Gran Tierra Energy (GTE) 10-Q 1 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,332,184
Entity Central Index Key	0001273441
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
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, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]		Oil Sales [Member]
OIL SALES (Note 6)		$ 157,577	$ 144,190
EXPENSES
Operating		48,466	41,369
Transportation		4,584	3,066
Depletion, depreciation and accretion (Note 3)		56,150	52,196
General and administrative (Note 9)		12,877	12,696
Severance		1,266	0
Foreign exchange (gain) loss		(815)	1,702
Other gain		0	(1,090)
Interest expense (Note 4)		18,424	11,836
EXPENSES		140,952	121,775
INTEREST INCOME		692	768
INCOME BEFORE INCOME TAXES		17,317	23,183
INCOME TAX EXPENSE
Current (Note 7)		3,916	17,606
Deferred (Note 7)		13,479	15,277
INCOME TAX EXPENSE		17,395	32,883
NET AND COMPREHENSIVE LOSS		$ (78)	$ (9,700)
NET LOSS PER SHARE
BASIC (in dollars per share)	[1]	$ 0	$ (0.28)
DILUTED (in dollars per share)	[1]	$ 0	$ (0.28)
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC (in shares)	[1]	31,813,072	34,451,400
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED (in shares)		31,813,072	34,451,400
[1]Reflects Company’s 1-for-10 reverse stock split that became effective May 5, 2023.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical)	May 05, 2023
Income Statement [Abstract]
Conversion ratio	0.1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents (Note 10)		$ 126,618	$ 62,146
Accounts receivable		10,763	12,359
Inventory		25,887	29,039
Other current assets (Note 9 and 10)		3,648	8,920
Total Current Assets		166,916	112,464
Oil and Gas Properties
Proved		1,061,807	1,055,070
Unproved		57,945	54,116
Total Oil and Gas Properties		1,119,752	1,109,186
Other capital assets		37,900	33,664
Total Property, Plant and Equipment (Note 3)		1,157,652	1,142,850
Other Long-Term Assets
Deferred tax assets		9,548	10,923
Taxes receivable		60,303	52,089
Other long-term assets (Note 9 and 10)		7,991	7,963
Total Other Long-Term Assets		77,842	70,975
Total Assets		1,402,410	1,326,289
Current Liabilities
Accounts payable and accrued liabilities		207,447	187,007
Credit facility (Note 4)		0	35,609
Current portion of long-term debt (Note 4 and 9)		24,677	0
Taxes payable		22,173	27,219
Equity compensation award liability (Note 5)		3,424	10,419
Total Current Liabilities		257,721	260,254
Long-Term Liabilities
Long-term debt (Note 4 and 9)		583,099	519,532
Deferred tax liabilities		72,799	57,453
Asset retirement obligation		75,826	73,029
Equity compensation award liability (Note 5)		9,895	8,750
Other long-term liabilities		11,059	10,877
Total Long-Term Liabilities		752,678	669,641
Contingencies (Note 8)
Shareholders' Equity
Common Stock (31,429,826 and 32,275,113 issued, 31,401,214 and 32,246,501 outstanding shares of Common Stock, par value $0.001 per share, as at March 31, 2024 and December 31, 2023, respectively), (Note 5)	[1]	9,935	9,936
Additional paid-in capital	[1]	1,245,387	1,249,651
Treasury Stock (Note 5)	[1]	(203)	(163)
Deficit	[1]	(863,108)	(863,030)
Total Shareholders’ Equity	[1]	392,011	396,394
Total Liabilities and Shareholders’ Equity		$ 1,402,410	$ 1,326,289
[1] Reflects Company’s 1-for-10 reverse stock split that became effective May 5, 2023.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)	Mar. 31, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares
Statement of Financial Position [Abstract]
Common stock, shares issued (in shares)	31,429,826	32,275,113
Common stock, shares outstanding (in shares)	31,401,214	32,246,501
Common stock, par value (in dollars per share) | $ / shares	$ 0.001	$ 0.001

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities
Net loss	$ (78)	$ (9,700)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depletion, depreciation and accretion (Note 3)	56,150	52,196
Deferred tax expense (Note 7)	13,479	15,277
Stock-based compensation expense (Note 5)	3,361	1,500
Amortization of debt issuance costs (Note 4)	3,306	781
Unrealized foreign exchange (gain) loss	(2,266)	514
Other gain	0	(1,090)
Cash settlement of asset retirement obligation	(183)	0
Non-cash lease expenses	1,413	1,144
Lease payments	(1,058)	(606)
Net change in assets and liabilities from operating activities (Note 10)	(13,297)	(10,763)
Net cash provided by operating activities	60,827	49,253
Investing Activities
Additions to property, plant and equipment	(55,331)	(71,062)
Changes in non-cash investing working capital (Note 10)	16,531	14,871
Net cash used in investing activities	(38,800)	(56,191)
Financing Activities
Proceeds from issuance of Senior Notes, net of issuance costs (Note 4)	85,638	0
Repayment of debt (Note 4)	(36,364)	0
Debt issuance costs (Note 4)	0	(50)
Purchase of Senior Notes	0	(4,225)
Re-purchase of shares of Common Stock (Note 5)	(4,948)	(10,718)
Proceeds from exercise of stock options	161	0
Lease payments	(1,972)	(1,105)
Net cash provided by (used in) financing activities	42,515	(16,098)
Foreign exchange (loss) gain on cash, cash equivalents and restricted cash and cash equivalents	(42)	2,214
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents	64,500	(20,822)
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period (Note 10)	71,038	133,358
Cash and cash equivalents and restricted cash and cash equivalents, end of period (Note 10)	$ 135,538	$ 112,536

