures 18,903 3,885 1,769 12 24,569 Three Months Ended September 30, 2014 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Oil and natural gas sales $ 153,815 $ — $ 7,702 $ — $ 161,517 Interest income 98 1 433 240 772 Depletion, depreciation, accretion and impairment 51,144 109 2,429 254 53,936 Income (loss) from continuing operations before income taxes 81,258 (3,345 ) 1,746 (8,957 ) 70,702 Segment capital expenditures 50,785 40,730 3,377 527 95,419 Nine Months Ended September 30, 2015 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Oil and natural gas sales $ 215,251 $ — $ 5,983 $ — $ 221,234 Interest income 221 2 218 628 1,069 Depletion, depreciation, accretion and impairment 265,297 41,588 52,565 1,170 360,620 Loss from continuing operations before income taxes (124,029 ) (48,723 ) (53,632 ) (17,072 ) (243,456 ) Segment capital expenditures 48,357 48,775 18,174 1,047 116,353 Nine Months Ended September 30, 2014 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Oil and natural gas sales $ 438,100 $ — $ 22,410 $ — $ 460,510 Interest income 419 1 1,292 448 2,160 Depletion, depreciation, accretion and impairment 131,742 420 7,249 726 140,137 Income (loss) from continuing operations before income taxes 229,750 (7,811 ) 7,446 (19,331 ) 210,054 Segment capital expenditures 147,016 103,535 17,176 1,132 268,859 As at September 30, 2015 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Property, plant and equipment $ 669,083 $ 94,460 $ 114,207 $ 4,514 $ 882,264 Goodwill 102,581 — — — 102,581 All other assets 133,776 21,822 11,255 119,170 286,023 Total Assets $ 905,440 $ 116,282 $ 125,462 $ 123,684 $ 1,270,868 As at December 31, 2014 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Property, plant and equipment $ 888,822 $ 87,028 $ 148,457 $ 4,637 $ 1,128,944 Goodwill 102,581 — — — 102,581 All other assets 157,549 40,613 14,724 269,639 482,525 Total Assets $ 1,148,952 $ 127,641 $ 163,181 $ 274,276 $ 1,714,050 |
Property, Plant and Equipment a
Property, Plant and Equipment and Inventory | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment and Inventory | Property, Plant and Equipment and Inventory Property, Plant and Equipment (Thousands of U.S. Dollars) As at September 30, 2015 As at December 31, 2014 Oil and natural gas properties Proved $ 1,940,596 $ 1,876,371 Unproved 326,717 316,856 2,267,313 2,193,227 Other 28,317 27,287 2,295,630 2,220,514 Accumulated depletion, depreciation and impairment (1,413,366 ) (1,091,570 ) $ 882,264 $ 1,128,944 In the three and nine months ended September 30, 2015 , the Company recorded ceiling test impairment losses of $129.4 million in its Colombia cost center, and $17.6 million and $46.9 million , respectively, in its Brazil cost center, related to lower oil prices. The Company follows the full cost method of accounting for its oil and gas properties. Under this method, the net book value of properties on a country-by-country basis, less related deferred income taxes, may not exceed a calculated “ceiling”. The ceiling is the estimated after tax future net revenues from proved oil and gas properties, discounted at 10% per year. In calculating discounted future net revenues, oil and natural gas prices are determined using the average price during the 12 months period prior to the ending date of the period covered by the balance sheet, calculated as an unweighted arithmetic average of the first-day-of-the month price for each month within such period for that oil and natural gas. That average price is then held constant, except for changes which are fixed and determinable by existing contracts. Therefore, ceiling test estimates are based on historical prices discounted at 10% per year and it should not be assumed that estimates of future net revenues represent the fair market value of the Company's reserves. In the three and nine months ended September 30, 2015 , the Company recorded impairment losses in its Peru cost center of $3.0 million and $41.0 million , respectively, related to costs incurred on Block 95. Inventory At September 30, 2015 , oil and supplies inventories were $17.4 million and $1.7 million , respectively ( December 31, 2014 - $15.2 million and $2.1 million , respectively). At September 30, 2015 , the Company had 429 Mbbl of oil inventory ( December 31, 2014 - 330 Mbbl). |
Share Capital
Share Capital | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Capital | Share Capital The Company’s authorized share capital consists of 595,000,002 shares of capital stock, of which 570 million are designated as Common Stock, par value $0.001 per share, 25 million are designated as Preferred Stock, par value $0.001 per share, and two shares are designated as special voting stock, par value $0.001 per share. Shares of Common Stock Exchangeable Shares of Gran Tierra Exchangeco Inc. Exchangeable Shares of Gran Tierra Goldstrike Inc. Balance, December 31, 2014 276,072,351 5,595,118 4,524,627 Options exercised 240,000 — — Shares repurchased and canceled (3,000,796 ) — — Exchange of exchangeable shares 1,502,995 (617,257 ) (885,738 ) Shares canceled (11 ) (84 ) — Balance, September 30, 2015 274,814,539 4,977,777 3,638,889 On July 22, 2015, the Company announced that it intended to implement a new share repurchase program (the “2015 Program”) through the facilities of the Toronto Stock Exchange ("TSX"), the NYSE MKT and eligible alternative trading platforms in Canada and the United States. The Company received regulatory approval from the TSX to commence the 2015 Program on July 27, 2015. The Company is able to purchase at prevailing market prices up to 13,831,866 shares of Common Stock, representing 4.98% of the issued and outstanding shares of Common Stock as of July 21, 2015. Shares purchased pursuant to the 2015 Program will be canceled. The 2015 Program will expire on July 29, 2016, or earlier if the 4.98% share maximum is reached. The 2015 Program may be terminated by the Company at any time, subject to compliance with regulatory requirements. As such, there can be no assurance regarding the total number of shares that may be repurchased under the 2015 Program. Income (loss) per share Basic income (loss) per share is calculated by dividing income (loss) attributable to common shareholders by the weighted average number of shares of Common Stock and exchangeable shares issued and outstanding during each period. Diluted income (loss) per share is calculated by adjusting the weighted average number of shares of Common Stock and exchangeable shares outstanding for the dilutive effect, if any, of share equivalents. The Company uses the treasury stock method to determine the dilutive effect. This method assumes that all Common Stock equivalents have been exercised at the beginning of the period (or at the time of issuance, if later), and that the funds obtained thereby were used to purchase shares of Common Stock of the Company at the volume weighted average trading price of shares of Common Stock during the period. