Gran Tierra Energy (GTE) 10-Q 3 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-34018
Entity Registrant Name	GRAN TIERRA ENERGY INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-0479924
Entity Address, Address Line One	900, 520 - 3 Avenue SW
Entity Address, City or Town	Calgary,
Entity Address, State or Province	AB
Entity Address, Country	CA
Entity Address, Postal Zip Code	T2P 0R3
City Area Code	403
Local Phone Number	265-3221
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	GTE
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		368,460,570
Entity Central Index Key	0001273441
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
OIL SALES (Note 7)	$ 174,569	$ 95,493
EXPENSES
Operating	34,400	29,625
Transportation	2,834	2,506
COVID-19 related costs	535	1,139
Depletion, depreciation and accretion	40,963	31,318
General and administrative (Note 10)	12,336	10,488
Foreign exchange (gain) loss	(3,725)	13,083
Derivative instruments loss (Note 10)	21,439	23,698
Other financial instruments gain (Note 10)	0	(1,405)
Interest expense (Note 5)	12,128	13,812
EXPENSES	120,910	124,264
INCOME (LOSS) BEFORE INCOME TAXES	53,659	(28,771)
INCOME TAX EXPENSE
Current (Note 8)	20,827	0
Deferred (Note 8)	18,713	8,651
INCOME TAX EXPENSE	39,540	8,651
NET AND COMPREHENSIVE INCOME (LOSS)	14,119	(37,422)
NET AND COMPREHENSIVE INCOME (LOSS)	$ 14,119	$ (37,422)
NET INCOME (LOSS) PER SHARE
BASIC (in dollars per share)	$ 0.04	$ (0.10)
DILUTED (in dollars per share)	$ 0.04	$ (0.10)
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC (Note 6) (in shares)	367,386,664	366,981,556
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED (Note 6) (in shares)	372,375,245	366,981,556

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents (Note 11)	$ 58,707	$ 26,109
Restricted cash and cash equivalents (Note 11)	1,142	392
Accounts receivable	23,471	13,185
Taxes receivable (Note 3)	34,774	45,506
Other current assets (Note 10)	20,140	16,609
Total Current Assets	138,234	101,801
Oil and Gas Properties
Proved	907,224	859,580
Unproved	97,031	131,865
Total Oil and Gas Properties	1,004,255	991,445
Other capital assets	3,665	4,352
Total Property, Plant and Equipment (Note 4)	1,007,920	995,797
Other Long-Term Assets
Deferred tax assets	42,760	61,494
Taxes receivable (Note 3)	22,026	17,522
Other long-term assets (Note 10)	20,967	12,497
Total Other Long-Term Assets	85,753	91,513
Total Assets	1,231,907	1,189,111
Current Liabilities
Accounts payable and accrued liabilities	150,907	148,694
Current portion of long-term debt (Note 5)	39,617	66,987
Derivatives (Note 10)	18,875	2,976
Taxes payable (Note 3)	7,546	6,620
Other (Note 6 and 10)	16,392	2,710
Total Current Liabilities	233,337	227,987
Long-Term Liabilities
Long-term debt (Notes 5 and 10)	587,769	587,404
Asset retirement obligation	55,478
Equity compensation award liability (Note 6 and 10)	17,436	13,718
Taxes payable (Note 3 )	12,736	0
Other long-term liabilities	7,370	3,397
Total Long-Term Liabilities	680,789	659,044
Contingencies (Note 9)
Shareholders' Equity
Common Stock (Note 6) (368,421,033 and 367,144,500 shares issued and outstanding of Common Stock, par value $0.001 per share, as at March 31, 2022, and December 31, 2021, respectively)	10,272	10,270
Additional paid-in capital	1,289,162	1,287,582
Deficit	(981,653)	(995,772)
Total Shareholders’ Equity	317,781	302,080
Total Liabilities and Shareholders’ Equity	$ 1,231,907	$ 1,189,111

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common Stock, shares issued (in shares)	368,421,033	367,144,500
Common Stock, shares outstanding (in shares)	368,421,033	367,144,500
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities
Net Income (Loss)	$ 14,119	$ (37,422)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation and accretion	40,963	31,318
Deferred tax expense	18,713	8,651
Stock-based compensation expense (Note 6)	4,557	3,671
Amortization of debt issuance costs (Note 5)	887	881
Unrealized foreign exchange (gain) loss	(4,839)	13,003
Derivative instruments loss (Note 10)	21,439	23,698
Cash settlements on derivatives instruments	(8,596)	(13,404)
Other financial instruments gain (Note 10)	0	(1,405)
Cash settlement of asset retirement obligation	(5)	(169)
Non-cash lease expenses	411	444
Lease payments	(344)	(462)
Net change in assets and liabilities from operating activities (Note 11)	16,520	13,128
Net cash provided by operating activities	103,825	41,932
Investing Activities
Additions to property, plant and equipment	(41,483)	(37,427)
Proceeds on disposition of investment, net of transaction costs (Note 10)	0	14,632
Changes in non-cash investing working capital (Note 11)	(1,803)	(708)
Net cash used in investing activities	(43,286)	(23,503)
Financing Activities
Repayment of debt (Note 5)	(27,525)	(10,125)
Proceeds from issuance of shares of Common Stock, net of issuance costs	2	0
Proceeds from exercise of stock options	980	0
Lease payments	(777)	(513)
Net cash used in financing activities	(27,320)	(10,638)
Foreign exchange gain (loss) on cash, cash equivalents and restricted cash and cash equivalents	478	(446)
Net increase in cash, cash equivalents and restricted cash and cash equivalents	33,697	7,345
Cash, cash equivalents and restricted cash and cash equivalents, beginning of period (Note 11)	31,404	17,523
Cash, cash equivalents and restricted cash and cash equivalents, end of period (Note 11)	$ 65,101	$ 24,868

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Share Capital	Additional Paid-in Capital	Deficit
Balance, beginning of period at Dec. 31, 2020		$ 10,270	$ 1,285,018	$ (1,038,254)
Increase (Decrease) in Stockholders' Equity
Issuance of Common Stock (Note 6)		0
Exercise of stock options			0
Stock-based compensation (Note 6)			579
Net income (loss)	$ (37,422)			(37,422)
Balance, end of period at Mar. 31, 2021	220,191	10,270	1,285,597	(1,075,676)
Balance, beginning of period at Dec. 31, 2021		10,270	1,287,582	(995,772)
Increase (Decrease) in Stockholders' Equity
Issuance of Common Stock (Note 6)		2
Exercise of stock options			980
Stock-based compensation (Note 6)			600
Net income (loss)	14,119			14,119
Balance, end of period at Mar. 31, 2022	$ 317,781	$ 10,272	$ 1,289,162	$ (981,653)

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2022
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 international oil and natural gas exploration and production with assets currently in Colombia and Ecuador.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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 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, 2021, included in the Company’s 2021 Annual Report on Form 10-K. The Company’s significant accounting policies are described in Note 2 of the consolidated financial statements, which are included in the Company’s 2021 Annual Report on Form 10-K and are the same policies followed in these interim unaudited condensed consolidated financial statements. The Company has evaluated all subsequent events to the date these interim unaudited condensed consolidated financial statements were issued.