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total		Share Capital	[1]	Additional Paid-in Capital	Treasury Stock	Deficit
Balance, beginning of period at Dec. 31, 2022			$ 10,272		$ 1,291,354	$ (27,317)	$ (856,743)
Increase (Decrease) in Stockholders' Equity
Stock-based compensation (Note 5)					619
Re-purchase of shares of Common Stock (Note 5)						(10,718)
Net loss	$ (9,700)						(9,700)
Balance, end of period at Mar. 31, 2023	397,767		10,272		1,291,973	(38,035)	(866,443)
Balance, beginning of period at Dec. 31, 2023	396,394	[2]	9,936		1,249,651	(163)	(863,030)
Increase (Decrease) in Stockholders' Equity
Cancellation of shares of Common Stock (Note 5)			(1)		(4,907)
Exercise of stock options					161
Stock-based compensation (Note 5)					482
Re-purchase of shares of Common Stock (Note 5)						(4,948)
Cancellation of shares of Common Stock (Note 5)						4,908
Net loss	(78)						(78)
Balance, end of period at Mar. 31, 2024	$ 392,011	[2]	$ 9,935		$ 1,245,387	$ (203)	$ (863,108)
[1] Reflects Company’s 1-for-10 reverse stock split that became effective May 5, 2023.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical)	May 05, 2023
Statement of Stockholders' Equity [Abstract]
Conversion ratio	0.1

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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 audited 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, 2023, included in the Company’s 2023 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 2023 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.

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment (Thousands of U.S. Dollars) As at March 31, 2024 As at December 31, 2023 Oil and natural gas properties Proved $ 4,933,920 $ 4,876,185 Unproved 57,945 54,116 4,991,865 4,930,301 Other (1) 81,013 73,505 5,072,878 5,003,806 Accumulated depletion, depreciation and impairment (3,915,226) (3,860,956) $ 1,157,652 $ 1,142,850 (1) The “other” category includes right-of-use assets for operating and finance leases of $60.4 million, which had a net book value of $36.3 million as at March 31, 2024 (December 31, 2023 - $53.3 million, which had a net book value of $32.4 million). During the three months ended March 31, 2024, the Company entered into new lease contracts related to power generation and safety equipment, and capitalized $6.1 million right-of-use assets related to those contracts. For the three months ended March 31, 2024 and 2023, respectively, the Company had no ceiling test impairment losses. The Company used a 12-month unweighted average of the first-day-of the month Brent price prior to the ending date of the periods March 31, 2024 and 2023 of $81.58 and $95.99 per bbl, respectively, for the purpose of the ceiling test calculations.

Debt and Debt Issuance Costs

Debt and Debt Issuance Costs	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt and Debt Issuance Costs	Debt and Debt Issuance Costs The Company’s debt as at March 31, 2024, and December 31, 2023, was as follows: (Thousands of U.S. Dollars) As at March 31, 2024 As at December 31, 2023 Current Credit facility $ — $ 36,364 6.25% Senior Notes, due February 2025 (“6.25% Senior Notes”) 24,828 — Unamortized debt issuance costs (151) (755) $ 24,677 $ 35,609 Long-Term 6.25% Senior Notes, due February 2025 (“6.25% Senior Notes”) $ — $ 24,828 7.75% Senior Notes, due May 2027 (“7.75% Senior Notes”) 24,201 24,201 9.50% Senior Notes, due October 2029 (“9.50% Senior Notes”) 587,590 487,590 Unamortized Senior Notes discount (38,164) (27,958) Unamortized Senior Notes issuance costs (17,465) (15,679) 556,162 492,982 Long-term lease obligation (1) 26,937 26,550 $ 583,099 $ 519,532 Total Debt $ 607,776 $ 555,141 (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 $15.2 million as at March 31, 2024 (December 31, 2023 - $12.1 million). Credit Facility As at December 31, 2023, the Company had a $36.4 million balance outstanding under the Company’s credit facility. On February 6, 2024, the outstanding balance under the credit facility of $36.4 million was fully re-paid and the credit facility was terminated. Senior Notes On February 6, 2024, the Company issued an additional $100.0 million of 9.50% Senior Notes due October 2029 (the “new 9.50% Senior Notes”), and received cash proceeds of $88.0 million. The new 9.50% Senior Notes have the same terms and provisions as the previously issued $487.6 million 9.50% Senior Notes except for the issue price. The new 9.50% Senior Notes accrue interest from October 20, 2023, the date of issuance of previously issued 9.50% Senior Notes. The Company received a cash payment of $2.8 million related to the accrued interest of the new 9.50% Senior Notes. Leases During the three months ended March 31, 2024, the Company recorded three new finance leases totaling $6.1 million, which have lease terms ranging from two three 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) 2024 2023 Contractual interest and other financing expenses $ 15,118 $ 11,055 Amortization of debt issuance costs 3,306 781 $ 18,424 $ 11,836

