Gran Tierra Energy (GTE) 10-Q 31 Jul 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		30,750,334
Entity Central Index Key	0001273441
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]		Oil Sales [Member]
OIL SALES (Note 7)		$ 165,609	$ 157,902	$ 323,186	$ 302,092
EXPENSES
Operating		47,035	48,491	95,501	89,860
Transportation		5,690	3,691	10,274	6,757
Depletion, depreciation and accretion (Note 4)		55,490	56,209	111,640	108,405
General and administrative (Note 10)		16,897	9,866	29,774	22,562
Severance		230	0	1,496	0
Foreign exchange (gain) loss		(4,413)	4,707	(5,228)	6,409
Other gain		0	0	0	(1,090)
Interest expense (Note 5)		18,398	12,678	36,822	24,514
EXPENSES		139,327	135,642	280,279	257,417
INTEREST INCOME		1,017	647	1,709	1,415
INCOME BEFORE INCOME TAXES		27,299	22,907	44,616	46,090
INCOME TAX (RECOVERY) EXPENSE
Current (Note 8)		42,289	19,757	46,205	37,363
Deferred (Note 8)		(51,361)	13,975	(37,882)	29,252
INCOME TAX (RECOVERY) EXPENSE		(9,072)	33,732	8,323	66,615
NET AND COMPREHENSIVE INCOME (LOSS)		$ 36,371	$ (10,825)	$ 36,293	$ (20,525)
NET INCOME (LOSS) PER SHARE
BASIC (in dollars per share)	[1]	$ 1.16	$ (0.33)	$ 1.15	$ (0.61)
DILUTED (in dollars per share)	[1]	$ 1.16	$ (0.33)	$ 1.15	$ (0.61)
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC (in shares)	[1]	31,281,651	33,299,505	31,547,362	33,872,270
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED (in shares)	[1]	31,281,651	33,299,505	31,547,362	33,872,270
[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		Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents (Note 11)		$ 115,327	$ 62,146
Accounts receivable		5,442	12,359
Inventory		30,560	29,039
Taxes receivable (Note 3)		30,851	438
Other current assets (Note 10 and 11)		3,074	8,482
Total Current Assets		185,254	112,464
Oil and Gas Properties
Proved		1,063,702	1,055,070
Unproved		65,868	54,116
Total Oil and Gas Properties		1,129,570	1,109,186
Other capital assets		37,109	33,664
Total Property, Plant and Equipment (Note 4)		1,166,679	1,142,850
Other Long-Term Assets
Deferred tax assets		18,762	10,923
Taxes receivable (Note 3)		1,731	52,089
Other long-term assets (Note 10 and 11)		7,158	7,963
Total Other Long-Term Assets		27,651	70,975
Total Assets		1,379,584	1,326,289
Current Liabilities
Accounts payable and accrued liabilities		194,226	187,007
Credit facility (Note 5)		0	35,609
Current portion of long-term debt (Note 5 and 10)		24,720	0
Taxes payable (Note 3)		16,182	27,219
Equity compensation award liability (Note 6)		10,580	10,419
Total Current Liabilities		245,708	260,254
Long-Term Liabilities
Long-term debt (Note 5 and 10)		582,069	519,532
Deferred tax liabilities		25,495	57,453
Asset retirement obligation		77,939	73,029
Equity compensation award liability (Note 6)		17,267	8,750
Other long-term liabilities		10,205	10,877
Total Long-Term Liabilities		712,975	669,641
Contingencies (Note 9)
Shareholders' Equity
Common Stock (31,036,652 and 32,275,113 issued, 31,022,346 and 32,246,501 outstanding shares of Common Stock, par value $0.001 per share, as at June 30, 2024 and December 31, 2023, respectively), (Note 6)	[1]	9,935	9,936
Additional paid-in capital	[1]	1,237,844	1,249,651
Treasury Stock (Note 6)	[1]	(141)	(163)
Deficit	[1]	(826,737)	(863,030)
Total Shareholders’ Equity	[1]	420,901	396,394
Total Liabilities and Shareholders’ Equity		$ 1,379,584	$ 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)	Jun. 30, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares
Statement of Financial Position [Abstract]
Common stock, shares issued (in shares)	31,036,652	32,275,113
Common stock, shares outstanding (in shares)	31,022,346	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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities
Net income (loss)	$ 36,293	$ (20,525)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depletion, depreciation and accretion (Note 4)	111,640	108,405
Deferred tax (recovery) expense (Note 8)	(37,882)	29,252
Stock-based compensation expense (Note 6)	9,521	1,817
Amortization of debt issuance costs (Note 5)	6,066	1,800
Unrealized foreign exchange gain	(5,589)	(7,548)
Other gain	0	(1,090)
Cash settlement of asset retirement obligation	(223)	(156)
Non-cash lease expenses	2,794	2,253
Lease payments	(2,369)	(1,242)
Net change in assets and liabilities from operating activities (Note 11)	13,809	(25,836)
Net cash provided by operating activities	134,060	87,130
Investing Activities
Additions to property, plant and equipment (Note 4)	(116,604)	(136,627)
Changes in non-cash investing working capital (Note 11)	2,560	9,088
Net cash used in investing activities	(114,044)	(127,539)
Financing Activities
Proceeds from issuance of Senior Notes, net of issuance costs (Note 5)	85,615	0
Repayment of debt (Note 5)	(36,364)	0
Debt issuance costs (Note 5)	0	(1,873)
Purchase of Senior Notes	0	(6,805)
Re-purchase of shares of Common Stock (Note 6)	(8,667)	(10,825)
Proceeds from exercise of stock options	367	5
Lease payments	(7,078)	(3,035)
Net cash provided by (used in) financing activities	33,873	(22,533)
Foreign exchange (loss) gain on cash, cash equivalents and restricted cash and cash equivalents	(1,513)	5,759
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents	52,376	(57,183)
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period (Note 11)	71,038	133,358
Cash and cash equivalents and restricted cash and cash equivalents, end of period (Note 11)	$ 123,414	$ 76,175

