Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 31, 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 | 388,415,513 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
OIL AND NATURAL GAS SALES (NOTE 3) | $ 103,768 | $ 68,539 | $ 294,555 | $ 197,655 |
EXPENSES | ||||
Operating | 27,321 | 25,638 | 78,466 | 62,453 |
Transportation | 6,038 | 5,773 | 19,472 | 24,318 |
Depletion, depreciation and accretion (Note 3) | 34,492 | 35,729 | 92,729 | 104,525 |
Asset impairment (Notes 3 and 4) | 787 | 319,974 | 1,239 | 469,715 |
General and administrative (Note 3) | 8,651 | 5,592 | 26,876 | 20,614 |
Severance | 1,164 | 0 | 1,164 | 1,299 |
Transaction | 0 | 6,088 | 0 | 7,325 |
Equity tax | 0 | 0 | 1,224 | 3,053 |
Foreign exchange (gain) loss | (1,271) | (507) | 779 | 1,059 |
Financial instruments loss (gain) (Note 10) | 1,675 | 2,051 | (5,211) | 1,824 |
Interest expense (Note 5) | 3,989 | 5,122 | 10,415 | 7,842 |
EXPENSES | 82,846 | 405,460 | 227,153 | 704,027 |
LOSS ON SALE OF BRAZIL BUSINESS UNIT (NOTE 4) | 0 | 0 | (9,076) | 0 |
GAIN ON ACQUISITION | 0 | 0 | 0 | 11,712 |
INTEREST INCOME | 301 | 730 | 954 | 1,928 |
INCOME (LOSS) BEFORE INCOME TAXES (NOTE 3) | 21,223 | (336,191) | 59,280 | (492,732) |
INCOME TAX EXPENSE (RECOVERY) | ||||
Current | 4,333 | 3,879 | 13,522 | 11,680 |
Deferred | 13,760 | (110,451) | 36,664 | (166,202) |
INCOME TAX EXPENSE (RECOVERY) | 18,093 | (106,572) | 50,186 | (154,522) |
NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) | $ 3,130 | $ (229,619) | $ 9,094 | $ (338,210) |
NET INCOME (LOSS) PER SHARE - BASIC AND DILUTED (in dollars per share) | $ 0.01 | $ (0.71) | $ 0.02 | $ (1.11) |
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC (in shares) | 394,771,194 | 321,725,379 | 397,439,007 | 304,098,944 |
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED (in shares) | 394,774,953 | 321,725,379 | 397,450,637 | 304,098,944 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents (Note 11) | $ 15,125 | $ 25,175 |
Restricted cash and cash equivalents (Notes 7 and 11) | 3,920 | 8,322 |
Accounts receivable | 38,279 | 45,698 |
Derivatives (Note 10) | 512 | 578 |
Inventory (Note 4) | 6,978 | 7,766 |
Taxes receivable | 34,879 | 26,393 |
Prepaid taxes (Note 2) | 0 | 12,271 |
Other prepaids | 2,194 | 5,482 |
Total Current Assets | 101,887 | 131,685 |
Oil and Gas Properties (using the full cost method of accounting) | ||
Proved | 508,981 | 412,319 |
Unproved | 613,419 | 647,774 |
Total Oil and Gas Properties | 1,122,400 | 1,060,093 |
Other capital assets | 5,224 | 6,516 |
Total Property, Plant and Equipment (Notes 3 and 4) | 1,127,624 | 1,066,609 |
Other Long-Term Assets | ||
Deferred tax assets (Note 2) | 66,963 | 1,611 |
Prepaid taxes (Note 2) | 0 | 41,784 |
Restricted cash and cash equivalents (Notes 7 and 11) | 10,332 | 9,770 |
Other long-term assets | 13,789 | 13,856 |
Goodwill (Note 3) | 102,581 | 102,581 |
Total Other Long-Term Assets | 193,665 | 169,602 |
Total Assets | 1,423,176 | 1,367,896 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 119,829 | 107,051 |
Derivatives (Note 10) | 65 | 3,824 |
Taxes payable (Note 2) | 2,419 | 38,939 |
Asset retirement obligation (Note 7) | 355 | 5,215 |
Total Current Liabilities | 122,668 | 155,029 |
Long-Term Liabilities | ||
Long-term debt (Notes 5 and 10) | 229,215 | 197,083 |
Deferred tax liabilities (Note 2) | 29,368 | 107,230 |
Asset retirement obligation (Note 7) | 43,649 | 38,142 |
Other long-term liabilities | 13,816 | 11,425 |
Total Long-Term Liabilities | 316,048 | 353,880 |
Contingencies (Note 9) | ||
Shareholders’ Equity | ||
Common Stock (Note 6) (386,872,530 and 390,807,194 shares of Common Stock and 7,898,664 and 8,199,894 exchangeable shares, par value $0.001 per share, issued and outstanding as at September 30, 2017, and December 31, 2016, respectively) | 10,299 | 10,303 |
Additional paid in capital | 1,334,563 | 1,342,656 |
Deficit | (360,402) | (493,972) |
Total Shareholders’ Equity | 984,460 | 858,987 |
Total Liabilities and Shareholders’ Equity | $ 1,423,176 | $ 1,367,896 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common Stock, shares issued | 386,872,530 | 390,807,194 |
Common Stock, shares outstanding | 386,872,530 | 390,807,194 |
Exchangeable shares, shares issued | 7,898,664 | 8,199,894 |
Exchangeable shares, shares outstanding | 7,898,664 | 8,199,894 |
Common Stock and exchangeable shares, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating Activities | ||
Net income (loss) | $ 9,094 | $ (338,210) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depletion, depreciation and accretion (Note 3) | 92,729 | 104,525 |
Asset impairment (Notes 3 and 4) | 1,239 | 469,715 |
Deferred tax expense (recovery) | 36,664 | (166,202) |
Stock-based compensation (Note 6) | 4,935 | 4,380 |
Amortization of debt issuance costs (Note 5) | 1,868 | 2,813 |
Cash settlement of restricted share units | (534) | (1,210) |
Unrealized foreign exchange (gain) loss | (304) | 2,437 |
Financial instruments (gain) loss (Note 10) | (5,211) | 1,824 |
Cash settlement of financial instruments (Note 10) | 1,518 | 438 |
Cash settlement of asset retirement obligation (Note 7) | (462) | (496) |
Loss on sale of Brazil business unit (Note 4) | 9,076 | 0 |
Gain on acquisition | 0 | (11,712) |
Net change in assets and liabilities from operating activities (Note 11) | (28,105) | 18,097 |
Net cash provided by operating activities | 122,507 | 86,399 |
Investing Activities | ||
Additions to property, plant and equipment (Note 3) | (175,719) | (69,667) |
Additions to property, plant and equipment - property acquisitions (Note 4) | (30,410) | (19,388) |
Net proceeds from sale of Brazil business unit (Note 4) | 34,481 | 0 |
Cash deposit received for letter of credit arrangements upon sale of Brazil business unit (Note 4) | 4,700 | 0 |
Cash paid for business combinations, net of cash acquired | 0 | (457,183) |
Proceeds from sale of marketable securities | 0 | 788 |
Changes in non-cash investing working capital | 11,347 | (8,036) |
Net cash used in investing activities | (155,601) | (553,486) |
Financing Activities | ||
Proceeds from bank debt, net of issuance costs (Note 5) | 115,264 | 220,169 |
Repayment of bank debt (Note 5) | (85,000) | (110,181) |
Proceeds from issuance of shares of Common Stock, net of issuance costs | 0 | 5,169 |
Repurchase of shares of Common Stock (Note 6) | (10,000) | 0 |
Proceeds from issuance of subscription receipts, net of issuance costs | 0 | 165,805 |
Proceeds from issuance of Convertible Senior Notes, net of issuance costs (Note 5) | 0 | 109,090 |
Net cash provided by financing activities | 20,264 | 390,052 |
Foreign exchange loss on cash, cash equivalents and restricted cash and cash equivalents | (1,060) | (452) |
Net decrease in cash, cash equivalents and restricted cash and cash equivalents | (13,890) | (77,487) |
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) | $ 29,377 | $ 71,264 |
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 | 117 | 314,425 | ||
Exercise of stock options | 5,347 | |||
Stock-based compensation (Note 6) | 3,021 | |||
Repurchase of Common Stock (Note 6) | 0 | 0 | ||
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 | 0 | 0 | ||
Exercise of stock options | 0 | |||
Stock-based compensation (Note 6) | 1,903 | |||
Repurchase of Common Stock (Note 6) | (4) | (9,996) | ||
Net income (loss) | 9,094 | 9,094 | ||
