Gran Tierra Energy (GTE) 10-Q 1 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	500 Centre Street S.E.
Entity Address, City or Town	Calgary,
Entity Address, State or Province	AB
Entity Address, Country	CA
Entity Address, Postal Zip Code	T2G 1A6
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		368,898,619
Entity Central Index Key	0001273441
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
OIL SALES (Note 7)	$ 168,397	$ 135,319	$ 548,751	$ 327,435
EXPENSES
Operating	41,837	38,448	116,266	95,366
Transportation	2,417	3,130	7,764	8,731
Depletion, depreciation and accretion	45,320	38,055	128,499	98,300
General and administrative (Note 10)	8,114	6,497	30,286	25,991
Foreign exchange loss	1,489	2,650	486	15,824
Derivative instruments loss (Note 10)	0	2,603	26,611	47,540
Other financial instruments gain	0	(13,634)	0	(12,425)
Gain on repurchase of Senior Notes (Note 5)	(2,598)	0	(2,598)	0
Interest expense (Note 5)	11,421	13,608	35,743	41,355
EXPENSES	108,000	91,357	343,057	320,682
INCOME BEFORE INCOME TAXES	60,397	43,962	205,694	6,753
INCOME TAX EXPENSE (RECOVERY)
Current (Note 8)	16,820	0	63,072	(14)
Deferred (Note 8)	4,914	8,955	36,868	26,809
INCOME TAX EXPENSE (RECOVERY)	21,734	8,955	99,940	26,795
NET AND COMPREHENSIVE INCOME (LOSS)	38,663	35,007	105,754	(20,042)
NET AND COMPREHENSIVE INCOME (LOSS)	$ 38,663	$ 35,007	$ 105,754	$ (20,042)
NET INCOME (LOSS) PER SHARE
BASIC (in dollars per share)	$ 0.11	$ 0.10	$ 0.29	$ (0.05)
DILUTED (in dollars per share)	$ 0.10	$ 0.10	$ 0.28	$ (0.05)
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC (Note 6) (in shares)	367,305,426	366,992,802	367,754,192	366,985,646
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED (Note 6) (in shares)	371,310,738	367,740,722	372,387,904	366,985,646

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents (Note 11)	$ 118,173	$ 26,109
Restricted cash and cash equivalents (Note 11)	1,142	392
Accounts receivable	10,694	13,185
Inventory	18,704	14,526
Taxes receivable (Note 3)	52	45,506
Other current assets (Note 10)	12,035	2,083
Total Current Assets	160,800	101,801
Oil and Gas Properties
Proved	933,343	859,580
Unproved	111,531	131,865
Total Oil and Gas Properties	1,044,874	991,445
Other capital assets	11,143	4,352
Total Property, Plant and Equipment (Note 4)	1,056,017	995,797
Other Long-Term Assets
Deferred tax assets	17,713	61,494
Taxes receivable (Note 3)	25,952	17,522
Other long-term assets (Note 10)	17,873	12,497
Total Other Long-Term Assets	61,538	91,513
Total Assets	1,278,355	1,189,111
Current Liabilities
Accounts payable and accrued liabilities	181,017	148,694
Current portion of long-term debt (Note 5)	0	66,987
Derivatives	0	2,976
Taxes payable (Note 3)	25,888	6,620
Other (Note 6 and 10)	15,381	2,710
Total Current Liabilities	222,286	227,987
Long-Term Liabilities
Long-term debt (Notes 5 and 10)	575,684	587,404
Asset retirement obligation	58,657	54,525
Equity compensation award liability (Note 6 and 10)	17,826	13,718
Other long-term liabilities	7,302	3,397
Total Long-Term Liabilities	659,469	659,044
Contingencies (Note 9)
Shareholders' Equity
Common Stock (Note 6) (368,882,887 and 367,144,500 shares issued, 358,149,185 and 367,144,500 outstanding of Common Stock, par value $0.001 per share, as at September 30, 2022, and December 31, 2021, respectively)	10,272	10,270
Additional paid-in capital	1,290,711	1,287,582
Treasury Stock (Note 6)	(14,365)	0
Deficit	(890,018)	(995,772)
Total Shareholders’ Equity	396,600	302,080
Total Liabilities and Shareholders’ Equity	$ 1,278,355	$ 1,189,111