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
Exercise of stock options					5
Stock-based compensation (Note 6)					1,197
Cancellation of shares of Common Stock (Note 6)			(35)		(38,107)
Re-purchase of shares of Common Stock (Note 6)						(10,825)
Cancellation of shares of Common Stock (Note 6)						38,142
Net income (loss)	$ (20,525)						(20,525)
Balance, end of period at Jun. 30, 2023	387,418		10,237		1,254,449	0	(877,268)
Balance, beginning of period at Mar. 31, 2023			10,272		1,291,973	(38,035)	(866,443)
Increase (Decrease) in Stockholders' Equity
Exercise of stock options					5
Stock-based compensation (Note 6)					578
Cancellation of shares of Common Stock (Note 6)			(35)		(38,107)
Re-purchase of shares of Common Stock (Note 6)						(107)
Cancellation of shares of Common Stock (Note 6)						38,142
Net income (loss)	(10,825)						(10,825)
Balance, end of period at Jun. 30, 2023	387,418		10,237		1,254,449	0	(877,268)
Balance, beginning of period at Dec. 31, 2023	396,394	[2]	9,936		1,249,651	(163)	(863,030)
Increase (Decrease) in Stockholders' Equity
Exercise of stock options					367
Stock-based compensation (Note 6)					571
Modification of stock options (Note 6)					(4,057)
Cancellation of shares of Common Stock (Note 6)			(1)		(8,688)
Re-purchase of shares of Common Stock (Note 6)						(8,667)
Cancellation of shares of Common Stock (Note 6)						8,689
Net income (loss)	36,293						36,293
Balance, end of period at Jun. 30, 2024	420,901	[2]	9,935		1,237,844	(141)	(826,737)
Balance, beginning of period at Mar. 31, 2024			9,935		1,245,387	(203)	(863,108)
Increase (Decrease) in Stockholders' Equity
Exercise of stock options					206
Stock-based compensation (Note 6)					89
Modification of stock options (Note 6)					(4,057)
Cancellation of shares of Common Stock (Note 6)					(3,781)
Re-purchase of shares of Common Stock (Note 6)						(3,719)
Cancellation of shares of Common Stock (Note 6)						3,781
Net income (loss)	36,371						36,371
Balance, end of period at Jun. 30, 2024	$ 420,901	[2]	$ 9,935		$ 1,237,844	$ (141)	$ (826,737)
[1]

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	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 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.

Taxes Receivable

Taxes Receivable	6 Months Ended
	Jun. 30, 2024
Tax Receivable Agreement [Abstract]
Taxes Receivable	Taxes Receivable The table below shows the break-down of taxes receivable, which are comprised of value added tax (“VAT”) and income tax receivables and payables: (Thousands of U.S. Dollars) As at June 30, 2024 As at December 31, 2023 Taxes Receivable Current VAT Receivable $ 149 $ 105 Income Tax Receivable 30,702 333 $ 30,851 $ 438 Long-Term Income Tax Receivable $ 1,731 $ 52,089 Taxes Payable Current VAT Payable $ (12,139) $ (11,438) Taxes Payable (4,043) (15,781) $ (16,182) $ (27,219) Total Taxes Receivable $ 16,400 $ 25,308 The following table shows the movement of VAT and income tax receivables and payables for the period identified below: (Thousands of U.S. Dollars) VAT Payable Income Tax Receivable Total Taxes Receivable Balance, as at December 31, 2023 $ (11,333) $ 36,641 $ 25,308 Collected through direct government refunds (337) — (337) Collected through sales contracts (51,869) — (51,869) Taxes paid (1) 50,573 21,786 72,359 Withholding taxes paid — 18,752 18,752 Current tax expense — (46,205) (46,205) Foreign exchange loss (gain) 976 (2,584) (1,608) Balance, as at June 30, 2024 $ (11,990) $ 28,390 $ 16,400 (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	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment (Thousands of U.S. Dollars) As at June 30, 2024 As at December 31, 2023 Oil and natural gas properties Proved $ 4,987,588 $ 4,876,185 Unproved 65,868 54,116 5,053,456 4,930,301 Other (1) 83,972 73,505 5,137,428 5,003,806 Accumulated depletion, depreciation and impairment (3,970,749) (3,860,956) $ 1,166,679 $ 1,142,850 (1) The “other” category includes right-of-use assets for operating and finance leases of $62.2 million, which had a net book value of $34.5 million as at June 30, 2024 (December 31, 2023 - $53.3 million, which had a net book value of $32.4 million). During the three months ended June 30, 2024, the Company entered into an operating lease contract related to an office lease in Ecuador and two finance lease contracts related to power generation equipment and capitalized right-of-use assets of $0.5 million and $1.2 million, respectively, in relation to these contracts. During the six months ended June 30, 2024, the Company entered into an operating lease contract and five finance lease contracts related to power generation and safety equipment and capitalized right-of-use assets of $0.5 million and $7.3 million, respectively, in relation to these contracts. For the three and six months ended June 30, 2024 and 2023, 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 June 30, 2024 and 2023 of $82.47 and $88.52 per bbl, respectively, for the purpose of the ceiling test calculations.

