Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 01, 2017 | |
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 | 390,818,790 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
OIL AND NATURAL GAS SALES (NOTE 3) | $ 94,659 | $ 57,403 |
EXPENSES | ||
Operating | 23,937 | 19,067 |
Transportation | 6,942 | 12,328 |
Depletion, depreciation and accretion (Note 3) | 26,593 | 36,912 |
Asset impairment (Notes 3 and 4) | 283 | 56,898 |
General and administrative (Note 3) | 8,712 | 7,049 |
Transaction | 0 | 1,237 |
Severance | 0 | 1,018 |
Equity tax | 1,224 | 3,051 |
Foreign exchange (gain) loss | (1,847) | 785 |
Financial instruments (gain) loss (Note 10) | (5,439) | 845 |
Interest expense (Note 5) | 3,095 | 519 |
Total expenses | 63,500 | 139,709 |
GAIN ON ACQUISITION | 0 | 11,712 |
INTEREST INCOME | 408 | 449 |
INCOME (LOSS) BEFORE INCOME TAXES (NOTE 3) | 31,567 | (70,145) |
INCOME TAX (EXPENSE) RECOVERY | ||
Current | (7,417) | (2,023) |
Deferred | (11,379) | 27,136 |
Income tax (expense) recovery | (18,796) | 25,113 |
NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) | $ 12,771 | $ (45,032) |
NET INCOME (LOSS) PER SHARE - BASIC AND DILUTED (in dollars per share) | $ 0.03 | $ (0.15) |
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC (Note 6) | 399,007,086 | 293,812,226 |
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED (Note 6) | 399,046,114 | 293,812,226 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents (Note 11) | $ 26,716 | $ 25,175 |
Restricted cash and cash equivalents (Notes 7 and 11) | 7,663 | 8,322 |
Accounts receivable | 46,912 | 45,698 |
Derivatives (Note 10) | 1,425 | 578 |
Inventory (Note 4) | 7,285 | 7,766 |
Taxes receivable | 23,284 | 26,393 |
Prepaid taxes (Note 2) | 0 | 12,271 |
Other prepaids | 4,404 | 5,482 |
Total Current Assets | 117,689 | 131,685 |
Oil and Gas Properties (using the full cost method of accounting) | ||
Proved | 460,937 | 412,319 |
Unproved | 620,045 | 647,774 |
Total Oil and Gas Properties | 1,080,982 | 1,060,093 |
Other capital assets | 6,314 | 6,516 |
Total Property, Plant and Equipment (Notes 3 and 4) | 1,087,296 | 1,066,609 |
Other Long-Term Assets | ||
Deferred tax assets (Note 2) | 100,260 | 1,611 |
Prepaid taxes (Note 2) | 0 | 41,784 |
Other long-term assets (Note 11) | 24,467 | 23,626 |
Goodwill (Note 3) | 102,581 | 102,581 |
Total Other Long-Term Assets | 227,308 | 169,602 |
Total Assets | 1,432,293 | 1,367,896 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 112,414 | 107,051 |
Derivatives (Note 10) | 0 | 3,824 |
Taxes payable (Note 2) | 38,210 | 38,939 |
Asset retirement obligation (Note 7) | 1,214 | 5,215 |
Total Current Liabilities | 151,838 | 155,029 |
Long-Term Liabilities | ||
Long-term debt (Notes 5 and 10) | 193,159 | 197,083 |
Deferred tax liabilities (Note 2) | 36,061 | 107,230 |
Asset retirement obligation (Note 7) | 42,960 | 38,142 |
Other long-term liabilities | 11,332 | 11,425 |
Total Long-Term Liabilities | 283,512 | 353,880 |
Contingencies (Note 9) | ||
Shareholders’ Equity | ||
Common Stock (Note 6) (390,815,190 and 390,807,194 shares of Common Stock and 8,191,894 and 8,199,894 exchangeable shares, par value $0.001 per share, issued and outstanding as at March 31, 2017, and December 31, 2016, respectively) | 10,303 | 10,303 |
Additional paid in capital | 1,343,365 | 1,342,656 |
Deficit | (356,725) | (493,972) |
Total Shareholders’ Equity | 996,943 | 858,987 |
Total Liabilities and Shareholders’ Equity | $ 1,432,293 | $ 1,367,896 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common shares, issued | 390,815,190 | 390,807,194 |
Common shares, outstanding | 390,815,190 | 390,807,194 |
Exchangeable shares, issued | 8,191,894 | 8,199,894 |
Exchangeable shares, outstanding | 8,191,894 | 8,199,894 |
Common shares, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating Activities | ||
Net income (loss) | $ 12,771 | $ (45,032) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depletion, depreciation and accretion (Note 3) | 26,593 | 36,912 |
Asset impairment (Notes 3 and 4) | 283 | 56,898 |
Deferred tax expense (recovery) | 11,379 | (27,136) |
Stock-based compensation (Note 6) | 1,203 | 1,460 |
Amortization of debt issuance costs (Note 5) | 605 | 140 |
Cash settlement of restricted share units | (318) | (673) |
Unrealized foreign exchange gain | (2,819) | (183) |
Financial instruments (gain) loss (Note 10) | (5,439) | 845 |
Cash settlement of financial instruments (Note 10) | 768 | 44 |
Cash settlement of asset retirement obligation (Note 7) | (13) | (104) |
Gain on acquisition | 0 | (11,712) |
Net change in assets and liabilities from operating activities (Note 11) | 4,930 | (647) |
Net cash provided by operating activities | 49,943 | 10,812 |
Investing Activities | ||
Additions to property, plant and equipment, excluding corporate acquisition (Note 3) | (46,160) | (26,180) |
Additions to property, plant and equipment - acquisition of PetroGranada Colombia Limited | 0 | (19,388) |
Deposit received for Brazil Divestiture (Note 1) | 3,500 | 0 |
Cash paid for business combinations, net of cash acquired | 0 | (40,201) |
Changes in non-cash investing working capital | (1,797) | 50 |
Net cash used in investing activities | (44,457) | (85,719) |
Financing Activities | ||
Proceeds from bank debt, net of issuance costs (Note 5) | 18,471 | 0 |
Repayment of bank debt (Note 5) | (23,000) | 0 |
Proceeds from issuance of shares of Common Stock, net of issuance costs | 0 | 1,198 |
Net cash (used in) provided by financing activities | (4,529) | 1,198 |
Foreign exchange gain on cash, cash equivalents and restricted cash and cash equivalents | 474 | 1,154 |
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents | 1,431 | (72,555) |
Cash, cash equivalents and restricted cash and cash equivalents, beginning of period (Note 11) | 43,267 | 148,751 |
Cash, cash equivalents and restricted cash and cash equivalents, end of period (Note 11) | $ 44,698 | $ 76,196 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Share Capital | Additional Paid in Capital | Deficit |
Increase (Decrease) in Stockholders' Equity | ||||
Cumulative adjustment for accounting change related to tax reorganizations (Note 2) | $ 0 | |||
Balance, beginning of period at Dec. 31, 2015 | $ 10,186 | $ 1,019,863 | (28,407) | |
Increase (Decrease) in Stockholders' Equity | ||||
Issuance of Common Stock, net of share issuance costs (Note 6) | 117 | 314,425 | ||
Exercise of stock options (Note 6) | 5,347 | |||
Stock-based compensation (Note 6) | 3,021 | |||
Net income (loss) | (465,565) | |||
Balance, end of period at Dec. 31, 2016 | $ 858,987 | 10,303 | 1,342,656 | (493,972) |
Increase (Decrease) in Stockholders' Equity | ||||
Cumulative adjustment for accounting change related to tax reorganizations (Note 2) | 124,476 | |||
Issuance of Common Stock, net of share issuance costs (Note 6) | 0 | 0 | ||
Exercise of stock options (Note 6) | 0 | |||
Stock-based compensation (Note 6) | 709 | |||
Net income (loss) | 12,771 | 12,771 | ||
Balance, end of period at Mar. 31, 2017 | $ 996,943 | $ 10,303 | $ 1,343,365 | $ (356,725) |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business Gran Tierra Energy Inc., a Delaware corporation (the “Company” or “Gran Tierra”), is a publicly traded company focused on oil and natural gas exploration and production in Colombia. The Company also has business activities in Peru and Brazil. On February, 6, 2017, the Company announced that a purchase and sale agreement (the "Agreement") had been executed by a third party ("Purchaser") to purchase Gran Tierra's Brazil business unit through the acquisition of all of the equity interests in one of Gran Tierra's indirect subsidiaries, and the assignment of certain debt owed by the corporate entities comprising Gran Tierra's Brazil business unit to the Gran Tierra group of companies (the "Brazil Divestiture"). Upon completion of the Brazil Divestiture, the Purchaser will acquire all of Gran Tierra's assets and certain liabilities in Brazil, including its 100% working interest in the Tiê Field and all of Gran Tierra's interest in exploration rights and obligations held pursuant to concession agreements granted by the Agência Nacional do Petróleo, Gás Natural e Biocombustíveis of Brazil ("ANP"). The completion of the Brazil Divestiture is subject to the Purchaser obtaining financing, as well as customary closing conditions, including the receipt of required regulatory approval from the ANP. The consideration to be received by Gran Tierra on the completion of the Brazil Divestiture is $35 million , subject to adjustments, plus the assumption by the Purchaser of certain existing and potential liabilities of Gran Tierra's Brazil business unit. Pursuant to the Agreement, the Purchaser paid a deposit of $3.5 million on February 7, 2017, which is not refundable in the event the Purchaser is not successful in obtaining financing to complete the Brazil Divestiture. The economic effective date of the transaction would be on or before August 1, 2017, and Gran Tierra will continue to operate its Brazil business unit until the completion of the Brazil Divestiture. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016 , included in the Company’s 2016 Annual Report on Form 10-K, filed with the SEC on March 1, 2017 . The Company’s significant accounting policies are described in Note 2 of the consolidated financial statements which are included in the Company’s 2016 Annual Report on Form 10-K and are the same policies followed in these interim unaudited condensed consolidated financial statements, except as noted below. The Company has evaluated all subsequent events through to the date these interim unaudited condensed consolidated financial statements were issued. Recently Adopted 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 was effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The implementation of this update did not materially impact the Company’s consolidated financial position, results of operations or cash flows or disclosure. Employee Share-Based Payment Accounting In March 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting ". This ASU simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for forfeitures, income taxes, and statutory tax withholding requirements. The ASU was effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company elected to continue to estimate the total number of awards for which the requisite service period will not be rendered. The implementation of this update did not impact the Company’s consolidated financial position, results of operations or cash flows or disclosure. Income Taxes - Intra-Entity Transfers of Assets Other than Inventory At December 31, 2016, GAAP prohibited the recognition of current and deferred income taxes for intra-entity transfers until an asset leaves the consolidated group, therefore, the current income tax effect of tax reorganizations completed in 2016 was deferred and recognized as prepaid income taxes. At December 31, 2016, the Company's balance sheet included $54.1 million of prepaid income taxes, $12.3 million in current prepaid taxes and $41.8 million in long-term prepaid taxes, and $37.5 million of current income taxes payable relating to tax reorganizations completed in 2016. In October 2016, the FASB issued ASU 2016-16, "Intra-Entity Transfers of Assets Other than Inventory." This ASU requires companies to recognize the income tax effects of intercompany sales or transfers of assets, other than inventory, in the income statement as income tax expense or benefit in the period the sale or transfer occurs. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption was permitted as of the beginning of an annual reporting period. The ASU is required to be applied on a modified retrospective basis with a cumulative-effect adjustment directly to retained earnings in the period of adoption. The Company early adopted this ASU on January 1, 2017, and in the three months ending March 31, 2017, wrote off the income tax effects that had been deferred from past intercompany transactions to opening deficit. Prepaid tax of $54.1 million and deferred tax assets of $178.6 million were recorded directly to opening deficit at January 1, 2017. Deferred tax assets recorded upon adoption were assessed for realizability under ASC 740, and, valuation allowances were recognized on those deferred tax assets as necessary on the date of adoption. The adoption of ASU 2016-16 did not have any effect on the Company’s cash flows. Restricted Cash and Cash Equivalents In November 2016, the FASB issued ASU 2016-18, "Restricted Cash". ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. ASU 2016-18 is effective for annual reporting periods and interim reporting periods within those annual reporting periods, beginning after December 15, 2017. The ASU was adopted on a retrospective basis to each period presented. The implementation of this ASU did not impact the Company's consolidated financial position or results of operations, and did not have a material impact on net cash used in investing activities for the three months ended March 31, 2017 , or 2016. Clarifying the Definition of a Business In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business". ASU 2017-01 narrows the definition of a business and provides a framework that gives entities a basis for making reasonable judgments about whether a transaction involves an asset or a business. ASU 2017-01 is effective for annual reporting periods and interim reporting periods within those annual reporting periods, beginning after December 15, 2017. Early adoption was permitted and the Company adopted this ASU on January 1, 2017. The Company now applies an initial screen for determining whether a transaction involves an asset or a business. When substantially all of the fair value of the gross assets acquired is concentrated in a single identified asset, or group of similar identifiable assets, the set will not be a business and no goodwill or gain on acquisition will be recognized. If the screen is not met, a set cannot be considered a business unless it includes an input and a substantive process that together significantly contribute to the ability to create an output. Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU 2017-04, "Simplifying the Test for Goodwill Impairment". ASU 2017-04 eliminates step 2 of the goodwill impairment test. An entity no longer will determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for annual reporting periods and interim reporting periods within those annual reporting periods, beginning after December 15, 2019. Early adoption is permitted. At December 31, 2016, the Company performed a qualitative assessment of goodwill and, based on this assessment, no impairment of goodwill was identified. The Company did not have to perform step 2 of the goodwill impairment test. |
Segment and Geographic Reportin
Segment and Geographic Reporting | 3 Months Ended |
Mar. 31, 2017 | |
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. The All Other category represents the Company’s corporate activities. The Company evaluates reportable segment performance based on income or loss before income taxes. On February, 6, 2017, the Company announced that a purchase and sale agreement had been executed by the Purchaser to purchase Gran Tierra's Brazil business unit through the acquisition of all of the equity interests in one of Gran Tierra's indirect subsidiaries, and the assignment of certain debt owed by the corporate entities comprising Gran Tierra's Brazil business unit to the Gran Tierra group of companies (Note 1). The completion of the sale is subject to the Purchaser obtaining financing, as well as customary closing conditions, including the receipt of required regulatory approval from the ANP. The following tables present information on the Company’s reportable segments and other activities: Three Months Ended March 31, 2017 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Oil and natural gas sales $ 90,464 $ — $ 4,195 $ — $ 94,659 Depletion, depreciation and accretion 24,935 226 1,213 219 26,593 Asset impairment — 283 — — 283 General and administrative expenses 4,832 355 305 3,220 8,712 Income (loss) before income taxes 37,144 (513 ) 1,520 (6,584 ) 31,567 Segment capital expenditures 42,840 1,207 1,749 364 46,160 Three Months Ended March 31, 2016 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Oil and natural gas sales $ 56,300 $ — $ 1,103 $ — $ 57,403 Depletion, depreciation and accretion 35,736 141 718 317 36,912 Asset impairment 55,232 416 1,250 — 56,898 General and administrative expenses 3,265 409 292 3,083 7,049 (Loss) income before income taxes (72,721 ) (712 ) (1,509 ) 4,797 (70,145 ) Segment capital expenditures 21,986 1,268 2,720 206 26,180 As at March 31, 2017 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Property, plant and equipment $ 958,977 $ 69,325 $ 55,810 $ 3,184 $ 1,087,296 Goodwill 102,581 — — — 102,581 All other assets 211,693 11,111 3,559 16,053 242,416 Total Assets $ 1,273,251 $ 80,436 $ 59,369 $ 19,237 $ 1,432,293 As at December 31, 2016 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Property, plant and equipment $ 939,947 $ 68,428 $ 55,196 $ 3,038 $ 1,066,609 Goodwill 102,581 — — — 102,581 All other assets 177,393 10,848 1,619 8,846 198,706 Total Assets $ 1,219,921 $ 79,276 $ 56,815 $ 11,884 $ 1,367,896 |