Balance, end of period at Sep. 30, 2017 | $ 984,460 | $ 10,299 | $ 1,334,563 | $ (360,402) |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 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, until June 30, 2017, had business activities in Brazil. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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 Financial Accounting Standards Board (“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 Accounting Standards Codification ("ASC") 740 "Income Taxes", 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. Early adoption was permitted. The Company early adopted this ASU on January 1, 2017, 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. For the nine months ended September 30, 2016 , the net decrease in cash, cash equivalents and restricted cash and cash equivalents currently disclosed was $77.5 million , compared with the net decrease in cash and cash equivalents of $97.3 million as previously disclosed in the consolidated statement of cash flows prior to the adoption of ASU 2016-18. 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. The Company’s acquisition of the Santana and Nancy Burdine-Maxine oil and gas properties in the nine months ended September 30, 2017 was not considered a business under this ASU and therefore not allocated goodwill or gain on acquisition (Note 4). 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. 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 September 30, 2017 , 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. Recently Issued Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the FASB issued guidance regarding the accounting for 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 deferred 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. In March 2016, the FASB issued ASU 2016-08, “Principal versus Agent Considerations (Reporting Revenue Gross versus Net)" which clarifies implementation guidance on principal versus agent considerations. In April, May and December 2016, the FASB issued ASU 2016-10, “Identifying Performance Obligations and Licensing", ASU 2016-12, “Narrow-Scope Improvements and Practical Expedients" and ASU 2016-20 "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers", respectively, which addressed implementation issues and provided technical corrections. The guidance may be applied retrospectively or using a modified retrospective approach to adjust retained earnings. The Company is continuing to evaluate the impact of the ASU and currently expects that the standard will not have a material impact on the Company’s consolidated financial statements other than enhanced disclosures related to revenues from contracts with customers. The Company intends to adopt the new standard using the modified retrospective method at the date of adoption, which is expected to be January 1, 2018. |
Segment and Geographic Reportin
Segment and Geographic Reporting | 9 Months Ended |
Sep. 30, 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 and Peru, based on geographic organization. Prior to the sale of the Company’s Brazil business unit effective June 30, 2017, (Note 4), Brazil was a reportable segment. The All Other category represents the Company’s corporate and Mexico activities. The Company evaluates reportable segment performance based on income or loss before income taxes. The following tables present information on the Company’s reportable segments and other activities: Three Months Ended September 30, 2017 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Oil and natural gas sales $ 103,768 $ — $ — $ — $ 103,768 Depletion, depreciation and accretion 33,388 881 — 223 34,492 Asset impairment — 176 — 611 787 General and administrative expenses 5,500 301 — 2,850 8,651 Income (loss) before income taxes 31,276 (1,405 ) — (8,648 ) 21,223 Segment capital expenditures 70,606 998 — 90 71,694 Three Months Ended September 30, 2016 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Oil and natural gas sales $ 65,944 $ — $ 2,595 $ — $ 68,539 Depletion, depreciation and accretion 34,156 206 1,022 345 35,729 Asset impairment 298,370 — 21,604 — 319,974 General and administrative expenses 1,921 218 218 3,235 5,592 Loss before income taxes (299,306 ) (768 ) (20,977 ) (15,140 ) (336,191 ) Segment capital expenditures 20,476 1,360 3,102 142 25,080 Nine Months Ended September 30, 2017 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Oil and natural gas sales $ 286,137 $ — $ 8,418 $ — $ 294,555 Depletion, depreciation and accretion 88,453 1,350 2,263 663 92,729 Asset impairment — 628 — 611 1,239 General and administrative expenses 15,561 974 743 9,598 26,876 Income (loss) before income taxes 90,018 (2,685 ) 3,369 (31,422 ) 59,280 Segment capital expenditures 168,881 3,207 2,811 820 175,719 Nine Months Ended September 30, 2016 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Oil and natural gas sales $ 191,515 $ — $ 6,140 $ — $ 197,655 Depletion, depreciation and accretion 100,350 418 2,764 993 104,525 Asset impairment 431,810 899 37,006 — 469,715 General and administrative expenses 9,614 1,014 751 9,235 20,614 Loss before income taxes (436,863 ) (2,224 ) (36,523 ) (17,122 ) (492,732 ) Segment capital expenditures 56,997 3,730 7,982 958 69,667 As at September 30, 2017 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Property, plant and equipment $ 1,054,136 $ 70,903 $ — $ 2,585 $ 1,127,624 Goodwill 102,581 — — — 102,581 All other assets 176,672 11,103 — 5,196 192,971 Total Assets $ 1,333,389 $ 82,006 $ — $ 7,781 $ 1,423,176 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 | 9 Months Ended |
Sep. 30, 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 September 30, 2017 As at December 31, 2016 Oil and natural gas properties Proved $ 2,836,263 $ 2,652,171 Unproved 613,419 647,774 3,449,682 3,299,945 Other 27,236 29,445 3,476,918 3,329,390 Accumulated depletion, depreciation and impairment (2,349,294 ) (2,262,781 ) $ 1,127,624 $ 1,066,609 Asset impairment for the three and nine months ended September 30, 2017 , and 2016 was as follows: Three Months Ended September 30, Nine Months Ended September 30, (Thousands of U.S. Dollars) 2017 2016 2017 2016 Impairment of oil and gas properties $ 787 $ 319,974 $ 1,239 $ 469,051 Impairment of inventory — — — 664 $ 787 $ 319,974 $ 1,239 $ 469,715 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, adjusted for 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 this estimate 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 $52.70 per bbl for the purposes of the September 30, 2017 ceiling test calculations ( June 30, 2017 - $51.35 ; March 31, 2017 - $49.33 ; December 31, 2016 - $42.92 ; September 30, 2016 - $42.23 ; June 30, 2016 - $44.48 ; March 31, 2016 - $48.79 ; December 31, 2015 - $54.08 ). Acquisition of Santana and Nancy Burdine-Maxine Blocks On April 27, 2017 , the Company acquired the Santana and Nancy-Burdine-Maxine Blocks in the Putumayo Basin for cash consideration of $30.4 million . The acquisition was accounted for as an asset acquisition with the consideration paid allocated on a relative fair value basis to the net assets acquired. The following table shows the allocation of the cost of the acquisition based on the relative fair values of the assets and liabilities acquired: (Thousands of U.S. Dollars) Cost of asset acquisition: Cash $ 30,410 Allocation of Consideration Paid: Oil and gas properties Proved $ 24,405 Unproved 8,649 33,054 Inventory 869 Asset retirement obligation - long-term (3,513 ) $ 30,410 Disposition of Brazil Business Unit On June 30, 2017, the Company, through two of its indirect subsidiaries (the “Selling Subsidiaries”), completed the previously announced disposition of its assets in Brazil. Gran Tierra completed the disposition of its Brazil business unit for a purchase price of $35.0 million which, after certain interim closing adjustments, resulted in cash consideration paid to the Selling Subsidiaries of approximately $38.0 million . At December 31, 2016, assets and liabilities of the Brazil business unit were as follows: (Thousands of U.S. Dollars) As at December 31, 2016 Current assets $ 1,634 Property, plant and equipment 55,376 $ 57,010 Current liabilities $ (11,590 ) Long-term liabilities (2,297 ) $ (13,887 ) At June 30, 2017, the net book value of the Brazil business unit was greater than the proceeds received resulting in a $9.1 million loss on sale. Gran Tierra also received a $4.7 million cash payment from the purchaser reflecting the covenant by the purchaser to finalize the documentation and other arrangements to assume liabilities associated with letter of credit arrangements and the release of Gran Tierra from any liabilities in connection with the same, which payment will be reimbursable to the purchaser once such covenant is discharged. Inventory At September 30, 2017 , oil and supplies inventories were $4.5 million and $2.5 million , respectively ( December 31, 2016 - $6.0 million and $1.8 million , respectively). At September 30, 2017 , the Company had 168 Mbbl of oil inventory ( December 31, 2016 - 208 Mbbl). In each of the three and nine months ended September 30, 2017 , the Company recorded oil inventory impairment of $ nil (three and nine months ended September 30, 2016 - $ nil and $ 0.7 million , respectively) related to lower oil prices. |