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Weighted average number of common and exchangeable shares outstanding 285,592,382 285,576,898 286,057,952 284,203,679 Weighted average shares issuable pursuant to stock options — 8,117,355 — 9,399,930 Weighted average shares assumed to be purchased from proceeds of stock options — (5,634,652 ) — (6,034,262 ) Weighted average number of diluted common and exchangeable shares outstanding 285,592,382 288,059,601 286,057,952 287,569,347 For the three and nine months ended September 30, 2015 , 13,051,834 and 13,659,367 options, respectively, on a weighted average basis, (three and nine months ended September 30, 2014 - 6,884,227 and 6,925,117 options, respectively) were excluded from the diluted income per share calculation as the options were anti-dilutive. Restricted Stock Units and Stock Options The Company grants time-vested restricted stock units ("RSUs") to certain officers, employees and consultants. Additionally, the Company grants options to purchase shares of Common Stock to certain directors, officers, employees and consultants. The following table provides information about RSU and stock option activity for the nine months ended September 30, 2015 : RSUs Options Number of Outstanding Share Units Number of Outstanding Options Weighted Average Exercise Price $/Option Balance, December 31, 2014 1,236,963 13,790,220 5.93 Granted 1,041,450 5,076,260 3.11 Exercised (519,111 ) (240,000 ) 2.51 Forfeited (708,242 ) (1,344,961 ) (5.66 ) Expired — (4,323,143 ) (6.85 ) Balance, September 30, 2015 1,051,060 12,958,376 4.61 For the nine months ended September 30, 2015 , 240,000 shares of Common Stock were issued for cash proceeds of $0.6 million upon the exercise of stock options ( nine months ended September 30, 2014 - $11.2 million ). The weighted average grant date fair value for options granted in the three months ended September 30, 2015 , was $0.95 ( three months ended September 30, 2014 - $2.21 ) and for the nine months ended September 30, 2015 , was $1.26 ( nine months ended September 30, 2014 - $2.50 ). The amounts recognized for stock-based compensation were as follows: Three Months Ended September 30, Nine Months Ended September 30, (Thousands of U.S. Dollars) 2015 2014 2015 2014 Compensation costs for stock options $ 967 $ 1,961 $ 1,654 $ 5,824 Compensation costs for RSUs 46 326 583 3,967 1,013 2,287 2,237 9,791 Less: Stock-based compensation costs capitalized — (278 ) (111 ) (2,100 ) Stock-based compensation expense $ 1,013 $ 2,009 $ 2,126 $ 7,691 Stock-based compensation expense for the three and nine months ended September 30, 2015 , and the three months ended September 30, 2014 , was primarily recorded in general and administrative ("G&A") expenses. Of the total stock-based compensation expense for the nine months ended September 30, 2014 , $6.1 million was recorded in G&A expenses, $0.3 million was recorded in operating expenses and $1.3 million was recorded in loss from discontinued operations. At September 30, 2015 , there was $5.3 million ( December 31, 2014 - $4.8 million ) of unrecognized compensation cost related to unvested stock options and RSUs which is expected to be recognized over a weighted average period of 1.5 years. |
Asset Retirement Obligation
Asset Retirement Obligation | 9 Months Ended |
Sep. 30, 2015 | |
Asset Retirement Obligation [Abstract] | |
Asset Retirement Obligation | Asset Retirement Obligation Changes in the carrying amounts of the asset retirement obligation associated with the Company’s oil and natural gas properties were as follows: Nine Months Ended Year Ended (Thousands of U.S. Dollars) September 30, 2015 December 31, 2014 Balance, December 31, 2014 $ 35,812 $ 21,973 Settlements (6,368 ) (1,137 ) Liability incurred 1,030 11,956 Liabilities associated with the Argentina business unit sold (Note 3) — (10,170 ) Foreign exchange — (53 ) Accretion 960 1,406 Revisions in estimated liability 419 11,837 Balance, September 30, 2015 $ 31,853 $ 35,812 Asset retirement obligation - current $ 4,686 $ 8,026 Asset retirement obligation - long-term 27,167 27,786 $ 31,853 $ 35,812 For the nine months ended September 30, 2015 , settlements included cash payments of $4.8 million with the balance in accounts payable and accrued liabilities at September 30, 2015 . Revisions to estimated liabilities relate primarily to changes in estimates of asset retirement costs and include, but are not limited to, revisions of estimated inflation rates, changes in property lives and the expected timing of settling the asset retirement obligation. At September 30, 2015 , the fair value of assets that are legally restricted for purposes of settling the asset retirement obligation was $2.8 million ( December 31, 2014 - $2.0 million ). These assets are included in restricted cash on the Company's interim unaudited condensed consolidated balance sheets. |
Taxes
Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Taxes | Taxes The Company's effective tax rate was 24% in the nine months ended September 30, 2015 , compared with 40% in the comparable period in 2014 . The Company's effective tax rate differed from the U.S. statutory rate of 35% primarily due to an increase in the valuation allowance, which was largely attributable to 2015 impairment losses in Brazil and Peru and an increase in the tax rate in Canada, as well as non-deductible third party royalty in Colombia and other local taxes. These were partially offset by the impact of foreign taxes and other permanent differences. On December 23, 2014, the Colombian Congress passed a law which imposes an equity tax levied on Colombian operations for 2015, 2016 and 2017. The equity tax is calculated based on a legislated measure, which is based on the Company’s Colombian legal entities' balance sheet equity for tax purposes at January 1, 2015. This measure is subject to adjustment for inflation in future years. The equity tax rates for January 1, 2015, 2016 and 2017, are 1.15% , 1% and 0.4% , respectively. The legal obligation for each year's equity tax liability arises on January 1 of each year; therefore, the Company recognized the annual amount of $3.8 million for the equity tax expense in the consolidated statement of operations during the three months ended March 31, 2015, and a corresponding payable on the consolidated balance sheet at March 31, 2015. This amount was paid in May and September 2015 and at September 30, 2015 , accounts payable included $ nil (December 31, 2014 - $nil ). |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Gran Tierra’s production from the Costayaco Exploitation Area is subject to an additional royalty (the "HPR royalty"), which applies when cumulative gross production from an Exploitation Area is greater than five MMbbl . The HPR royalty is calculated on the difference between a trigger price defined in the Chaza Block exploration and production contract (the "Chaza Contract") and the sales price. The Agencia Nacional de Hidrocarburos (National Hydrocarbons Agency) (“ANH”) has interpreted the Chaza Contract as requiring that the HPR royalty must be paid with respect to all production from the Moqueta Exploitation Area and initiated a noncompliance procedure under the Chaza Contract, which was contested by Gran Tierra because the Moqueta Exploitation Area and the Costayaco Exploitation Area are separate Exploitation Areas. ANH did not proceed with that noncompliance procedure. Gran Tierra also believes that the evidence shows that the Costayaco and Moqueta Fields are two clearly separate and independent hydrocarbon accumulations. Therefore, it is Gran Tierra’s view that, pursuant to the terms of the Chaza Contract, the HPR