Taxes Receivable and Payable

Taxes Receivable and Payable	3 Months Ended
	Mar. 31, 2022
Tax Receivable Agreement [Abstract]
Taxes Receivable and Payable	Taxes Receivable and Payable The table below shows the break-down of taxes receivable and payable, which are comprised of value added tax (“VAT”) and income tax: (Thousands of U.S. Dollars) As at March 31, 2022 As at December 31, 2021 Taxes Receivable Current VAT Receivable $ 12,345 $ 21,918 Income Tax Receivable 22,429 23,588 $ 34,774 $ 45,506 Long-Term Income Tax Receivable $ 22,026 $ 17,522 Taxes Payable Current VAT Payable $ 7,546 $ 6,620 Long-Term VAT Payable $ 68 $ — Income Tax Payable 12,668 — $ 12,736 $ — Total Taxes Receivable net of Taxes Payable $ 36,518 $ 56,408 The following table shows the movement of VAT and income tax receivables for the period identified below: (Thousands of U.S. Dollars) Net VAT Receivable Income Tax Receivable Total Net Taxes Receivable Balance, as at December 31, 2021 $ 15,298 $ 41,110 $ 56,408 Collected through direct government refunds (149) — (149) Collected through sales contracts (40,913) — (40,913) Taxes paid (1) 29,674 9,703 39,377 Current tax expense — (20,827) (20,827) Foreign exchange loss 821 1,801 2,622 Balance, as at March 31, 2022 $ 4,731 $ 31,787 $ 36,518 (1) VAT is paid on certain goods and services and collected on sales in Colombia at a rate of 19%

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment (Thousands of U.S. Dollars) As at March 31, 2022 As at December 31, 2021 Oil and natural gas properties Proved $ 4,390,016 $ 4,302,473 Unproved 97,031 131,865 4,487,047 4,434,338 Other (1) 34,998 34,943 4,522,045 4,469,281 Accumulated depletion and depreciation and impairment (3,514,125) (3,473,484) $ 1,007,920 $ 995,797 (1) The “other” category includes right-of-use assets for operating and finance leases of $13.9 million, which had a net book value of $3.3 million as at March 31, 2022 (December 31, 2021 - $13.9 million, which had a net book value of $3.9 million). For the three months ended March 31, 2022, and 2021, the Company had no ceiling test impairment losses. The Company used an average Brent pr ice of $77.41 and $43.31 per bbl for March 31, 2022, and 2021 ceiling test calculations, respectively.

Debt and Debt Issuance Costs

Debt and Debt Issuance Costs	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt and Debt Issuance Costs	Debt and Debt Issuance Costs The Company’s debt at March 31, 2022, and December 31, 2021, was as follows: (Thousands of U.S. Dollars) As at March 31, 2022 As at December 31, 2021 Current Revolving credit facility $ 40,000 $ 67,500 Unamortized debt issuance costs (383) (513) $ 39,617 $ 66,987 Long-Term 6.25% Senior Notes, due February 2025 $ 300,000 $ 300,000 7.75% Senior Notes, due May 2027 300,000 300,000 Unamortized debt issuance costs (13,297) (14,030) 586,703 585,970 Long-term lease obligation (1) 1,066 1,434 $ 587,769 $ 587,404 $ 627,386 $ 654,391 (1) The current portion of the lease obligation has been included in accounts payable and accrued liabilities on the Company’s balance sheet and totaled $2.9 million as at March 31, 2022 (December 31, 2021 - $3.3 million). As at March 31, 2022, the borrowing base of the Company’s Senior Secured Credit Facility (the “revolving credit facility”) was $150 million, with $125 million readily available and $25 million subject to approval by major lenders. The maturity date of the revolving credit facility is November 10, 2022, and the next re-determination is to occur no later than May 2022. Under the terms of the credit facility, the Company is required to maintain compliance with the following financial covenants: limitations on the Company’s ratio of debt to earnings before interest, taxes, depletion, depreciation and accretion and exploration expenses (“EBITDAX”) to a maximum of 4.0 to 1.0; limitations on Company’s ratio of Senior Secured Debt to EBITDAX to a maximum of 3.0 to 1.0; and the maintenance of a ratio of EBITDAX to interest expense of at least 2.5 to 1.0. If the Company fails to comply with these financial covenants, it will result in a default under the terms of the credit agreement, which could result in an acceleration of repayment of all indebtedness under the Company’s revolving credit facility. As of March 31, 2022, the Company was in compliance with all applicable covenants in the revolving credit facility. Amounts drawn down under the revolving credit facility bear interest, at the Company’s option, at the USD LIBOR rate plus a margin ranging from 2.90% to 4.90%, or an alternate base rate plus a margin ranging from 1.90% to 3.90%, in each case based on the borrowing base utilization percentage. The alternate base rate is currently the U.S. prime rate. We pay a commitment fee on undrawn amounts under the revolving credit facility, which ranges from 0.73% to 1.23% per annum, based on the average daily amount of unused commitments. The Company’s revolving credit facility is guaranteed by and secured against the assets of certain of the Company’s subsidiaries (the “Credit Facility Group”). Under the terms of the revolving credit facility, the Company is subject to certain restrictions on its ability to distribute funds to entities outside of the Credit Facility Group, including restrictions on the ability to pay dividends to shareholders of the Company. Interest Expense The following table presents the total interest expense recognized in the accompanying interim unaudited condensed consolidated statements of operations: Three Months Ended March 31, (Thousands of U.S. Dollars) 2022 2021 Contractual interest and other financing expenses $ 11,241 $ 12,931 Amortization of debt issuance costs 887 881 $ 12,128 $ 13,812