Debt and Interest Expense
Debt and Interest Expense | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt and Interest Expense | Debt and Interest Expense At September 30, 2017 , the Company had a revolving credit facility with a syndicate of lenders with a borrowing base of $300 million . Availability under the revolving credit facility is determined by the reserves-based borrowing base determined by the lenders. As a result of the semi-annual redetermination, the committed borrowing base was increased from $250 million to $300 million effective June 1, 2017. The next re-determination of the borrowing base is due to occur no later than November 2017. On September 18, 2017, the Company entered into the Eighth Amendment to the credit agreement with the other parties thereto, which, among other things, extended the maturity date of the borrowings under the revolving credit facility from September 18, 2018, to October 1, 2018. The Company's debt at September 30, 2017 , and December 31, 2016 , was as follows: (Thousands of U.S. Dollars) As at September 30, 2017 As at December 31, 2016 Convertible senior notes $ 115,000 $ 115,000 Revolving credit facility 120,000 90,000 Unamortized debt issuance costs (5,785 ) (7,917 ) Long-term debt $ 229,215 $ 197,083 The following table presents total interest expense 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) 2017 2016 2017 2016 Contractual interest and other financing expenses $ 3,346 $ 2,938 $ 8,547 $ 5,029 Amortization of debt issuance costs 643 2,184 1,868 2,813 $ 3,989 $ 5,122 $ 10,415 $ 7,842 |
Share Capital
Share Capital | 9 Months Ended |
Sep. 30, 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 $0.001 per share. Shares of Common Stock Exchangeable Shares of Gran Tierra Exchangeco Inc. Exchangeable Shares of Gran Tierra Goldstrike Inc. Balance, December 31, 2016 390,807,194 4,812,592 3,387,302 Shares repurchased and canceled (4,235,890 ) — — Exchange of exchangeable shares 301,230 (142,500 ) (158,730 ) Shares canceled (4 ) — — Balance, September 30, 2017 386,872,530 4,670,092 3,228,572 On February 6, 2017, the Company announced that it had implemented a new share repurchase program (the “2017 Program”) through the facilities of the Toronto Stock Exchange ("TSX"), the NYSE American and eligible alternative trading platforms in Canada and the United States. Under the 2017 Program, the Company is able to purchase at prevailing market prices up to 19,540,359 shares of Common Stock, representing 5.0% of the issued and outstanding shares of Common Stock as of January 27, 2017. Shares purchased pursuant to the 2017 Program will be canceled. The 2017 Program will expire on February 7, 2018, or earlier if the 5.0% share maximum is reached. Equity Compensation Awards The following table provides information about p erformance stock units (“PSUs”), deferred share units (“DSUs”), restricted stock units (“RSUs”) and stock option activity for the nine months ended September 30, 2017 : PSUs DSUs RSUs Stock Options Number of Outstanding Share Units Number of Outstanding Share Units Number of Outstanding Share Units Number of Outstanding Stock Options Weighted Average Exercise Price/Stock Option ($) Balance, December 31, 2016 3,362,717 208,698 359,145 9,239,478 4.16 Granted 3,229,620 171,388 — 1,964,156 2.54 Exercised — — (211,022 ) — — Forfeited (641,159 ) — (9,402 ) (903,910 ) (4.81 ) Expired — — — (1,396,667 ) (4.65 ) Balance, September 30, 2017 5,951,178 380,086 138,721 8,903,057 3.66 Stock-based compensation expense for the three and nine months ended September 30, 2017 , was $1.8 million and $4.9 million , respectively, and was primarily recorded in general and administrative ("G&A") expenses (three and nine months ended September 30, 2016 - $0.9 million and $4.4 million , respectively). At September 30, 2017 , there was $11.5 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 1.7 years. 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. Weighted Average Shares Outstanding Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Weighted average number of common and exchangeable shares outstanding 394,771,194 321,725,379 397,439,007 304,098,944 Shares issuable pursuant to stock options 61,325 — 187,150 — Shares assumed to be purchased from proceeds of stock options (57,566 ) — (175,520 ) — Weighted average number of diluted common and exchangeable shares outstanding 394,774,953 321,725,379 397,450,637 304,098,944 For the three months ended September 30, 2017 , 9,259,811 options, on a weighted average basis, ( three months ended September 30, 2016 - 9,084,162 options) were excluded from the diluted income (loss) per share calculation as the options were anti-dilutive. For the nine months ended September 30, 2017 , 9,744,747 options, on a weighted average basis, ( nine months ended September 30, 2016 - 11,155,962 options) were excluded from the diluted income (loss) per share calculation as the options were anti-dilutive. Shares issuable upon conversion of the 5.00% Convertible Senior Notes due 2021 ("Notes") were anti-dilutive and excluded from the diluted income (loss) per share calculation. |
Asset Retirement Obligation
Asset Retirement Obligation | 9 Months Ended |
Sep. 30, 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: Nine Months Ended Year Ended (Thousands of U.S. Dollars) September 30, 2017 December 31, 2016 Balance, beginning of period $ 43,357 $ 33,224 Liability incurred 2,942 2,606 Liabilities assumed in acquisition 3,513 15,723 Accretion 3,101 2,789 Settlements (1,039 ) (872 ) Liabilities associated with assets sold (2,200 ) (3,257 ) Revisions in estimated liability (5,670 ) (6,856 ) Balance, end of period $ 44,004 $ 43,357 Asset retirement obligation - current $ 355 $ 5,215 Asset retirement obligation - long-term 43,649 38,142 $ 44,004 $ 43,357 For the nine months ended September 30, 2017 , settlements included $0.5 million cash payments with the balance in accounts payable and accrued liabilities at September 30, 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 September 30, 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 | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Taxes | Taxes The Company's effective tax rate was 85% in the nine months ended September 30, 2017 , compared with 31% in the corresponding period in 2016 . The Company's effective tax rate differed from the U.S. statutory rate of 35% primarily due to impact of foreign taxes, valuation allowance, non-deductible third-party royalty in Colombia, stock-based compensation and other local taxes. These items were partially offset by foreign currency translation adjustments. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 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 $49.8 million as at September 30, 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, the Company has a number of other lawsuits and claims pending. Although the outcome of these other lawsuits and disputes cannot be predicted with certainty, the Company 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 associated with these lawsuits and claims as they are incurred or become probable and determinable. Letters of credit and other credit support At September 30, 2017 , the Company had provided letters of credit and other credit support totaling $74.5 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 | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurement | Financial Instruments and Fair Value Measurement Financial Instruments At September 30, 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, PSU and DSU liabilities at September 30, 2017 , and December 31, 2016 , were as follows: (Thousands of U.S. Dollars) As at September 30, 2017 As at December 31, 2016 Foreign currency derivative asset $ 512 $ 578 Commodity price derivative liability $ 65 $ 3,824 RSU, PSU and DSU liability 6,851 3,907 $ 6,916 $ 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 September 30, Nine Months Ended September 30, (Thousands of U.S. Dollars) 2017 2016 2017 2016 Commodity price derivative loss (gain) $ 2,489 $ 2,190 $ (3,759 ) $ 856 Foreign currency derivatives gain (814 ) (840 ) (1,452 ) (1,958 ) Trading securities loss — 701 — 2,926 Financial instruments loss (gain) $ 1,675 $ 2,051 $ (5,211 ) $ 1,824 These gains and losses are presented as financial instrument gains and losses in the interim unaudited condensed consolidated statements of operations and cash flows. Financial instruments not recorded at fair value include the Notes. At September 30, 2017 , the carrying amount of the Notes was $110.7 million , which represents the aggregate principal amount less unamortized debt issuance costs, and the fair value was $121.9 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 September 30, 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 above regarding the fair value of the Company’s revolving credit facility was determined using an income approach using Level 3 inputs. The disclosure 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 September 30, 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: 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 Subsequent to September 30, 2017, the Company entered into the following commodity price contracts: Period and type of instrument Volume, Reference Purchased Swap Purchased Call ($/bbl) Swap: January 1, to December 31, 2018 2,500 ICE Brent $ 55.75 Swap: January 1, to December 31, 2018 2,500 ICE Brent $ 56.05 Participating Swap: January 1, to December 31, 2018 2,500 ICE Brent $ 50.00 $ 54.10 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 expenses. At September 30, 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: October 1, 2017 to October 31, 2017 23,000 7,832 COP 3,000 3,117 Collar: November 1, 2017 to November 30, 2017 25,000 8,513 COP 3,000 3,139 Collar: December 1, 2017 to December 28, 2017 25,000 8,513 COP 3,000 3,142 73,000 24,858 (1) At September 30, 2017 foreign exchange rate. Subsequent to September 30, 2017, the Company entered into the following foreign currency contracts: 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: January 1, 2018 to December 31, 2018 132,000 44,949 COP 3,000 3,112 (1) At September 30, 2017 foreign exchange rate. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 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 September 30, As at December 31, 2017 2016 2016 2015 Cash and cash equivalents $ 15,125 $ 48,073 $ 25,175 $ 145,342 Restricted cash and cash equivalents - current 3,920 13,198 8,322 92 Restricted cash and cash equivalents - long-term 10,332 9,993 9,770 3,317 $ 29,377 $ 71,264 $ 43,267 $ 148,751 Net changes in assets and liabilities from operating activities were as follows: Nine Months Ended September 30, (Thousands of U.S. Dollars) 2017 2016 Accounts receivable and other long-term assets $ 8,356 $ 15,233 Derivatives — (4,563 ) Inventory (28 ) 3,630 Prepaids 3,080 1,864 Accounts payable and accrued and other long-term liabilities 5,951 (11,297 ) Taxes receivable and payable (45,464 ) 13,230 Net changes in assets and liabilities from operating activities $ (28,105 ) $ 18,097 The following table provides additional supplemental cash flow disclosures: Nine Months Ended September 30, (Thousands of U.S. Dollars) 2017 2016 Non-cash investing activities: Net liabilities related to property, plant and equipment, end of period $ 68,018 $ 27,520 |
Significant Accounting Polici18
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements Simplifying the Measurement of Inventory In July 2015, the Financial Accounting Standards Board (“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 Accounting Standards Codification ("ASC") 740 "Income Taxes", 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. Early adoption was permitted. The Company early adopted this ASU on January 1, 2017, 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. For the nine months ended September 30, 2016 , the net decrease in cash, cash equivalents and restricted cash and cash equivalents currently disclosed was $77.5 million , compared with the net decrease in cash and cash equivalents of $97.3 million as previously disclosed in the consolidated statement of cash flows prior to the adoption of ASU 2016-18. 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. The Company’s acquisition of the Santana and Nancy Burdine-Maxine oil and gas properties in the nine months ended September 30, 2017 was not considered a business under this ASU and therefore not allocated goodwill or gain on acquisition (Note 4). 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. 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 September 30, 2017 , 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. Recently Issued Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the FASB issued guidance regarding the accounting for 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 deferred 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. In March 2016, the FASB issued ASU 2016-08, “Principal versus Agent Considerations (Reporting Revenue Gross versus Net)" which clarifies implementation guidance on principal versus agent considerations. In April, May and December 2016, the FASB issued ASU 2016-10, “Identifying Performance Obligations and Licensing", ASU 2016-12, “Narrow-Scope Improvements and Practical Expedients" and ASU 2016-20 "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers", respectively, which addressed implementation issues and provided technical corrections. The guidance may be applied retrospectively or using a modified retrospective approach to adjust retained earnings. The Company is continuing to evaluate the impact of the ASU and currently expects that the standard will not have a material impact on the Company’s consolidated financial statements other than enhanced disclosures related to revenues from contracts with customers. The Company intends to adopt the new standard using the modified retrospective method at the date of adoption, which is expected to be January 1, 2018. |
Segment and Geographic Report19
Segment and Geographic Reporting (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2017 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Oil and natural gas sales $ 103,768 $ — $ — $ — $ 103,768 Depletion, depreciation and accretion 33,388 881 — 223 34,492 Asset impairment — 176 — 611 787 General and administrative expenses 5,500 301 — 2,850 8,651 Income (loss) before income taxes 31,276 (1,405 ) — (8,648 ) 21,223 Segment capital expenditures 70,606 998 — 90 71,694 Three Months Ended September 30, 2016 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Oil and natural gas sales $ 65,944 $ — $ 2,595 $ — $ 68,539 Depletion, depreciation and accretion 34,156 206 1,022 345 35,729 Asset impairment 298,370 — 21,604 — 319,974 General and administrative expenses 1,921 218 218 3,235 5,592 Loss before income taxes (299,306 ) (768 ) (20,977 ) (15,140 ) (336,191 ) Segment capital expenditures 20,476 1,360 3,102 142 25,080 Nine Months Ended September 30, 2017 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Oil and natural gas sales $ 286,137 $ — $ 8,418 $ — $ 294,555 Depletion, depreciation and accretion 88,453 1,350 2,263 663 92,729 Asset impairment — 628 — 611 1,239 General and administrative expenses 15,561 974 743 9,598 26,876 Income (loss) before income taxes 90,018 (2,685 ) 3,369 (31,422 ) 59,280 Segment capital expenditures 168,881 3,207 2,811 820 175,719 Nine Months Ended September 30, 2016 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Oil and natural gas sales $ 191,515 $ — $ 6,140 $ — $ 197,655 Depletion, depreciation and accretion 100,350 418 2,764 993 104,525 Asset impairment 431,810 899 37,006 — 469,715 General and administrative expenses 9,614 1,014 751 9,235 20,614 Loss before income taxes (436,863 ) (2,224 ) (36,523 ) (17,122 ) (492,732 ) Segment capital expenditures 56,997 3,730 7,982 958 69,667 |