Debt and Debt Issuance Costs

Debt and Debt Issuance Costs	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt and Debt Issuance Costs	Debt and Debt Issuance Costs The Company’s debt as at June 30, 2024, and December 31, 2023, was as follows: (Thousands of U.S. Dollars) As at June 30, 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 (108) (755) $ 24,720 $ 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 (36,307) (27,958) Unamortized Senior Notes issuance costs (16,606) (15,679) 558,878 492,982 Long-term lease obligation (1) 23,191 26,550 $ 582,069 $ 519,532 Total Debt $ 606,789 $ 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 $14.5 million as at June 30, 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 June 30, 2024, the Company recorded an operating lease of $0.5 million and two finance leases of $1.2 million. The operating lease has a 5-year term and a discount rate of 11.4% and the finance leases have a 2-year term and a weighted average discount rate of 9.6%. During the six months ended June 30, 2024, the Company recorded one operating lease of $0.5 million and five finance leases of $7.3 million. The finance leases have a lease term ranging from two Interest Expense The following table presents the total interest expense recognized in the accompanying interim unaudited condensed consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, (Thousands of U.S. Dollars) 2024 2023 2024 2023 Contractual interest and other financing expenses $ 15,638 $ 11,659 $ 30,756 $ 22,714 Amortization of debt issuance costs 2,760 1,019 6,066 1,800 $ 18,398 $ 12,678 $ 36,822 $ 24,514

Share Capital

Share Capital	6 Months Ended
	Jun. 30, 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 66,825 Shares re-purchased and cancelled (1,276,674) Shares issued at June 30, 2024 31,036,652 Treasury shares (14,306) Shares issued and outstanding at June 30, 2024 31,022,346 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 and six months ended June 30, 2024, the Company re-purchased 404,314 and 1,290,980 shares at a weighted average price of $9.20 and $6.71 per share (three and six months ended June 30, 2023 - 20,439 and 1,328,650 shares under the 2022 program at a weighted average price of $5.27 and $8.15 per share), respectively. As of June 30, 2024 , the Company cancelled 28,612 shares held as treasury shares at December 31, 2023, and cancelled 418,620 and 1,276,674 shares re-purchased during the three and six months ended June 30, 2024, respectively. During the period from October 20, 2023 to July 29, 2024, the Company has re-purchased 2,604,796 shares under the 2023 Program. Equity Compensation Awards The following table provides information about p erformance stock units (“PSUs”), deferred share units (“DSUs”), restricted share units (“RSUs”) and stock option activity for the six months ended June 30, 2024: PSUs DSUs RSUs Stock Options Number of Outstanding Share Units Number of Outstanding Share Units Number of Outstanding Share Units Number of Outstanding Stock Options Weighted Average Exercise Price/Stock Option ($) Balance, December 31, 2023 3,896,356 776,610 — 2,027,807 9.93 Granted 2,206,442 71,636 526,834 3,478 6.32 Exercised (1,847,322) — — (211,240) 7.00 Forfeited (176,927) — (6,860) (50,127) 9.67 Expired — — — (195,293) 21.61 Balance, June 30, 2024 4,078,549 848,246 519,974 1,574,625 8.87 On May 1, 2024, the Company amended the settlement terms of all outstanding stock option awards. As of this date, all outstanding stock options are to be net settled in cash resulting in a change in classification of stock options from equity to liability. On May 1, 2024, the Company recorded a liability of $4.4 million and an additional stock-based compensation costs of $0.4 million related to the modification of the stock option plan. As at June 30, 2024, the equity compensation award liability on the Company’s balance sheet included $5.0 million of current liability and $0.4 million of long-term liability related to the Company’s outstanding stock options. The fair value of each stock option award was estimated on the modification date using the Black-Scholes-Merton option-pricing model based on the assumptions noted in the following table: Fair value of option modification $0.00 - $6.11 Dividend yield (per share) Nil Expected volatility 43% to 87% Risk-free interest rate 4.6% to 5.1% Expected term 0.1 - 4.9 years Expected forfeiture rate 0% to 5% For the three and six months ended June 30, 2024, there was $6.2 million and $9.5 million of stock-based compensation expense, respectively. For the three and six months ended June 30, 2023, stock-based compensation expense was $0.3 million and $1.8 million, respectively. During the three and six months ended June 30, 2024, the Company awarded nil and 0.5 million RSUs to employees pursuant to the existing 2007 Equity Incentive Plan, respectively. Under the 2007 Equity Incentive Plan, RSUs 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 June 30, 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 and six months ended June 30, 2024 and 2023, all options were excluded from the diluted loss per share calculation as the options were anti-dilutive.