royalty is only to be paid with respect to production from the Moqueta Exploitation Area when the accumulated oil production from that Exploitation Area exceeds five MMbbl. Discussions with the ANH have not resolved this issue and Gran Tierra has initiated the dispute resolution process under the Chaza Contract by filing on January 14, 2013, an arbitration claim before the Center for Arbitration and Conciliation of the Chamber of Commerce of Bogotá, Colombia, seeking a decision that the HPR royalty is not payable until production from the Moqueta Exploitation Area exceeds five MMbbl . Gran Tierra supplemented its claim on May 30, 2013. The ANH filed a response to the claim seeking a declaration that its interpretation is correct and a counterclaim seeking, amongst other remedies, declarations that Gran Tierra breached the Chaza Contract by not paying the disputed HPR royalty, that the amount of the alleged HPR royalty is payable, and that the Chaza Contract be terminated. Gran Tierra filed a response to the ANH's counterclaim and filed its comments on the ANH's responses to Gran Tierra's claim. The ANH filed an amended counterclaim and Gran Tierra filed a response to the ANH's amended counterclaim. On April 30, 2015, total cumulative production from the Moqueta Exploitation Area reached 5.0 MMbbl and Gran Tierra commenced paying the HPR royalty payable on production over that threshold. The estimated compensation which would be payable on cumulative production if the ANH's claims are accepted in the arbitration is $66.3 million plus related interest of $23.6 million . Gran Tierra also disagrees with the interest rate that the ANH has used in calculating the interest cost. Gran Tierra asserts that since the HPR royalty is denominated in the U.S. dollar, the contract requires the interest rate to be three-month LIBOR plus 4% , whereas the ANH has applied the highest legally authorized interest rate on Colombian peso liabilities, which during the period of production to date has averaged approximately 29% per annum. At September 30, 2015 , based on an interest rate of three-month LIBOR plus 4% related interest would be $5.7 million . At this time no amount has been accrued in the interim unaudited condensed consolidated financial statements nor deducted from the Company's reserves for the disputed HPR royalty as Gran Tierra does not consider it probable that a loss will be incurred. Additionally, the ANH and Gran Tierra are engaged in discussions regarding the interpretation of whether certain transportation and related costs are eligible to be deducted in the calculation of the HPR royalty. Discussions with the ANH are ongoing. Based on the Company's understanding of the ANH's position, the estimated compensation which would be payable if the ANH’s interpretation is correct could be up to $43.6 million as at September 30, 2015 . At this time no amount has been accrued in the interim unaudited condensed consolidated financial statements as Gran Tierra does not consider it probable that a loss will be incurred. Gran Tierra Energy Colombia, Ltd. and Petrolifera Petroleum (Colombia) Ltd (collectively “GTEC”) and Ecopetrol, the contracting parties of the Guayuyaco Association Contract, are engaged in a dispute regarding the interpretation of the procedure for allocation of oil produced and sold during the long-term test of the Guayuyaco-1 and Guayuyaco-2 wells, prior to GTEC's purchase of the companies originally involved in the dispute. There was no agreement between the parties, and Ecopetrol filed a lawsuit in the Contravention Administrative Tribunal in the District of Cauca (the "Tribunal") regarding this matter. During 2013, the Tribunal ruled in favor of Ecopetrol and awarded Ecopetrol 44,025 bbl of oil. GTEC has filed an appeal of the ruling to the Supreme Administrative Court (Consejo de Estado) in a second instance procedure. At September 30, 2015 , and December 31, 2014 , Gran Tierra had accrued $2.4 million in the interim unaudited condensed consolidated financial statements in relation to this dispute. The Company provided the purchaser of its Argentina business unit with certain indemnifications. The Company remains responsible for certain contingent liabilities related to such indemnifications, subject to defined limitations. The Company does not believe that these obligations are probable of having a material impact on its consolidated financial position, results of operations or cash flows. In addition to the above, Gran Tierra has a number of other lawsuits and claims pending. Although the outcome of these other lawsuits and disputes cannot be predicted with certainty, Gran Tierra believes the resolution of these matters would not have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. Gran Tierra records costs as they are incurred or become probable and determinable. Letters of credit At September 30, 2015 , the Company had provided promissory notes totaling $75.7 million ( December 31, 2014 - $86.3 million ) as security for letters of credit relating to work commitment guarantees contained in exploration contracts and other capital or operating requirements . |
Financial Instruments, Fair Val
Financial Instruments, Fair Value Measurements, Credit Risk and Foreign Exchange Risk | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments, Fair Value Measurements, Credit Risk and Foreign Exchange Risk | Financial Instruments, Fair Value Measurement, Credit Risk and Foreign Exchange Risk Financial Instruments At September 30, 2015 , the Company’s financial instruments recognized in the balance sheet consist of cash and cash equivalents, restricted cash, accounts receivable, trading securities, accounts payable, accrued liabilities and contingent consideration included in other long-term liabilities. Fair Value Measurement The fair value of trading securities and contingent consideration are being remeasured at the estimated fair value at the end of each reporting period. The fair value of the trading securities which were received as consideration on the sale of the Company's Argentina business unit was estimated based on quoted market prices in an active market. The fair value of the contingent consideration, which relates to the acquisition of the remaining 30% working interest in certain properties in Brazil, was estimated based on the consideration expected to be transferred and discounted back to present value by applying an appropriate discount rate that reflected the risk factors associated with the payment streams. The discount rate used was determined in accordance with accepted valuation methods. The fair value of foreign currency derivatives was based on the estimated maturity value of foreign exchange non-deliverable forward contracts using applicable forward exchange rates. The most significant variable to the cash flow calculations is the estimation of forward foreign exchange rates. The resulting future cash inflows or outflows at maturity of the contracts are the net value of the contract. The fair value of the trading securities, foreign currency derivative liability and contingent consideration at September 30, 2015 , and December 31, 2014 , were as follows: As at (Thousands of U.S. Dollars) September 30, 2015 December 31, 2014 Trading securities $ 7,016 $ 7,586 Foreign currency derivative liability $ — $ 3,057 Contingent consideration liability 1,061 1,061 $ 1,061 $ 4,118 The following table presents gains or losses on financial instruments recognized in the accompanying interim unaudited condensed consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, (Thousands of U.S. Dollars) 2015 2014 2015 2014 Trading securities loss $ 2,670 $ 2,540 $ 570 $ 2,201 Foreign currency derivatives loss (gain) — 250 692 (4,424 ) $ 2,670 $ 2,790 $ 1,262 $ (2,223 ) These gains and losses are presented as financial instruments gains or losses in the interim unaudited condensed consolidated statements of operations and cash flows. There were no sales of trading securities in the nine months ended September 30, 2015 , and the trading securities loss represents an unrealized loss . The fair value of long-term restricted cash approximates its carrying value because interest rates are variable and reflective of market rates. The fair values of other financial instruments approximate their carrying amounts due to the short-term maturity of these instruments. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy consists of three broad levels. Level 1 inputs consist of quoted prices (unadjusted) in active markets for identical assets and liabilities and have the highest priority. Level 2 and 3 inputs are based on significant other observable inputs and significant unobservable inputs, respectively, and have lower priorities. The Company uses appropriate valuation techniques based on the available inputs to measure the fair values of assets and liabilities. At September 30, 2015 , and December 31, 2014 , the fair value of the trading securities acquired in connection with the disposal of the Argentina business unit was determined using Level 1 inputs. At December 31, 2014 , the fair value of the foreign currency derivative was determined using Level 2 inputs. At September 30, 2015 , and December 31, 2014 , the fair value of the contingent consideration payable in connection with the Brazil acquisition was determined using Level 3 inputs. The disclosure in the paragraph above regarding the fair value of cash and restricted cash was based on Level 1 inputs. The Company’s non-recurring fair value measurements include asset retirement obligations. The fair value of an asset retirement obligation is measured by reference to the expected future cash outflows required to satisfy the retirement obligation discounted at the Company’s credit-adjusted risk-free interest rate. The significant level 3 inputs used to calculate such liabilities include estimates of costs to be incurred, the Company’s credit-adjusted risk-free interest rate, inflation rates and estimated dates of abandonment. Accretion expense is recognized over time as the discounted liabilities are accreted to their expected settlement value, while the asset retirement cost is amortized over the estimated productive life of the related assets. Foreign Exchange Rate Risk Unrealized foreign exchange gains and losses primarily result from fluctuation of the U.S. dollar to the Colombian peso due to Gran Tierra’s current and deferred tax liabilities, which are monetary liabilities mainly denominated in the local currency of the Colombian operations. As a result, foreign exchange gains and losses must be calculated on conversion to the U.S. dollar functional currency. A strengthening in the Colombian peso against the U.S. dollar results in foreign exchange losses, estimated at $24,000 for each one peso decrease in the exchange rate of the Colombian peso to one U.S. dollar . From time to time, the Company purchases non-deliverable forward contracts for purposes of fixing exchange rates at which it will purchase or sell Colombian pesos to settle its income tax installment payments. At September 30, 2015 , the Company did not have any open foreign currency derivative positions. With the exception of these foreign currency derivatives, any foreign currency transactions are conducted on a spot basis with major financial institutions in the Company’s operating areas. For the nine months ended September 30, 2015 , 97% ( nine months ended September 30, 2014 - 95% ) of the Company's revenue and other income was generated in Colombia. In Colombia, the Company receives 100% of its revenues in U.S. dollars and the majority of its capital expenditures are in U.S. dollars or are based on U.S. dollar prices. In Brazil, prices for oil are in U.S. dollars, but revenues are received in local currency translated according to current exchange rates. The majority of the Company's capital expenditures within Brazil are based on U.S. dollar prices, but are paid in local currency translated according to current exchange rates. In Peru, capital expenditures are based on U.S. dollar prices and may be paid in local currency or U.S. dollars. Credit Risk Credit risk arises from the potential that the Company may incur a loss if a counterparty to a financial instrument fails to meet its obligation in accordance with agreed terms. The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and accounts receivables. The carrying value of cash and accounts receivable reflects management’s assessment of credit risk . At September 30, 2015 , cash and cash equivalents and restricted cash included balances in savings and checking accounts, as well as term deposits and certificates of deposit, placed with financial institutions with strong investment grade ratings or governments, or the equivalent in the Company’s operating areas. |
Severance Costs
Severance Costs | 9 Months Ended |
Sep. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Severance Costs | Severance Costs In March 2015, the Company significantly reduced the number of its full-time employees. Staff reductions as part of this cost cutting measure were substantially completed at March 31, 2015. Additional employee terminations occurred during the three months ended June 30, 2015, and the three months ended September 30, 2015. Employee termination benefits were recorded as incurred based on existing employee contracts, statutory requirements, completed negotiations and company policy. Severance costs for the Company’s reportable segments and other activities for the three and nine months ended September 30, 2015 , were as follows: Three Months Ended September 30, 2015 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Severance expenses $ — $ 439 $ — $ 22 $ 461 Nine Months Ended September 30, 2015 Colombia Peru Brazil All Other Total Severance expenses $ 1,237 $ 1,863 $ 109 $ 3,618 $ 6,827 The amounts in the table for the nine months ended September 30, 2015 , represent cumulative costs incurred to date and exclude the impact of the reversal of stock-based compensation expense for unvested options of terminated employees which was recorded in G&A expenses. Changes in the severance cost related liability were as follows: (Thousands of U.S. Dollars) Nine Months Ended September 30, 2015 Balance, December 31, 2014 $ — Liability incurred 6,827 Settlements (6,827 ) Balance, September 30, 2015 $ — |
Credit Facility