Schedule of Long-lived Assets by Geographical Area | As at September 30, 2017 (Thousands of U.S. Dollars) Colombia Peru Brazil All Other Total Property, plant and equipment $ 1,054,136 $ 70,903 $ — $ 2,585 $ 1,127,624 Goodwill 102,581 — — — 102,581 All other assets 176,672 11,103 — 5,196 192,971 Total Assets $ 1,333,389 $ 82,006 $ — $ 7,781 $ 1,423,176 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) | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, Plant and Equipment (Thousands of U.S. Dollars) As at September 30, 2017 As at December 31, 2016 Oil and natural gas properties Proved $ 2,836,263 $ 2,652,171 Unproved 613,419 647,774 3,449,682 3,299,945 Other 27,236 29,445 3,476,918 3,329,390 Accumulated depletion, depreciation and impairment (2,349,294 ) (2,262,781 ) $ 1,127,624 $ 1,066,609 |
Schedule of Asset Impairment | Asset impairment for the three and nine months ended September 30, 2017 , and 2016 was as follows: Three Months Ended September 30, Nine Months Ended September 30, (Thousands of U.S. Dollars) 2017 2016 2017 2016 Impairment of oil and gas properties $ 787 $ 319,974 $ 1,239 $ 469,051 Impairment of inventory — — — 664 $ 787 $ 319,974 $ 1,239 $ 469,715 |
Schedule of the Allocation of the Cost of the Acquisition | The following table shows the allocation of the cost of the acquisition based on the relative fair values of the assets and liabilities acquired: (Thousands of U.S. Dollars) Cost of asset acquisition: Cash $ 30,410 Allocation of Consideration Paid: Oil and gas properties Proved $ 24,405 Unproved 8,649 33,054 Inventory 869 Asset retirement obligation - long-term (3,513 ) $ 30,410 |
Schedule of Assets and Liabilities of the Brazil Business Unit | At December 31, 2016, assets and liabilities of the Brazil business unit were as follows: (Thousands of U.S. Dollars) As at December 31, 2016 Current assets $ 1,634 Property, plant and equipment 55,376 $ 57,010 Current liabilities $ (11,590 ) Long-term liabilities (2,297 ) $ (13,887 ) |
Debt and Interest Expense (Tabl
Debt and Interest Expense (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company's debt at September 30, 2017 , and December 31, 2016 , was as follows: (Thousands of U.S. Dollars) As at September 30, 2017 As at December 31, 2016 Convertible senior notes $ 115,000 $ 115,000 Revolving credit facility 120,000 90,000 Unamortized debt issuance costs (5,785 ) (7,917 ) Long-term debt $ 229,215 $ 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 September 30, Nine Months Ended September 30, (Thousands of U.S. Dollars) 2017 2016 2017 2016 Contractual interest and other financing expenses $ 3,346 $ 2,938 $ 8,547 $ 5,029 Amortization of debt issuance costs 643 2,184 1,868 2,813 $ 3,989 $ 5,122 $ 10,415 $ 7,842 |
Share Capital (Tables)
Share Capital (Tables) | 9 Months Ended |
Sep. 30, 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 Shares repurchased and canceled (4,235,890 ) — — Exchange of exchangeable shares 301,230 (142,500 ) (158,730 ) Shares canceled (4 ) — — Balance, September 30, 2017 386,872,530 4,670,092 3,228,572 |
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 nine months ended September 30, 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 3,229,620 171,388 — 1,964,156 2.54 Exercised — — (211,022 ) — — Forfeited (641,159 ) — (9,402 ) (903,910 ) (4.81 ) Expired — — — (1,396,667 ) (4.65 ) Balance, September 30, 2017 5,951,178 380,086 138,721 8,903,057 3.66 |
Schedule of Weighted Average Shares Outstanding | Weighted Average Shares Outstanding Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Weighted average number of common and exchangeable shares outstanding 394,771,194 321,725,379 397,439,007 304,098,944 Shares issuable pursuant to stock options 61,325 — 187,150 — Shares assumed to be purchased from proceeds of stock options (57,566 ) — (175,520 ) — Weighted average number of diluted common and exchangeable shares outstanding 394,774,953 321,725,379 397,450,637 304,098,944 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 9 Months Ended |
Sep. 30, 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: Nine Months Ended Year Ended (Thousands of U.S. Dollars) September 30, 2017 December 31, 2016 Balance, beginning of period $ 43,357 $ 33,224 Liability incurred 2,942 2,606 Liabilities assumed in acquisition 3,513 15,723 Accretion 3,101 2,789 Settlements (1,039 ) (872 ) Liabilities associated with assets sold (2,200 ) (3,257 ) Revisions in estimated liability (5,670 ) (6,856 ) Balance, end of period $ 44,004 $ 43,357 Asset retirement obligation - current $ 355 $ 5,215 Asset retirement obligation - long-term 43,649 38,142 $ 44,004 $ 43,357 |
Financial Instruments and Fai24
Financial Instruments and Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Derivatives and RSU, PSU and DSU Liabilities | The fair value of derivatives and RSU, PSU and DSU liabilities at September 30, 2017 , and December 31, 2016 , were as follows: (Thousands of U.S. Dollars) As at September 30, 2017 As at December 31, 2016 Foreign currency derivative asset $ 512 $ 578 Commodity price derivative liability $ 65 $ 3,824 RSU, PSU and DSU liability 6,851 3,907 $ 6,916 $ 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 September 30, Nine Months Ended September 30, (Thousands of U.S. Dollars) 2017 2016 2017 2016 Commodity price derivative loss (gain) $ 2,489 $ 2,190 $ (3,759 ) $ 856 Foreign currency derivatives gain (814 ) (840 ) (1,452 ) (1,958 ) Trading securities loss — 701 — 2,926 Financial instruments loss (gain) $ 1,675 $ 2,051 $ (5,211 ) $ 1,824 |
Schedule of Commodity Price Derivative Positions and Commodity Foreign Currency Contracts | At September 30, 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: 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 Subsequent to September 30, 2017, the Company entered into the following commodity price contracts: Period and type of instrument Volume, Reference Purchased Swap Purchased Call ($/bbl) Swap: January 1, to December 31, 2018 2,500 ICE Brent $ 55.75 Swap: January 1, to December 31, 2018 2,500 ICE Brent $ 56.05 Participating Swap: January 1, to December 31, 2018 2,500 ICE Brent $ 50.00 $ 54.10 |
Schedule of Outstanding Foreign Currency Derivative Positions | At September 30, 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: October 1, 2017 to October 31, 2017 23,000 7,832 COP 3,000 3,117 Collar: November 1, 2017 to November 30, 2017 25,000 8,513 COP 3,000 3,139 Collar: December 1, 2017 to December 28, 2017 25,000 8,513 COP 3,000 3,142 73,000 24,858 (1) At September 30, 2017 foreign exchange rate. Subsequent to September 30, 2017, the Company entered into the following foreign currency contracts: 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: January 1, 2018 to December 31, 2018 132,000 44,949 COP 3,000 3,112 (1) At September 30, 2017 foreign exchange rate. |
Supplemental Cash Flow Inform25
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | 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 September 30, As at December 31, 2017 2016 2016 2015 Cash and cash equivalents $ 15,125 $ 48,073 $ 25,175 $ 145,342 Restricted cash and cash equivalents - current 3,920 13,198 8,322 92 Restricted cash and cash equivalents - long-term 10,332 9,993 9,770 3,317 $ 29,377 $ 71,264 $ 43,267 $ 148,751 |
Schedule of Net Changes in Assets and Liabilities | Net changes in assets and liabilities from operating activities were as follows: Nine Months Ended September 30, (Thousands of U.S. Dollars) 2017 2016 Accounts receivable and other long-term assets $ 8,356 $ 15,233 Derivatives — (4,563 ) Inventory (28 ) 3,630 Prepaids 3,080 1,864 Accounts payable and accrued and other long-term liabilities 5,951 (11,297 ) Taxes receivable and payable (45,464 ) 13,230 Net changes in assets and liabilities from operating activities $ (28,105 ) $ 18,097 |