Revenue

Revenue	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024, 100% of the Company’s revenue resulted from oil sales (three and six months ended June 30, 2023 - 100%). During the three and six months ended June 30, 2024, quality and transportation discounts were 15% and 17% of the average ICE Brent price (three and six months ended June 30, 2023 - 18% and 20%), respectively. During the three and six months ended June 30, 2024, the Company’s production was sold primarily to one major customer in Colombia and Ecuador, representing 100% of the total sales volumes (during the three and six months ended June 30, 2023 - one major customer representing 98% of the total sales volumes).

Taxes

Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Taxes	Taxes The Company’s effective tax rate was 19% for the six months ended June 30, 2024, compared to 145% in the comparative period of 2023. Current income tax expense was $46.2 million for the six months ended June 30, 2024, compared to $37.4 million in the corresponding period of 2023, primarily due to additional current tax expense related to a tax planning strategy, which was partially offset by a decrease in taxable income. For the six months ended June 30, 2024, the deferred income tax was a recovery of $37.9 million, primarily as a result of the recognition of additional tax losses resulting from a tax planning strategy, which were partially offset by tax depreciation being higher than accounting depreciation and the use of tax losses to offset taxable income in Colombia. For the six months ended June 30, 2023, the deferred income tax expense was $29.3 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 six months ended June 30, 2024, the difference between the effective tax rate of 19% and the 50% Colombian tax rate was primarily due to a decrease in the impact of foreign taxes, 2022 true-up related to tax planning strategy and non-taxable foreign exchange adjustments. These were partially offset by an increase in valuation allowance, other permanent differences, non-deductible stock-based compensation and non-deductible royalties in Colombia. The company strategically revised its 2022 tax return to use its tax receivable balance to offset current tax liabilities, rather than applying net operating loss carryforwards. This decision was driven by the expectation of higher future income tax rates and increased profitability. As a result, there was an increase in current tax expense which was offset by long-term tax receivable, ensuring no impact on cash flows. This approach preserved the Company’s net operating loss carryforward for future periods, providing greater tax benefits and flexibility in recovering tax receivables, while strengthening our equity position. For the six months ended June 30, 2023, the difference between the effective tax rate of 145% 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 royalties in Colombia and non-deductible stock-based compensation. These were partially offset by a decrease in valuation allowance.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 2024, the Company had provided letters of credit and other credit support totaling $235.9 million (December 31, 2023 - $220.1 million) 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	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2024, and December 31, 2023: (Thousands of U.S. Dollars) As at June 30, 2024 As at December 31, 2023 Level 1 Assets Prepaid equity forward (“PEF”) - current (1) $ — $ 5,630 Liabilities 6.25% Senior Notes $ 23,804 $ 22,994 7.75% Senior Notes 20,982 20,744 9.50% Senior Notes 560,019 429,018 $ 604,805 $ 472,756 Level 2 Assets Restricted cash and cash equivalents - long-term (2) $ 6,945 $ 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 and cash equivalents 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 and Cash Equivalents - 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 June 30, 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 and six months ended June 30, 2024, the Company recorded a nil and a $0.3 million loss, respectively, in general and administrative expenses relating to the PEF (three and six months ended June 30, 2023 - $4.1 million and $5.8 million loss, respectively). During the six months ended June 30, 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 June 30, 2024, were the Senior Notes (Note 5). At June 30, 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 $535.1 million, respectively, which represented the aggregate principal amounts less unamortized debt issuance costs and discounts, and the fair values were $23.8 million, $21.0 million, and