Credit Facility | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Credit Facility | Credit Facility At September 30, 2015 , the Company had a credit facility with a syndicate of lenders. Availability under the credit facility is determined by a proven reserves-based borrowing base, and remains subject to the satisfaction of conditions precedent set forth in the credit agreement. Loans under the credit agreement will mature on September 18, 2018. The initial borrowing base is $200 million , and the borrowing base will be re-determined semi-annually based on reserve evaluation reports, subject to a maximum of $500 million . The borrowing base for the credit facility is supported by the present value of the petroleum reserves of two of the Company's subsidiaries with operating branches in Colombia. The credit agreement includes a letter of credit sub-limit of up to $100 million . Amounts drawn down under the facility bear interest, at the Company's option, at the USD LIBOR rate plus a margin ranging from 2.00% per annum to 3.00% per annum, or an alternate base rate plus a margin ranging from 1.00% per annum to 2.00% per annum, in each case based on the borrowing base utilization percentage. Undrawn amounts under the credit facility bear interest at 0.75% per annum, based on the average daily amount of unused commitments. A letter of credit participation fee of 0.25% per annum will accrue on the average daily amount of letter of credit exposure. Under the terms of the credit facility, the Company is required to maintain and was in compliance with certain financial and operating covenants. No amounts have been drawn on this facility. This credit facility was entered into and became effective on September 18, 2015, and replaced the Company's previous credit facility which was canceled on this date. |
Significant Accounting Polici19
Significant Accounting Policies a (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Simplifying the Measurement of Inventory In July 2015, the FASB issued ASU 2015-11, “ Simplifying the Measurement of Inventory ". The ASU provides guidance for the subsequent measurement of inventory and requires that inventory that is measured using average cost be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The ASU will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The implementation of this update is not expected to materially impact the Company’s consolidated financial position, results of operations or cash flows or disclosure. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Financial disclosures of discontinued operations | Revenue and other income and loss from discontinued operations, net of income taxes, for the nine months ended September 30, 2014 , were as follows: (Thousands of U.S. Dollars) Nine Months Ended September 30, 2014 Revenue and other income $ 31,985 Loss from operations of discontinued operations before income taxes $ (6,252 ) Income tax expense (1,458 ) Loss from operations of discontinued operations (7,710 ) Loss on sale before income taxes (18,235 ) Income tax expense (1,045 ) Loss on sale (19,280 ) Loss from discontinued operations, net of income taxes $ (26,990 ) |
Segment and Geographic Report21
Segment and Geographic Reporting (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Reportable Geographic Segments | The following tables present information on the Company’s reportable segments and other activities: Three Months Ended September 30, 2015 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Oil and natural gas sales $ 73,557 $ — $ 2,096 $ — $ 75,653 Interest income 61 — — 205 266 Depletion, depreciation, accretion and impairment 181,981 3,208 19,396 408 204,993 Loss from continuing operations before income taxes (130,154 ) (5,020 ) (18,540 ) (7,182 ) (160,896 ) Segment capital expenditures 18,903 3,885 1,769 12 24,569 Three Months Ended September 30, 2014 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Oil and natural gas sales $ 153,815 $ — $ 7,702 $ — $ 161,517 Interest income 98 1 433 240 772 Depletion, depreciation, accretion and impairment 51,144 109 2,429 254 53,936 Income (loss) from continuing operations before income taxes 81,258 (3,345 ) 1,746 (8,957 ) 70,702 Segment capital expenditures 50,785 40,730 3,377 527 95,419 Nine Months Ended September 30, 2015 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Oil and natural gas sales $ 215,251 $ — $ 5,983 $ — $ 221,234 Interest income 221 2 218 628 1,069 Depletion, depreciation, accretion and impairment 265,297 41,588 52,565 1,170 360,620 Loss from continuing operations before income taxes (124,029 ) (48,723 ) (53,632 ) (17,072 ) (243,456 ) Segment capital expenditures 48,357 48,775 18,174 1,047 116,353 Nine Months Ended September 30, 2014 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Oil and natural gas sales $ 438,100 $ — $ 22,410 $ — $ 460,510 Interest income 419 1 1,292 448 2,160 Depletion, depreciation, accretion and impairment 131,742 420 7,249 726 140,137 Income (loss) from continuing operations before income taxes 229,750 (7,811 ) 7,446 (19,331 ) 210,054 Segment capital expenditures 147,016 103,535 17,176 1,132 268,859 |
Long-lived Assets by Geographical Area | As at September 30, 2015 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Property, plant and equipment $ 669,083 $ 94,460 $ 114,207 $ 4,514 $ 882,264 Goodwill 102,581 — — — 102,581 All other assets 133,776 21,822 11,255 119,170 286,023 Total Assets $ 905,440 $ 116,282 $ 125,462 $ 123,684 $ 1,270,868 As at December 31, 2014 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Property, plant and equipment $ 888,822 $ 87,028 $ 148,457 $ 4,637 $ 1,128,944 Goodwill 102,581 — — — 102,581 All other assets 157,549 40,613 14,724 269,639 482,525 Total Assets $ 1,148,952 $ 127,641 $ 163,181 $ 274,276 $ 1,714,050 |
Property, Plant and Equipment22
Property, Plant and Equipment and Inventory (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, Plant and Equipment (Thousands of U.S. Dollars) As at September 30, 2015 As at December 31, 2014 Oil and natural gas properties Proved $ 1,940,596 $ 1,876,371 Unproved 326,717 316,856 2,267,313 2,193,227 Other 28,317 27,287 2,295,630 2,220,514 Accumulated depletion, depreciation and impairment (1,413,366 ) (1,091,570 ) $ 882,264 $ 1,128,944 |
Share Capital (Tables)
Share Capital (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of common stock | Shares of Common Stock Exchangeable Shares of Gran Tierra Exchangeco Inc. Exchangeable Shares of Gran Tierra Goldstrike Inc. Balance, December 31, 2014 276,072,351 5,595,118 4,524,627 Options exercised 240,000 — — Shares repurchased and canceled (3,000,796 ) — — Exchange of exchangeable shares 1,502,995 (617,257 ) (885,738 ) Shares canceled (11 ) (84 ) — Balance, September 30, 2015 274,814,539 4,977,777 3,638,889 |
Weighted average shares outstanding | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Weighted average number of common and exchangeable shares outstanding 285,592,382 285,576,898 286,057,952 284,203,679 Weighted average shares issuable pursuant to stock options — 8,117,355 — 9,399,930 Weighted average shares assumed to be purchased from proceeds of stock options — (5,634,652 ) — (6,034,262 ) Weighted average number of diluted common and exchangeable shares outstanding 285,592,382 288,059,601 286,057,952 287,569,347 |