Share Capital

Share Capital	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share Capital	Share Capital Shares of Common Stock Shares issued at December 31, 2023 32,275,113 Treasury shares (28,612) Shares issued and outstanding at December 31, 2023 32,246,501 Shares issued on option exercise 41,379 Shares re-purchased and cancelled (858,054) Shares issued at March 31, 2024 31,429,826 Treasury shares (28,612) Shares issued and outstanding at March 31, 2024 31,401,214 During the year ended December 31, 2023, the Company implemented a share re-purchase program (the “2023 Program”) through the facilities of the Toronto Stock Exchange (“TSX”), the NYSE American (the “NYSE”) and eligible alternative trading platforms in Canada or the United States. Under the 2023 Program, the Company is able to purchase at prevailing market prices up to 3,234,914 shares of Common Stock, representing approximately 10% of the public float as of October 20, 2023. The 2023 Program will expire on November 2, 2024, or earlier if the 10% maximum is reached. During the three months ended March 31, 2024, the Company re-purchased 886,666 shares at a weighted average price of $5.58 per share (three months ended March 31, 2023 - 1,308,212 shares under the 2022 program at a weighted average price of $8.19 per share). As of March 31, 2024, the Company cancelled 28,612 shares held as treasury shares at December 31, 2023, and cancelled 858,054 shares re-purchased during the three months ended March 31, 2024. During the period from October 20, 2023 to April 29, 2024, the Company has re-purchased 1,997,500 shares under the 2023 Program. Equity Compensation Awards The following table provides information about p erformance stock units (“PSUs”), deferred share units (“DSUs”), restricted share units (“RSUs”) and stock option activity for the three months ended March 31, 2024: PSUs DSUs RSUs Stock Options Number of Outstanding Share Units Number of Outstanding Share Units Number of Outstanding Share Units Number of Outstanding Stock Options Weighted Average Exercise Price/Stock Option ($) Balance, December 31, 2023 3,896,356 776,610 — 2,027,807 9.93 Granted 2,185,352 40,942 523,719 1,970 5.64 Exercised (1,847,322) — — (41,379) 3.90 Forfeited (122,267) — — (43,451) 9.86 Expired — — — (154,270) 23.18 Balance, at March 31, 2024 4,112,119 817,552 523,719 1,790,677 8.92 For the three months ended March 31, 2024 and 2023, there was $3.4 million and $1.5 million of stock-based compensation expense, respectively. During the three months ended March 31, 2024, the Company awarded 0.5 million RSUs to employees pursuant to the existing 2007 Equity Incentive Plan. Under the 2007 Equity Incentive Plan, RSU units will vest one-third each year over a three-year period. Upon vesting, RSUs entitle the holder to receive either the underlying number of shares of the Company’s Common Stock or a cash payment equal to the value of the underlying shares of the Company’s Common Stock. The Company intends to settle RSUs outstanding as at March 31, 2024, in cash. Net Income (Loss) per Share Basic net income or loss per share is calculated by dividing net income or loss attributable to common shareholders by the weighted average number of shares of Common Stock issued and outstanding during each period. Diluted net income or loss 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 shares of Common Stock 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 For the three months ended March 31, 2024 and 2023, all options were excluded from the diluted loss per share calculation as the options were anti-dilutive.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue 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 (Colombia sales) or Oriente (Ecuador sales) crude differentials, quality and transportation discounts and premiums each month. For the three months ended March 31, 2024, 100% of the Company’s revenue resulted from oil sales (three months ended March 31, 2023 - 100%). During the three months ended March 31, 2024, quality and transportation discounts were 19% of the average ICE Brent price (three months ended March 31, 2023 - 22%). During the three months ended March 31, 2024 and 2023, the Company’s production was sold primarily to one major customer in Colombia and Ecuador, representing 100% and 97% of the total sales volumes, respectively.