Share Capital

Share Capital	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Share Capital	Share Capital Shares of Common Stock Balance, December 31, 2021 367,144,500 Shares issued on option exercise 1,276,533 Balance, March 31, 2022 368,421,033 Equity Compensation Awards The following table provides information about p erformance stock units (“PSUs”), deferred share units (“DSUs”), and stock option activity for the three months ended March 31, 2022: PSUs DSUs Stock Options Number of Outstanding Share Units Number of Outstanding Share Units Number of Outstanding Stock Options Weighted Average Exercise Price/Stock Option ($) Balance, December 31, 2021 30,365,196 5,710,764 17,848,722 1.20 Granted 6,720,129 344,464 2,721,929 1.41 Exercised (4,396,646) — (1,276,533) 0.77 Forfeited (47,572) — (62,638) 1.95 Expired — — (1,173,714) 2.80 Balance, March 31, 2022 32,641,107 6,055,228 18,057,766 1.15 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 issued and outstanding during each period. Diluted net income per share is calculated using the treasury stock method for share-based compensation arrangements. The treasury stock method assumes that any proceeds obtained on the exercise of share-based compensation arrangements would be used to purchase common shares at the average market price during the period. The weighted average number of shares is then adjusted by the difference between the number of shares issued from the exercise of share-based compensation arrangements and shares repurchased from the related proceeds. Anti-dilutive shares represent potentially dilutive securities excluded from the computation of diluted income or loss per share as their impact would be anti-dilutive. Weighted Average Shares Outstanding Three Months Ended March 31, 2022 2021 Weighted average number of common shares outstanding 367,386,664 366,981,556 Shares issuable pursuant to stock options 12,950,523 — Shares assumed to be purchased from proceeds of stock options (7,961,942) — Weighted average number of diluted common shares outstanding 372,375,245 366,981,556

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	RevenueThe Company’s revenues are generated from oil sales at prices that reflect the blended prices received upon shipment by the purchaser at defined sales points or defined by contract relative to ICE Brent and adjusted for Vasconia or Castilla crude differentials, quality, and transportation discounts each month. For the three months ended March 31, 2022, 100% (three months ended March 31, 2021 - 100%) of the Company’s revenue resulted from oil sales. During the three months ended March 31, 2022, quality and transportation discounts were 13% of the average ICE Brent price (three months ended March 31, 2021 - 15%). During the three months ended March 31, 2022, the Company’s production was sold primarily to two major customers in Colombia, representing 57% and 43% of total sales volumes (three months ended March 31, 2021 - two, representing 68% and 31% of total sales volumes).As at March 31, 2022, accounts receivable included nil of accrued sales revenue related to March 2022 production (December 31, 2021 - nil related to December 2021 production).