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, shares issued (in shares)	368,882,887	367,144,500
Common stock, shares outstanding (in shares)	358,149,185	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	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating Activities
Net income (loss)	$ 105,754	$ (20,042)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation and accretion	128,499	98,300
Deferred tax expense	36,868	26,809
Stock-based compensation expense (Note 6)	6,376	6,597
Amortization of debt issuance costs (Note 5)	2,769	2,682
Unrealized foreign exchange loss	6,138	16,945
Gain on repurchase of Senior Notes (Note 5)	(2,598)	0
Derivative instruments loss	26,611	47,540
Cash settlements on derivatives instruments	(26,611)	(45,041)
Other financial instruments gain	0	(12,425)
Cash settlement of asset retirement obligation	(1,673)	(483)
Non-cash lease expenses	2,009	1,222
Lease payments	(1,134)	(1,239)
Net change in assets and liabilities from operating activities (Note 11)	72,838	17,956
Net cash provided by operating activities	355,846	138,821
Investing Activities
Additions to property, plant and equipment	(163,717)	(109,650)
Proceeds on disposition of investment, net of transaction costs	0	14,632
Changes in non-cash investing working capital (Note 11)	3,255	709
Net cash used in investing activities	(160,462)	(94,309)
Financing Activities
Repayment of debt (Note 5)	(67,623)	(40,125)
Re-purchase of Senior Notes (Note 5)	(17,274)	0
Re-purchase of Common Stock (Note 6)	(14,365)	0
Proceeds from issuance of Common Stock, net of issuance costs	2	0
Proceeds from exercise of stock options	1,292	19
Lease payments	(1,991)	(1,269)
Net cash used in financing activities	(99,959)	(41,375)
Foreign exchange loss on cash, cash equivalents and restricted cash and cash equivalents	(1,996)	(528)
Net increase in cash, cash equivalents and restricted cash and cash equivalents	93,429	2,609
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)	$ 124,833	$ 20,132

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Share Capital	Additional Paid-in Capital	Treasury Stock	Deficit
Balance, beginning of period at Dec. 31, 2020		$ 10,270	$ 1,285,018	$ 0	$ (1,038,254)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (Note 6)		0
Exercise of stock options			18
Stock-based compensation (Note 6)			1,857
Purchase of treasury shares (Note 6)	$ 0
Net income (loss)	(20,042)				(20,042)
Balance, end of period at Sep. 30, 2021	238,867	10,270	1,286,893	0	(1,058,296)
Balance, beginning of period at Jun. 30, 2021		10,270	1,286,235	0	(1,093,303)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (Note 6)		0
Exercise of stock options			10
Stock-based compensation (Note 6)			648
Purchase of treasury shares (Note 6)	0
Net income (loss)	35,007				35,007
Balance, end of period at Sep. 30, 2021	238,867	10,270	1,286,893	0	(1,058,296)
Balance, beginning of period at Dec. 31, 2021		10,270	1,287,582	0	(995,772)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (Note 6)		2
Exercise of stock options			1,292
Stock-based compensation (Note 6)			1,837
Purchase of treasury shares (Note 6)	(14,365)
Net income (loss)	105,754				105,754
Balance, end of period at Sep. 30, 2022	396,600	10,272	1,290,711	(14,365)	(890,018)
Balance, beginning of period at Jun. 30, 2022		10,272	1,290,075	0	(928,681)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (Note 6)		0
Exercise of stock options			9
Stock-based compensation (Note 6)			627
Purchase of treasury shares (Note 6)				(14,365)
Net income (loss)	38,663				38,663
Balance, end of period at Sep. 30, 2022	$ 396,600	$ 10,272	$ 1,290,711	$ (14,365)	$ (890,018)

Description of Business

Description of Business	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2022 As at December 31, 2021 Taxes Receivable Current VAT Receivable $ 52 $ 21,918 Income Tax Receivable — 23,588 $ 52 $ 45,506 Long-Term Income Tax Receivable $ 25,952 $ 17,522 Taxes Payable Current VAT Payable $ 6,425 $ 6,620 Income Tax Payable 19,463 — $ 25,888 $ 6,620 Total Taxes Receivable net of Taxes Payable $ 116 $ 56,408 The following table shows the movement of VAT and income tax receivables for the period identified below: (Thousands of U.S. Dollars) VAT Receivable (Payable) Income Tax Receivable Total Net Taxes Receivable Balance, as at December 31, 2021 $ 15,298 $ 41,110 $ 56,408 Collected through direct government refunds (376) (99) (475) Collected through sales contracts (124,655) — (124,655) Taxes paid (1) 103,537 29,881 133,418 Current tax expense — (63,072) (63,072) Foreign exchange loss (177) (1,331) (1,508) Balance, as at September 30, 2022 $ (6,373) $ 6,489 $ 116 (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	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment (Thousands of U.S. Dollars) As at September 30, 2022 As at December 31, 2021 Oil and natural gas properties Proved $ 4,500,932 $ 4,302,473 Unproved 111,531 131,865 4,612,463 4,434,338 Other (1) 44,550 34,943 4,657,013 4,469,281 Accumulated depletion and depreciation and impairment (3,600,996) (3,473,484) $ 1,056,017 $ 995,797 (1) The “other” category includes right-of-use assets for operating and finance leases of $22.4 million, which had a net book value of $9.9 million as at September 30, 2022 (December 31, 2021 - $13.9 million, which had a net book value of $3.9 million). For the three and nine months ended September 30, 2022, and 2021, the Company had no ceiling test impairment losses. The Company used an average Brent pr ice of $94.85 and $60.12 per bbl, for the purposes of the September 30, 2022 and 2021 ceiling test calculations, respectively.