Taxes

Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Taxes	Taxes The Company’s effective tax rate was 100% for the three months ended March 31, 2024, compared to 142% in the comparative period of 2023. Current income tax expense was $3.9 million for the three months ended March 31, 2024, compared to $17.6 million in the corresponding period of 2023, primarily due to a decrease in taxable income. The deferred income tax expense for the three months ended March 31, 2024, was $13.5 million compared to $15.3 million in the corresponding period of 2023 mainly as a result of tax depreciation being higher than accounting depreciation and the use of tax losses to offset taxable income in Colombia. For the three months ended March 31, 2023, the deferred income tax expense was $15.3 million mainly as a result of tax depreciation being higher than accounting depreciation and the use of tax losses to offset taxable income in Colombia. For the three months ended March 31, 2024, the difference between the effective tax rate of 100% and the 45% Colombian tax rate was primarily due to an increase in the impact of foreign taxes, increase in the valuation allowance, non-deductible foreign translation adjustments, non-deductible stock-based compensation and other permanent differences. For the three months ended March 31, 2023, the difference between the effective tax rate of 142% and the 50% Colombian tax rate was primarily due to an increase in non-deductible foreign translation adjustments, the impact of foreign taxes, non-deductible royalty in Colombia and increase in the valuation allowance. These were partially offset by other permanent differences.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Legal Proceedings Gran Tierra has several lawsuits and claims pending. The outcome of the 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, 2024, the Company had provided letters of credit and other credit support totaling $222.6 million (December 31, 2023 - $220.1 million) as a security relating to work commitment guarantees in Colombia and Ecuador contained in exploration contracts, the Suroriente Block extension agreement and other capital or operating requirements. Approximately $123.0 million relates to the Suroriente Block extension agreement.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurement	3 Months Ended
	Mar. 31, 2024
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, 2024, the Company’s financial instruments recognized on the balance sheet consist of cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, current portion of long-term debt, long-term debt 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, 2024, and December 31, 2023: (Thousands of U.S. Dollars) As at March 31, 2024 As at December 31, 2023 Level 1 Assets Prepaid equity forward (“PEF”) - current (1) $ — $ 5,630 Liabilities 6.25% Senior Notes $ 23,242 $ 22,994 7.75% Senior Notes 20,692 20,744 9.50% Senior Notes 549,579 429,018 $ 593,513 $ 472,756 Level 2 Assets Restricted cash and cash equivalents - long-term (2) $ 7,778 $ 7,750 Liabilities Credit facility $ — $ 35,609 (1) The current portion of PEF is included in the other current assets on the Company’s condensed consolidated balance sheet. (2) The long-term portion of restricted cash is included in the other long-term assets on the Company’s condensed consolidated balance sheet. The fair values of cash and cash equivalents, current restricted cash and cash equivalents, accounts receivable and accounts payable and accrued liabilities approximate their carrying amounts due to the short-term maturity of these instruments. Restricted Cash - Long-Term 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 As at March 31, 2024, the Company had no outstanding PEF asset (As at December 31, 2023 - 1.0 million notional shares with a fair value of $5.6 million). For the three months ended March 31, 2024 and 2023, the Company recorded $0.3 million and $1.7 million loss in general and administrative expenses relating to the PEF, respectively. During the three months ended March 31, 2024, the Company settled all outstanding notional PEF shares and received net proceeds of $5.1 million resulting in a $0.3 million loss on settlement. Senior Notes Financial instruments recorded at amortized cost at March 31, 2024, were the Senior Notes (Note 4). At March 31, 2024, the carrying amounts of the 6.25% Senior Notes, 7.75% Senior Notes and 9.50% Senior Notes were $24.7 million, $23.8 million, and $532.4 million, respectively, which represented the aggregate principal amount less unamortized debt issuance costs and discounts, and the fair values were $23.2 million, $20.7 million, and

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2024
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: As at March 31, As at December 31, (Thousands of U.S. Dollars) 2024 2023 2023 2022 Cash and cash equivalents $ 126,618 $ 105,684 $ 62,146 $ 126,873 Restricted cash and cash equivalents - current (1) 1,142 1,142 1,142 1,142 Restricted cash and cash equivalents - long-term (2) 7,778 5,710 7,750 5,343 $ 135,538 $ 112,536 $ 71,038 $ 133,358 (1) Included in other current assets on the Company’s condensed consolidated balance sheet. (2) Included in other long-term assets on the Company’s condensed consolidated balance sheet. Net changes in assets and liabilities from operating activities were as follows: Three Months Ended March 31, (Thousands of U.S. Dollars) 2024 2023 Accounts receivable and other long-term assets $ 1,639 $ (3,022) PEF 6,218 7,806 Prepaids and inventory 1,967 740 Accounts payable and accrued and other long-term liabilities (9,995) (17,252) Taxes receivable and payable (13,126) 965 Net changes in assets and liabilities from operating activities $ (13,297) $ (10,763) Changes in non-cash investing working capital for the three months ended March 31, 2024, were comprised of an increase in accounts payable and accrued liabilities of $16.6 million and an increase in accounts receivable of $0.1 million (three months ended March 31, 2023, an increase in accounts payable and accrued liabilities of $14.9 million). The following table provides additional supplemental cash flow disclosures: Three Months Ended March 31, (Thousands of U.S. Dollars) 2024 2023 Cash paid for withholding taxes $ 11,681 $ 8,461 Cash paid for interest $ 1,224 $ 8,781 Non-cash investing activities: Net liabilities related to property, plant and equipment, end of period $ 63,947 $ 69,989

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (78)	$ (9,700)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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.
Net Income (Loss) per Share	Basic net income or loss per share is calculated by dividing net income or loss attributable to common shareholders by the weighted average number of shares of Common Stock issued and outstanding during each period. Diluted net income or loss 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 shares of Common Stock 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.