Taxes

Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Taxes	Taxes The Company's effective tax rate was 74% for the three months ended March 31, 2022, compared to (30)% in the comparative period of 2021 . Current income tax expense was $20.8 million for the three months ended March 31, 2022 , compared to no current tax expense in the corresponding period of 2021 , primarily due to an increase in taxable income. The deferred income tax expense for the three months ended March 31, 2022 , was mainly the result of tax depreciation being higher than accounting depreciation in Colombia. The deferred income tax expense in the comparative period of 2021 was the result of excess tax depreciation compared with accounting depreciation and the use of tax losses to offset taxable income in Colombia. For the three months ended March 31, 2022 , the difference between the effective tax rate of 74% and the 35% Colombian tax rate was primarily due to an increase in the impact of foreign taxes, foreign translation adjustments, increase in the valuation allowance, other permanent differences, and non-deductible stock-based compensation. For the three months ended March 31, 2021, the difference between the effective tax rate of (30)% and the 31% Colombian tax rate was primarily due to an increase in the impact of foreign taxes, foreign translation adjustments and other permanent differences, which was partially offset by a decrease in valuation allowance.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Legal Proceedings Gran Tierra has a number of lawsuits and claims pending, including a dispute with the Agencia Nacional de Hidrocarburos (National Hydrocarbons Agency) (“ANH”) relating to the calculation of high price share royalties. Although the outcome of these lawsuits and disputes cannot be predicted with certainty, Gran Tierra believes the resolution of these matters would not have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. Gran Tierra records costs as they are incurred or become probable and determinable. Letters of credit and other credit support At March 31, 2022, the Company had provided letters of credit and other credit support totaling $105.7 million (December 31, 2021 - $103.0 million) as security relating to work commitment guarantees in Colombia and Ecuador contained in exploration contracts and other capital or operating requirements.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurement	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurement	Financial Instruments and Fair Value Measurement Financial Instruments Financial instruments are initially recorded at fair value, defined as the price that would be received to sell an asset or paid to market participants to settle liability at the measurement date. For financial instruments carried at fair value, 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 representing quoted market prices in active markets for identical assets and liabilities • Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the assets and liabilities, either directly or indirectly • Level 3 - Unobservable inputs for assets and liabilities At March 31, 2022, the Company’s financial instruments recognized on the balance sheet consist of cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, other long-term assets, accounts payable and accrued liabilities, current portion of long-term debt, derivatives, other short-term payables, long-term debt, long-term equity compensation reward liability and other long-term liabilities. The Company uses appropriate valuation techniques based on the available information to measure the fair values of assets and liabilities. Fair Value Measurement The following table presents the Company’s fair value measurements of its financial instruments as of March 31, 2022, and December 31, 2021: As at March 31, 2022 As at December 31, 2021 (Thousands of U.S. Dollars) Level 1 Assets Prepaid equity forward - current (2) $ 3,137 $ — Prepaid equity forward - long-term (1) 15,698 7,578 $ 18,835 $ 7,578 Liabilities DSUs liability - long-term (3) $ 9,506 $ 4,346 6.25% Senior Notes 277,875 273,672 7.75% Senior Notes 278,187 271,500 $ 565,568 $ 549,518 Level 2 Assets Derivative asset (2) $ — $ 219 Restricted cash and cash equivalents - long-term (1) 5,253 4,903 $ 5,253 $ 5,122 Liabilities Derivative liability $ 18,875 $ 2,976 Revolving credit facility 39,617 66,987 PSUs liability - current (4) 15,292 2,710 PSUs liability - long-term (3) 7,930 9,372 $ 81,714 $ 82,045 Level 3 Liabilities Asset retirement obligation - current (4) $ 1,100 $ — Asset retirement obligation - long-term 55,478 54,525 $ 56,578 $ 54,525 (1) The long-term portion of restricted cash and Prepaid equity forward are included in the other long-term assets on the Company’s balance sheet (2) Included in the other current assets on the Company’s balance sheet (3) Long-term DSUs and PSUs liabilities are included in the long-term equity compensation award liability on the Company’s balance sheet (4) Current portion of PSU liability and asset retirement obligation are recorded in other short-term liabilities on the Company’s balance sheet The fair values of cash and cash equivalents, current restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their carrying amounts due to the short-term maturity of these instruments. The fair value of long-term restricted cash and cash equivalents approximate its carrying value because interest rates are variable and reflective of market rates. Prepaid Equity Forward (“PEF”) To reduce the Company’s exposure to changes in the trading price of the Company’s common shares on outstanding PSUs, the Company entered into a PEF. At the end of the term, the counterparty will pay the Company an amount equivalent to the notional amount of the shares using the price of the Company’s common shares at the valuation date. The Company has the discretion to increase or decrease the notional amount of the PEF or terminate the agreement early. As at March 31, 2022, the Company’s PEF had a notional amount of 12 million shares with a fair value of $18.8 million (As at December 31, 2021 - 10 million shares with a fair value of $7.6 million). During the three months ended March 31, 2022, the Company recorded a gain of $7.8 million on the PEF in general and administrative expenses (three months ended March 31, 2021- nil). The fair value of the PEF asset was estimated using the Company’s share price quoted in active markets at the end of each reporting period. DSU liability The fair value of DSUs liability was estimated using Company’s share price quoted in active markets at the end of each reporting period. PSUs liability The fair value of the PSUs liability was estimated based on a pricing model using inputs, such as Company’s share price and PSU performance factor. Derivative asset and derivative liability The fair value of 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 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 following table presents gains or losses on derivatives and other financial instruments recognized in the accompanying interim unaudited condensed consolidated statements of operations: Three Months Ended March 31, (Thousands of U.S. Dollars) 2022 2021 Commodity price derivatives loss $ 21,439 $ 23,632 Foreign currency derivatives loss — 66 Derivative instruments loss $ 21,439 $ 23,698 Unrealized PetroTal investment gain $ — $ (6,475) Loss on sale of PetroTal shares — 5,070 Other financial instruments gain $ — $ (1,405) Revolving credit facility and Senior Notes Financial instruments not recorded at fair value at March 31, 2022, included the Senior Notes and the Revolving Credit Facility (Note 5). The fair value of the Revolving Credit Facility approximates its carrying value. The fair value of the Revolving Credit Facility is estimated based on the amount the Company would have to pay a third party to assume the debt, including the 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 debt to new issuances (secured or unsecured) and secondary trades of similar size and credit statistics for public and private debt. At March 31, 2022, the carrying amounts of the 6.25% Senior Notes and the 7.75% Senior Notes were $294.4 million and $292.3 million, respectively, which represented the aggregate principal amount less unamortized debt issuance costs, and the fair values were $277.9 million and $278.2 million, respectively. The fair value of long-term restricted cash and cash equivalents and the revolving credit facility approximated their carrying value because interest rates are variable and reflective of market rates. The fair values of other financial instruments approximate their carrying amounts due to the short-term maturity of these instruments. Asset retirement obligation The Company’s non-recurring fair value measurements include asset retirement obligation. The fair value of an asset retirement obligation is measured by reference to the expected future cash outflows required to satisfy the retirement obligation discounted at the Company’s credit-adjusted risk-free interest rate. The significant level 3 inputs used to calculate such liabilities include estimates of costs to be incurred, the Company’s credit-adjusted risk-free interest rate, inflation rates, and estimated dates of abandonment. Accretion expense is recognized over time as the discounted liabilities are accreted to their expected settlement value, while the asset retirement cost is amortized over the estimated productive life of the related assets. Commodity Price Derivatives The Company utilizes commodity price derivatives to manage the variability in cash flows associated with the forecasted sale of its oil production, reduce commodity price risk and provide a base level of cash flows to assure it can execute at least a portion of its planned capital spending. At March 31, 2022, the Company had outstanding commodity price derivative positions as follows: Period and type of instrument Volume, Reference Sold Swap ($/bbl, Weighted Average) Sold Put ($/bbl, Weighted Average) Purchased Put ($/bbl, Weighted Average) Sold Call ($/bbl, Weighted Average) Premium ($/bbl Weighted Average) Three-way Collars: 5,000 ICE Brent — 64.00 74.00 91.72 — Swaps: April 1, to June 30, 2022 3,000 ICE Brent 80.77 — — — — Deferred Puts: April 1, to June 30, 2022 1,000 ICE Brent — — 70.00 — 4.00

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents shown as a sum of these amounts in the interim unaudited condensed consolidated statements of cash flows: (Thousands of U.S. Dollars) As at March 31, As at December 31, 2022 2021 2021 2020 Cash and cash equivalents $ 58,707 $ 21,225 $ 26,109 $ 13,687 Restricted cash and cash equivalents - current 1,142 424 392 427 Restricted cash and cash equivalents - long-term (1) 5,252 3,219 4,903 3,409 $ 65,101 $ 24,868 $ 31,404 $ 17,523 (1) Included in other long-term assets on the Company’s balance sheet Net changes in assets and liabilities from operating activities were as follows: Three Months Ended March 31, (Thousands of U.S. Dollars) 2022 2021 Accounts receivable and other long-term assets $ (10,150) $ 3,803 Derivatives (7,706) 3,841 Inventory 110 (1,146) Prepaids (269) 157 Accounts payable and accrued and other long-term liabilities 12,021 752 Taxes receivable and payable 22,514 5,721 Net changes in assets and liabilities from operating activities $ 16,520 $ 13,128 Changes in non-cash investing working capital for the three months ended March 31, 2022, are comprised of an decrease in accounts payable and accrued liabilities of $1.7 million and an increase in accounts receivable of $0.1 million (three months ended March 31, 2021, a decrease in accounts payable and accrued liabilities of $0.8 million and a decrease in accounts receivable of $0.1 million). The following table provides additional supplemental cash flow disclosures: Three Months Ended March 31, (Thousands of U.S. Dollars) 2022 2021 Cash paid for income taxes $ 9,703 $ 6,093 Cash paid for interest $ 10,042 $ 11,479 Non-cash investing activities: Net liabilities related to property, plant and equipment, end of period $ 28,339 $ 28,003

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	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.

