CALGARY – Gran Tierra Energy Inc. (TSX:GTE) says the first quarter brought in $45.1 million in net income, or 16 cents per diluted share, down from $57.9 million, or 20 cents a share, in the same period a year ago.
The Calgary-based company says the decrease was primarily due to the effect of inventory adjustments and higher realized prices in the comparable period in 2013.
Revenue and other income for the quarter was $169.7 million, a decrease of 17 per cent from $205.4 million in the corresponding quarter last year.
Net production before inventory adjustments was 22,188 barrels of oil equivalent per day, which was just 19 barrels higher than production in the same period a year ago.
“On the heels of a record 2013, Gran Tierra Energy kicked off the first quarter of 2014 with strong momentum, generating continued stable levels of production and improved cash flow,” said president and CEO Dana Coffield.
Gran Tierra Energy is focused on oil and gas exploration and production in South America.