Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
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 | 900, 520 - 3 Avenue SW | |
Entity Address, City or Town | Calgary, | |
Entity Address, State or Province | AB | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | T2P 0R3 | |
City Area Code | 403 | |
Local Phone Number | 265-3221 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | GTE | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 366,981,556 | |
Entity Central Index Key | 0001273441 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
OIL SALES (Note 7) | $ 53,142,000 | $ 132,491,000 | $ 173,045,000 | $ 443,049,000 |
EXPENSES | ||||
Operating | 19,645,000 | 35,603,000 | 69,933,000 | 104,119,000 |
Workover | 1,076,000 | 10,979,000 | 14,740,000 | 30,025,000 |
Transportation | 1,286,000 | 3,179,000 | 8,549,000 | 16,167,000 |
COVID-19 related costs (Note 8) | 1,108,000 | 0 | 1,529,000 | 0 |
Depletion, depreciation and accretion | 31,340,000 | 49,812,000 | 131,118,000 | 164,430,000 |
Goodwill impairment (Note 4) | 0 | 0 | 102,581,000 | 0 |
Asset impairment (Note 4) | 104,731,000 | 0 | 507,093,000 | 0 |
General and administrative | 4,562,000 | 7,637,000 | 16,476,000 | 25,874,000 |
Severance | 122,000 | 140,000 | 1,469,000 | 1,082,000 |
Foreign exchange loss | 4,275,000 | 6,840,000 | 20,094,000 | 5,581,000 |
Financial instruments (gain) loss (Note 11) | (713,000) | 12,285,000 | 51,869,000 | (2,890,000) |
Other loss | 67,000 | 11,305,000 | 67,000 | 11,305,000 |
Interest expense (Note 5) | 14,029,000 | 12,153,000 | 40,204,000 | 30,655,000 |
EXPENSES | 181,528,000 | 149,933,000 | 965,722,000 | 386,348,000 |
INTEREST INCOME | 0 | 130,000 | 345,000 | 660,000 |
(LOSS) INCOME BEFORE INCOME TAXES | (128,386,000) | (17,312,000) | (792,332,000) | 57,361,000 |
INCOME TAX EXPENSE (RECOVERY) | ||||
Current (Note 9) | 637,000 | 3,049,000 | 560,000 | 13,923,000 |
Deferred (Note 9) | (21,202,000) | 8,472,000 | (62,796,000) | 31,752,000 |
INCOME TAX EXPENSE (RECOVERY) | (20,565,000) | 11,521,000 | (62,236,000) | 45,675,000 |
NET AND COMPREHENSIVE (LOSS) INCOME | $ (107,821,000) | $ (28,833,000) | $ (730,096,000) | $ 11,686,000 |
NET (LOSS) INCOME PER SHARE | ||||
Basic and Diluted (in dollars per share) | $ (0.29) | $ (0.08) | $ (1.99) | $ 0.03 |
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC (Note 6) (in shares) | 366,981,556 | 372,195,176 | 366,981,556 | 379,701,405 |
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED (Note 6) (in shares) | 366,981,556 | 372,195,176 | 366,981,556 | 379,701,664 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and cash equivalents (Note 12) | $ 21,385 | $ 8,301 |
Restricted cash and cash equivalents (Note 12) | 423 | 516 |
Accounts receivable | 4,502 | 36,291 |
Investment (Note 11) | 33,209 | 94,741 |
Taxes receivable | 48,166 | 135,838 |
Other current assets | 14,289 | 15,001 |
Total Current Assets | 121,974 | 290,688 |
Oil and Gas Properties | ||
Proved | 715,772 | 1,258,934 |
Unproved | 285,276 | 310,809 |
Total Oil and Gas Properties | 1,001,048 | 1,569,743 |
Other capital assets | 6,303 | 7,650 |
Total Property, Plant and Equipment (Note 3) | 1,007,351 | 1,577,393 |
Other Long-Term Assets | ||
Deferred tax assets | 40,600 | 44,003 |
Taxes receivable | 38,479 | 25,869 |
Restricted cash and cash equivalents (Note 12) | 3,007 | 2,258 |
Other | 16 | 1,872 |
Goodwill (Note 4) | 0 | 102,581 |
Total Other Long-Term Assets | 82,102 | 176,583 |
Total Assets | 1,211,427 | 2,044,664 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 68,408 | 195,513 |
Derivatives (Note 11) | 3,184 | 775 |
Equity compensation award liability (Note 6 and 11) | 471 | 3,053 |
Total Current Liabilities | 72,063 | 199,341 |
Long-Term Liabilities | ||
Long-term debt (Notes 5 and 11) | 784,311 | 700,459 |
Deferred tax liabilities | 0 | 59,762 |
Asset retirement obligation | 45,585 | 43,419 |
Equity compensation award liability (Note 6 and 11) | 1,860 | 4,806 |
Other long-term liabilities | 3,316 | 4,267 |
Total Long-Term Liabilities | 835,072 | 812,713 |
Contingencies (Note 10) | ||
Shareholders’ Equity | ||
Common Stock (Note 6) (366,981,556 and 366,981,556 shares issued and outstanding of Common Stock, par value $0.001 per share, as at September 30, 2020, and December 31, 2019, respectively) | 10,270 | 10,270 |
Additional paid-in capital | 1,284,405 | 1,282,627 |
Deficit | (990,383) | (260,287) |
Total Shareholders’ Equity | 304,292 | 1,032,610 |