Taxes Receivable and Payable (T

Taxes Receivable and Payable (Tables)	3 Months Ended
	Mar. 31, 2022
Tax Receivable Agreement [Abstract]
Schedule of Taxes Receivable Components	The table below shows the break-down of taxes receivable and payable, which are comprised of value added tax (“VAT”) and income tax: (Thousands of U.S. Dollars) As at March 31, 2022 As at December 31, 2021 Taxes Receivable Current VAT Receivable $ 12,345 $ 21,918 Income Tax Receivable 22,429 23,588 $ 34,774 $ 45,506 Long-Term Income Tax Receivable $ 22,026 $ 17,522 Taxes Payable Current VAT Payable $ 7,546 $ 6,620 Long-Term VAT Payable $ 68 $ — Income Tax Payable 12,668 — $ 12,736 $ — Total Taxes Receivable net of Taxes Payable $ 36,518 $ 56,408
Schedule of Taxes Receivable Roll Forward	The following table shows the movement of VAT and income tax receivables for the period identified below: (Thousands of U.S. Dollars) Net VAT Receivable Income Tax Receivable Total Net Taxes Receivable Balance, as at December 31, 2021 $ 15,298 $ 41,110 $ 56,408 Collected through direct government refunds (149) — (149) Collected through sales contracts (40,913) — (40,913) Taxes paid (1) 29,674 9,703 39,377 Current tax expense — (20,827) (20,827) Foreign exchange loss 821 1,801 2,622 Balance, as at March 31, 2022 $ 4,731 $ 31,787 $ 36,518 (1) VAT is paid on certain goods and services and collected on sales in Colombia at a rate of 19%

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	(Thousands of U.S. Dollars) As at March 31, 2022 As at December 31, 2021 Oil and natural gas properties Proved $ 4,390,016 $ 4,302,473 Unproved 97,031 131,865 4,487,047 4,434,338 Other (1) 34,998 34,943 4,522,045 4,469,281 Accumulated depletion and depreciation and impairment (3,514,125) (3,473,484) $ 1,007,920 $ 995,797 (1) The “other” category includes right-of-use assets for operating and finance leases of $13.9 million, which had a net book value of $3.3 million as at March 31, 2022 (December 31, 2021 - $13.9 million, which had a net book value of $3.9 million).

Debt and Debt Issuance Costs (T

Debt and Debt Issuance Costs (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The Company’s debt at March 31, 2022, and December 31, 2021, was as follows: (Thousands of U.S. Dollars) As at March 31, 2022 As at December 31, 2021 Current Revolving credit facility $ 40,000 $ 67,500 Unamortized debt issuance costs (383) (513) $ 39,617 $ 66,987 Long-Term 6.25% Senior Notes, due February 2025 $ 300,000 $ 300,000 7.75% Senior Notes, due May 2027 300,000 300,000 Unamortized debt issuance costs (13,297) (14,030) 586,703 585,970 Long-term lease obligation (1) 1,066 1,434 $ 587,769 $ 587,404 $ 627,386 $ 654,391 (1) The current portion of the lease obligation has been included in accounts payable and accrued liabilities on the Company’s balance sheet and totaled $2.9 million as at March 31, 2022 (December 31, 2021 - $3.3 million).
Schedule of Interest Expense Recognized	The following table presents the total interest expense recognized in the accompanying interim unaudited condensed consolidated statements of operations: Three Months Ended March 31, (Thousands of U.S. Dollars) 2022 2021 Contractual interest and other financing expenses $ 11,241 $ 12,931 Amortization of debt issuance costs 887 881 $ 12,128 $ 13,812

Share Capital (Tables)

Share Capital (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Common Stock	Shares of Common Stock Balance, December 31, 2021 367,144,500 Shares issued on option exercise 1,276,533 Balance, March 31, 2022 368,421,033
Schedule of PSU, DSU, RSU and Stock Option Activity	The following table provides information about p erformance stock units (“PSUs”), deferred share units (“DSUs”), and stock option activity for the three months ended March 31, 2022: PSUs DSUs Stock Options Number of Outstanding Share Units Number of Outstanding Share Units Number of Outstanding Stock Options Weighted Average Exercise Price/Stock Option ($) Balance, December 31, 2021 30,365,196 5,710,764 17,848,722 1.20 Granted 6,720,129 344,464 2,721,929 1.41 Exercised (4,396,646) — (1,276,533) 0.77 Forfeited (47,572) — (62,638) 1.95 Expired — — (1,173,714) 2.80 Balance, March 31, 2022 32,641,107 6,055,228 18,057,766 1.15
Schedule of Weighted Average Shares Outstanding	Weighted Average Shares Outstanding Three Months Ended March 31, 2022 2021 Weighted average number of common shares outstanding 367,386,664 366,981,556 Shares issuable pursuant to stock options 12,950,523 — Shares assumed to be purchased from proceeds of stock options (7,961,942) — Weighted average number of diluted common shares outstanding 372,375,245 366,981,556