RSU's and Stock options outstanding | The following table provides information about RSU and stock option activity for the nine months ended September 30, 2015 : RSUs Options Number of Outstanding Share Units Number of Outstanding Options Weighted Average Exercise Price $/Option Balance, December 31, 2014 1,236,963 13,790,220 5.93 Granted 1,041,450 5,076,260 3.11 Exercised (519,111 ) (240,000 ) 2.51 Forfeited (708,242 ) (1,344,961 ) (5.66 ) Expired — (4,323,143 ) (6.85 ) Balance, September 30, 2015 1,051,060 12,958,376 4.61 |
Amounts recognized for stock-based compensation | The amounts recognized for stock-based compensation were as follows: Three Months Ended September 30, Nine Months Ended September 30, (Thousands of U.S. Dollars) 2015 2014 2015 2014 Compensation costs for stock options $ 967 $ 1,961 $ 1,654 $ 5,824 Compensation costs for RSUs 46 326 583 3,967 1,013 2,287 2,237 9,791 Less: Stock-based compensation costs capitalized — (278 ) (111 ) (2,100 ) Stock-based compensation expense $ 1,013 $ 2,009 $ 2,126 $ 7,691 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Asset Retirement Obligation [Abstract] | |
Changes in Asset Retirement Obligations | Changes in the carrying amounts of the asset retirement obligation associated with the Company’s oil and natural gas properties were as follows: Nine Months Ended Year Ended (Thousands of U.S. Dollars) September 30, 2015 December 31, 2014 Balance, December 31, 2014 $ 35,812 $ 21,973 Settlements (6,368 ) (1,137 ) Liability incurred 1,030 11,956 Liabilities associated with the Argentina business unit sold (Note 3) — (10,170 ) Foreign exchange — (53 ) Accretion 960 1,406 Revisions in estimated liability 419 11,837 Balance, September 30, 2015 $ 31,853 $ 35,812 Asset retirement obligation - current $ 4,686 $ 8,026 Asset retirement obligation - long-term 27,167 27,786 $ 31,853 $ 35,812 |
Financial Instruments, Fair V25
Financial Instruments, Fair Value Measurements, Credit Risk and Foreign Exchange Risk (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Foreign Currency Derivatives, Contingent Consideration and Contingent Liability | The fair value of the trading securities, foreign currency derivative liability and contingent consideration at September 30, 2015 , and December 31, 2014 , were as follows: As at (Thousands of U.S. Dollars) September 30, 2015 December 31, 2014 Trading securities $ 7,016 $ 7,586 Foreign currency derivative liability $ — $ 3,057 Contingent consideration liability 1,061 1,061 $ 1,061 $ 4,118 |
Gains Associated with Foreign Currency Derivatives | The following table presents gains or losses on financial instruments recognized in the accompanying interim unaudited condensed consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, (Thousands of U.S. Dollars) 2015 2014 2015 2014 Trading securities loss $ 2,670 $ 2,540 $ 570 $ 2,201 Foreign currency derivatives loss (gain) — 250 692 (4,424 ) $ 2,670 $ 2,790 $ 1,262 $ (2,223 ) |
Severance Costs (Tables)
Severance Costs (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Severance costs by segment | Severance costs for the Company’s reportable segments and other activities for the three and nine months ended September 30, 2015 , were as follows: Three Months Ended September 30, 2015 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Severance expenses $ — $ 439 $ — $ 22 $ 461 Nine Months Ended September 30, 2015 Colombia Peru Brazil All Other Total Severance expenses $ 1,237 $ 1,863 $ 109 $ 3,618 $ 6,827 |
Change in severance cost liability | Changes in the severance cost related liability were as follows: (Thousands of U.S. Dollars) Nine Months Ended September 30, 2015 Balance, December 31, 2014 $ — Liability incurred 6,827 Settlements (6,827 ) Balance, September 30, 2015 $ — |
Discontinued Operations - Reven
Discontinued Operations - Revenue and Loss from Discontinued Operations (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2014USD ($) | |
Discontinued Operations and Disposal Groups [Abstract] | |
Revenue and other income | $ 31,985 |
Loss from operations of discontinued operations before income taxes | (6,252) |
Income tax expense | (1,458) |
Loss from operations of discontinued operations | (7,710) |
Loss on sale before income taxes | (18,235) |
Income tax expense | (1,045) |
Loss on sale | (19,280) |
Loss from discontinued operations, net of income taxes | $ (26,990) |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - Argentina Business Unit [Member] $ in Millions | Jun. 25, 2014USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Aggregate consideration | $ 69.3 |
Cash received | 55.4 |
GTE ULC and PCESA [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Value of shares received | $ 13.9 |
Segment and Geographic Report29
Segment and Geographic Reporting - Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Oil and natural gas sales | $ 75,653 | $ 161,517 | $ 221,234 | $ 460,510 |
Interest income | 266 | 772 | 1,069 | 2,160 |
Depletion, depreciation, accretion and impairment | 204,993 | 53,936 | 360,620 | 140,137 |
Loss from continuing operations before income taxes | (160,896) | 70,702 | (243,456) | 210,054 |
Continuing Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Oil and natural gas sales | 75,653 | 161,517 | 221,234 | 460,510 |
Interest income | 266 | 772 | 1,069 | 2,160 |
Depletion, depreciation, accretion and impairment | 204,993 | 53,936 | 360,620 | 140,137 |
Loss from continuing operations before income taxes | (160,896) | 70,702 | (243,456) | 210,054 |
Segment capital expenditures | 24,569 | 95,419 | 116,353 | 268,859 |
Colombia [Member] | Continuing Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Oil and natural gas sales | 73,557 | 153,815 | 215,251 | 438,100 |
Interest income | 61 | 98 | 221 | 419 |
Depletion, depreciation, accretion and impairment | 181,981 | 51,144 | 265,297 | 131,742 |
Loss from continuing operations before income taxes | (130,154) | 81,258 | (124,029) | 229,750 |
Segment capital expenditures | 18,903 | 50,785 | 48,357 | 147,016 |
Peru [Member] | Continuing Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Oil and natural gas sales | 0 | 0 | 0 | 0 |
Interest income | 0 | 1 | 2 | 1 |
Depletion, depreciation, accretion and impairment | 3,208 | 109 | 41,588 | 420 |
Loss from continuing operations before income taxes | (5,020) | (3,345) | (48,723) | (7,811) |
Segment capital expenditures | 3,885 | 40,730 | 48,775 | 103,535 |
Brazil [Member] | Continuing Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Oil and natural gas sales | 2,096 | 7,702 | 5,983 | 22,410 |
Interest income | 0 | 433 | 218 | 1,292 |
Depletion, depreciation, accretion and impairment | 19,396 | 2,429 | 52,565 | 7,249 |
Loss from continuing operations before income taxes | (18,540) | 1,746 | (53,632) | 7,446 |
Segment capital expenditures | 1,769 | 3,377 | 18,174 | 17,176 |
All Other [Member] | Continuing Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Oil and natural gas sales | 0 | 0 | 0 | 0 |
Interest income | 205 | 240 | 628 | 448 |
Depletion, depreciation, accretion and impairment | 408 | 254 | 1,170 | 726 |
Loss from continuing operations before income taxes | (7,182) | (8,957) | (17,072) | (19,331) |
Segment capital expenditures | $ 12 | $ 527 | $ 1,047 | $ 1,132 |
Segment and Geographic Report30
Segment and Geographic Reporting - Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Property, plant and equipment | $ 882,264 | $ 1,128,944 |
Goodwill | 102,581 | 102,581 |
Total Assets | 1,270,868 | 1,714,050 |
Continuing Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment | 882,264 | 1,128,944 |