Total Liabilities and Shareholders’ Equity | $ 1,211,427 | $ 2,044,664 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common Stock, shares issued (in shares) | 366,981,556 | 366,981,556 |
Common Stock, shares outstanding (in shares) | 366,981,556 | 366,981,556 |
Common Stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Activities | ||
Net (loss) income | $ (730,096,000) | $ 11,686,000 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depletion, depreciation and accretion | 131,118,000 | 164,430,000 |
Goodwill impairment (Note 4) | 102,581,000 | 0 |
Asset impairment (Note 4) | 507,093,000 | 0 |
Deferred tax (recovery) expense | (62,796,000) | 31,752,000 |
Stock-based compensation (recovery) expense (Note 6) | (707,000) | 1,092,000 |
Amortization of debt issuance costs (Note 5) | 2,774,000 | 2,574,000 |
Unrealized foreign exchange loss | 22,335,000 | 5,303,000 |
Financial instruments loss (gain) (Note 11) | 51,869,000 | (2,890,000) |
Cash settlement of financial instruments | 9,970,000 | (2,275,000) |
Other non-cash loss | 2,026,000 | 11,305,000 |
Cash settlement of asset retirement obligation | (199,000) | (707,000) |
Non-cash lease expenses | 1,494,000 | 1,366,000 |
Lease payments | (1,404,000) | (1,603,000) |
Net change in assets and liabilities from operating activities (Note 12) | 23,288,000 | (83,606,000) |
Net cash provided by operating activities | 59,346,000 | 138,427,000 |
Investing Activities | ||
Additions to property, plant and equipment | (56,378,000) | (310,579,000) |
Property acquisitions, net of cash acquired | 0 | (77,772,000) |
Changes in non-cash investing working capital | (69,549,000) | 20,138,000 |
Net cash used in investing activities (Note 12) | (125,927,000) | (368,213,000) |
Financing Activities | ||
Proceeds from bank debt, net of issuance costs (Note 5) | 88,382,000 | 246,000,000 |
Repayment of bank debt (Note 5) | (7,000,000) | (189,000,000) |
Repurchase of convertible notes | 0 | (115,000,000) |
Repurchase of shares of Common Stock | 0 | (37,560,000) |
Lease payments | (307,000) | 0 |
Proceeds from issuance of Senior Notes, net of issuance costs | 0 | 289,298,000 |
Net cash provided by financing activities | 81,075,000 | 193,738,000 |
Foreign exchange loss on cash, cash equivalents and restricted cash and cash equivalents | (754,000) | (1,506,000) |
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents | 13,740,000 | (37,554,000) |
Cash, cash equivalents and restricted cash and cash equivalents, beginning of period (Note 12) | 11,075,000 | 54,308,000 |
Cash, cash equivalents and restricted cash and cash equivalents, end of period (Note 12) | $ 24,815,000 | $ 16,754,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Share Capital | Additional Paid-in Capital | Deficit | DeficitCumulative adjustment for accounting change related to leases |
Balance, beginning of period at Dec. 31, 2018 | $ 10,290 | $ 1,318,048 | $ (298,588) | $ (390) | |
Increase (Decrease) in Stockholders' Equity | |||||
Stock-based compensation (Note 6) | 1,566 | ||||
Repurchase and cancellation of Common Stock | (20) | (37,540) | |||
Net (loss) income | $ 11,686 | 11,686 | |||
Balance, end of period at Sep. 30, 2019 | 1,005,052 | 10,270 | 1,282,074 | (287,292) | |
Balance, beginning of period at Jun. 30, 2019 | 10,285 | 1,295,106 | (258,459) | 0 | |
Increase (Decrease) in Stockholders' Equity | |||||
Stock-based compensation (Note 6) | 563 | ||||
Repurchase and cancellation of Common Stock | (15) | (13,595) | |||
Net (loss) income | (28,833) | (28,833) | |||
Balance, end of period at Sep. 30, 2019 | 1,005,052 | 10,270 | 1,282,074 | (287,292) | |
Balance, beginning of period at Dec. 31, 2019 | 10,270 | 1,282,627 | (260,287) | 0 | |
Increase (Decrease) in Stockholders' Equity | |||||
Stock-based compensation (Note 6) | 1,778 | ||||
Repurchase and cancellation of Common Stock | 0 | 0 | |||
Net (loss) income | (730,096) | (730,096) | |||
Balance, end of period at Sep. 30, 2020 | 304,292 | 10,270 | 1,284,405 | (990,383) | |
Balance, beginning of period at Jun. 30, 2020 | 10,270 | 1,283,798 | (882,562) | $ 0 | |
Increase (Decrease) in Stockholders' Equity | |||||
Stock-based compensation (Note 6) | 607 | ||||
Repurchase and cancellation of Common Stock | 0 | 0 | |||
Net (loss) income | (107,821) | (107,821) | |||