Debt and Debt Issuance Costs

Debt and Debt Issuance Costs	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt and Debt Issuance Costs	Debt and Debt Issuance Costs The Company’s debt at September 30, 2022, and December 31, 2021, was as follows: (Thousands of U.S. Dollars) As at September 30, 2022 As at December 31, 2021 Current Revolving credit facility $ — $ 67,500 Unamortized debt issuance costs — (513) $ — $ 66,987 Long-Term 6.25% Senior Notes, due February 2025 $ 279,909 $ 300,000 7.75% Senior Notes, due May 2027 300,000 300,000 Unamortized debt issuance costs (11,572) (14,030) 568,337 585,970 Long-term lease obligation (1) 7,347 1,434 $ 575,684 $ 587,404 $ 575,684 $ 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 $2.6 million as at September 30, 2022 (December 31, 2021 - $3.3 million). During the three months ended September 30, 2022, the Company terminated its prior revolving credit facility agreement and entered into a new credit facility agreement with a market lender in the global commodities industry. The credit facility has a borrowing base of up to $150 million, with $100 million as an initial commitment available at September 30, 2022, and an option for an additional $50 million upon mutual agreement by the Company and the lender. The credit facility bears interest based on the secured overnight financing rate posted by the Federal Reserve Bank of New York plus a credit margin of 6.0% and a credit-adjusted spread of 0.26%. Undrawn amounts under the credit facility bear interest at 2.1% per annum, based on the amount available. The credit facility is secured by the Company’s Colombian assets and economic rights. It has a final maturity date of August 15, 2024, which may be extended to February 18, 2025, upon the satisfaction of certain conditions. The availability period for the draws is six months commencing the date of the credit facility. As of September 30, 2022, the credit facility remained undrawn. Under the terms of the credit facility, the Company is required to maintain compliance with the following financial covenants: i. Global Coverage Ratio of at least 150% is calculated using the net present value of the consolidated future cash flows of the Company up to the final maturity date discounted at 10% over the outstanding amount on the credit facility at each reporting period. The net present value of the consolidated future cash flows of the Company is required to be based on 80% of the prevailing ICE Brent forward strip. ii. Prepayment Life Coverage Ratio of at least 150% calculated using the estimated aggregate value of commodities to be delivered under the commercial contract from the commencement date to the final maturity date based on 80% of the prevailing ICE Brent forward strip and adjusted for quality and transportation discounts over the outstanding amount on the credit facility including interest and all other costs payable to the lender. i. Liquidity ratio where the Company’s projected sources of cash exceed projected uses of cash by at least 1.15 times in each quarter period included in one year consolidated future cash flows. The future cash flows represent forecasted expected cash flows from operations, less anticipated capital expenditures, and certain other adjustments. The commodity pricing assumption used in this covenant is required to be 90% of the prevailing Brent forward strip for the projected future cash flows. As of September 30, 2022, the Company was in compliance with all the above covenants. During the three months ended September 30, 2022, the Company re-purchased in the open market $20.1 million of 6.25% Senior Notes for cash consideration of $17.3 million, including interest payable of $0.1 million. The re-purchase resulted in a $2.6 million gain, which included the write-off of deferred financing fees of $0.3 million. The re-purchased 6.25% Senior Notes were not cancelled and were held by the Company as treasury bonds as of September 30, 2022. Interest Expense The following table presents the 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) 2022 2021 2022 2021 Contractual interest and other financing expenses $ 10,670 $ 12,701 $ 32,974 $ 38,673 Amortization of debt issuance costs 751 907 2,769 2,682 $ 11,421 $ 13,608 $ 35,743 $ 41,355

Share Capital

Share Capital	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Share Capital	Share Capital Shares of Common Stock Shares issued and outstanding at December 31, 2021 367,144,500 Shares issued on option exercise 1,738,387 Shares issued at September 30, 2022 368,882,887 Treasury stock (10,733,702) Shares issued and outstanding at September 30, 2022 358,149,185 During the three months ended September 30, 2022, the Company implemented a share re-purchase program (the “2022 Program”) through the facilities of the Toronto Stock Exchange (“TSX”) and eligible alternative trading platforms in Canada. Under the 2022 Program, the Company is able to purchase at prevailing market prices up to 36,033,969 shares of Common Stock, representing approximately 10% of the issued and outstanding shares of Common Stock as of August 22, 2022. The 2022 Program will expire on August 31, 2023, or earlier if the 10% share maximum was reached. Re-purchases are subject to the availability of stock, prevailing market conditions, the trading price of the Company’s stock, the Company’s financial performance and other conditions. During the three and nine months ended September 30, 2022, the Company re-purchased 10,733,702 shares at a weighted average price of $1.34 per share. The re-purchased shares were held by the Company and were recorded as treasury stock as of September 30, 2022. Equity Compensation Awards The following table provides information about p erformance stock units (“PSUs”), deferred share units (“DSUs”), and stock option activity for the nine months ended September 30, 2022: PSUs DSUs Stock Options Number of Outstanding Share Units Number of Outstanding Share Units Number of Outstanding Stock Options Weighted Average Exercise Price/Stock Option ($) Balance, December 31, 2021 30,365,196 5,710,764 17,848,722 1.20 Granted 6,841,907 683,233 2,814,947 1.40 Exercised (4,396,646) — (1,738,387) 0.74 Forfeited (1,282,224) — (264,858) 1.24 Expired — — (1,322,620) 2.78 Balance, September 30, 2022 31,528,233 6,393,997 17,337,804 1.16 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 re-purchased 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Weighted average number of common shares outstanding 367,305,426 366,992,802 367,754,192 366,985,646 Shares issuable pursuant to stock options 11,330,144 1,574,305 12,024,315 — Shares assumed to be purchased from proceeds of stock options (7,324,832) (826,385) (7,390,603) — Weighted average number of diluted common shares outstanding 371,310,738 367,740,722 372,387,904 366,985,646