Property, Plant and Equipment a
Property, Plant and Equipment and Inventory | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 As at December 31, 2016 Oil and natural gas properties Proved $ 2,725,784 $ 2,652,171 Unproved 620,045 647,774 3,345,829 3,299,945 Other 29,744 29,445 3,375,573 3,329,390 Accumulated depletion, depreciation and impairment (2,288,277 ) (2,262,781 ) $ 1,087,296 $ 1,066,609 Asset impairment for the three months ended March 31, 2017 , and 2016 was as follows: Three Months Ended March 31, (Thousands of U.S. Dollars) 2017 2016 Impairment of oil and gas properties $ 283 $ 56,234 Impairment of inventory — 664 $ 283 $ 56,898 In the three months ended March 31, 2017 and 2016 , the Company recorded impairment losses in its Peru cost center of $0.3 million and $0.4 million , respectively. In the three months ended March 31, 2017 , the Company had no ceiling test impairment losses in its Colombia and Brazil cost centers. In the three months ended March 31, 2016 , the Company recorded ceiling test impairment losses of $54.6 million and $1.3 million , respectively, in its Colombia and Brazil cost centers, as a result of low realized 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 accordance with GAAP, Gran Tierra used an average Brent price of $49.33 per bbl for the purposes of the March 31, 2017 , ceiling test calculations ( December 31, 2016 - $42.92 ; March 31, 2016 - $48.79 ; December 31, 2015 - $54.08 ). Inventory At March 31, 2017 , oil and supplies inventories were $5.5 million and $1.8 million , respectively ( December 31, 2016 - $6.0 million and $1.8 million , respectively). At March 31, 2017 , the Company had 185 Mbbl of oil inventory ( December 31, 2016 - 208 Mbbl). In the three months ended March 31, 2017 , the Company recorded oil inventory impairment of $ nil ( three months ended March 31, 2016 - $ 0.7 million ) related to lower oil prices. |
Debt and Debt Issuance Costs
Debt and Debt Issuance Costs | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt and Debt Issuance Costs | Debt and Debt Issuance Costs The Company's debt at March 31, 2017 , and December 31, 2016 , was as follows: (Thousands of U.S. Dollars) As at March 31, 2017 As at December 31, 2016 Convertible senior notes $ 115,000 $ 115,000 Revolving credit facility 85,000 90,000 Unamortized debt issuance costs (6,841 ) (7,917 ) Long-term debt $ 193,159 $ 197,083 The following table presents total interest expense recognized in the accompanying interim unaudited condensed consolidated statements of operations: Three Months Ended March 31, (Thousands of U.S. Dollars) 2017 2016 Contractual interest and other financing expenses $ 2,490 $ 379 Amortization of debt issuance costs 605 140 $ 3,095 $ 519 |
Share Capital
Share Capital | 3 Months Ended |
Mar. 31, 2017 | |
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, one share is designated as Special A Voting Stock, par value $0.001 per share, and one share is designated as Special B Voting Stock, par value $0.001 per share. Shares of Common Stock Exchangeable Shares of Gran Tierra Exchangeco Inc. Exchangeable Shares of Gran Tierra Goldstrike Inc. Balance, December 31, 2016 390,807,194 4,812,592 3,387,302 Exchange of exchangeable shares 8,000 (8,000 ) — Shares canceled (4 ) — — Balance, March 31, 2017 390,815,190 4,804,592 3,387,302 Net Income (Loss) per Share Basic net income (loss) per share is calculated by dividing net income (loss) attributable to common shareholders by the weighted average number of shares of Common Stock and exchangeable shares issued and outstanding during each period. Diluted net income (loss) per share is calculated by adjusting the weighted average number of shares of Common Stock and exchangeable shares outstanding for the dilutive effect, if any, of share equivalents. The Company uses the treasury stock method to determine the dilutive effect. This method assumes that all Common Stock equivalents have been exercised at the beginning of the period (or at the time of issuance, if later), and that the funds obtained thereby were used to purchase shares of Common Stock of the Company at the volume weighted average trading price of shares of Common Stock during the period. Stock options and shares issuable upon conversion of the Convertible Senior Notes ("Notes") were excluded from the diluted loss per share calculation as the stock options and shares issuable upon conversion of the Notes were anti-dilutive. Equity Compensation Awards The following table provides information about p erformance stock units (“PSUs”), deferred share units (“DSUs”), restricted stock units (“RSUs”) and stock option activity for the three months ended March 31, 2017 : PSUs DSUs RSUs Stock Options Number of Outstanding Share Units Number of Outstanding Share Units Number of Outstanding Share Units Number of Outstanding Stock Options Weighted Average Exercise Price/Stock Option ($) Balance, December 31, 2016 3,362,717 208,698 359,145 9,239,478 4.16 Granted 3,098,100 48,337 — 1,819,380 2.57 Exercised — — (123,326 ) — — Forfeited — — (2,558 ) (21,595 ) (5.71 ) Balance, March 31, 2017 6,460,817 257,035 233,261 11,037,263 3.90 Stock-based compensation expense for the three months ended March 31, 2017 , and 2016 , was $1.2 million and $1.5 million , respectively, and was primarily recorded in general and administrative ("G&A") expenses. At March 31, 2017 , there was $16.7 million ( December 31, 2016 - $10.0 million ) of unrecognized compensation cost related to unvested PSUs, RSUs and stock options which is expected to be recognized over a weighted average period of 2.2 years. Weighted Average Shares Outstanding Three Months Ended March 31, 2017 2016 Weighted average number of common and exchangeable shares outstanding 399,007,086 293,812,226 Shares issuable pursuant to stock options 635,484 — Shares assumed to be purchased from proceeds of stock options (596,456 ) — Weighted average number of diluted common and exchangeable shares outstanding 399,046,114 293,812,226 For the three months ended March 31, 2017 , 9,210,869 options, on a weighted average basis, ( 2016 - 12,667,761 options) were excluded from the diluted income (loss) per share calculation as the options were anti-dilutive. |
Asset Retirement Obligation
Asset Retirement Obligation | 3 Months Ended |
Mar. 31, 2017 | |
Asset Retirement Obligation Disclosure [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: Three Months Ended Year Ended (Thousands of U.S. Dollars) March 31, 2017 December 31, 2016 Balance, beginning of period $ 43,357 $ 33,224 Settlements (195 ) (872 ) Liabilities associated with assets sold — (3,257 ) Liability incurred 190 2,606 Liabilities assumed in acquisition — 15,723 Accretion 822 2,789 Revisions in estimated liability — (6,856 ) Balance, end of period $ 44,174 $ 43,357 Asset retirement obligation - current $ 1,214 $ 5,215 Asset retirement obligation - long-term 42,960 38,142 $ 44,174 $ 43,357 For the three months ended March 31, 2017 , settlements included $ nil cash payments with the balance in accounts payable and accrued liabilities at March 31, 2017 . Revisions in 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 asset retirement obligations. At March 31, 2017 , the fair value of assets that are legally restricted for purposes of settling the asset retirement obligation was $12.6 million ( December 31, 2016 - $12.0 million ). These assets are accounted for as restricted cash and cash equivalents on the Company's interim unaudited condensed consolidated balance sheets. |
Taxes
Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Taxes | Taxes The Company's effective tax rate was 60% in the three months ended March 31, 2017 , compared with 36% in the corresponding period in 2016 . The Company's effective tax rate differed from the U.S. statutory rate of 35% primarily due to an increase to the valuation allowance, which was largely attributable to losses incurred in the United States, Brazil and Colombia, as well as the impact of a non-deductible third-party royalty in Colombia, foreign taxes, local taxes, and stock based compensation. These items were partially offset by foreign currency translation adjustments and other permanent differences. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies The Agencia Nacional de Hidrocarburos (National Hydrocarbons Agency) (“ANH") and Gran Tierra are engaged in ongoing discussions regarding the interpretation of whether certain transportation and related costs are eligible to be deducted in the calculation of an additional royalty (the "HPR royalty"). 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 $46.4 million as at March 31, 2017 . 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. 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 and other credit support At March 31, 2017 , the Company had provided letters of credit and other credit support totaling $88.3 million ( December 31, 2016 - $96.8 million ) as security relating to work commitment guarantees contained in exploration contracts and other capital or operating requirements. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurement | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurement | Financial Instruments and Fair Value Measurement Financial Instruments At March 31, 2017 , the Company’s financial instruments recognized in the balance sheet consist of: cash and cash equivalents; restricted cash and cash equivalents; accounts receivable; derivatives, accounts payable and accrued liabilities, long-term debt, PSU liability included in other long-term liabilities, and RSU liability included in accounts payable and accrued liabilities and other long-term liabilities. Fair Value Measurement The fair value of derivatives and RSU and PSU liabilities are being remeasured at the estimated fair value at the end of each reporting period. The fair value of commodity price and foreign currency derivatives is estimated based on various factors, including quoted market prices in active markets and quotes from third parties. The Company also performs an internal valuation to ensure the reasonableness of third party quotes. In consideration of counterparty credit risk, the Company assessed the possibility of whether the counterparty to the derivative would default by failing to make any contractually required payments. Additionally, the Company considers that it is of substantial credit quality and has the financial resources and willingness to meet its potential repayment obligations associated with the derivative transactions. The fair value of the RSU liability was estimated based on quoted market prices in an active market. The fair value of the PSU liability was estimated based on quoted market prices in an active market and an option pricing model such as the Monte Carlo simulation option-pricing models. The fair value of derivatives, and RSU and PSU liabilities at March 31, 2017 , and December 31, 2016 , were as follows: (Thousands of U.S. Dollars) As at March 31, 2017 As at December 31, 2016 Commodity price derivative asset $ 879 $ — Foreign currency derivative asset 546 578 $ 1,425 $ 578 Commodity price derivative liability $ — $ 3,824 RSU, PSU and DSU liability 4,197 3,907 $ 4,197 $ 7,731 The following table presents gains or losses on financial instruments recognized in the accompanying interim unaudited condensed consolidated statements of operations: Three Months Ended March 31, (Thousands of U.S. Dollars) 2017 2016 Commodity price derivative gain $ (4,703 ) $ — Foreign currency derivatives gain (736 ) — Trading securities loss — 845 Financial instruments (gain) loss $ (5,439 ) $ 845 These gains and losses are presented as financial instruments gains or losses in the interim unaudited condensed consolidated statements of operations and cash flows. Financial instruments not recorded at fair value include the Notes. At March 31, 2017 , the carrying amount of the Notes was $110.1 million , which represents the aggregate principal amount less unamortized debt issuance costs, and the fair value was $128.5 million . The fair value of long-term restricted cash and cash equivalents and the revolving credit facility approximated their 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 March 31, 2017 , the fair value of the derivatives was determined using Level 2 inputs and the fair value of the PSU liability was determined using Level 3 inputs. The Company uses available market data and valuation methodologies to estimate the fair value of debt. The fair value of debt is the estimated amount the Company would have to pay a third party to assume the debt, including a credit spread for the difference between the issue rate and the period end market rate. The credit spread is the Company’s default or repayment risk. The credit spread (premium or discount) is determined by comparing the Company’s Notes and revolving credit facility to new issuances (secured and unsecured) and secondary trades of similar size and credit statistics for both public and private debt. The disclosure in the paragraph above regarding the fair value of the Company’s revolving credit facility was determined using an income approach using Level 3 inputs. The disclosure in the paragraph above regarding the fair value of the Notes was determined using Level 2 inputs based on the indicative pricing published by certain investment banks or trading levels of the Notes, which are not listed on any securities exchange or quoted on an inter-dealer automated quotation system. The disclosure in the paragraph above regarding the fair value of cash and cash equivalents and restricted cash and cash equivalents 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. Commodity Price Derivatives The Company utilizes commodity price derivatives to manage the variability in cash flows associated with the forecasted sale of its oil production, reduce commodity price risk and provide a base level of cash flow in order to assure it can execute at least a portion of its capital spending. At March 31, 2017 , the Company had outstanding commodity price derivative positions as follows: Period and type of instrument Volume, Reference Sold Put ($/bbl) Purchased Put Sold Call ($/bbl) Collar: June 1, 2016 to May 31, 2017 10,000 ICE Brent $ 35 $ 45 $ 65 Collar: October 1, 2016 to December 31, 2017 5,000 ICE Brent $ 35 $ 45 $ 65 Collar: June 1, 2017 to December 31, 2017 10,000 ICE Brent $ 35 $ 45 $ 65 Foreign Currency Derivatives The Company utilizes foreign currency derivatives to manage the variability in cash flows associated with the Company's forecasted Colombian peso ("COP") denominated costs. At March 31, 2017 , the Company had outstanding foreign currency derivative positions as follows: Period and type of instrument Amount Hedged U.S. Dollar Equivalent of Amount Hedged (1) (Thousands of U.S. Dollars) Reference Purchased Call Sold Put Collar: April 1, 2017 to May 31, 2017 22,697 7,881 COP 3,100 3,340 (1) At March 31, 2017 foreign exchange rate. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table provides a reconciliation of cash, cash equivalents and restricted cash and cash equivalents with the Company's interim unaudited condensed consolidated balance sheet that sum to the total of the same such amounts shown in the interim unaudited condensed consolidated statements of cash flows: (Thousands of U.S. Dollars) As at March 31, As at December 31, 2017 2016 2016 2015 Cash and cash equivalents $ 26,716 $ 51,308 $ 25,175 $ 145,342 Restricted cash and cash equivalents - current 7,663 18,474 8,322 92 Restricted cash and cash equivalents - included in other long-term assets 10,319 6,414 9,770 3,317 $ 44,698 $ 76,196 $ 43,267 $ 148,751 Net changes in assets and liabilities from operating activities were as follows: Three Months Ended March 31, (Thousands of U.S. Dollars) 2017 2016 Accounts receivable and other long-term assets $ (2,428 ) $ (2,513 ) Inventory 207 4,339 Prepaids 1,078 466 Accounts payable and accrued and other long-term liabilities 4,310 (5,975 ) Taxes receivable and payable 1,763 3,036 Net changes in assets and liabilities from operating activities $ 4,930 $ (647 ) The following table provides additional supplemental cash flow disclosures: Three Months Ended March 31, (Thousands of U.S. Dollars) 2017 2016 Non-cash investing activities: Net liabilities related to property, plant and equipment, end of period $ 54,875 $ 35,606 |
