Gran Tierra Energy revealed Wednesday that it suffered a $38.6 million net loss during the second quarter of 2015.
The results were better than the net loss of $44.9 million recorded by the company in the first quarter of 2015, but significantly worse than the net income of $9.1 million registered in 2Q 2014. Despite the net loss for the quarter, Gran Tierra maintains that it has a strong balance sheet with cash, and cash equivalents, of $166.4 million.
Gary Guidry, president and CEO of Gran Tierra, commented in a company statement:
“The company is focusing on ensuring its cost structure is such that it remains competitive in all commodity price environments. The company continues to have a robust balance sheet with zero debt and is in a strong financial position at a time of weak oil prices in contrast to many of our peers."
In its 2Q results Gran Tierra reported that oil and natural gas production in the second quarter of 2015 exceeded company projections announced in May 2015. The company’s production averaged 23,094 barrels of oil equivalent per day in 2Q 2015, compared to 24,015 boepd in 1Q 2015.
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