Schedule of Additional Supplemental Cash Flow Disclosures | The following table provides additional supplemental cash flow disclosures: Nine Months Ended September 30, (Thousands of U.S. Dollars) 2017 2016 Non-cash investing activities: Net liabilities related to property, plant and equipment, end of period $ 68,018 $ 27,520 |
Significant Accounting Polici26
Significant Accounting Policies (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | 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 | ||
Net decrease in cash, cash equivalents and restricted cash and cash equivalents | $ 13,890 | $ 77,487 | |
Previously disclosed | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net decrease in cash and cash equivalents | $ 97,300 | ||
Opening deficit | 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 Report27
Segment and Geographic Reporting - Schedule of Information on Reportable Segments and Other Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Oil and natural gas sales | $ 103,768 | $ 68,539 | $ 294,555 | $ 197,655 |
Depletion, depreciation and accretion | 34,492 | 35,729 | 92,729 | 104,525 |
Asset impairment | 787 | 319,974 | 1,239 | 469,715 |
General and administrative expenses | 8,651 | 5,592 | 26,876 | 20,614 |
Income (loss) before income taxes | 21,223 | (336,191) | 59,280 | (492,732) |
Segment capital expenditures | 71,694 | 25,080 | 175,719 | 69,667 |
Reportable Segments | Colombia | ||||
Segment Reporting Information [Line Items] | ||||
Oil and natural gas sales | 103,768 | 65,944 | 286,137 | 191,515 |
Depletion, depreciation and accretion | 33,388 | 34,156 | 88,453 | 100,350 |
Asset impairment | 0 | 298,370 | 0 | 431,810 |
General and administrative expenses | 5,500 | 1,921 | 15,561 | 9,614 |
Income (loss) before income taxes | 31,276 | (299,306) | 90,018 | (436,863) |
Segment capital expenditures | 70,606 | 20,476 | 168,881 | 56,997 |
Reportable Segments | Peru | ||||
Segment Reporting Information [Line Items] | ||||
Oil and natural gas sales | 0 | 0 | 0 | 0 |
Depletion, depreciation and accretion | 881 | 206 | 1,350 | 418 |
Asset impairment | 176 | 0 | 628 | 899 |
General and administrative expenses | 301 | 218 | 974 | 1,014 |
Income (loss) before income taxes | (1,405) | (768) | (2,685) | (2,224) |
Segment capital expenditures | 998 | 1,360 | 3,207 | 3,730 |
Reportable Segments | Brazil | ||||
Segment Reporting Information [Line Items] | ||||
Oil and natural gas sales | 0 | 2,595 | 8,418 | 6,140 |
Depletion, depreciation and accretion | 0 | 1,022 | 2,263 | 2,764 |
Asset impairment | 0 | 21,604 | 0 | 37,006 |
General and administrative expenses | 0 | 218 | 743 | 751 |
Income (loss) before income taxes | 0 | (20,977) | 3,369 | (36,523) |
Segment capital expenditures | 0 | 3,102 | 2,811 | 7,982 |
All Other | ||||
Segment Reporting Information [Line Items] | ||||
Oil and natural gas sales | 0 | 0 | 0 | 0 |
Depletion, depreciation and accretion | 223 | 345 | 663 | 993 |
Asset impairment | 611 | 0 | 611 | 0 |
General and administrative expenses | 2,850 | 3,235 | 9,598 | 9,235 |
Income (loss) before income taxes | (8,648) | (15,140) | (31,422) | (17,122) |
Segment capital expenditures | $ 90 | $ 142 | $ 820 | $ 958 |
Segment and Geographic Report28
Segment and Geographic Reporting - Schedule of Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Property, plant and equipment | $ 1,127,624 | $ 1,066,609 |
Goodwill | 102,581 | 102,581 |
All other assets | 192,971 | 198,706 |
Total Assets | 1,423,176 | 1,367,896 |
Reportable Segments | Colombia | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment | 1,054,136 | 939,947 |
Goodwill | 102,581 | 102,581 |
All other assets | 176,672 | 177,393 |
Total Assets | 1,333,389 | 1,219,921 |
Reportable Segments | Peru | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment | 70,903 | 68,428 |
Goodwill | 0 | 0 |
All other assets | 11,103 | 10,848 |
Total Assets | 82,006 | 79,276 |
Reportable Segments | Brazil | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment | 0 | 55,196 |
Goodwill | 0 | 0 |
All other assets | 0 | 1,619 |
Total Assets | 0 | 56,815 |
All Other | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment | 2,585 | 3,038 |
Goodwill | 0 | 0 |
All other assets | 5,196 | 8,846 |
Total Assets | $ 7,781 | $ 11,884 |
Property, Plant and Equipment29
Property, Plant and Equipment and Inventory - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Oil and natural gas properties | $ 3,476,918 | $ 3,329,390 |
Accumulated depletion, depreciation and impairment | (2,349,294) | (2,262,781) |
Total Property, Plant and Equipment (Notes 3 and 4) | 1,127,624 | 1,066,609 |
Oil and natural gas properties | ||
Property, Plant and Equipment [Line Items] | ||
Oil and natural gas properties | 3,449,682 | 3,299,945 |
Proved | ||
Property, Plant and Equipment [Line Items] | ||
Oil and natural gas properties | 2,836,263 | 2,652,171 |
Unproved | ||
Property, Plant and Equipment [Line Items] | ||
Oil and natural gas properties | 613,419 | 647,774 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Oil and natural gas properties | $ 27,236 | $ 29,445 |
Property, Plant and Equipment30
Property, Plant and Equipment and Inventory - Schedule of Asset Impairment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | ||||
Impairment of oil and gas properties | $ 787,000 | $ 319,974,000 | $ 1,239,000 | $ 469,051,000 |
Impairment of inventory | 0 | 0 | 0 | 664,000 |
Total asset impairment | $ 787,000 | $ 319,974,000 | $ 1,239,000 | $ 469,715,000 |
Property, Plant and Equipment31
Property, Plant and Equipment and Inventory - Property, Plant and Equipment (Narrative) (Details) - $ / bbl | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | |
Crude Oil and NGL | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Average Brent price per bbl (in dollars per barrel) | 52.70 | 51.35 | 49.33 | 42.92 | 42.23 | 44.48 | 48.79 | 54.08 | |
Assets | Oil and natural gas properties | Full cost method | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Discount rate | 10.00% |
Property, Plant and Equipment32
Property, Plant and Equipment and Inventory - Acquisition of Santana and Nancy Burdine-Maxine Blocks (Narrative) (Details) $ in Thousands | Apr. 27, 2017USD ($) |
Property, Plant and Equipment [Abstract] | |
Cash consideration paid for acquisition | $ 30,410 |
Property, Plant and Equipment33
Property, Plant and Equipment and Inventory - Schedule of the Allocation of the Cost of the Acquisition (Details) $ in Thousands | Apr. 27, 2017USD ($) |
Cost of asset acquisition: | |
Cash | $ 30,410 |
Oil and gas properties | |
Proved | 24,405 |
Unproved | 8,649 |
Total oil and gas properties | 33,054 |
Inventory | 869 |
Asset retirement obligation - long-term | (3,513) |
Consideration paid | $ 30,410 |
Property, Plant and Equipment34
Property, Plant and Equipment and Inventory - Disposition of Brazil Business Unit (Narrative) (Details) $ in Thousands | Jun. 30, 2017USD ($)subsidiary | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loss on sale of Brazil business unit | $ 0 | $ 0 | $ 9,076 | $ 0 | |
Cash payment from the purchaser | $ 4,700 | $ 0 | |||
Brazil Divestiture | Disposed of by sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of indirect subsidiaries through which the Company completed the disposition of its assets in Brazil | subsidiary | 2 | ||||
Purchase price for disposition of Brazil business unit | $ 35,000 | ||||
Loss on sale of Brazil business unit | 9,100 | ||||
Cash payment from the purchaser | 4,700 | ||||
Selling Subsidiaries | Brazil Divestiture | Disposed of by sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Cash consideration paid to the Selling Subsidiaries | $ 38,000 |
Property, Plant and Equipment35