Significant Accounting Polici18
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted 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 was effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The implementation of this update did not materially impact the Company’s consolidated financial position, results of operations or cash flows or disclosure. Employee Share-Based Payment Accounting In March 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting ". This ASU simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for forfeitures, income taxes, and statutory tax withholding requirements. The ASU was effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company elected to continue to estimate the total number of awards for which the requisite service period will not be rendered. The implementation of this update did not impact the Company’s consolidated financial position, results of operations or cash flows or disclosure. Income Taxes - Intra-Entity Transfers of Assets Other than Inventory At December 31, 2016, GAAP prohibited the recognition of current and deferred income taxes for intra-entity transfers until an asset leaves the consolidated group, therefore, the current income tax effect of tax reorganizations completed in 2016 was deferred and recognized as prepaid income taxes. At December 31, 2016, the Company's balance sheet included $54.1 million of prepaid income taxes, $12.3 million in current prepaid taxes and $41.8 million in long-term prepaid taxes, and $37.5 million of current income taxes payable relating to tax reorganizations completed in 2016. In October 2016, the FASB issued ASU 2016-16, "Intra-Entity Transfers of Assets Other than Inventory." This ASU requires companies to recognize the income tax effects of intercompany sales or transfers of assets, other than inventory, in the income statement as income tax expense or benefit in the period the sale or transfer occurs. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption was permitted as of the beginning of an annual reporting period. The ASU is required to be applied on a modified retrospective basis with a cumulative-effect adjustment directly to retained earnings in the period of adoption. The Company early adopted this ASU on January 1, 2017, and in the three months ending March 31, 2017, wrote off the income tax effects that had been deferred from past intercompany transactions to opening deficit. Prepaid tax of $54.1 million and deferred tax assets of $178.6 million were recorded directly to opening deficit at January 1, 2017. Deferred tax assets recorded upon adoption were assessed for realizability under ASC 740, and, valuation allowances were recognized on those deferred tax assets as necessary on the date of adoption. The adoption of ASU 2016-16 did not have any effect on the Company’s cash flows. Restricted Cash and Cash Equivalents In November 2016, the FASB issued ASU 2016-18, "Restricted Cash". ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. ASU 2016-18 is effective for annual reporting periods and interim reporting periods within those annual reporting periods, beginning after December 15, 2017. The ASU was adopted on a retrospective basis to each period presented. The implementation of this ASU did not impact the Company's consolidated financial position or results of operations, and did not have a material impact on net cash used in investing activities for the three months ended March 31, 2017 , or 2016. Clarifying the Definition of a Business In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business". ASU 2017-01 narrows the definition of a business and provides a framework that gives entities a basis for making reasonable judgments about whether a transaction involves an asset or a business. ASU 2017-01 is effective for annual reporting periods and interim reporting periods within those annual reporting periods, beginning after December 15, 2017. Early adoption was permitted and the Company adopted this ASU on January 1, 2017. The Company now applies an initial screen for determining whether a transaction involves an asset or a business. When substantially all of the fair value of the gross assets acquired is concentrated in a single identified asset, or group of similar identifiable assets, the set will not be a business and no goodwill or gain on acquisition will be recognized. If the screen is not met, a set cannot be considered a business unless it includes an input and a substantive process that together significantly contribute to the ability to create an output. Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU 2017-04, "Simplifying the Test for Goodwill Impairment". ASU 2017-04 eliminates step 2 of the goodwill impairment test. An entity no longer will determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for annual reporting periods and interim reporting periods within those annual reporting periods, beginning after December 15, 2019. Early adoption is permitted. At December 31, 2016, the Company performed a qualitative assessment of goodwill and, based on this assessment, no impairment of goodwill was identified. The Company did not have to perform step 2 of the goodwill impairment test. |
Segment and Geographic Report19
Segment and Geographic Reporting (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Information on Reportable Segments and Other Activities | The following tables present information on the Company’s reportable segments and other activities: Three Months Ended March 31, 2017 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Oil and natural gas sales $ 90,464 $ — $ 4,195 $ — $ 94,659 Depletion, depreciation and accretion 24,935 226 1,213 219 26,593 Asset impairment — 283 — — 283 General and administrative expenses 4,832 355 305 3,220 8,712 Income (loss) before income taxes 37,144 (513 ) 1,520 (6,584 ) 31,567 Segment capital expenditures 42,840 1,207 1,749 364 46,160 Three Months Ended March 31, 2016 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Oil and natural gas sales $ 56,300 $ — $ 1,103 $ — $ 57,403 Depletion, depreciation and accretion 35,736 141 718 317 36,912 Asset impairment 55,232 416 1,250 — 56,898 General and administrative expenses 3,265 409 292 3,083 7,049 (Loss) income before income taxes (72,721 ) (712 ) (1,509 ) 4,797 (70,145 ) Segment capital expenditures 21,986 1,268 2,720 206 26,180 |
Schedule of Long-lived Assets by Geographical Area | As at March 31, 2017 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Property, plant and equipment $ 958,977 $ 69,325 $ 55,810 $ 3,184 $ 1,087,296 Goodwill 102,581 — — — 102,581 All other assets 211,693 11,111 3,559 16,053 242,416 Total Assets $ 1,273,251 $ 80,436 $ 59,369 $ 19,237 $ 1,432,293 As at December 31, 2016 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Property, plant and equipment $ 939,947 $ 68,428 $ 55,196 $ 3,038 $ 1,066,609 Goodwill 102,581 — — — 102,581 All other assets 177,393 10,848 1,619 8,846 198,706 Total Assets $ 1,219,921 $ 79,276 $ 56,815 $ 11,884 $ 1,367,896 |
Property, Plant and Equipment20
Property, Plant and Equipment and Inventory (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, Plant and Equipment (Thousands of U.S. Dollars) As at March 31, 2017 As at December 31, 2016 Oil and natural gas properties Proved $ 2,725,784 $ 2,652,171 Unproved 620,045 647,774 3,345,829 3,299,945 Other 29,744 29,445 3,375,573 3,329,390 Accumulated depletion, depreciation and impairment (2,288,277 ) (2,262,781 ) $ 1,087,296 $ 1,066,609 |
Schedule of Asset Impairment | Asset impairment for the three months ended March 31, 2017 , and 2016 was as follows: Three Months Ended March 31, (Thousands of U.S. Dollars) 2017 2016 Impairment of oil and gas properties $ 283 $ 56,234 Impairment of inventory — 664 $ 283 $ 56,898 |
Debt and Debt Issuance Costs (T
Debt and Debt Issuance Costs (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company's debt at March 31, 2017 , and December 31, 2016 , was as follows: (Thousands of U.S. Dollars) As at March 31, 2017 As at December 31, 2016 Convertible senior notes $ 115,000 $ 115,000 Revolving credit facility 85,000 90,000 Unamortized debt issuance costs (6,841 ) (7,917 ) Long-term debt $ 193,159 $ 197,083 |