Oil Sales

Oil Sales	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Oil Sales	Oil Sales The 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 and nine months ended September 30, 2022, 100% (three and nine months ended September 30, 2021 - 100%) of the Company’s revenue resulted from oil sales. During the three and nine months ended September 30, 2022, quality and transportation discounts were 14% and 13% of the average ICE Brent price (three and nine months ended September 30, 2021 - 16% and 15%, respectively). During the three months ended September 30, 2022, the Company’s production was sold primarily to one major customer in Colombia (three months ended September 30, 2021 - two, representing 63% and 25% of the total sales volumes). During the nine months ended September 30, 2022, the Company’s production was sold primarily to two major customers in Colombia, representing 71% and 29% of the total sales volumes (nine months ended September 30, 2021 - two, representing 68% and 24% of the total sales volumes).

Taxes

Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Taxes	Taxes The Company's effective tax rate was 49% for the nine months ended September 30, 2022, compared to 397% in the comparative period of 2021 . Current income tax expense was $63.1 million for the nine months ended September 30, 2022 , compared to a small recovery in the corresponding period of 2021 , primarily due to an increase in taxable income. The deferred income tax expense for the nine months ended September 30, 2022 , was mainly the result of tax depreciation being higher than accounting depreciation and the use of tax losses to offset taxable income in Colombia. The deferred income tax expense in the comparative period of 2021 was also the result of tax depreciation being higher compared to accounting depreciation and the use of tax losses to offset taxable income in Colombia. For the nine months ended September 30, 2022 , the difference between the effective tax rate of 49% and the 35% Colombian tax rate was primarily due to an increase in the impact of foreign taxes, increase in valuation allowance, non-deductible third-party royalties in Colombia, other permanent differences, and non-deductible stock-based compensation which were partially offset by a decrease in foreign currency translations. For the nine months ended September 30, 2021, the difference between the effective tax rate of 397% and the 31% Colombian tax rate was primarily due to the non-deductibility of derivative instrument losses and financing costs; foreign currency translation adjustments, and stock-based compensation. These were partially offset by a decrease in the valuation allowance and the non-taxable portion (50%) of the unrealized gain on PetroTal Corp. shares.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 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 September 30, 2022, the Company had provided letters of credit and other credit support totaling $109.8 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	9 Months Ended
	Sep. 30, 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 September 30, 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, other short-term payables, long-term debt, asset retirement obligation, 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 September 30, 2022, and December 31, 2021: As at September 30, 2022 As at December 31, 2021 (Thousands of U.S. Dollars) Level 1 Assets Prepaid equity forward - current (2) $ 7,398 $ — Prepaid equity forward - long-term (1) 12,339 7,578 $ 19,737 $ 7,578 Liabilities DSUs liability - long-term (3) $ 7,736 $ 4,346 6.25% Senior Notes 230,925 273,672 7.75% Senior Notes 234,000 271,500 $ 472,661 $ 549,518 Level 2 Assets Derivative asset (2) $ — 219 Restricted cash and cash equivalents - long-term (1) 5,518 4,903 $ 5,518 $ 5,122 Liabilities Derivative liability $ — $ 2,976 Revolving credit facility — 66,987 PSUs liability - current (4) 13,657 2,710 PSUs liability - long-term (3) 10,089 9,372 $ 23,746 $ 82,045 Level 3 Liabilities Asset retirement obligation - current (4) $ 1,724 $ — Asset retirement obligation - long-term 58,657 54,525 $ 60,381 $ 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 included in the 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 and DSUs, 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 September 30, 2022, the Company’s PEF had a notional amount of 16 million shares with a fair value of $19.7 million (As at December 31, 2021 - 10 million shares with a fair value of $7.6 million). During the three and nine months ended September 30, 2022, the Company recorded a $2.6 million and $5.3 million gain, respectively, on the PEF in general and administrative expenses (three and nine months ended September 30, 2021- $0.6 million and $0.7 million gain respectively). 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. DSUs liability The fair value of DSUs liability was estimated using the 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 PSUs performance factor. Senior Notes Financial instruments not recorded at fair value at September 30, 2022, were the Senior Notes (Note 5). At September 30, 2022, the carrying amounts of the 6.25% Senior Notes and the 7.75% Senior Notes were $275.5 million and $292.9 million, respectively, which represented the aggregate principal amount less unamortized debt issuance costs, and the fair values were $230.9 million and $234.0 million, respectively. Restricted cash - long-term The fair value of long-term restricted cash and cash equivalents 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