Property, Plant and Equipment and Inventory - Schedule of Assets and Liabilities of the Brazil Business Unit (Details) - Brazil Divestiture - Disposed of by sale $ in Thousands | Dec. 31, 2016USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Current assets | $ 1,634 |
Property, plant and equipment | 55,376 |
Total assets | 57,010 |
Current liabilities | (11,590) |
Long-term liabilities | (2,297) |
Total liabilities | $ (13,887) |
Property, Plant and Equipment36
Property, Plant and Equipment and Inventory - Inventory (Narrative) (Details) bbl in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017USD ($)bbl | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)bbl | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)bbl | |
Property, Plant and Equipment [Abstract] | |||||
Oil inventories | $ 4,500,000 | $ 4,500,000 | $ 6,000,000 | ||
Supplies inventories | $ 2,500,000 | $ 2,500,000 | $ 1,800,000 | ||
Oil inventory (in barrels) | bbl | 168 | 168 | 208 | ||
Oil inventory impairment related to lower oil prices | $ 0 | $ 0 | $ 0 | $ 664,000 |
Debt and Interest Expense - Nar
Debt and Interest Expense - Narrative (Details) - USD ($) | Sep. 30, 2017 | Jun. 01, 2017 | May 31, 2017 |
Revolving credit facility | |||
Line of Credit Facility [Line Items] | |||
Borrowing base | $ 300,000,000 | $ 300,000,000 | $ 250,000,000 |
Debt and Interest Expense - Sch
Debt and Interest Expense - Schedule of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ (5,785) | $ (7,917) |
Long-term debt | 229,215 | 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 | $ 120,000 | $ 90,000 |
Debt and Interest Expense - S39
Debt and Interest Expense - Schedule of Interest Expense Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Debt Instrument [Line Items] | ||||
Amortization of debt issuance costs | $ 1,868 | $ 2,813 | ||
Total interest expense recognized | $ 3,989 | $ 5,122 | 10,415 | 7,842 |
Convertible senior notes | ||||
Debt Instrument [Line Items] | ||||
Contractual interest and other financing expenses | 3,346 | 2,938 | 8,547 | 5,029 |
Amortization of debt issuance costs | 643 | 2,184 | 1,868 | 2,813 |
Total interest expense recognized | $ 3,989 | $ 5,122 | $ 10,415 | $ 7,842 |
Share Capital - Additional Info
Share Capital - Additional Information (Narrative) (Details) - $ / shares | Jan. 27, 2017 | Sep. 30, 2017 | Feb. 06, 2017 | Dec. 31, 2016 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Authorized share capital (in shares) | 595,000,002 | |||
Authorized share capital, Common Stock (in shares) | 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] | ||||
Authorized share capital, Preferred Stock (in shares) | 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] | ||||
Authorized share capital, Preferred Stock (in shares) | 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] | ||||
Authorized share capital, Preferred Stock (in shares) | 1 | |||
Preferred Stock, par value (in dollars per share) | $ 0.001 | |||
The 2017 Program | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized under the 2017 Program (up to) (in shares) | 19,540,359 | |||
Shares authorized representing issued and outstanding shares of Common Stock (as a percent) | 5.00% |
Share Capital - Schedule of Com
Share Capital - Schedule of Common Stock (Details) | 9 Months Ended |
Sep. 30, 2017shares | |
Increase (Decrease) in Common Stock | |
Beginning balance (in shares) | 390,807,194 |
Ending balance (in shares) | 386,872,530 |
Shares of Common Stock | |
Increase (Decrease) in Common Stock | |
Beginning balance (in shares) | 390,807,194 |
Shares repurchased and canceled (in shares) | (4,235,890) |
Exchange of exchangeable shares (in shares) | 301,230 |
Shares canceled (in shares) | (4) |
Ending balance (in shares) | 386,872,530 |
Shares of Common Stock | Exchangeable Shares of Gran Tierra Exchangeco Inc. | |
Increase (Decrease) in Common Stock | |
Beginning balance (in shares) | 4,812,592 |
Shares repurchased and canceled (in shares) | 0 |
Exchange of exchangeable shares (in shares) | (142,500) |
Shares canceled (in shares) | 0 |
Ending balance (in shares) | 4,670,092 |
Shares of Common Stock | Exchangeable Shares of Gran Tierra Goldstrike Inc. | |
Increase (Decrease) in Common Stock | |
Beginning balance (in shares) | 3,387,302 |
Shares repurchased and canceled (in shares) | 0 |
Exchange of exchangeable shares (in shares) | (158,730) |
Shares canceled (in shares) | 0 |
Ending balance (in shares) | 3,228,572 |
Share Capital - Schedule of PSU
Share Capital - Schedule of PSU, DSU, RSU and Stock Option Activity (Details) | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Number of Outstanding Stock Options | |
Beginning Balance (in shares) | 9,239,478 |
Granted (in shares) | 1,964,156 |
Exercised (in shares) | 0 |
Forfeited (in shares) | (903,910) |
Expired (in shares) | (1,396,667) |
Ending Balance (in shares) | 8,903,057 |
Weighted Average Exercise Price/Stock Option ($) | |
Beginning balance (in dollars per share) | $ / shares | $ 4.16 |
Granted (in dollars per share) | $ / shares | 2.54 |
Exercised (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | (4.81) |
Expired (in dollars per share) | $ / shares | (4.65) |
Ending balance (in dollars per share) | $ / shares | $ 3.66 |
PSUs | |
Number of Outstanding Share Units | |
Beginning Balance (in shares) | 3,362,717 |
Granted (in shares) | 3,229,620 |
Exercised (in shares) | 0 |
Forfeited (in shares) | (641,159) |
Expired (in shares) | 0 |
Ending Balance (in shares) | 5,951,178 |
DSUs | |
Number of Outstanding Share Units | |
Beginning Balance (in shares) | 208,698 |
Granted (in shares) | 171,388 |
Exercised (in shares) | 0 |
Forfeited (in shares) | 0 |
Expired (in shares) | 0 |
Ending Balance (in shares) | 380,086 |
RSUs | |
Number of Outstanding Share Units | |
Beginning Balance (in shares) | 359,145 |
Granted (in shares) | 0 |
Exercised (in shares) | (211,022) |
Forfeited (in shares) | (9,402) |
Expired (in shares) | 0 |
Ending Balance (in shares) | 138,721 |
Share Capital - Equity Compensa
Share Capital - Equity Compensation Awards (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost | $ 11.5 | $ 11.5 | $ 10 | ||
Weighted average period for recognition | 1 year 8 months 26 days | ||||
General and administrative (G&A) expenses | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 1.8 | $ 0.9 | $ 4.9 | $ 4.4 |
Share Capital - Schedule of Wei
Share Capital - Schedule of Weighted Average Shares Outstanding (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Weighted average number of common and exchangeable shares outstanding (in shares) | 394,771,194 | 321,725,379 | 397,439,007 | 304,098,944 |
Shares issuable pursuant to stock options (in shares) | 61,325 | 0 | 187,150 | 0 |
Shares assumed to be purchased from proceeds of stock options (in shares) | (57,566) | 0 | (175,520) | 0 |
Weighted average number of diluted common and exchangeable shares outstanding (in shares) | 394,774,953 | 321,725,379 | 397,450,637 | 304,098,944 |
Share Capital - Weighted Averag
Share Capital - Weighted Average Shares Outstanding (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Convertible senior notes | Notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stated interest rate | 5.00% | 5.00% | ||
Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Options excluded from diluted income (loss) per share calculation (in shares) | 9,259,811 | 9,084,162 | 9,744,747 | 11,155,962 |
Asset Retirement Obligation - S
Asset Retirement Obligation - Schedule of Changes in the Carrying Amounts of the Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2017 | Dec. 31, 2016 | |
Asset Retirement Obligation, Roll Forward Analysis | ||||
Balance, beginning of period | $ 43,357 | $ 33,224 | ||
Liability incurred | 2,942 | 2,606 | ||
Liabilities assumed in acquisition | 3,513 | 15,723 | ||
Accretion | 3,101 | 2,789 | ||
Settlements | (1,039) | (872) | ||
Liabilities associated with assets sold | (2,200) | (3,257) | ||
Revisions in estimated liability | (5,670) | (6,856) | ||
Balance, end of period | 44,004 | 43,357 | ||
Asset retirement obligation - current | $ 355 | $ 5,215 | ||