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements	The following table presents the Company’s fair value measurements of its financial instruments as of March 31, 2022, and December 31, 2021: As at March 31, 2022 As at December 31, 2021 (Thousands of U.S. Dollars) Level 1 Assets Prepaid equity forward - current (2) $ 3,137 $ — Prepaid equity forward - long-term (1) 15,698 7,578 $ 18,835 $ 7,578 Liabilities DSUs liability - long-term (3) $ 9,506 $ 4,346 6.25% Senior Notes 277,875 273,672 7.75% Senior Notes 278,187 271,500 $ 565,568 $ 549,518 Level 2 Assets Derivative asset (2) $ — $ 219 Restricted cash and cash equivalents - long-term (1) 5,253 4,903 $ 5,253 $ 5,122 Liabilities Derivative liability $ 18,875 $ 2,976 Revolving credit facility 39,617 66,987 PSUs liability - current (4) 15,292 2,710 PSUs liability - long-term (3) 7,930 9,372 $ 81,714 $ 82,045 Level 3 Liabilities Asset retirement obligation - current (4) $ 1,100 $ — Asset retirement obligation - long-term 55,478 54,525 $ 56,578 $ 54,525 (1) The long-term portion of restricted cash and Prepaid equity forward are included in the other long-term assets on the Company’s balance sheet (2) Included in the other current assets on the Company’s balance sheet (3) Long-term DSUs and PSUs liabilities are included in the long-term equity compensation award liability on the Company’s balance sheet (4) Current portion of PSU liability and asset retirement obligation are recorded in other short-term liabilities on the Company’s balance sheet
Schedule of Gains or Losses on Financial Instruments Recognized	The following table presents gains or losses on derivatives and other financial instruments recognized in the accompanying interim unaudited condensed consolidated statements of operations: Three Months Ended March 31, (Thousands of U.S. Dollars) 2022 2021 Commodity price derivatives loss $ 21,439 $ 23,632 Foreign currency derivatives loss — 66 Derivative instruments loss $ 21,439 $ 23,698 Unrealized PetroTal investment gain $ — $ (6,475) Loss on sale of PetroTal shares — 5,070 Other financial instruments gain $ — $ (1,405)
Schedule of Commodity Price Derivative Positions and Commodity Foreign Currency Contracts	At March 31, 2022, the Company had outstanding commodity price derivative positions as follows: Period and type of instrument Volume, Reference Sold Swap ($/bbl, Weighted Average) Sold Put ($/bbl, Weighted Average) Purchased Put ($/bbl, Weighted Average) Sold Call ($/bbl, Weighted Average) Premium ($/bbl Weighted Average) Three-way Collars: 5,000 ICE Brent — 64.00 74.00 91.72 — Swaps: April 1, to June 30, 2022 3,000 ICE Brent 80.77 — — — — Deferred Puts: April 1, to June 30, 2022 1,000 ICE Brent — — 70.00 — 4.00

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents shown as a sum of these amounts in the interim unaudited condensed consolidated statements of cash flows: (Thousands of U.S. Dollars) As at March 31, As at December 31, 2022 2021 2021 2020 Cash and cash equivalents $ 58,707 $ 21,225 $ 26,109 $ 13,687 Restricted cash and cash equivalents - current 1,142 424 392 427 Restricted cash and cash equivalents - long-term (1) 5,252 3,219 4,903 3,409 $ 65,101 $ 24,868 $ 31,404 $ 17,523 (1) Included in other long-term assets on the Company’s balance sheet
Schedule of Net Changes in Assets and Liabilities	Net changes in assets and liabilities from operating activities were as follows: Three Months Ended March 31, (Thousands of U.S. Dollars) 2022 2021 Accounts receivable and other long-term assets $ (10,150) $ 3,803 Derivatives (7,706) 3,841 Inventory 110 (1,146) Prepaids (269) 157 Accounts payable and accrued and other long-term liabilities 12,021 752 Taxes receivable and payable 22,514 5,721 Net changes in assets and liabilities from operating activities $ 16,520 $ 13,128
Schedule of Additional Supplemental Cash Flow Disclosures	The following table provides additional supplemental cash flow disclosures: Three Months Ended March 31, (Thousands of U.S. Dollars) 2022 2021 Cash paid for income taxes $ 9,703 $ 6,093 Cash paid for interest $ 10,042 $ 11,479 Non-cash investing activities: Net liabilities related to property, plant and equipment, end of period $ 28,339 $ 28,003

Taxes Receivable and Payable (D

Taxes Receivable and Payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Current
VAT Receivable	$ 12,345	$ 21,918
Income Tax Receivable	22,429	23,588
Tax Receivable	34,774	45,506
Long-Term
Income Tax Receivable	22,026	17,522
Current
VAT Payable	7,546	6,620
Long-Term
VAT Payable	68	0
Accrued Income Taxes, Noncurrent	12,668	0
Taxes payable (Note 3 )	12,736	0
Total Taxes Receivable net of Taxes Payable	36,518	$ 56,408
Net VAT Receivable
Beginning balance	15,298
Collected through direct government refunds	(149)
Collected through sales contracts	(40,913)
Taxes paid	29,674
Current tax expense	0
Foreign exchange loss	821
Ending Balance	4,731
Income Tax Receivable
Beginning balance	41,110
Collected through direct government refunds	0
Collected through sales contracts	0
Taxes paid	9,703
Current tax expense	(20,827)
Foreign exchange loss	1,801
Ending balance	31,787
Total Net Taxes Receivable
Beginning balance	56,408
Collected through direct government refunds	(149)
Collected through sales contracts	(40,913)
Taxes paid	39,377
Current tax expense	(20,827)
Foreign exchange loss	2,622
Ending balance	$ 36,518
Colombia
Taxes Receivable [Line Items]
Value added tax, percent	19.00%

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)$ / bbl	Mar. 31, 2021$ / bbl	Dec. 31, 2021USD ($)
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 4,522,045		$ 4,469,281
Accumulated depletion and depreciation and impairment	(3,514,125)		(3,473,484)
Total Property, Plant and Equipment (Note 4)	1,007,920		995,797
Right-of-use asset, gross	13,900		13,900
Right-of-use asset, net	$ 3,300		3,900
Crude Oil and NGL
Property, Plant and Equipment [Line Items]
Average Brent price per barrel (in USD per barrel) | $ / bbl	77.41	43.31
Oil and natural gas properties
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 4,487,047		4,434,338
Proved
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,390,016		4,302,473
Unproved
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	97,031		131,865
Other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 34,998		$ 34,943

Debt and Debt Issuance Costs -

Debt and Debt Issuance Costs - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	May 20, 2019
Current
Current portion of long-term debt (Note 5)	$ 39,617	$ 66,987
Long-Term
Long-term debt, total	586,703	585,970
Long-term lease obligation	1,066	1,434
Long-term debt excluding current maturity	587,769	587,404
Long-term and Short-term total	627,386	654,391
Senior notes
Long-Term
Unamortized debt issuance costs	$ (13,297)	(14,030)
Senior notes | 6.25% Senior Notes, due February 2025
Long-Term
Stated interest rate	6.25%
Convertible senior notes and revolving credit facility	$ 300,000	300,000
Senior notes | 7.75% Senior Notes, due May 2027
Long-Term
Stated interest rate	7.75%		7.75%
Convertible senior notes and revolving credit facility	$ 300,000	300,000
Lease obligations | Accounts payable
Long-Term
Current portion of lease obligation	2,900	3,300
Revolving credit facility
Current
Revolving credit facility	40,000	67,500
Long-Term
Unamortized debt issuance costs	$ (383)	$ (513)