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 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 September 30, As at December 31, 2022 2021 2021 2020 Cash and cash equivalents $ 118,173 $ 16,208 $ 26,109 $ 13,687 Restricted cash and cash equivalents - current 1,142 392 392 427 Restricted cash and cash equivalents - long-term (1) 5,518 3,532 4,903 3,409 $ 124,833 $ 20,132 $ 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: Nine Months Ended September 30, (Thousands of U.S. Dollars) 2022 2021 Accounts receivable and other long-term assets $ 2,811 $ (18,582) Derivatives (16,594) (2,427) Inventory (3,252) (2,920) Prepaids (2,773) 42 Accounts payable and accrued and other long-term liabilities 37,862 14,417 Taxes receivable and payable 54,784 27,426 Net changes in assets and liabilities from operating activities $ 72,838 $ 17,956 Changes in non-cash investing working capital for the nine months ended September 30, 2022, were comprised of an increase in accounts payable and accrued liabilities of $3.7 million and an increase in accounts receivable of $0.4 million (nine months ended September 30, 2021, an increase in accounts payable and accrued liabilities of $0.6 million and a decrease in accounts receivable of $0.1 million). The following table provides additional supplemental cash flow disclosures: Nine Months Ended September 30, (Thousands of U.S. Dollars) 2022 2021 Cash paid for income taxes $ 29,881 $ 20,433 Cash paid for interest $ 31,455 $ 37,259 Non-cash investing activities: Net liabilities related to property, plant and equipment, end of period $ 33,397 $ 29,420

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 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 September 30, 2022 As at December 31, 2021 Taxes Receivable Current VAT Receivable $ 52 $ 21,918 Income Tax Receivable — 23,588 $ 52 $ 45,506 Long-Term Income Tax Receivable $ 25,952 $ 17,522 Taxes Payable Current VAT Payable $ 6,425 $ 6,620 Income Tax Payable 19,463 — $ 25,888 $ 6,620 Total Taxes Receivable net of Taxes Payable $ 116 $ 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) VAT Receivable (Payable) Income Tax Receivable Total Net Taxes Receivable Balance, as at December 31, 2021 $ 15,298 $ 41,110 $ 56,408 Collected through direct government refunds (376) (99) (475) Collected through sales contracts (124,655) — (124,655) Taxes paid (1) 103,537 29,881 133,418 Current tax expense — (63,072) (63,072) Foreign exchange loss (177) (1,331) (1,508) Balance, as at September 30, 2022 $ (6,373) $ 6,489 $ 116 (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)	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	(Thousands of U.S. Dollars) As at September 30, 2022 As at December 31, 2021 Oil and natural gas properties Proved $ 4,500,932 $ 4,302,473 Unproved 111,531 131,865 4,612,463 4,434,338 Other (1) 44,550 34,943 4,657,013 4,469,281 Accumulated depletion and depreciation and impairment (3,600,996) (3,473,484) $ 1,056,017 $ 995,797 (1) The “other” category includes right-of-use assets for operating and finance leases of $22.4 million, which had a net book value of $9.9 million as at September 30, 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)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The Company’s debt at September 30, 2022, and December 31, 2021, was as follows: (Thousands of U.S. Dollars) As at September 30, 2022 As at December 31, 2021 Current Revolving credit facility $ — $ 67,500 Unamortized debt issuance costs — (513) $ — $ 66,987 Long-Term 6.25% Senior Notes, due February 2025 $ 279,909 $ 300,000 7.75% Senior Notes, due May 2027 300,000 300,000 Unamortized debt issuance costs (11,572) (14,030) 568,337 585,970 Long-term lease obligation (1) 7,347 1,434 $ 575,684 $ 587,404 $ 575,684 $ 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 $2.6 million as at September 30, 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 September 30, Nine Months Ended September 30, (Thousands of U.S. Dollars) 2022 2021 2022 2021 Contractual interest and other financing expenses $ 10,670 $ 12,701 $ 32,974 $ 38,673 Amortization of debt issuance costs 751 907 2,769 2,682 $ 11,421 $ 13,608 $ 35,743 $ 41,355

Share Capital (Tables)

Share Capital (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Common Stock	Shares of Common Stock Shares issued and outstanding at December 31, 2021 367,144,500 Shares issued on option exercise 1,738,387 Shares issued at September 30, 2022 368,882,887 Treasury stock (10,733,702) Shares issued and outstanding at September 30, 2022 358,149,185
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 nine months ended September 30, 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 6,841,907 683,233 2,814,947 1.40 Exercised (4,396,646) — (1,738,387) 0.74 Forfeited (1,282,224) — (264,858) 1.24 Expired — — (1,322,620) 2.78 Balance, September 30, 2022 31,528,233 6,393,997 17,337,804 1.16
Schedule of Weighted Average Shares Outstanding	Weighted Average Shares Outstanding Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Weighted average number of common shares outstanding 367,305,426 366,992,802 367,754,192 366,985,646 Shares issuable pursuant to stock options 11,330,144 1,574,305 12,024,315 — Shares assumed to be purchased from proceeds of stock options (7,324,832) (826,385) (7,390,603) — Weighted average number of diluted common shares outstanding 371,310,738 367,740,722 372,387,904 366,985,646