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 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 June 30, As at December 31, (Thousands of U.S. Dollars) 2024 2023 2023 2022 Cash and cash equivalents $ 115,327 $ 68,529 $ 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) 6,945 6,504 7,750 5,343 $ 123,414 $ 76,175 $ 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: Six Months Ended June 30, (Thousands of U.S. Dollars) 2024 2023 Accounts receivable and other long-term assets $ 6,797 $ 3,898 PEF 6,218 11,887 Prepaids and inventory (1,579) (3,035) Accounts payable and accrued liabilities, and other long-term liabilities (4,927) (3,383) Taxes receivable and payable 7,300 (35,203) Net changes in assets and liabilities from operating activities $ 13,809 $ (25,836) Changes in non-cash investing working capital for the six months ended June 30, 2024, were comprised of an increase in accounts payable and accrued liabilities of $2.6 million (six months ended June 30, 2023, an increase in accounts payable and accrued liabilities of $9.1 million and an increase in accounts receivable of $0.1 million). The following table provides additional supplemental cash flow disclosures: Six Months Ended June 30, (Thousands of U.S. Dollars) 2024 2023 Cash paid for income taxes $ 21,786 $ 49,329 Cash paid for withholding taxes $ 18,752 $ 22,128 Cash paid for interest $ 29,297 $ 20,406 Non-cash investing activities: Net liabilities related to property, plant and equipment, end of period $ 49,976 $ 64,206

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 36,371	$ (10,825)	$ 36,293	$ (20,525)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 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.

Taxes Receivable (Tables)

Taxes Receivable (Tables)	6 Months Ended
	Jun. 30, 2024
Tax Receivable Agreement [Abstract]
Schedule of Taxes Receivable/ Payable Components	The table below shows the break-down of taxes receivable, which are comprised of value added tax (“VAT”) and income tax receivables and payables: (Thousands of U.S. Dollars) As at June 30, 2024 As at December 31, 2023 Taxes Receivable Current VAT Receivable $ 149 $ 105 Income Tax Receivable 30,702 333 $ 30,851 $ 438 Long-Term Income Tax Receivable $ 1,731 $ 52,089 Taxes Payable Current VAT Payable $ (12,139) $ (11,438) Taxes Payable (4,043) (15,781) $ (16,182) $ (27,219) Total Taxes Receivable $ 16,400 $ 25,308
Schedule of Taxes Receivable/ Payable Roll Forward	The following table shows the movement of VAT and income tax receivables and payables for the period identified below: (Thousands of U.S. Dollars) VAT Payable Income Tax Receivable Total Taxes Receivable Balance, as at December 31, 2023 $ (11,333) $ 36,641 $ 25,308 Collected through direct government refunds (337) — (337) Collected through sales contracts (51,869) — (51,869) Taxes paid (1) 50,573 21,786 72,359 Withholding taxes paid — 18,752 18,752 Current tax expense — (46,205) (46,205) Foreign exchange loss (gain) 976 (2,584) (1,608) Balance, as at June 30, 2024 $ (11,990) $ 28,390 $ 16,400 (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)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	(Thousands of U.S. Dollars) As at June 30, 2024 As at December 31, 2023 Oil and natural gas properties Proved $ 4,987,588 $ 4,876,185 Unproved 65,868 54,116 5,053,456 4,930,301 Other (1) 83,972 73,505 5,137,428 5,003,806 Accumulated depletion, depreciation and impairment (3,970,749) (3,860,956) $ 1,166,679 $ 1,142,850 (1) The “other” category includes right-of-use assets for operating and finance leases of $62.2 million, which had a net book value of $34.5 million as at June 30, 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)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The Company’s debt as at June 30, 2024, and December 31, 2023, was as follows: (Thousands of U.S. Dollars) As at June 30, 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 (108) (755) $ 24,720 $ 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 (36,307) (27,958) Unamortized Senior Notes issuance costs (16,606) (15,679) 558,878 492,982 Long-term lease obligation (1) 23,191 26,550 $ 582,069 $ 519,532 Total Debt $ 606,789 $ 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 $14.5 million as at June 30, 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 June 30, Six Months Ended June 30, (Thousands of U.S. Dollars) 2024 2023 2024 2023 Contractual interest and other financing expenses $ 15,638 $ 11,659 $ 30,756 $ 22,714 Amortization of debt issuance costs 2,760 1,019 6,066 1,800 $ 18,398 $ 12,678 $ 36,822 $ 24,514

Share Capital (Tables)

Share Capital (Tables)	6 Months Ended
	Jun. 30, 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 66,825 Shares re-purchased and cancelled (1,276,674) Shares issued at June 30, 2024 31,036,652 Treasury shares (14,306) Shares issued and outstanding at June 30, 2024 31,022,346
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 six months ended June 30, 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 2,206,442 71,636 526,834 3,478 6.32 Exercised (1,847,322) — — (211,240) 7.00 Forfeited (176,927) — (6,860) (50,127) 9.67 Expired — — — (195,293) 21.61 Balance, June 30, 2024 4,078,549 848,246 519,974 1,574,625 8.87
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions	The fair value of each stock option award was estimated on the modification date using the Black-Scholes-Merton option-pricing model based on the assumptions noted in the following table: Fair value of option modification $0.00 - $6.11 Dividend yield (per share) Nil Expected volatility 43% to 87% Risk-free interest rate 4.6% to 5.1% Expected term 0.1 - 4.9 years Expected forfeiture rate 0% to 5%