Schedule of Interest Expense Recognized | The following table presents total interest expense recognized in the accompanying interim unaudited condensed consolidated statements of operations: Three Months Ended March 31, (Thousands of U.S. Dollars) 2017 2016 Contractual interest and other financing expenses $ 2,490 $ 379 Amortization of debt issuance costs 605 140 $ 3,095 $ 519 |
Share Capital (Tables)
Share Capital (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016 390,807,194 4,812,592 3,387,302 Exchange of exchangeable shares 8,000 (8,000 ) — Shares canceled (4 ) — — Balance, March 31, 2017 390,815,190 4,804,592 3,387,302 |
Schedule of PSU, DSU, RSU and Stock Option Activity | The following table provides information about p erformance stock units (“PSUs”), deferred share units (“DSUs”), restricted stock units (“RSUs”) and stock option activity for the three months ended March 31, 2017 : PSUs DSUs RSUs Stock Options Number of Outstanding Share Units Number of Outstanding Share Units Number of Outstanding Share Units Number of Outstanding Stock Options Weighted Average Exercise Price/Stock Option ($) Balance, December 31, 2016 3,362,717 208,698 359,145 9,239,478 4.16 Granted 3,098,100 48,337 — 1,819,380 2.57 Exercised — — (123,326 ) — — Forfeited — — (2,558 ) (21,595 ) (5.71 ) Balance, March 31, 2017 6,460,817 257,035 233,261 11,037,263 3.90 |
Weighted Average Shares Outstanding | Weighted Average Shares Outstanding Three Months Ended March 31, 2017 2016 Weighted average number of common and exchangeable shares outstanding 399,007,086 293,812,226 Shares issuable pursuant to stock options 635,484 — Shares assumed to be purchased from proceeds of stock options (596,456 ) — Weighted average number of diluted common and exchangeable shares outstanding 399,046,114 293,812,226 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Changes in the Carrying Amounts of the 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: Three Months Ended Year Ended (Thousands of U.S. Dollars) March 31, 2017 December 31, 2016 Balance, beginning of period $ 43,357 $ 33,224 Settlements (195 ) (872 ) Liabilities associated with assets sold — (3,257 ) Liability incurred 190 2,606 Liabilities assumed in acquisition — 15,723 Accretion 822 2,789 Revisions in estimated liability — (6,856 ) Balance, end of period $ 44,174 $ 43,357 Asset retirement obligation - current $ 1,214 $ 5,215 Asset retirement obligation - long-term 42,960 38,142 $ 44,174 $ 43,357 |
Financial Instruments and Fai24
Financial Instruments and Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Derivatives, and RSU and PSU Liabilities | The fair value of derivatives, and RSU and PSU liabilities at March 31, 2017 , and December 31, 2016 , were as follows: (Thousands of U.S. Dollars) As at March 31, 2017 As at December 31, 2016 Commodity price derivative asset $ 879 $ — Foreign currency derivative asset 546 578 $ 1,425 $ 578 Commodity price derivative liability $ — $ 3,824 RSU, PSU and DSU liability 4,197 3,907 $ 4,197 $ 7,731 |
Schedule of Gains or Losses on Financial Instruments Recognized | The following table presents gains or losses on financial instruments recognized in the accompanying interim unaudited condensed consolidated statements of operations: Three Months Ended March 31, (Thousands of U.S. Dollars) 2017 2016 Commodity price derivative gain $ (4,703 ) $ — Foreign currency derivatives gain (736 ) — Trading securities loss — 845 Financial instruments (gain) loss $ (5,439 ) $ 845 |
Schedule of Outstanding Commodity Price Derivative Positions | At March 31, 2017 , the Company had outstanding commodity price derivative positions as follows: Period and type of instrument Volume, Reference Sold Put ($/bbl) Purchased Put Sold Call ($/bbl) Collar: June 1, 2016 to May 31, 2017 10,000 ICE Brent $ 35 $ 45 $ 65 Collar: October 1, 2016 to December 31, 2017 5,000 ICE Brent $ 35 $ 45 $ 65 Collar: June 1, 2017 to December 31, 2017 10,000 ICE Brent $ 35 $ 45 $ 65 |
Schedule of Outstanding Foreign Currency Derivative Positions | At March 31, 2017 , the Company had outstanding foreign currency derivative positions as follows: Period and type of instrument Amount Hedged U.S. Dollar Equivalent of Amount Hedged (1) (Thousands of U.S. Dollars) Reference Purchased Call Sold Put Collar: April 1, 2017 to May 31, 2017 22,697 7,881 COP 3,100 3,340 (1) At March 31, 2017 foreign exchange rate. |
Supplemental Cash Flow Inform25
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Reconciliation of Cash, Cash Equivalents, and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash and cash equivalents with the Company's interim unaudited condensed consolidated balance sheet that sum to the total of the same such amounts shown in the interim unaudited condensed consolidated statements of cash flows: (Thousands of U.S. Dollars) As at March 31, As at December 31, 2017 2016 2016 2015 Cash and cash equivalents $ 26,716 $ 51,308 $ 25,175 $ 145,342 Restricted cash and cash equivalents - current 7,663 18,474 8,322 92 Restricted cash and cash equivalents - included in other long-term assets 10,319 6,414 9,770 3,317 $ 44,698 $ 76,196 $ 43,267 $ 148,751 |
Schedule of Net Changes in Assets and Liabilities | Net changes in assets and liabilities from operating activities were as follows: Three Months Ended March 31, (Thousands of U.S. Dollars) 2017 2016 Accounts receivable and other long-term assets $ (2,428 ) $ (2,513 ) Inventory 207 4,339 Prepaids 1,078 466 Accounts payable and accrued and other long-term liabilities 4,310 (5,975 ) Taxes receivable and payable 1,763 3,036 Net changes in assets and liabilities from operating activities $ 4,930 $ (647 ) |
Schedule of Additional Supplemental Cash Flow Disclosures | The following table provides additional supplemental cash flow disclosures: Three Months Ended March 31, (Thousands of U.S. Dollars) 2017 2016 Non-cash investing activities: Net liabilities related to property, plant and equipment, end of period $ 54,875 $ 35,606 |
Description of Business (Detail
Description of Business (Details) - Brazil Divestiture - Held-for-sale - USD ($) $ in Millions | Feb. 07, 2017 | Feb. 06, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Consideration to be received on completion of divestiture | $ 35 | |
Deposit paid by the Purchaser | $ 3.5 | |
Tie Field | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Working interest (as a percent) | 100.00% |
Significant Accounting Polici27
Significant Accounting Policies (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2016 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Prepaid income taxes | $ 54,100 | ||
Current prepaid taxes | $ 0 | 12,271 | |
Long-term prepaid taxes | $ 0 | 41,784 | |
Current income taxes payable | 37,500 | ||
Retained earnings | New Accounting Pronouncement, Early Adoption, Effect | ASU 2016-16 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Prepaid income taxes | $ 54,100 | ||
Deferred tax assets | $ 178,600 |
Segment and Geographic Report28
Segment and Geographic Reporting - Schedule of Information on Reportable Segments and Other Activities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Oil and natural gas sales | $ 94,659,000 | $ 57,403,000 |
Depletion, depreciation and accretion | 26,593,000 | 36,912,000 |
Asset impairment | 283,000 | 56,898,000 |
General and administrative expenses | 8,712,000 | 7,049,000 |
Income (loss) before income taxes | 31,567,000 | (70,145,000) |
Segment capital expenditures | 46,160,000 | 26,180,000 |
Colombia | ||
Segment Reporting Information [Line Items] | ||
Asset impairment | 0 | 54,600,000 |
Peru | ||
Segment Reporting Information [Line Items] | ||
Asset impairment | 300,000 | 400,000 |
Brazil | ||
Segment Reporting Information [Line Items] | ||
Asset impairment | 0 | 1,300,000 |
Reportable Segments | Colombia | ||
Segment Reporting Information [Line Items] | ||
Oil and natural gas sales | 90,464,000 | 56,300,000 |
Depletion, depreciation and accretion | 24,935,000 | 35,736,000 |
Asset impairment | 0 | 55,232,000 |
General and administrative expenses | 4,832,000 | 3,265,000 |
Income (loss) before income taxes | 37,144,000 | (72,721,000) |
Segment capital expenditures | 42,840,000 | 21,986,000 |
Reportable Segments | Peru | ||
Segment Reporting Information [Line Items] | ||
Oil and natural gas sales | 0 | 0 |