Debt and Debt Issuance Costs _2

Debt and Debt Issuance Costs - Narrative (Details) - Line of Credit - Revolving credit facility	3 Months Ended
	Mar. 31, 2022USD ($)	Oct. 01, 2021
Line of Credit Facility [Line Items]
Borrowing base	$ 150,000,000
Minimum
Line of Credit Facility [Line Items]
EBITDAX to interest expense, ratio		2.5
Unused capacity, commitment fee percentage	0.73%
Minimum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.90%
Minimum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.90%
Maximum
Line of Credit Facility [Line Items]
Debt to EBITDAX ratio		4
Senior secured debt to EBITDAX ratio		3
Unused capacity, commitment fee percentage	1.23%
Maximum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	4.90%
Maximum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	3.90%
Readily Available
Line of Credit Facility [Line Items]
Borrowing base	$ 125,000,000
Subject to Approval by Major Lenders
Line of Credit Facility [Line Items]
Borrowing base	$ 25,000,000

Debt and Debt Issuance Costs _3

Debt and Debt Issuance Costs - Schedule of Interest Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Disclosure [Abstract]
Contractual interest and other financing expenses	$ 11,241	$ 12,931
Amortization of debt issuance costs	887	881
Total interest expense recognized	$ 12,128	$ 13,812

Share Capital - Schedule of Com

Share Capital - Schedule of Common Stock (Details)	3 Months Ended
	Mar. 31, 2022shares
Increase (Decrease) in Common Stock
Common shares outstanding, as at beginning of period (in shares)	367,144,500
Shares issued on option exercise (in shares)	1,276,533
Common shares outstanding, as at period end (in shares)	368,421,033
Shares of Common Stock
Increase (Decrease) in Common Stock
Common shares outstanding, as at beginning of period (in shares)	367,144,500
Shares issued on option exercise (in shares)	1,276,533
Common shares outstanding, as at period end (in shares)	368,421,033

Share Capital - Schedule of PSU

Share Capital - Schedule of PSU, DSU, RSU and Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Number of Outstanding Stock Options
Beginning Balance (in shares)	17,848,722
Granted (in shares)	2,721,929
Exercised (in shares)	(1,276,533)
Forfeited (in shares)	(62,638)
Expired (in shares)	(1,173,714)
Ending Balance (in shares)	18,057,766
Weighted Average Exercise Price/Stock Option ($)
Beginning balance (in dollars per share) | $ / shares	$ 1.20
Granted (in dollars per share) | $ / shares	1.41
Exercised (in dollars per share) | $ / shares	0.77
Forfeited (in dollars per share) | $ / shares	1.95
Expired (in dollars per share) | $ / shares	2.80
Ending balance (in dollars per share) | $ / shares	$ 1.15
PSUs
Number of Outstanding Share Units
Beginning Balance (in shares)	30,365,196
Granted (in shares)	6,720,129
Exercised (in shares)	(4,396,646)
Forfeited (in shares)	(47,572)
Expired (in shares)	0
Ending Balance (in shares)	32,641,107
DSUs
Number of Outstanding Share Units
Beginning Balance (in shares)	5,710,764
Granted (in shares)	344,464
Exercised (in shares)	0
Forfeited (in shares)	0
Expired (in shares)	0
Ending Balance (in shares)	6,055,228

Share Capital - Equity Compensa

Share Capital - Equity Compensation Awards (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense (recovery)	$ 4.6	$ 3.7
Unrecognized compensation cost	$ 31.1		$ 11.8
Weighted average period for recognition	1 year 10 months 24 days
PSUs | Vested on December 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments for units vested in period	$ 2.4
PSUs | Vested on December 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments for units vested in period		$ 0.6

Share Capital - Weighted Averag

Share Capital - Weighted Average Shares Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Weighted average number of common shares outstanding, basic (in shares)	367,386,664	366,981,556
Shares issuable pursuant to stock options (in shares)	12,950,523	0
Shares assumed to be purchased from proceeds of stock options (in shares)	(7,961,942)	0
Weighted average number of common shares outstanding, diluted (in shares)	372,375,245	366,981,556

Share Capital - Antidilutive Se

Share Capital - Antidilutive Securities (Details)	3 Months Ended
	Mar. 31, 2022shares
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from diluted income (loss) per share calculation (in shares)	5,331,160

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Concentration Risk [Line Items]
Variable adjustment for transportation, location, quality, and other elements, percentage	13.00%	15.00%
Accrued sales revenue	$ 0		$ 0
Product Concentration Risk | Revenue from Contract with Customer
Concentration Risk [Line Items]
Concentration risk, percentage	100.00%	100.00%
Product Concentration Risk | Revenue from Contract with Customer | Colombia | Customer 1
Concentration Risk [Line Items]
Concentration risk, percentage	57.00%	68.00%
Product Concentration Risk | Revenue from Contract with Customer | Colombia | Customer 2
Concentration Risk [Line Items]
Concentration risk, percentage	43.00%	31.00%

Taxes (Details)

Taxes (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Contingency [Line Items]
Effective tax rate	74.00%	(30.00%)

Contingencies (Details)

Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Letters of credit and other credit support provided	$ 105.7	$ 103