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024, and December 31, 2023: (Thousands of U.S. Dollars) As at June 30, 2024 As at December 31, 2023 Level 1 Assets Prepaid equity forward (“PEF”) - current (1) $ — $ 5,630 Liabilities 6.25% Senior Notes $ 23,804 $ 22,994 7.75% Senior Notes 20,982 20,744 9.50% Senior Notes 560,019 429,018 $ 604,805 $ 472,756 Level 2 Assets Restricted cash and cash equivalents - long-term (2) $ 6,945 $ 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 and cash equivalents 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)	6 Months Ended
	Jun. 30, 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 June 30, As at December 31, (Thousands of U.S. Dollars) 2024 2023 2023 2022 Cash and cash equivalents $ 115,327 $ 68,529 $ 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) 6,945 6,504 7,750 5,343 $ 123,414 $ 76,175 $ 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: Six Months Ended June 30, (Thousands of U.S. Dollars) 2024 2023 Accounts receivable and other long-term assets $ 6,797 $ 3,898 PEF 6,218 11,887 Prepaids and inventory (1,579) (3,035) Accounts payable and accrued liabilities, and other long-term liabilities (4,927) (3,383) Taxes receivable and payable 7,300 (35,203) Net changes in assets and liabilities from operating activities $ 13,809 $ (25,836)
Schedule of Additional Supplemental Cash Flow Disclosures	The following table provides additional supplemental cash flow disclosures: Six Months Ended June 30, (Thousands of U.S. Dollars) 2024 2023 Cash paid for income taxes $ 21,786 $ 49,329 Cash paid for withholding taxes $ 18,752 $ 22,128 Cash paid for interest $ 29,297 $ 20,406 Non-cash investing activities: Net liabilities related to property, plant and equipment, end of period $ 49,976 $ 64,206

Taxes Receivable - Schedule of

Taxes Receivable - Schedule of Taxes Receivable/ Payable Components (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current
VAT Receivable	$ 149	$ 105
Income Tax Receivable	30,702	333
Tax receivable	30,851	438
Long-Term
Income Tax Receivable	1,731	52,089
Current
VAT Payable	(12,139)	(11,438)
Taxes Payable	(4,043)	(15,781)
Taxes payable	(16,182)	(27,219)
Total Taxes Receivable	$ 16,400	$ 25,308

Taxes Receivable - Schedule o_2

Taxes Receivable - Schedule of Taxes Receivable/ Payable Roll Forward (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
VAT Payable
Beginning balance	$ (11,333)
Collected through direct government refunds	(337)
Collected through sales contracts	(51,869)
Taxes paid	50,573
Withholding taxes paid	0
Current tax expense	0
Foreign exchange loss (gain)	976
Ending balance	(11,990)
Income Tax Receivable
Beginning balance	36,641
Collected through direct government refunds	0
Collected through sales contracts	0
Taxes paid	21,786
Withholding taxes paid	18,752
Current tax expense	(46,205)
Foreign exchange loss (gain)	(2,584)
Ending balance	28,390
Total Taxes Receivable
Beginning balance	25,308
Collected through direct government refunds	(337)
Collected through sales contracts	(51,869)
Taxes paid	72,359
Withholding taxes paid	18,752	$ 22,128
Current tax expense	(46,205)
Foreign exchange loss (gain)	(1,608)
Ending balance	$ 16,400
Colombia
Taxes Receivable [Line Items]
Value added tax, percent	19%

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 5,137,428	$ 5,003,806
Accumulated depletion, depreciation and impairment	(3,970,749)	(3,860,956)
Total Property, Plant and Equipment (Note 4)	1,166,679	1,142,850
Right-of-use asset, gross	62,200	53,300
Right-of-use asset, net	34,500	32,400
Oil and natural gas properties
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	5,053,456	4,930,301
Proved
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,987,588	4,876,185
Unproved
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	65,868	54,116
Other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 83,972	$ 73,505

Property, Plant and Equipment_2

Property, Plant and Equipment - Narrative (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($) lease	Jun. 30, 2024 USD ($) lease $ / bbl	Jun. 30, 2023 USD ($) $ / bbl
Property, Plant and Equipment [Line Items]
Non-cash lease expenses		$ 2,794	$ 2,253
Number of finance leases | lease	2	5
Crude Oil and NGL
Property, Plant and Equipment [Line Items]
Average brent price per barrel (in dollars per barrel) | $ / bbl		82.47	88.52
New Lease Contracts for Power Generating Equipment
Property, Plant and Equipment [Line Items]
Operating lease, cost	$ 500	$ 500
Number of finance leases | lease	2
New Lease Contracts, Capitalized Right-of-Use Assets
Property, Plant and Equipment [Line Items]
Operating lease, cost	$ 1,200
Non-cash lease expenses		$ 7,300