Depletion, depreciation and accretion | 226,000 | 141,000 |
Asset impairment | 283,000 | 416,000 |
General and administrative expenses | 355,000 | 409,000 |
Income (loss) before income taxes | (513,000) | (712,000) |
Segment capital expenditures | 1,207,000 | 1,268,000 |
Reportable Segments | Brazil | ||
Segment Reporting Information [Line Items] | ||
Oil and natural gas sales | 4,195,000 | 1,103,000 |
Depletion, depreciation and accretion | 1,213,000 | 718,000 |
Asset impairment | 0 | 1,250,000 |
General and administrative expenses | 305,000 | 292,000 |
Income (loss) before income taxes | 1,520,000 | (1,509,000) |
Segment capital expenditures | 1,749,000 | 2,720,000 |
All Other | ||
Segment Reporting Information [Line Items] | ||
Oil and natural gas sales | 0 | 0 |
Depletion, depreciation and accretion | 219,000 | 317,000 |
Asset impairment | 0 | 0 |
General and administrative expenses | 3,220,000 | 3,083,000 |
Income (loss) before income taxes | (6,584,000) | 4,797,000 |
Segment capital expenditures | $ 364,000 | $ 206,000 |
Segment and Geographic Report29
Segment and Geographic Reporting - Schedule of Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Property, plant and equipment | $ 1,087,296 | $ 1,066,609 |
Goodwill | 102,581 | 102,581 |
All other assets | 242,416 | 198,706 |
Total Assets | 1,432,293 | 1,367,896 |
Reportable Segments | Colombia | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment | 958,977 | 939,947 |
Goodwill | 102,581 | 102,581 |
All other assets | 211,693 | 177,393 |
Total Assets | 1,273,251 | 1,219,921 |
Reportable Segments | Peru | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment | 69,325 | 68,428 |
Goodwill | 0 | 0 |
All other assets | 11,111 | 10,848 |
Total Assets | 80,436 | 79,276 |
Reportable Segments | Brazil | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment | 55,810 | 55,196 |
Goodwill | 0 | 0 |
All other assets | 3,559 | 1,619 |
Total Assets | 59,369 | 56,815 |
All Other | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment | 3,184 | 3,038 |
Goodwill | 0 | 0 |
All other assets | 16,053 | 8,846 |
Total Assets | $ 19,237 | $ 11,884 |
Property, Plant and Equipment30
Property, Plant and Equipment and Inventory - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Oil and natural gas properties | $ 3,375,573 | $ 3,329,390 |
Accumulated depletion, depreciation and impairment | (2,288,277) | (2,262,781) |
Total Property, Plant and Equipment (Notes 3 and 4) | 1,087,296 | 1,066,609 |
Oil and natural gas properties | ||
Property, Plant and Equipment [Line Items] | ||
Oil and natural gas properties | 3,345,829 | 3,299,945 |
Proved | ||
Property, Plant and Equipment [Line Items] | ||
Oil and natural gas properties | 2,725,784 | 2,652,171 |
Unproved | ||
Property, Plant and Equipment [Line Items] | ||
Oil and natural gas properties | 620,045 | 647,774 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Oil and natural gas properties | $ 29,744 | $ 29,445 |
Property, Plant and Equipment31
Property, Plant and Equipment and Inventory - Schedule of Asset Impairment (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | ||
Impairment of oil and gas properties | $ 283,000 | $ 56,234,000 |
Impairment of inventory | 0 | 664,000 |
Total asset impairment | $ 283,000 | $ 56,898,000 |
Property, Plant and Equipment32
Property, Plant and Equipment and Inventory - Narrative (Details) bbl in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017USD ($)$ / bblbbl | Mar. 31, 2016USD ($)$ / bbl | Dec. 31, 2016USD ($)$ / bblbbl | Dec. 31, 2015$ / bbl | |
Property, Plant and Equipment [Line Items] | ||||
Impairment losses | $ 283,000 | $ 56,898,000 | ||
Oil inventories | 5,500,000 | $ 6,000,000 | ||
Supplies inventories | $ 1,800,000 | $ 1,800,000 | ||
Oil inventory (in barrels) | bbl | 185 | 208 | ||
Oil inventory impairment | $ 0 | $ 664,000 | ||
Crude Oil and NGL | ||||
Property, Plant and Equipment [Line Items] | ||||
Average Brent price per bbl (in dollars per barrel) | $ / bbl | 49.33 | 48.79 | 42.92 | 54.08 |
Oil and natural gas properties | Assets | Cost Approach Valuation Technique | ||||
Property, Plant and Equipment [Line Items] | ||||
Discount rate | 10.00% | |||
Peru | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment losses | $ 300,000 | $ 400,000 | ||
Colombia | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment losses | 0 | 54,600,000 | ||
Brazil | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment losses | $ 0 | $ 1,300,000 |
Debt and Debt Issuance Costs -
Debt and Debt Issuance Costs - Schedule of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ (6,841) | $ (7,917) |
Long-term debt | 193,159 | 197,083 |
Convertible senior notes | ||
Debt Instrument [Line Items] | ||
Convertible senior notes and revolving credit facility | 115,000 | 115,000 |
Revolving credit facility | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Convertible senior notes and revolving credit facility | $ 85,000 | $ 90,000 |
Debt and Debt Issuance Costs 34
Debt and Debt Issuance Costs - Schedule of Interest Expense Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Debt Instrument [Line Items] | ||
Amortization of debt issuance costs | $ 605 | $ 140 |
Total interest expense recognized | 3,095 | 519 |
Convertible debt | ||
Debt Instrument [Line Items] | ||
Contractual interest and other financing expenses | 2,490 | 379 |
Amortization of debt issuance costs | 605 | 140 |
Total interest expense recognized | $ 3,095 | $ 519 |
Share Capital - Additional Info
Share Capital - Additional Information (Narrative) (Details) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Authorized share capital (in shares) | 595,000,002 | |
Common stock shares authorized | 570,000,000 | |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Preferred stock shares authorized | 25,000,000 | |
Preferred stock, par value (in dollars per share) | $ 0.001 | |
Special A Voting Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Preferred stock shares authorized | 1 | |
Preferred stock, par value (in dollars per share) | $ 0.001 | |
Special B Voting Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Preferred stock shares authorized | 1 | |
Preferred stock, par value (in dollars per share) | $ 0.001 |
Share Capital - Schedule of Com
Share Capital - Schedule of Common Stock (Details) | 3 Months Ended |
Mar. 31, 2017shares | |
Increase (Decrease) in Common Stock | |
Beginning balance (in shares) | 390,807,194 |
Ending balance (in shares) | 390,815,190 |
Common Stock | |
Increase (Decrease) in Common Stock | |
Beginning balance (in shares) | 390,807,194 |
Exchange of exchangeable shares (in shares) | 8,000 |
Shares canceled (in shares) | (4) |
Ending balance (in shares) | 390,815,190 |
Common Stock | Exchangeable Shares of Gran Tierra Exchangeco Inc. | |
Increase (Decrease) in Common Stock | |
Beginning balance (in shares) | 4,812,592 |
Exchange of exchangeable shares (in shares) | (8,000) |
Shares canceled (in shares) | 0 |
Ending balance (in shares) | 4,804,592 |
Common Stock | Exchangeable Shares of Gran Tierra Goldstrike Inc. | |
Increase (Decrease) in Common Stock | |
Beginning balance (in shares) | 3,387,302 |
Exchange of exchangeable shares (in shares) | 0 |
Shares canceled (in shares) | 0 |
Ending balance (in shares) | 3,387,302 |
Share Capital - Schedule of PSU
Share Capital - Schedule of PSU, DSU, RSU and Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Number of Outstanding Stock Options | |
Beginning Balance (in shares) | 9,239,478 |
Granted (in shares) | 1,819,380 |
Exercised (in shares) | 0 |
Forfeited (in shares) | (21,595) |
Ending Balance (in shares) | 11,037,263 |
Weighted Average Exercise Price/Stock Option ($) | |
Beginning balance (in dollars per share) | $ / shares | $ 4.16 |
Granted (in dollars per share) | $ / shares | 2.57 |
Exercised (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | (5.71) |
Ending balance (in dollars per share) | $ / shares | $ 3.90 |
PSUs | |
Number of Outstanding Share Units | |
Beginning Balance (in shares) | 3,362,717 |
Granted (in shares) | 3,098,100 |
Exercised (in shares) | 0 |
Forfeited (in shares) | 0 |
Ending Balance (in shares) | 6,460,817 |
DSUs | |
Number of Outstanding Share Units | |
Beginning Balance (in shares) | 208,698 |
Granted (in shares) | 48,337 |
Exercised (in shares) | 0 |
Forfeited (in shares) | 0 |
Ending Balance (in shares) | 257,035 |
RSUs | |
Number of Outstanding Share Units | |