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	(Thousands of U.S. Dollars) As at March 31, 2024 As at December 31, 2023 Oil and natural gas properties Proved $ 4,933,920 $ 4,876,185 Unproved 57,945 54,116 4,991,865 4,930,301 Other (1) 81,013 73,505 5,072,878 5,003,806 Accumulated depletion, depreciation and impairment (3,915,226) (3,860,956) $ 1,157,652 $ 1,142,850 (1) The “other” category includes right-of-use assets for operating and finance leases of $60.4 million, which had a net book value of $36.3 million as at March 31, 2024 (December 31, 2023 - $53.3 million, which had a net book value of $32.4 million).

Debt and Debt Issuance Costs (T

Debt and Debt Issuance Costs (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The Company’s debt as at March 31, 2024, and December 31, 2023, was as follows: (Thousands of U.S. Dollars) As at March 31, 2024 As at December 31, 2023 Current Credit facility $ — $ 36,364 6.25% Senior Notes, due February 2025 (“6.25% Senior Notes”) 24,828 — Unamortized debt issuance costs (151) (755) $ 24,677 $ 35,609 Long-Term 6.25% Senior Notes, due February 2025 (“6.25% Senior Notes”) $ — $ 24,828 7.75% Senior Notes, due May 2027 (“7.75% Senior Notes”) 24,201 24,201 9.50% Senior Notes, due October 2029 (“9.50% Senior Notes”) 587,590 487,590 Unamortized Senior Notes discount (38,164) (27,958) Unamortized Senior Notes issuance costs (17,465) (15,679) 556,162 492,982 Long-term lease obligation (1) 26,937 26,550 $ 583,099 $ 519,532 Total Debt $ 607,776 $ 555,141 (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 $15.2 million as at March 31, 2024 (December 31, 2023 - $12.1 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) 2024 2023 Contractual interest and other financing expenses $ 15,118 $ 11,055 Amortization of debt issuance costs 3,306 781 $ 18,424 $ 11,836

Share Capital (Tables)

Share Capital (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Common Stock	Shares of Common Stock Shares issued at December 31, 2023 32,275,113 Treasury shares (28,612) Shares issued and outstanding at December 31, 2023 32,246,501 Shares issued on option exercise 41,379 Shares re-purchased and cancelled (858,054) Shares issued at March 31, 2024 31,429,826 Treasury shares (28,612) Shares issued and outstanding at March 31, 2024 31,401,214
Schedule of PSU, DSU, RSU and Stock Option Activity	The following table provides information about p erformance stock units (“PSUs”), deferred share units (“DSUs”), restricted share units (“RSUs”) and stock option activity for the three months ended March 31, 2024: PSUs DSUs RSUs Stock Options Number of Outstanding Share Units Number of Outstanding Share Units Number of Outstanding Share Units Number of Outstanding Stock Options Weighted Average Exercise Price/Stock Option ($) Balance, December 31, 2023 3,896,356 776,610 — 2,027,807 9.93 Granted 2,185,352 40,942 523,719 1,970 5.64 Exercised (1,847,322) — — (41,379) 3.90 Forfeited (122,267) — — (43,451) 9.86 Expired — — — (154,270) 23.18 Balance, at March 31, 2024 4,112,119 817,552 523,719 1,790,677 8.92

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024, and December 31, 2023: (Thousands of U.S. Dollars) As at March 31, 2024 As at December 31, 2023 Level 1 Assets Prepaid equity forward (“PEF”) - current (1) $ — $ 5,630 Liabilities 6.25% Senior Notes $ 23,242 $ 22,994 7.75% Senior Notes 20,692 20,744 9.50% Senior Notes 549,579 429,018 $ 593,513 $ 472,756 Level 2 Assets Restricted cash and cash equivalents - long-term (2) $ 7,778 $ 7,750 Liabilities Credit facility $ — $ 35,609 (1) The current portion of PEF is included in the other current assets on the Company’s condensed consolidated balance sheet. (2) The long-term portion of restricted cash is included in the other long-term assets on the Company’s condensed consolidated balance sheet.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of 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: As at March 31, As at December 31, (Thousands of U.S. Dollars) 2024 2023 2023 2022 Cash and cash equivalents $ 126,618 $ 105,684 $ 62,146 $ 126,873 Restricted cash and cash equivalents - current (1) 1,142 1,142 1,142 1,142 Restricted cash and cash equivalents - long-term (2) 7,778 5,710 7,750 5,343 $ 135,538 $ 112,536 $ 71,038 $ 133,358 (1) Included in other current assets on the Company’s condensed consolidated balance sheet. (2) Included in other long-term assets on the Company’s condensed consolidated 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) 2024 2023 Accounts receivable and other long-term assets $ 1,639 $ (3,022) PEF 6,218 7,806 Prepaids and inventory 1,967 740 Accounts payable and accrued and other long-term liabilities (9,995) (17,252) Taxes receivable and payable (13,126) 965 Net changes in assets and liabilities from operating activities $ (13,297) $ (10,763)
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) 2024 2023 Cash paid for withholding taxes $ 11,681 $ 8,461 Cash paid for interest $ 1,224 $ 8,781 Non-cash investing activities: Net liabilities related to property, plant and equipment, end of period $ 63,947 $ 69,989