Goodwill | 102,581 | 102,581 |
All other assets | 286,023 | 482,525 |
Total Assets | 1,270,868 | 1,714,050 |
Continuing Operations [Member] | Colombia [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment | 669,083 | 888,822 |
Goodwill | 102,581 | 102,581 |
All other assets | 133,776 | 157,549 |
Total Assets | 905,440 | 1,148,952 |
Continuing Operations [Member] | Peru [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment | 94,460 | 87,028 |
Goodwill | 0 | 0 |
All other assets | 21,822 | 40,613 |
Total Assets | 116,282 | 127,641 |
Continuing Operations [Member] | Brazil [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment | 114,207 | 148,457 |
Goodwill | 0 | 0 |
All other assets | 11,255 | 14,724 |
Total Assets | 125,462 | 163,181 |
Continuing Operations [Member] | All Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment | 4,514 | 4,637 |
Goodwill | 0 | 0 |
All other assets | 119,170 | 269,639 |
Total Assets | $ 123,684 | $ 274,276 |
Property, Plant and Equipment31
Property, Plant and Equipment and Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Oil and natural gas properties | $ 2,295,630 | $ 2,220,514 |
Accumulated depletion, depreciation and impairment | (1,413,366) | (1,091,570) |
Total Property, Plant and Equipment | 882,264 | 1,128,944 |
Proved [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Oil and natural gas properties | 1,940,596 | 1,876,371 |
Unproved [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Oil and natural gas properties | 326,717 | 316,856 |
Oil and natural gas properties depletable base under full cost accounting [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Oil and natural gas properties | 2,267,313 | 2,193,227 |
Furniture and fixtures and leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Oil and natural gas properties | $ 28,317 | $ 27,287 |
Property, Plant and Equipment32
Property, Plant and Equipment and Inventory - Narrative (Details) bbl in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015USD ($)bbl | Sep. 30, 2015USD ($)bbl | Dec. 31, 2014USD ($)bbl | |
Property, Plant and Equipment [Line Items] | |||
Crude oil inventories | $ 17.4 | $ 17.4 | $ 15.2 |
Supplies | $ 1.7 | $ 1.7 | $ 2.1 |
Oil inventory (in bbl) | bbl | 429 | 429 | 330 |
Colombia [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment loss | $ 129.4 | $ 161 | |
Brazil [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment loss | 17.6 | $ 46.9 | |
Brazil [Member] | Oil and natural gas properties depletable base under full cost accounting [Member] | Assets [Member] | Income Approach Valuation Technique [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Discount rate (percent) | 10.00% | ||
Peru [Member] | Block 95 [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment loss | $ 3 | $ 41 |
Share Capital - Shares of Commo
Share Capital - Shares of Common Stock (Details) | 9 Months Ended |
Sep. 30, 2015shares | |
Increase (Decrease) in Common Stock | |
Beginning balance | 276,072,351 |
Options exercised | 240,000 |
Ending balance | 274,814,539 |
Common Stock [Member] | |
Increase (Decrease) in Common Stock | |
Beginning balance | 276,072,351 |
Options exercised | 240,000 |
Shares repurchased and canceled | (3,000,796) |
Exchange of exchangeable shares | 1,502,995 |
Shares canceled | (11) |
Ending balance | 274,814,539 |
Common Stock [Member] | Gran Tierra Exchangeco Inc [Member] | |
Increase (Decrease) in Common Stock | |
Beginning balance | 5,595,118 |
Options exercised | 0 |
Shares repurchased and canceled | 0 |
Exchange of exchangeable shares | (617,257) |
Shares canceled | (84) |
Ending balance | 4,977,777 |
Common Stock [Member] | Gran Tierra Goldstrike Inc [Member] | |
Increase (Decrease) in Common Stock | |
Beginning balance | 4,524,627 |
Options exercised | 0 |
Shares repurchased and canceled | 0 |
Exchange of exchangeable shares | (885,738) |
Shares canceled | 0 |
Ending balance | 3,638,889 |
Share Capital - Weighted Averag
Share Capital - Weighted Average Shares (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Weighted average number of common and exchangeable shares outstanding | 285,592,382 | 285,576,898 | 286,057,952 | 284,203,679 |
Weighted average shares issuable pursuant to stock options | 0 | 8,117,355 | 0 | 9,399,930 |
Weighted average shares assumed to be purchased from proceeds of stock options | 0 | (5,634,652) | 0 | (6,034,262) |
Weighted average number of diluted common and exchangeable shares outstanding | 285,592,382 | 288,059,601 | 286,057,952 | 287,569,347 |
Share Capital - RSU and Stock O
Share Capital - RSU and Stock Option Activity (Details) | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Number of Outstanding Options | |
Beginning Balance (in shares) | 13,790,220 |
Granted (in shares) | 5,076,260 |
Exercised (in shares) | (240,000) |
Forfeited (in shares) | (1,344,961) |
Expired (in shares) | (4,323,143) |
Ending Balance (in shares) | 12,958,376 |
Weighted Average Exercise Price $/Option | |
Weighted Average Exercise Price $/Option, beginning balance (in dollars per share) | $ / shares | $ 5.93 |
Weighted Average Exercise Price $/Option, Granted (in dollars per share) | $ / shares | 3.11 |
Weighted Average Exercise Price $/Options, Exercised (in dollars per share) | $ / shares | 2.51 |
Weighted Average Exercise Price $/Options, Forfeited (in dollars per share) | $ / shares | (5.66) |
Weighted Average Exercise Price $/Options, Expired (in dollars per share) | $ / shares | (6.85) |
Weighted Average Exercise Price $/Option, ending balance (in dollars per share) | $ / shares | $ 4.61 |
RSUs [Member] | |
Number of Outstanding Share Units | |
Beginning Balance (in shares) | 1,236,963 |
Granted (in shares) | 1,041,450 |
Exercised (in shares) | (519,111) |
Forfeited (in shares) | (708,242) |
Expired (in shares) | 0 |
Ending Balance (in shares) | 1,051,060 |
Share Capital - Allocation of S
Share Capital - Allocation of Share Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost | $ 1,013 | $ 2,287 | $ 2,237 | $ 9,791 |
Less: Stock-based compensation costs capitalized | 0 | (278) | (111) | (2,100) |
Stock-based compensation expense | 1,013 | 2,009 | 2,126 | 7,691 |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost | 967 | 1,961 | 1,654 | 5,824 |
RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost | $ 46 | $ 326 | $ 583 | $ 3,967 |
Share Capital - Narrative (Deta
Share Capital - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jul. 27, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options exercised (in shares) | 240,000 | |||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||
Authorized share capital | 595,000,002 | 595,000,002 | ||||
Common stock, authorized | 570,000,000 | 570,000,000 | ||||
Common shares, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |||
Preferred stock, authorized | 25,000,000 | 25,000,000 | ||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||
Stock repurchase program amount authorized (shares) | $ 13,831,866 | |||||
Common stock shares issued and outstanding, (percent) | 4.98% | |||||
Special voting stock-authorized (in shares) | 2 | 2 | ||||
Special voting stock-par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||
Common shares, outstanding | 274,814,539 | 274,814,539 | 276,072,351 | |||
Proceeds from issuance of shares of Common Stock | $ 602,000 | $ 11,177,000 | ||||