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022, and December 31, 2021: As at September 30, 2022 As at December 31, 2021 (Thousands of U.S. Dollars) Level 1 Assets Prepaid equity forward - current (2) $ 7,398 $ — Prepaid equity forward - long-term (1) 12,339 7,578 $ 19,737 $ 7,578 Liabilities DSUs liability - long-term (3) $ 7,736 $ 4,346 6.25% Senior Notes 230,925 273,672 7.75% Senior Notes 234,000 271,500 $ 472,661 $ 549,518 Level 2 Assets Derivative asset (2) $ — 219 Restricted cash and cash equivalents - long-term (1) 5,518 4,903 $ 5,518 $ 5,122 Liabilities Derivative liability $ — $ 2,976 Revolving credit facility — 66,987 PSUs liability - current (4) 13,657 2,710 PSUs liability - long-term (3) 10,089 9,372 $ 23,746 $ 82,045 Level 3 Liabilities Asset retirement obligation - current (4) $ 1,724 $ — Asset retirement obligation - long-term 58,657 54,525 $ 60,381 $ 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 included in the other short-term liabilities on the Company’s balance sheet

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 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 September 30, As at December 31, 2022 2021 2021 2020 Cash and cash equivalents $ 118,173 $ 16,208 $ 26,109 $ 13,687 Restricted cash and cash equivalents - current 1,142 392 392 427 Restricted cash and cash equivalents - long-term (1) 5,518 3,532 4,903 3,409 $ 124,833 $ 20,132 $ 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: Nine Months Ended September 30, (Thousands of U.S. Dollars) 2022 2021 Accounts receivable and other long-term assets $ 2,811 $ (18,582) Derivatives (16,594) (2,427) Inventory (3,252) (2,920) Prepaids (2,773) 42 Accounts payable and accrued and other long-term liabilities 37,862 14,417 Taxes receivable and payable 54,784 27,426 Net changes in assets and liabilities from operating activities $ 72,838 $ 17,956
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) 2022 2021 Cash paid for income taxes $ 29,881 $ 20,433 Cash paid for interest $ 31,455 $ 37,259 Non-cash investing activities: Net liabilities related to property, plant and equipment, end of period $ 33,397 $ 29,420

Taxes Receivable and Payable (D

Taxes Receivable and Payable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Current
VAT Receivable	$ 52	$ 21,918
Income Tax Receivable	0	23,588
Tax Receivable	52	45,506
Long-Term
Income Tax Receivable	25,952	17,522
Current
VAT Payable	6,425	6,620
Income Tax Payable	19,463	0
Taxes Payable	25,888	6,620
Total Taxes Receivable net of Taxes Payable	116	$ 56,408
VAT Receivable (Payable)
Beginning balance	15,298
Collected through direct government refunds	(376)
Collected through sales contracts	(124,655)
Taxes paid	103,537
Current tax expense	0
Foreign exchange loss	(177)
Ending balance	(6,373)
Income Tax Receivable
Beginning balance	41,110
Collected through direct government refunds	(99)
Collected through sales contracts	0
Cash paid for income taxes	29,881
Current tax expense	(63,072)
Foreign exchange loss	(1,331)
Ending balance	6,489
Total Net Taxes Receivable
Beginning balance	56,408
Collected through direct government refunds	(475)
Collected through sales contracts	(124,655)
Taxes paid	133,418
Current tax expense	(63,072)
Foreign exchange loss	(1,508)
Ending balance	$ 116
Colombia
Taxes Receivable [Line Items]
Value added tax, percent	19%

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) $ / bbl	Sep. 30, 2021 $ / bbl	Dec. 31, 2021 USD ($)
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 4,657,013		$ 4,469,281
Accumulated depletion and depreciation and impairment	(3,600,996)		(3,473,484)
Total Property, Plant and Equipment (Note 4)	1,056,017		995,797
Right-of-use asset, gross	22,400		13,900
Right-of-use asset, net	$ 9,900		3,900
Crude Oil and NGL
Property, Plant and Equipment [Line Items]
Average Brent price per barrel (in USD per barrel) | $ / bbl	94.85	60.12
Oil and natural gas properties
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 4,612,463		4,434,338
Proved
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,500,932		4,302,473
Unproved
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	111,531		131,865
Other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 44,550		$ 34,943

Debt and Debt Issuance Costs -

Debt and Debt Issuance Costs - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current
Current portion of long-term debt (Note 5)	$ 0	$ 66,987
Long-Term
Long-term debt, total	568,337	585,970
Long-term lease obligation	7,347	1,434
Long-term debt excluding current maturity	575,684	587,404
Long-term and Short-term total	575,684	654,391
Current portion of lease obligation	2,600	3,300
Senior notes
Current
Unamortized debt issuance costs	$ (11,572)	(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	$ 279,909	300,000
Senior notes | 7.75% Senior Notes, due May 2027
Long-Term
Stated interest rate	7.75%
Convertible senior notes and revolving credit facility	$ 300,000	300,000
Revolving credit facility
Current
Revolving credit facility	0	67,500
Unamortized debt issuance costs	$ 0	$ (513)