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 5,072,878	$ 5,003,806
Accumulated depletion, depreciation and impairment	(3,915,226)	(3,860,956)
Total Property, Plant and Equipment (Note 3)	1,157,652	1,142,850
Right-of-use asset, gross	60,400	53,300
Right-of-use asset, net	36,300	32,400
Oil and natural gas properties
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,991,865	4,930,301
Proved
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,933,920	4,876,185
Unproved
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	57,945	54,116
Other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 81,013	$ 73,505

Property, Plant and Equipment_2

Property, Plant and Equipment - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / bbl	Mar. 31, 2023 USD ($) $ / bbl
Property, Plant and Equipment [Line Items]
Non-cash lease expenses	$ 1,413	$ 1,144
Crude Oil and NGL
Property, Plant and Equipment [Line Items]
Average brent price per barrel (in dollars per barrel) | $ / bbl	81.58	95.99
New Lease Contracts for Power Generating Equipment
Property, Plant and Equipment [Line Items]
Non-cash lease expenses	$ 6,100

Debt and Debt Issuance Costs -

Debt and Debt Issuance Costs - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Feb. 06, 2024	Dec. 31, 2023
Long-Term
Current portion of long-term debt	$ 24,677		$ 0
Unamortized debt issuance costs	(151)		(755)
Short-Term Debt	24,677		35,609
Unamortized Senior Notes issuance costs	(17,465)		(15,679)
Long-term debt, total	556,162		492,982
Long-term lease obligation	26,937		26,550
Long-term debt (Note 4 and 9)	583,099		519,532
Total Debt	$ 607,776		$ 555,141
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Long-term debt, total		Long-term debt, total
Current portion of lease obligation	$ 15,200		$ 12,100
Line of Credit
Long-Term
Credit facility (Note 4)	0		36,364
Senior Notes | 6.25% Senior Notes, due February 2025 (“6.25% Senior Notes”)
Long-Term
Current portion of long-term debt	$ 24,828		0
Stated interest rate	6.25%
Convertible senior notes and revolving credit facility	$ 0		24,828
Senior Notes | 7.75% Senior Notes, due May 2027 (“7.75% Senior Notes”)
Long-Term
Stated interest rate	7.75%
Convertible senior notes and revolving credit facility	$ 24,201		24,201
Senior Notes | 9.50% Senior Notes, due October 2029 (“9.50% Senior Notes”)
Long-Term
Stated interest rate	9.50%	9.50%
Convertible senior notes and revolving credit facility	$ 587,590		487,590
Unamortized Senior Notes discount	$ (38,164)		$ (27,958)

Debt and Debt Issuance Costs _2

Debt and Debt Issuance Costs - Narrative (Details)		3 Months Ended		4 Months Ended
	Feb. 06, 2024 USD ($)	Mar. 31, 2024 USD ($) lease	Mar. 31, 2023 USD ($)	Feb. 05, 2024 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Credit facility		$ 0			$ 35,609,000
Number of operating leases | lease		3
Non-cash lease expenses		$ 1,413,000	$ 1,144,000
New Lease Contracts for Power Generating Equipment
Line of Credit Facility [Line Items]
Non-cash lease expenses		$ 6,100,000
New Lease Contracts
Line of Credit Facility [Line Items]
Weighted average discount rate, percent		9.60%
New Lease Contracts | Minimum
Line of Credit Facility [Line Items]
Remaining lease term		2 years
New Lease Contracts | Maximum
Line of Credit Facility [Line Items]
Remaining lease term		3 years
Line of Credit
Line of Credit Facility [Line Items]
Credit facility					36,400,000
Senior Notes | 6.25% Senior Notes, due February 2025 (“6.25% Senior Notes”)
Line of Credit Facility [Line Items]
Stated interest rate		6.25%
Convertible senior notes and revolving credit facility		$ 0			24,828,000
Senior Notes | 9.50% Senior Notes, due October 2029 (“9.50% Senior Notes”)
Line of Credit Facility [Line Items]
Face amount	$ 100,000,000
Stated interest rate	9.50%	9.50%
Proceeds from issuance of debt	$ 88,000,000
Convertible senior notes and revolving credit facility		$ 587,590,000			$ 487,590,000
Payments from accrued interest				$ 2,800,000
Credit facility | Line of Credit
Line of Credit Facility [Line Items]
Extinguishment of debt, amount	$ 36,400,000