Debt and Debt Issuance Costs -

Debt and Debt Issuance Costs - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Feb. 06, 2024	Dec. 31, 2023
Long-Term
Current portion of long-term debt	$ 24,720		$ 0
Unamortized debt issuance costs	(108)		(755)
Short-Term Debt	24,720		35,609
Unamortized Senior Notes issuance costs	(16,606)		(15,679)
Long-term debt, total	558,878		492,982
Long-term lease obligation	23,191		26,550
Long-term debt (Note 5 and 10)	582,069		519,532
Total Debt	$ 606,789		$ 555,141
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Long-term debt, total		Long-term debt, total
Current portion of lease obligation	$ 14,500		$ 12,100
Line of Credit
Long-Term
Credit facility	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	$ (36,307)		$ (27,958)

Debt and Debt Issuance Costs _2

Debt and Debt Issuance Costs - Narrative (Details)		3 Months Ended	4 Months Ended	6 Months Ended
	Feb. 06, 2024 USD ($)	Jun. 30, 2024 USD ($) lease	Feb. 05, 2024 USD ($)	Jun. 30, 2024 USD ($) lease	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Credit facility		$ 0		$ 0		$ 35,609,000
Number of finance leases | lease		2		5
Number of operating leases | lease		1		1
Non-cash lease expenses				$ 2,794,000	$ 2,253,000
Operating lease, term of contract		5 years		5 years
Operating lease, discount rate		11.40%		11.40%
Finance lease, term of contract		2 years		2 years
New Lease Contracts for Power Generating Equipment
Line of Credit Facility [Line Items]
Operating lease, cost		$ 500,000		$ 500,000
Number of finance leases | lease		2
New Lease Contracts
Line of Credit Facility [Line Items]
Weighted average discount rate, percent		9.60%		9.60%
New Lease Contracts | Minimum
Line of Credit Facility [Line Items]
Remaining lease term		2 years		2 years
New Lease Contracts | Maximum
Line of Credit Facility [Line Items]
Remaining lease term		3 years		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%		6.25%
Convertible senior notes and revolving credit facility		$ 0		$ 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%		9.50%
Proceeds from issuance of debt	$ 88,000,000
Convertible senior notes and revolving credit facility		$ 587,590,000		$ 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Disclosure [Abstract]
Contractual interest and other financing expenses	$ 15,638	$ 11,659	$ 30,756	$ 22,714
Amortization of debt issuance costs	2,760	1,019	6,066	1,800
Total interest expense recognized	$ 18,398	$ 12,678	$ 36,822	$ 24,514

Share Capital - Schedule of Com

Share Capital - Schedule of Common Stock (Details)	6 Months Ended
	Jun. 30, 2024 shares	Dec. 31, 2023 shares
Increase (Decrease) in Common Stock
Shares issued, beginning of period (in shares)	32,275,113
Shares outstanding, as at beginning of period (in shares)	32,246,501
Shares issued on option exercise (in shares)	211,240
Shares issued, end of period (in shares)	31,036,652
Shares outstanding, as at end of period (in shares)	31,022,346
Shares of Common Stock
Increase (Decrease) in Common Stock
Shares issued, beginning of period (in shares)	32,275,113
Treasury stock (in shares)	(14,306)	(28,612)
Shares outstanding, as at beginning of period (in shares)	32,246,501
Shares issued on option exercise (in shares)	66,825
Shares repurchased and canceled (in shares)	(1,276,674)
Shares issued, end of period (in shares)	31,036,652
Shares outstanding, as at end of period (in shares)	31,022,346

Share Capital - Narrative (Deta

Share Capital - Narrative (Details) $ / shares in Units, $ in Millions			3 Months Ended		6 Months Ended		9 Months Ended
	May 01, 2024 USD ($)	May 05, 2023	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jul. 29, 2024 shares	Nov. 02, 2024	Dec. 31, 2023 USD ($) shares	Oct. 20, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio		0.1
Common stock, shares outstanding (in shares) | shares			31,022,346		31,022,346				32,246,501
Stock-based compensation expense | $			$ 6.2	$ 0.3	$ 9.5	$ 1.8
Unrecognized compensation cost | $			31		$ 31				$ 8.6
Weighted average period for recognition					2 years 1 month 6 days
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $	$ 0.4
Deferred compensation share-based arrangements, liability, current and noncurrent | $	$ 4.4
Share-based arrangements, liability, current | $			5		$ 5
Share-based arrangements, liability, noncurrent | $			$ 0.4		0.4
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) | shares			0		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%
2023 Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased during period (in shares) | shares			404,314		1,290,980
Stock repurchased during period, weighted average price (in dollars per share) | $ / shares			$ 9.20		$ 6.71
Share repurchased during period cancelled (in shares) | shares			28,612		28,612
Shares repurchased and canceled (in shares) | shares			418,620		1,276,674
2023 Program | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased during period (in shares) | shares							2,604,796
2022 Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased during period (in shares) | shares				20,439		1,328,650
Stock repurchased during period, weighted average price (in dollars per share) | $ / shares				$ 5.27		$ 8.15
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) | shares			3,234,914		3,234,914

