Gran Tierra Energy Inc. (AMEX:GTE) stock jumped in Wednesday premarket trading after the company reported second-quarter 2026 results and agreed to sell its South American oil assets.
The stock gained as investors weighed stronger-than-expected revenue, improved profitability and a $1.33 billion asset sale.
Second-Quarter Results
Gran Tierra reported second-quarter earnings of 70 cents per share, missing the analyst consensus estimate of 85 cents. Revenue rose to $187.2 million, topping the Street estimate of $150.0 million.
Average production totaled 41,501 barrels of oil equivalent per day (BOEPD), down 12% from a year earlier.
The company completed the Suroriente capital carry, improving the block’s profitability, and satisfied conditions precedent for the Tisquirama contract, creating additional growth opportunities in Colombia.
Gross profit increased to about $75 million from $23 million a year earlier. Gross profit per BOE improved to $19.90 from $8.49 in the prior quarter and $5.60 a year earlier.
Net cash provided by operating activities totaled $57 million during the quarter. As of June 30, 2026, Gran Tierra held $127 million in cash, with total debt of $606 million and net debt of $479 million.
Asset Sale
In a separate announcement, Gran Tierra said it agreed to sell its Colombia and Ecuador oil business to Maurel & Prom for total consideration of $1.33 billion.
The company also announced the sale of its Lodgepole assets for 12.8 million Canadian dollars.
Management said the South American transaction implies a pro forma proved developed producing (PDP) net asset value (NPV10 before tax) of about $12.49 per fully diluted share, representing a premium to the stock’s recent trading levels.
Gran Tierra Energy Price Action
GTE Stock Price Activity: Gran Tierra Energy shares were up 44.22% at $9.85 during premarket trading on Wednesday, according to Benzinga Pro data.
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