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, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Contractual interest and other financing expenses	$ 15,118	$ 11,055
Amortization of debt issuance costs	3,306	781
Total interest expense recognized	$ 18,424	$ 11,836

Share Capital - Schedule of Com

Share Capital - Schedule of Common Stock (Details) - shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Common Stock
Shares outstanding, as at beginning of period (in shares)	32,246,501
Shares issued on option exercise (in shares)	41,379
Common stock, shares issued (in shares)	31,429,826	32,275,113
Shares outstanding, as at end of period (in shares)	31,401,214
Shares of Common Stock
Increase (Decrease) in Common Stock
Shares outstanding, as at beginning of period (in shares)	32,246,501
Shares issued on option exercise (in shares)	(41,379)
Shares repurchased and canceled (in shares)	(858,054)
Common stock, shares issued (in shares)	31,429,826	32,275,113
Treasury stock (in shares)	(28,612)	(28,612)
Shares outstanding, as at end of period (in shares)	31,401,214

Share Capital - Narrative (Deta

Share Capital - Narrative (Details) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	May 05, 2023	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Apr. 29, 2024 shares	Nov. 02, 2024	Dec. 31, 2023 USD ($) shares	Aug. 22, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio	0.1
Common stock, shares outstanding (in shares)		31,401,214				32,246,501
Stock-based compensation expense | $		$ 3.4	$ 1.5
Unrecognized compensation cost | $		$ 26.8				$ 8.6
Weighted average period for recognition		2 years 3 months 18 days
PSUs | Vested on December 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments for units vested in period | $		$ 10.4
PSUs | Vested on December 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments for units vested in period | $			$ 15.1
RSUs | 2007 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		500,000
Award vesting period		3 years
RSUs | Year One | 2007 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		33.33%
RSUs | Year Two | 2007 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		33.33%
RSUs | Year Three | 2007 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		33.33%
2022 program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased during period, weighted average price (in dollars per share) | $ / shares			$ 8.19
Share repurchased during period cancelled (in shares)			1,308,212
2023 Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased during period (in shares)		886,666
Stock repurchased during period, weighted average price (in dollars per share) | $ / shares		$ 5.58
Share repurchased during period cancelled (in shares)						28,612
Shares repurchased and canceled (in shares)		858,054
2023 Program | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased during period (in shares)				1,997,500
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock purchased as percent of shares issued and outstanding							10%
Maximum | Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock purchased as percent of shares issued and outstanding					10%
Maximum | 2023 Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)		3,234,914

Share Capital - Schedule of PSU

Share Capital - Schedule of PSU, DSU, RSU and Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Outstanding Stock Options
Beginning balance (in shares)	2,027,807
Granted (in shares)	1,970
Exercised (in shares)	(41,379)
Forfeited (in shares)	(43,451)
Expired (in shares)	(154,270)
Ending balance (in shares)	1,790,677
Weighted Average Exercise Price/Stock Option ($)
Beginning balance (in dollars per share) | $ / shares	$ 9.93
Granted (in dollars per share) | $ / shares	5.64
Exercised (in dollars per share) | $ / shares	3.90
Forfeited (in dollars per share) | $ / shares	9.86
Expired (in dollars per share) | $ / shares	23.18
Ending balance (in dollars per share) | $ / shares	$ 8.92
PSUs
Number of Outstanding Share Units
Beginning balance (in shares)	3,896,356
Granted (in shares)	2,185,352
Exercised (in shares)	(1,847,322)
Forfeited (in shares)	(122,267)
Expired (in shares)	0
Ending balance (in shares)	4,112,119
DSUs
Number of Outstanding Share Units
Beginning balance (in shares)	776,610
Granted (in shares)	40,942
Exercised (in shares)	0
Forfeited (in shares)	0
Expired (in shares)	0
Ending balance (in shares)	817,552
RSUs
Number of Outstanding Share Units
Beginning balance (in shares)	0
Granted (in shares)	523,719
Exercised (in shares)	0
Forfeited (in shares)	0
Expired (in shares)	0
Ending balance (in shares)	523,719

Revenue (Details)

Revenue (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Concentration Risk [Line Items]
Variable adjustment for transportation, location, quality, and other elements, percentage	19%	22%
Accrued sales revenue	$ 0		$ 0
Product Concentration Risk | Revenue from Contract with Customer
Concentration Risk [Line Items]
Concentration risk, percentage	100%	100%
Product Concentration Risk | Revenue from Contract with Customer | Colombia | Customer 1
Concentration Risk [Line Items]
Concentration risk, percentage	100%	97%

Taxes (Details)

Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Contingency [Line Items]
Effective tax rate	100%	142%
Current income tax expense	$ 3,916	$ 17,606
Deferred income tax expense	$ 13,479	$ 15,277
Colombia
Income Tax Contingency [Line Items]
Effective tax rate	45%	50%

Contingencies (Details)

Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Letters of credit and other credit support provided	$ 222.6	$ 220.1
Suroriente Block Extension Agreement
Debt Instrument [Line Items]
Letters of credit and other credit support provided	$ 123

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurement - Schedule of Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Feb. 06, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Restricted cash and cash equivalents - long-term	$ 7,778		$ 7,750	$ 5,710	$ 5,343
Senior Notes | 6.25% Senior Notes, due February 2025 (“6.25% Senior Notes”)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Stated interest rate	6.25%
Senior Notes | 7.75% Senior Notes, due May 2027 (“7.75% Senior Notes”)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Stated interest rate	7.75%
Senior Notes | 9.50% Senior Notes, due October 2029 (“9.50% Senior Notes”)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Stated interest rate	9.50%	9.50%
Recurring | Not Designated as Hedging Instrument | Senior Notes | 6.25% Senior Notes, due February 2025 (“6.25% Senior Notes”)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, fair value disclosure	$ 23,200
Recurring | Not Designated as Hedging Instrument | Senior Notes | 7.75% Senior Notes, due May 2027 (“7.75% Senior Notes”)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, fair value disclosure	20,700
Recurring | Not Designated as Hedging Instrument | Senior Notes | 9.50% Senior Notes, due October 2029 (“9.50% Senior Notes”)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, fair value disclosure	549,600
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 (“PEF”) - current	0		5,630
Debt instrument, fair value disclosure	593,513		472,756
Recurring | Not Designated as Hedging Instrument | Level 1 | Senior Notes | 6.25% Senior Notes, due February 2025 (“6.25% Senior Notes”)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, fair value disclosure	23,242		22,994
Recurring | Not Designated as Hedging Instrument | Level 1 | Senior Notes | 7.75% Senior Notes, due May 2027 (“7.75% Senior Notes”)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, fair value disclosure	20,692		20,744
Recurring | Not Designated as Hedging Instrument | Level 1 | Senior Notes | 9.50% Senior Notes, due October 2029 (“9.50% Senior Notes”)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, fair value disclosure	549,579		429,018
Recurring | Not Designated as Hedging Instrument | Level 2
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, fair value disclosure	0		35,609
Restricted cash and cash equivalents - long-term	$ 7,778		$ 7,750

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurement - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Feb. 06, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PEF, notional amount (in shares)	0			1,000,000
Investments, fair value				$ 5.6
Loss on prepaid equity forwards	$ 0.3	$ 1.7
Prepaid equity forwards. procced from amount	$ 5.1
6.25% Senior Notes, due February 2025 (“6.25% Senior Notes”) | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	6.25%
6.25% Senior Notes, due February 2025 (“6.25% Senior Notes”) | Senior Notes | Recurring | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, fair value disclosure	$ 23.2
6.25% Senior Notes, due February 2025 (“6.25% Senior Notes”) | Senior Notes | Carrying amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, fair value disclosure	$ 24.7
7.75% Senior Notes, due May 2027 (“7.75% Senior Notes”) | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	7.75%
7.75% Senior Notes, due May 2027 (“7.75% Senior Notes”) | Senior Notes | Recurring | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, fair value disclosure	$ 20.7
7.75% Senior Notes, due May 2027 (“7.75% Senior Notes”) | Senior Notes | Carrying amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, fair value disclosure	$ 23.8
9.50% Senior Notes, due October 2029 (“9.50% Senior Notes”) | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	9.50%		9.50%
9.50% Senior Notes, due October 2029 (“9.50% Senior Notes”) | Senior Notes | Recurring | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, fair value disclosure	$ 549.6
9.50% Senior Notes, due October 2029 (“9.50% Senior Notes”) | Senior Notes | Carrying amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, fair value disclosure	$ 532.4

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 126,618	$ 62,146	$ 105,684	$ 126,873
Restricted cash and cash equivalents - current	1,142	1,142	1,142	1,142
Restricted cash and cash equivalents - long-term	7,778	7,750	5,710	5,343
Cash, cash equivalents and restricted cash and cash equivalents	$ 135,538	$ 71,038	$ 112,536	$ 133,358

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, 2024	Mar. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Accounts receivable and other long-term assets	$ 1,639	$ (3,022)
PEF	6,218	7,806
Prepaids and inventory	1,967	740
Accounts payable and accrued and other long-term liabilities	(9,995)	(17,252)
Taxes receivable and payable	(13,126)	965
Net changes in assets and liabilities from operating activities	$ (13,297)	$ (10,763)

Supplemental Cash Flow Inform_5

Supplemental Cash Flow Information - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Increase in accounts payable and accrued liabilities	$ 16.6	$ 14.9
Increase in accounts receivable	$ 0.1

Supplemental Cash Flow Inform_6

Supplemental Cash Flow Information - Schedule of Additional Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Cash paid for withholding taxes	$ 11,681	$ 8,461
Cash paid for interest	1,224	8,781
Non-cash investing activities:
Net liabilities related to property, plant and equipment, end of period	$ 63,947	$ 69,989