Asset retirement obligation - long-term | 43,649 | 38,142 | ||
Asset retirement obligation | $ 43,357 | $ 33,224 | $ 44,004 | $ 43,357 |
Asset Retirement Obligation - N
Asset Retirement Obligation - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Cash payments included in settlements | $ 462 | $ 496 | |
Fair value of assets that are legally restricted | $ 12,600 | $ 12,000 |
Taxes (Details)
Taxes (Details) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 85.00% | 31.00% |
U.S. statutory rate | 35.00% |
Contingencies (Details)
Contingencies (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Loss Contingencies [Line Items] | ||
Letters of credit and other credit support provided | $ 74,500,000 | $ 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 | 49,800,000 | |
Amount accrued | $ 0 |
Financial Instruments and Fai50
Financial Instruments and Fair Value Measurement - Schedule of Fair Value of Derivatives and RSU, PSU and DSU Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Derivative asset | $ 512 | $ 578 |
RSU, PSU and DSU liability | 6,851 | 3,907 |
Liabilities, fair value disclosure | 6,916 | 7,731 |
Foreign currency derivative asset | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 512 | 578 |
Commodity Hedge | ||
Derivatives, Fair Value [Line Items] | ||
Commodity price derivative liability | $ 65 | $ 3,824 |
Financial Instruments and Fai51
Financial Instruments and Fair Value Measurement - Schedule of Gains or Losses on Financial Instruments Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Trading securities loss | $ 0 | $ 701 | $ 0 | $ 2,926 |
Financial instruments loss (gain) | 1,675 | 2,051 | (5,211) | 1,824 |
Commodity price derivative loss (gain) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative (loss) gain | 2,489 | 2,190 | (3,759) | 856 |
Foreign currency derivatives gain | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative (loss) gain | $ (814) | $ (840) | $ (1,452) | $ (1,958) |
Financial Instruments and Fai52
Financial Instruments and Fair Value Measurement - Narrative (Details) $ in Millions | Sep. 30, 2017USD ($) |
Carrying amount | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Value of the Notes | $ 110.7 |
Fair value | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Value of the Notes | $ 121.9 |
Financial Instruments and Fai53
Financial Instruments and Fair Value Measurement - Schedule of Commodity Price Derivative Positions and Commodity Foreign Currency Contracts (Details) - Commodity Hedge | 1 Months Ended | 9 Months Ended |
Nov. 02, 2017$ / bblbbl | Sep. 30, 2017$ / bblbbl | |
Collar: October 1, 2016 to December 31, 2017 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Volume (in barrels of oil per day) | bbl | 5,000 | |
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 | Put | ||
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 | 10,000 | |
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 | Put | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Floor price (in dollars per barrel) | 45 | |
Subsequent Event | Swap: January 1, to December 31, 2018 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Volume (in barrels of oil per day) | bbl | 2,500 | |
Subsequent Event | Swap: January 1, to December 31, 2018 | Purchased | Swap | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Floor price (in dollars per barrel) | 55.75 | |
Subsequent Event | Swap: January 1, to December 31, 2018 | Purchased | Call | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Floor price (in dollars per barrel) | ||
Subsequent Event | Swap: January 1, to December 31, 2018 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Volume (in barrels of oil per day) | bbl | 2,500 | |
Subsequent Event | Swap: January 1, to December 31, 2018 | Purchased | Swap | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Floor price (in dollars per barrel) | 56.05 | |
Subsequent Event | Participating Swap: January 1, to December 31, 2018 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Volume (in barrels of oil per day) | bbl | 2,500 | |
Subsequent Event | Participating Swap: January 1, to December 31, 2018 | Purchased | Swap | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Floor price (in dollars per barrel) | 50 | |
Subsequent Event | Participating Swap: January 1, to December 31, 2018 | Purchased | Call | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Floor price (in dollars per barrel) | 54.10 |
Financial Instruments and Fai54
Financial Instruments and Fair Value Measurement - Schedule of Outstanding Foreign Currency Derivative Positions (Details) $ in Thousands, COP in Millions | Nov. 02, 2017COPCOP / collar | Nov. 02, 2017USD ($)COP / collar | Sep. 30, 2017COPCOP / collar | Sep. 30, 2017USD ($)COP / collar |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount Hedged | COP 73,000 | $ 24,858 | ||
Collar: October 1, 2017 to October 31, 2017 | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount Hedged | 23,000 | 7,832 | ||
Collar: November 1, 2017 to November 30, 2017 | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount Hedged | 25,000 | 8,513 | ||
Collar: December 1, 2017 to December 28, 2017 | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount Hedged | COP 25,000 | $ 8,513 | ||
Collar: January 1, 2018 to December 31, 2018 | Subsequent Event | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount Hedged | COP 132,000 | $ 44,949 | ||
Purchased | Call | Collar: October 1, 2017 to October 31, 2017 | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Purchased Call (in COP per collar) | 3,000 | 3,000 | ||
Purchased | Call | Collar: November 1, 2017 to November 30, 2017 | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Purchased Call (in COP per collar) | 3,000 | 3,000 | ||
Purchased | Call | Collar: December 1, 2017 to December 28, 2017 | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Purchased Call (in COP per collar) | 3,000 | 3,000 | ||
Purchased | Call | Collar: January 1, 2018 to December 31, 2018 | Subsequent Event | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Purchased Call (in COP per collar) | 3,000 | 3,000 | ||
Sold | Put | Collar: October 1, 2017 to October 31, 2017 | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Sold Put (in COP per collar) | 3,117 | 3,117 | ||
Sold | Put | Collar: November 1, 2017 to November 30, 2017 | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Sold Put (in COP per collar) | 3,139 | 3,139 | ||
Sold | Put | Collar: December 1, 2017 to December 28, 2017 | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Sold Put (in COP per collar) | 3,142 | 3,142 | ||
Sold | Put | Collar: January 1, 2018 to December 31, 2018 | Subsequent Event | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Sold Put (in COP per collar) | 3,112 | 3,112 |
Supplemental Cash Flow Inform55
Supplemental Cash Flow Information - Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 15,125 | $ 25,175 | $ 48,073 | $ 145,342 |
Restricted cash and cash equivalents - current | 3,920 | 8,322 | 13,198 | 92 |
Restricted cash and cash equivalents - long-term | 10,332 | 9,770 | 9,993 | 3,317 |
Cash, cash equivalents and restricted cash and cash equivalents | $ 29,377 | $ 43,267 | $ 71,264 | $ 148,751 |
Supplemental Cash Flow Inform56
Supplemental Cash Flow Information - Schedule of Net Changes in Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | ||
Accounts receivable and other long-term assets | $ 8,356 | $ 15,233 |
Derivatives | 0 | (4,563) |
Inventory | (28) | 3,630 |
Prepaids | 3,080 | 1,864 |
Accounts payable and accrued and other long-term liabilities | 5,951 | (11,297) |
Taxes receivable and payable | (45,464) | 13,230 |
Net changes in assets and liabilities from operating activities | $ (28,105) | $ 18,097 |
Supplemental Cash Flow Inform57
Supplemental Cash Flow Information - Schedule of Additional Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Supplemental Cash Flow Elements [Abstract] | ||
Net liabilities related to property, plant and equipment, end of period | $ 68,018 | $ 27,520 |