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurement - Schedule of Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	May 20, 2019	Feb. 15, 2018
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Restricted cash and cash equivalents - long-term	$ 5,252	$ 4,903	$ 3,219	$ 3,409
Total Assets	1,231,907	1,189,111
Liability - long-term	680,789	659,044
Liability - current	233,337	227,987
Asset retirement obligation - current	1,100	0
Asset retirement obligation - long-term	55,478
Asset retirement obligation	$ 56,578	54,525
6.25% Senior Notes, due February 2025 | Senior notes
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Stated interest rate	6.25%
7.75% Senior Notes, due May 2027 | Senior notes
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Stated interest rate	7.75%				7.75%
Senior Notes Unsecured 6.25% | Senior notes
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Stated interest rate						6.25%
Recurring | Level 2
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Assets	$ 5,253	5,122
Recurring | Not Designated as Hedging Instrument | 6.25% Senior Notes, due February 2025 | Senior notes
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, fair value disclosure	277,875	273,672
Recurring | Not Designated as Hedging Instrument | 7.75% Senior Notes, due May 2027 | Senior notes
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, fair value disclosure	278,187	271,500
Recurring | Not Designated as Hedging Instrument | Level 1
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Prepaid equity forward - current - current	3,137	0
Prepaid equity forward - current - long-term	15,698	7,578
Total Assets	18,835	7,578
Liabilities	565,568	549,518
Recurring | Not Designated as Hedging Instrument | Level 1 | DSUs
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liability - long-term	9,506	4,346
Recurring | Not Designated as Hedging Instrument | Level 2
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Restricted cash and cash equivalents - long-term	5,253	4,903
Debt instrument, fair value disclosure	39,617	66,987
Derivative liability	18,875	2,976
Liabilities	81,714	82,045
Recurring | Not Designated as Hedging Instrument | Level 2 | PSUs
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liability - long-term	7,930	9,372
Liability - current	15,292	2,710
Recurring | Not Designated as Hedging Instrument | Level 3
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset retirement obligation - long-term	55,478	54,525
Recurring | Designated as Hedging Instrument | Level 2
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	$ 0	$ 219

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurement - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	May 20, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PEF, notional amount (in shares)	12,000,000		10,000,000
Investments, fair value	$ 18,800		$ 7,600
Gain (loss) on prepaid equity forwards	(7,800)	$ 0
Proceeds on disposition of investment	$ 0	$ 14,632
Senior notes | 6.25% Senior Notes, due February 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	6.25%
Senior notes | 6.25% Senior Notes, due February 2025 | Recurring | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, fair value disclosure	$ 277,875		273,672
Senior notes | 7.75% Senior Notes, due May 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	7.75%			7.75%
Senior notes | 7.75% Senior Notes, due May 2027 | Recurring | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, fair value disclosure	$ 278,187		$ 271,500
Carrying amount | Senior notes | 6.25% Senior Notes, due February 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, fair value disclosure	294,400
Carrying amount | Senior notes | 7.75% Senior Notes, due May 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, fair value disclosure	$ 292,300

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurement - Schedule of Gains or Losses on Financial Instruments Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments loss	$ 21,439	$ 23,698
Unrealized PetroTal investment gain	0	(6,475)
Loss on sale of PetroTal shares	0	5,070
Other financial instruments gain	0	(1,405)
Commodity price derivatives loss
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments loss	21,439	23,632
Foreign currency derivatives loss
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments loss	$ 0	$ 66

Financial Instruments and Fai_6

Financial Instruments and Fair Value Measurement - Schedule of Commodity Price Derivative Positions and Commodity Foreign Currency Contracts (Details) - Forecast - Commodity Hedge	6 Months Ended
	Jun. 30, 2022$ / bblbbl
Three-way Collars: April 1, to June 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volume (in barrels of oil per day) | bbl	5,000
Premium (Weighted Average) (in dollars per bbl)	0
Three-way Collars: April 1, to June 30, 2022 | Sold | Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sold Price (Weighted Average) (in dollars per bbl)	0
Three-way Collars: April 1, to June 30, 2022 | Sold | Put
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sold Price (Weighted Average) (in dollars per bbl)	64
Three-way Collars: April 1, to June 30, 2022 | Sold | Call
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sold Price (Weighted Average) (in dollars per bbl)	91.72
Three-way Collars: April 1, to June 30, 2022 | Purchased | Put
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Purchased Put (in dollars per barrel)	74
Swaps: April 1, to June 30, 2022 | Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volume (in barrels of oil per day) | bbl	3,000
Premium (Weighted Average) (in dollars per bbl)	0
Swaps: April 1, to June 30, 2022 | Sold | Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sold Price (Weighted Average) (in dollars per bbl)	80.77
Swaps: April 1, to June 30, 2022 | Sold | Put | Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sold Price (Weighted Average) (in dollars per bbl)	0
Swaps: April 1, to June 30, 2022 | Sold | Call | Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sold Price (Weighted Average) (in dollars per bbl)	0
Swaps: April 1, to June 30, 2022 | Purchased | Put | Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Purchased Put (in dollars per barrel)	0
Deferred Puts: April 1, to June 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volume (in barrels of oil per day) | bbl	1,000
Premium (Weighted Average) (in dollars per bbl)	4
Deferred Puts: April 1, to June 30, 2022 | Sold | Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sold Price (Weighted Average) (in dollars per bbl)	0
Deferred Puts: April 1, to June 30, 2022 | Sold | Put
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sold Price (Weighted Average) (in dollars per bbl)	0
Deferred Puts: April 1, to June 30, 2022 | Sold | Call
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sold Price (Weighted Average) (in dollars per bbl)	0
Deferred Puts: April 1, to June 30, 2022 | Purchased | Put
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Purchased Put (in dollars per barrel)	70

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 58,707	$ 26,109	$ 21,225	$ 13,687
Restricted cash and cash equivalents - current	1,142	392	424	427
Restricted cash and cash equivalents - long-term (1)	5,252	4,903	3,219	3,409
Cash, cash equivalents and restricted cash and cash equivalents	$ 65,101	$ 31,404	$ 24,868	$ 17,523

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Schedule of Net Changes in Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Accounts receivable and other long-term assets	$ (10,150)	$ 3,803
Derivatives	(7,706)	3,841
Inventory	110	(1,146)
Prepaids	(269)	157
Accounts payable and accrued and other long-term liabilities	12,021	752
Taxes receivable and payable	22,514	5,721
Net changes in assets and liabilities from operating activities	16,520	13,128
Increase (decrease) in accounts payable and accrued liabilities	(1,700)	(800)
Increase (decrease) in accounts receivable	$ 100	$ (100)

Supplemental Cash Flow Inform_5

Supplemental Cash Flow Information - Schedule of Additional Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Cash paid for income taxes	$ 9,703	$ 6,093
Cash paid for interest	10,042	11,479
Non-cash investing activities:
Net liabilities related to property, plant and equipment, end of period	$ 28,339	$ 28,003