Debt and Debt Issuance Costs _2

Debt and Debt Issuance Costs - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Line of Credit Facility [Line Items]
Re-purchase of Senior Notes			$ 17,274,000	$ 0
Gain on re-purchase	$ 2,598,000	$ 0	2,598,000	$ 0
Line of Credit | Revolving credit facility
Line of Credit Facility [Line Items]
Borrowing base	$ 150,000,000		$ 150,000,000
Interest rate	2.10%		2.10%
Debt instrument, net present value as percent of consolidated future cash flows	80%		80%
Liquidity, ratio	115%		115%
Line of Credit | Revolving credit facility | Plan
Line of Credit Facility [Line Items]
Debt instrument, net present value as percent of consolidated future cash flows	90%		90%
Line of Credit | Revolving credit facility | Minimum
Line of Credit Facility [Line Items]
Global coverage ratio			150%
Prepayment life coverage ratio			150%
Discount rate over outstanding balance			0.10
Line of Credit | Revolving credit facility | Risk- Free Rate by Federal Reserve Bank of New York
Line of Credit Facility [Line Items]
Basis spread on variable rate			6%
Credit adjusted spread	0.26%		0.26%
Line of Credit | Revolving credit facility | Readily Available
Line of Credit Facility [Line Items]
Borrowing base	$ 100,000,000		$ 100,000,000
Line of Credit | Revolving credit facility | Additional Option
Line of Credit Facility [Line Items]
Borrowing base	50,000,000		50,000,000
Senior notes | 6.25% Senior Notes, due February 2025
Line of Credit Facility [Line Items]
Repurchased face amount	$ 20,100,000		$ 20,100,000
Stated interest rate	6.25%		6.25%
Re-purchase of Senior Notes	$ 17,300,000
Interest payable	100,000		$ 100,000
Gain on re-purchase	2,600,000
Write-off of deferred financing cost	$ 300,000

Debt and Debt Issuance Costs _3

Debt and Debt Issuance Costs - Schedule of Interest Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Disclosure [Abstract]
Contractual interest and other financing expenses	$ 10,670	$ 12,701	$ 32,974	$ 38,673
Amortization of debt issuance costs	751	907	2,769	2,682
Total interest expense recognized	$ 11,421	$ 13,608	$ 35,743	$ 41,355

Share Capital - Schedule of Com

Share Capital - Schedule of Common Stock (Details) - shares	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Increase (Decrease) in Common Stock
Common stock, shares issued (in shares)	368,882,887	367,144,500
Common shares outstanding, as at beginning of period (in shares)	367,144,500
Shares issued on option exercise (in shares)	1,738,387
Common shares outstanding, as at period end (in shares)	358,149,185
Shares of Common Stock
Increase (Decrease) in Common Stock
Common stock, shares issued (in shares)	368,882,887	367,144,500
Common shares outstanding, as at beginning of period (in shares)	367,144,500
Shares issued on option exercise (in shares)	1,738,387
Treasury Stock, Common, Shares (in shares)	(10,733,702)
Common shares outstanding, as at period end (in shares)	358,149,185

Share Capital - Additional Info

Share Capital - Additional Information (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Aug. 22, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	358,149,185	358,149,185		367,144,500
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock purchased as percent of shares issued and outstanding			10%
2022 program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased during period (in shares)	10,733,702	10,733,702
Stock repurchased during period, weighted average price (in dollars per shares)	$ 1.34	$ 1.34
2022 program | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	36,033,969	36,033,969

Share Capital - Schedule of PSU

Share Capital - Schedule of PSU, DSU, RSU and Stock Option Activity (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Number of Outstanding Stock Options
Beginning Balance (in shares)	17,848,722
Granted (in shares)	2,814,947
Exercised (in shares)	(1,738,387)
Forfeited (in shares)	(264,858)
Expired (in shares)	(1,322,620)
Ending Balance (in shares)	17,337,804
Weighted Average Exercise Price/Stock Option ($)
Beginning balance (in dollars per share) | $ / shares	$ 1.20
Granted (in dollars per share) | $ / shares	1.40
Exercised (in dollars per share) | $ / shares	0.74
Forfeited (in dollars per share) | $ / shares	1.24
Expired (in dollars per share) | $ / shares	2.78
Ending balance (in dollars per share) | $ / shares	$ 1.16
PSUs
Number of Outstanding Share Units
Beginning Balance (in shares)	30,365,196
Granted (in shares)	6,841,907
Exercised (in shares)	(4,396,646)
Forfeited (in shares)	(1,282,224)
Expired (in shares)	0
Ending Balance (in shares)	31,528,233
DSUs
Number of Outstanding Share Units
Beginning Balance (in shares)	5,710,764
Granted (in shares)	683,233
Exercised (in shares)	0
Forfeited (in shares)	0
Expired (in shares)	0
Ending Balance (in shares)	6,393,997