Share Capital - Schedule of PSU

Share Capital - Schedule of PSU, DSU, RSU and Stock Option Activity (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of Outstanding Stock Options
Beginning balance (in shares)	2,027,807
Granted (in shares)	3,478
Exercised (in shares)	(211,240)
Forfeited (in shares)	(50,127)
Expired (in shares)	(195,293)
Ending balance (in shares)	1,574,625
Weighted Average Exercise Price/Stock Option ($)
Beginning balance (in dollars per share) | $ / shares	$ 9.93
Granted (in dollars per share) | $ / shares	6.32
Exercised (in dollars per share) | $ / shares	7
Forfeited (in dollars per share) | $ / shares	9.67
Expired (in dollars per share) | $ / shares	21.61
Ending balance (in dollars per share) | $ / shares	$ 8.87
PSUs
Number of Outstanding Share Units
Beginning balance (in shares)	3,896,356
Granted (in shares)	2,206,442
Exercised (in shares)	(1,847,322)
Forfeited (in shares)	(176,927)
Expired (in shares)	0
Ending balance (in shares)	4,078,549
DSUs
Number of Outstanding Share Units
Beginning balance (in shares)	776,610
Granted (in shares)	71,636
Exercised (in shares)	0
Forfeited (in shares)	0
Expired (in shares)	0
Ending balance (in shares)	848,246
RSUs
Number of Outstanding Share Units
Beginning balance (in shares)	0
Granted (in shares)	526,834
Exercised (in shares)	0
Forfeited (in shares)	(6,860)
Expired (in shares)	0
Ending balance (in shares)	519,974

Share Capital - Schedule of Sto

Share Capital - Schedule of Stock Options, Valuation Assumptions (Details) - Options	6 Months Ended
	Jun. 30, 2024 $ / shares
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of option modification	$ 0
Expected volatility	43%
Risk-free interest rate	4.60%
Expected term	1 month 6 days
Expected forfeiture rate	0
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of option modification	$ 6.11
Expected volatility	87%
Risk-free interest rate	5.10%
Expected term	4 years 10 months 24 days
Expected forfeiture rate	0.05

Revenue (Details)

Revenue (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Concentration Risk [Line Items]
Variable adjustment for transportation, location, quality, and other elements, percentage	15%	18%	17%	20%
Accrued sales revenue	$ 100,000		$ 100,000		$ 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	100%	98%	100%	98%

Taxes (Details)

Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Contingency [Line Items]
Effective tax rate			19%	145%
Current income tax expense (benefit)	$ 42,289	$ 19,757	$ 46,205	$ 37,363
Deferred income tax expense (recovery)	$ (51,361)	$ 13,975	$ (37,882)	$ 29,252
Colombia
Income Tax Contingency [Line Items]
Effective tax rate			50%	50%

Contingencies (Details)

Contingencies (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Letters of credit and other credit support provided	$ 235.9	$ 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	Jun. 30, 2024	Feb. 06, 2024	Dec. 31, 2023	Jun. 30, 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	$ 6,945		$ 7,750	$ 6,504	$ 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	$ 23,800
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	21,000
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	560,000
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 (“PEF”) - current	0		5,630
Debt instrument, fair value disclosure	604,805		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	23,804		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	20,982		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	560,019		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	$ 6,945		$ 7,750

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurement - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 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		0			1,000,000
Investments, fair value						$ 5.6
Loss on prepaid equity forwards	$ 0	$ 4.1	$ 0.3	$ 5.8
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%
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	$ 23.8		$ 23.8
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		$ 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%
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	$ 21		$ 21
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		$ 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%
$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	$ 560		$ 560
$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	$ 535.1		$ 535.1

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	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 115,327	$ 62,146	$ 68,529	$ 126,873
Restricted cash and cash equivalents - current	1,142	1,142	1,142	1,142
Restricted cash and cash equivalents - long-term	6,945	7,750	6,504	5,343
Cash, cash equivalents and restricted cash and cash equivalents	$ 123,414	$ 71,038	$ 76,175	$ 133,358

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Schedule of Net Changes in Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Accounts receivable and other long-term assets	$ 6,797	$ 3,898
PEF	6,218	11,887
Prepaids and inventory	(1,579)	(3,035)
Accounts payable and accrued liabilities, and other long-term liabilities	(4,927)	(3,383)
Taxes receivable and payable	7,300	(35,203)
Net changes in assets and liabilities from operating activities	$ 13,809	$ (25,836)

Supplemental Cash Flow Inform_5

Supplemental Cash Flow Information - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Increase in accounts payable and accrued liabilities	$ 2.6	$ 9.1
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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Cash paid for income taxes	$ 21,786	$ 49,329
Cash paid for withholding taxes	18,752	22,128
Cash paid for interest	29,297	20,406
Non-cash investing activities:
Net liabilities related to property, plant and equipment, end of period	$ 49,976	$ 64,206