Beginning Balance (in shares) | 359,145 |
Granted (in shares) | 0 |
Exercised (in shares) | (123,326) |
Forfeited (in shares) | (2,558) |
Ending Balance (in shares) | 233,261 |
Share Capital - Equity Compensa
Share Capital - Equity Compensation Awards (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 16.7 | $ 10 | |
Weighted average period for recognition | 2 years 2 months 3 days | ||
General and administrative (G&A) expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 1.2 | $ 1.5 |
Share Capital - Weighted Averag
Share Capital - Weighted Average Shares Outstanding (Details) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Weighted average number of common and exchangeable shares outstanding | 399,007,086 | 293,812,226 |
Shares issuable pursuant to stock options | 635,484 | 0 |
Shares assumed to be purchased from proceeds of stock options | (596,456) | 0 |
Weighted average number of diluted common and exchangeable shares outstanding | 399,046,114 | 293,812,226 |
Share Capital - Weighted Aver40
Share Capital - Weighted Average Shares Outstanding (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Options excluded from diluted income (loss) per share calculation (in shares) | 9,210,869 | 12,667,761 |
Asset Retirement Obligation - S
Asset Retirement Obligation - Schedule of Changes in the Carrying Amounts of the Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | |
Asset Retirement Obligation, Roll Forward Analysis | ||||
Balance, beginning of period | $ 43,357 | $ 33,224 | ||
Settlements | (195) | (872) | ||
Liabilities associated with assets sold | 0 | (3,257) | ||
Liability incurred | 190 | 2,606 | ||
Liabilities assumed in acquisition | 0 | 15,723 | ||
Accretion | 822 | 2,789 | ||
Revisions in estimated liability | 0 | (6,856) | ||
Balance, end of period | 44,174 | 43,357 | ||
Asset retirement obligation - current | $ 1,214 | $ 5,215 | ||
Asset retirement obligation - long-term | 42,960 | 38,142 | ||
Asset retirement obligation | $ 43,357 | $ 33,224 | $ 44,174 | $ 43,357 |
Asset Retirement Obligation - N
Asset Retirement Obligation - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Cash payments included in settlements | $ 13 | $ 104 | |
Fair value of assets that are legally restricted | $ 12,600 | $ 12,000 |
Taxes (Details)
Taxes (Details) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 60.00% | 36.00% |
U.S. statutory rate | 35.00% | 35.00% |
Contingencies (Details)
Contingencies (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Loss Contingencies [Line Items] | ||
Letters of credit and other credit support provided as security relating to work commitment guarantees | $ 88,300,000 | $ 96,800,000 |
Pending Litigation Royalty, Transportation and Related Costs | ||
Loss Contingencies [Line Items] | ||
Estimated compensation which would be payable if the ANH's interpretation is correct | 46,400,000 | |
Amount accrued | $ 0 |
Financial Instruments and Fai45
Financial Instruments and Fair Value Measurement - Schedule of Fair Value of Derivatives, and RSU and PSU Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Derivative asset | $ 1,425 | $ 578 |
Assets, fair value disclosure | 1,425 | 578 |
Commodity price derivative liability | 0 | 3,824 |
RSU, PSU and DSU liability | 4,197 | 3,907 |
Liabilities, fair value disclosure | 4,197 | 7,731 |
Commodity price derivative asset | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 879 | 0 |
Foreign currency derivative asset | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | $ 546 | $ 578 |
Financial Instruments and Fai46
Financial Instruments and Fair Value Measurement - Schedule of Gains or Losses on Financial Instruments Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Trading securities loss | $ 0 | $ 845 |
Financial instruments (gain) loss | (5,439) | 845 |
Commodity price derivative gain | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative (gain) loss | (4,703) | 0 |
Foreign currency derivatives gain | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative (gain) loss | $ (736) | $ 0 |
Financial Instruments and Fai47
Financial Instruments and Fair Value Measurement - Narrative (Details) $ in Millions | Mar. 31, 2017USD ($) |
Carrying amount | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Value of the Notes | $ 110.1 |
Fair value | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Value of the Notes | $ 128.5 |
Financial Instruments and Fai48
Financial Instruments and Fair Value Measurement - Schedule of Outstanding Commodity Price Derivative Positions (Details) bbl in Thousands | 3 Months Ended |
Mar. 31, 2017$ / bblbbl | |
Collar: June 1, 2016 to May 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Volume (in barrels of oil per day) | bbl | 10 |
Collar: June 1, 2016 to May 31, 2017 | Sold | Put | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Floor price (in dollars per barrel) | 35 |
Collar: June 1, 2016 to May 31, 2017 | Sold | Call | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Cap price (in dollars per barrel) | 65 |
Collar: June 1, 2016 to May 31, 2017 | Purchased | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Floor price (in dollars per barrel) | 45 |
Collar: October 1, 2016 to December 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Volume (in barrels of oil per day) | bbl | 5 |
Collar: October 1, 2016 to December 31, 2017 | Sold | Put | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Floor price (in dollars per barrel) | 35 |
Collar: October 1, 2016 to December 31, 2017 | Sold | Call | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Cap price (in dollars per barrel) | 65 |
Collar: October 1, 2016 to December 31, 2017 | Purchased | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Floor price (in dollars per barrel) | 45 |
Collar: June 1, 2017 to December 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Volume (in barrels of oil per day) | bbl | 10 |
Collar: June 1, 2017 to December 31, 2017 | Sold | Put | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Floor price (in dollars per barrel) | 35 |
Collar: June 1, 2017 to December 31, 2017 | Sold | Call | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Cap price (in dollars per barrel) | 65 |
Collar: June 1, 2017 to December 31, 2017 | Purchased | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Floor price (in dollars per barrel) | 45 |
Financial Instruments and Fai49
Financial Instruments and Fair Value Measurement - Schedule of Outstanding Foreign Currency Derivative Positions (Details) - Collar: April 1, 2017 to May 31, 2017 $ in Thousands, COP in Millions | Mar. 31, 2017COPCOP / collar | Mar. 31, 2017USD ($)COP / collar |
Purchased | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cap price (in Colombian pesos) | 3,100,000 | 3,100,000 |
Sold | Put | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Floor price (in Colombian pesos) | 3,340,000 | 3,340,000 |
COP | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount Hedged (in Colombian pesos and U.S. dollars) | COP | COP 22,697 | |
U.S. Dollars | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount Hedged (in Colombian pesos and U.S. dollars) | $ | $ 7,881 |
Supplemental Cash Flow Inform50
Supplemental Cash Flow Information - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 26,716 | $ 25,175 | $ 51,308 | $ 145,342 |
Restricted cash and cash equivalents - current | 7,663 | 8,322 | 18,474 | 92 |
Restricted cash and cash equivalents - included in other long-term assets | 10,319 | 9,770 | 6,414 | 3,317 |
Cash, cash equivalents and restricted cash and cash equivalents | $ 44,698 | $ 43,267 | $ 76,196 | $ 148,751 |
Supplemental Cash Flow Inform51
Supplemental Cash Flow Information - Schedule of Net Changes in Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | ||
Accounts receivable and other long-term assets | $ (2,428) | $ (2,513) |
Inventory | 207 | 4,339 |
Prepaids | 1,078 | 466 |
Accounts payable and accrued and other long-term liabilities | 4,310 | (5,975) |
Taxes receivable and payable | 1,763 | 3,036 |
Net changes in assets and liabilities from operating activities | $ 4,930 | $ (647) |
Supplemental Cash Flow Inform52
Supplemental Cash Flow Information - Schedule of Additional Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Supplemental Cash Flow Elements [Abstract] | ||
Net liabilities related to property, plant and equipment, end of period | $ 54,875 | $ 35,606 |