Share Capital - Equity Compensa

Share Capital - Equity Compensation Awards (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense (recovery)	$ (0.2)	$ 1.1	$ 6.4	$ 6.6
Unrecognized compensation cost	$ 16.4		$ 16.4		$ 11.8
Weighted average period for recognition			1 year 7 months 6 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement [Abstract]
Weighted average number of common shares outstanding, basic (in shares)	367,305,426	366,992,802	367,754,192	366,985,646
Shares issuable pursuant to stock options (in shares)	11,330,144	1,574,305	12,024,315	0
Shares assumed to be purchased from proceeds of stock options (in shares)	(7,324,832)	(826,385)	(7,390,603)	0
Weighted average number of diluted common shares outstanding (in shares)	371,310,738	367,740,722	372,387,904	366,985,646

Share Capital - Antidilutive Se

Share Capital - Antidilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from diluted income (loss) per share calculation (in shares)	6,161,672	16,362,882	5,863,881	16,362,882

Oil Sales (Details)

Oil Sales (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Concentration Risk [Line Items]
Variable adjustment for transportation, location, quality, and other elements, percentage	14%	16%	13%	15%
Accrued sales revenue	$ 0		$ 0		$ 0
Product Concentration Risk | Revenue from Contract with Customer
Concentration Risk [Line Items]
Concentration risk, percentage	100%	100%	100%	100%
Product Concentration Risk | Revenue from Contract with Customer | Colombia | Customer 1
Concentration Risk [Line Items]
Concentration risk, percentage		63%	71%	68%
Product Concentration Risk | Revenue from Contract with Customer | Colombia | Customer 2
Concentration Risk [Line Items]
Concentration risk, percentage		25%	29%	24%

Taxes (Details)

Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Contingency [Line Items]
Effective tax rate			49%	397%
Current income tax expense	$ 16,820	$ 0	$ 63,072	$ (14)
PetroTal
Income Tax Contingency [Line Items]
Goodwill, nondeductible amount, percent		50%		50%
Colombia
Income Tax Contingency [Line Items]
Effective tax rate			35%	31%

Contingencies (Details)

Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Letters of credit and other credit support provided	$ 109.8	$ 103

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurement - Schedule of Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Restricted cash and cash equivalents - long-term	$ 5,518	$ 4,903	$ 3,532	$ 3,409
Total Assets	1,278,355	1,189,111
Liability - long-term	659,469	659,044
Liability - current	222,286	227,987
Asset retirement obligation - long-term	$ 58,657	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%
Recurring | Level 2
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Assets	$ 5,518	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	230,900
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	234,000
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	7,398	0
Prepaid equity forward - current - long-term	12,339	7,578
Total Assets	19,737	7,578
Liabilities	472,661	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	7,736	4,346
Recurring | Not Designated as Hedging Instrument | Level 1 | 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	230,925	273,672
Recurring | Not Designated as Hedging Instrument | Level 1 | 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	234,000	271,500
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	5,518	4,903
Debt instrument, fair value disclosure	0	66,987
Derivative liability	0	2,976
Liabilities	23,746	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	10,089	9,372
Liability - current	13,657	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 - current	1,724	0
Asset retirement obligation - long-term	58,657	54,525
Asset retirement obligation	60,381	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 Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PEF, notional amount (in shares)	16,000,000		16,000,000		10,000,000
Investments, fair value	$ 19.7		$ 19.7		$ 7.6
Gain on prepaid equity forwards	$ 2.6	$ 0.6	$ 5.3	$ 0.7
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%		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	$ 230.9		$ 230.9
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	$ 234		$ 234
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	275.5		275.5
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	$ 292.9		$ 292.9

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 118,173	$ 26,109	$ 16,208	$ 13,687
Restricted cash and cash equivalents - current	1,142	392	392	427
Restricted cash and cash equivalents - long-term	5,518	4,903	3,532	3,409
Cash, cash equivalents and restricted cash and cash equivalents	$ 124,833	$ 31,404	$ 20,132	$ 17,523

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Schedule of Net Changes in Assets and Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Accounts receivable and other long-term assets	$ 2,811	$ (18,582)
Derivatives	(16,594)	(2,427)
Inventory	(3,252)	(2,920)
Prepaids	(2,773)	42
Accounts payable and accrued and other long-term liabilities	37,862	14,417
Taxes receivable and payable	54,784	27,426
Net changes in assets and liabilities from operating activities	72,838	17,956
Increase (decrease) in accounts payable and accrued liabilities	3,700	600
Increase in accounts receivable	$ 400	$ (100)

Supplemental Cash Flow Inform_5

Supplemental Cash Flow Information - Schedule of Additional Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Cash paid for income taxes	$ 29,881	$ 20,433
Cash paid for interest	31,455	37,259
Non-cash investing activities:
Net liabilities related to property, plant and equipment, end of period	$ 33,397	$ 29,420