Stock Options [Abstract] | ||||||
Stock-based compensation expense | $ 1,013,000 | $ 2,009,000 | 2,126,000 | $ 7,691,000 | ||
Unrecognized compensation cost related to unvested stock options | $ 5,300,000 | $ 5,300,000 | $ 4,800,000 | |||
Unvested stock options recognition period | 1 year 6 months | |||||
Stock Options [Member] | ||||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||
Weighted Average Grant Date Fair Value $/Option, Granted in Period | $ 0.95 | $ 2.21 | $ 1.26 | $ 2.50 | ||
Earnings Per Share [Abstract] | ||||||
Options excluded from the diluted income per share calculation | 13,051,834 | 6,884,227 | 13,659,367 | 6,925,117 | ||
Stock Options [Member] | General and Administrative Expense [Member] | ||||||
Stock Options [Abstract] | ||||||
Stock-based compensation expense | $ 6,100,000 | |||||
Stock Options [Member] | Operating Expense [Member] | ||||||
Stock Options [Abstract] | ||||||
Stock-based compensation expense | 300,000 | |||||
Stock Options [Member] | Discontinued Operations [Member] | ||||||
Stock Options [Abstract] | ||||||
Stock-based compensation expense | $ 1,300,000 |
Asset Retirement Obligation (De
Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Beginning Balance | $ 35,812 | $ 21,973 | $ 21,973 | ||
Settlements | (6,368) | (1,137) | |||
Liability incurred | 1,030 | 11,956 | |||
Liabilities associated with the Argentina business unit sold | 0 | (10,170) | |||
Foreign exchange | 0 | (53) | |||
Accretion | 960 | 1,406 | |||
Revisions in estimated liability | 419 | 11,837 | |||
Asset retirement obligation - current | $ 4,686 | $ 8,026 | |||
Asset retirement obligation - long-term | 27,167 | 27,786 | |||
Balance, end of period | 35,812 | 21,973 | $ 21,973 | 31,853 | 35,812 |
Cash settlement of asset retirement obligation | $ (4,768) | $ (211) | |||
Fair value of legally restricted assets | $ 2,800 | $ 2,000 |
Taxes - Narrative (Details)
Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Income Tax Examination [Line Items] | ||||||
Effective tax rate (percent) | (24.00%) | (40.00%) | ||||
U.S. Statutory rate (percent) | 35.00% | |||||
Foreign equity tax expense | $ 0 | $ 3,769 | $ 0 | $ 3,769 | $ 0 | |
Colombia [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Unpaid equity tax liability | $ 0 | $ 0 | $ 0 | |||
Tax Year 2015 [Member] | Colombia [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Equity tax rate (in hundredths) | 1.15% | |||||
Tax Year 2016 [Member] | Colombia [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Equity tax rate (in hundredths) | 1.00% | |||||
Tax Year 2017 [Member] | Colombia [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Equity tax rate (in hundredths) | 0.40% |
Contingencies (Details)
Contingencies (Details) $ in Millions | Apr. 30, 2015bbl | Sep. 30, 2015USD ($)hydrocarbon_accumulationbbl | Dec. 31, 2014USD ($) | Dec. 31, 2013bbl | Mar. 31, 2015USD ($) |
Loss Contingencies [Line Items] | |||||
Number of separate hydrocarbon accumulations | hydrocarbon_accumulation | 2 | ||||
Promissory notes provided as collateral for letters of credit | $ 75.7 | $ 86.3 | |||
Pending Litigation Moqueta Discovery [Member] | |||||
Loss Contingencies [Line Items] | |||||
Threshold by which additional royalty due (barrels) | bbl | 5,000,000 | ||||
Total cumulative production of oil field (barrels) | bbl | 5,000,000 | ||||
Contingent consideration liability | $ 66.3 | ||||
Related interest costs | $ 23.6 | ||||
Royalty agreement basis spread on variable rate | 4.00% | ||||
Contested interest rate (percent) | 29.00% | ||||
Related interest | $ 5.7 | ||||
Pending Litigation Royalty, Transportation and Related Costs [Member] | |||||
Loss Contingencies [Line Items] | |||||
Contingent consideration liability | 43.6 | ||||
Pending Litigation Escopetrol [Member] | |||||
Loss Contingencies [Line Items] | |||||
Contingent consideration liability | $ 2.4 | $ 2.4 | |||
Loss in period in barrels of oil | bbl | 44,025 |
Financial Instruments, Fair V41
Financial Instruments, Fair Value Measurements, Credit Risk and Foreign Exchange Risk - Fair Value of the Foreign Currency Derivatives, Contingent Consideration and the Contingent Liability (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Trading securities | $ 7,016 | $ 7,586 |
Foreign currency derivative liability | 0 | 3,057 |
Contingent consideration liability | 1,061 | 1,061 |
Total | $ 1,061 | $ 4,118 |
Financial Instruments, Fair V42
Financial Instruments, Fair Value Measurements, Credit Risk and Foreign Exchange Risk - Gains Recognized in the Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value Disclosures [Abstract] | ||||
Trading securities loss | $ 2,670 | $ 2,540 | $ 570 | $ 2,201 |
Foreign currency derivatives loss (gain) | 0 | 250 | 692 | (4,424) |
Total | $ 2,670 | $ 2,790 | $ 1,262 | $ (2,223) |
Financial Instruments, Fair V43
Financial Instruments, Fair Value Measurements, Credit Risk and Foreign Exchange Risk - Narrative (Details) - USD ($) $ in Thousands | Oct. 08, 2012 | Sep. 30, 2015 | Sep. 30, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Foreign exchange losses, Colombian peso to U.S. dollar | $ 24 | ||
Colombia [Member] | Sales Revenue, Segment [Member] | Geographic Concentration Risk [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Concentration risk, percentage | 97.00% | 95.00% | |
Block-Brazil [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Participating interest percentage oil and gas property, remaining percentage | 30.00% |
Severance Costs - Costs by Segm
Severance Costs - Costs by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||
Severance expenses | $ 461 | $ 0 | $ 6,827 | $ 0 |
Colombia [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance expenses | 0 | 1,237 | ||
Peru [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance expenses | 439 | 1,863 | ||
Brazil [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance expenses | 0 | 109 | ||
All Other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance expenses | $ 22 | $ 3,618 |
Severance Costs - Change in Sev
Severance Costs - Change in Severance Cost Liability (Details) - Employee Severance [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Restructuring Reserve [Roll Forward] | |
Balance, beginning of period | $ 0 |
Liability incurred | 6,827 |
Settlements | (6,827) |
Balance, end of period | $ 0 |
Credit Facility - Narrative (De
Credit Facility - Narrative (Details) | 9 Months Ended |
Sep. 30, 2015USD ($)Subsidiary | |
LIBOR [Member] | Maximum [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 3.00% |
Line of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Current Borrowing Capacity | $ 200,000,000 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000,000 |
Line of Credit, Borrowing Base, Number of Subsidiaries | Subsidiary | 2 |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.75% |
Line of Credit [Member] | LIBOR [Member] | Minimum [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Line of Credit [Member] | Alternate Base Rate [Member] | Minimum [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Line of Credit [Member] | Alternate Base Rate [Member] | Maximum [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Line of Credit [Member] | Letter of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000,000 |
Line of Credit, Credit Participation Fee, Percent | 0.25% |