Balance, end of period at Sep. 30, 2020 | $ 304,292 | $ 10,270 | $ 1,284,405 | $ (990,383) |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business Gran Tierra Energy Inc., a Delaware corporation (the “Company” or “Gran Tierra”), is a publicly traded company focused on oil and natural gas exploration and production in Colombia and Ecuador. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
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 consolidated financial statements provide additional disclosures to that 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, 2019, included in the Company’s 2019 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 2019 Annual Report on Form 10-K and are the same policies followed in these interim unaudited condensed consolidated financial statements, except as noted below. The Company has evaluated all subsequent events through to the date these interim unaudited condensed consolidated financial statements were issued. Recently Adopted Accounting Pronouncements Financial Instruments - Credit Losses (ASC 326) In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses". This ASU replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires a broader range of reasonable and supportable information to support credit loss estimates. In December 2019, the FASB issued ASU 2019-10, "Financial Instruments - Credit Losses, Derivatives and Hedging and Leases", which is codification improvement of ASU 2016-13. The Company adopted this ASU on January 1, 2020, the adoption of which had no impact on the Company. At each reporting date, the Company assesses the expected lifetime credit losses on initial recognition of trade accounts receivable. Credit risk is assessed based on the number of days the receivable has been outstanding and the internal credit assessment of the customer. The expected loss rates are based on payment profiles over a period of 36 months prior to the period-end and the corresponding historical credit losses experienced within this period. Historical loss rates are adjusted to reflect current and forward looking economic factors of the country where the Company sells oil that affect the ability of the customers to settle the receivables. Trade receivables are written off when there is no reasonable expectation of recovery. Risks and Measurement Uncertainty In March 2020, the outbreak of the COVID-19 virus, which was declared a pandemic by the World Health Organization, has spread across the globe and impacted worldwide economic activity. In addition, global commodity prices declined significantly due to disputes between major oil producing countries combined with the impact of the COVID-19 pandemic and associated reductions in global demand for oil. Governments worldwide, including those in Colombia and Ecuador, the countries where the Company operates, enacted emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans, self-imposed quarantine periods and physical distancing, caused material disruption to businesses globally resulting in an economic slowdown. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions; however, the success of these interventions is not currently determinable. The current challenging economic climate is having and may continue to have significant adverse impacts on the Company including, but not exclusively: • material declines in revenue and cash flows as a result of the decline in commodity prices; • declines in revenue and operating activities due to reduced capital programs and the shut-in of production; • impairment charges (see Note 4); • inability to comply with covenants and restrictions in debt agreements; • inability to access financing sources; • increased risk of non-performance by the Company’s customers and suppliers; • interruptions in operations as the Company adjusts personnel to the dynamic environment; and • inability to operate or delay in operations as a result COVID-19 restrictions in the countries in which the Company operates. The unprecedented decline in oil prices has materially reduced the Company’s forecasted EBITDAX and the estimated value of its oil reserves. Based on current forecasted Brent pricing and production levels, which can change materially in very short time frames, the Company is forecasted to be in compliance with the amended financial covenants contained in the Company's Senior Secured Credit Facility (the "revolving credit facility") for at least the next year from the date of these financial statements. The amount available under the Company’s senior secured credit facility is based on the lenders determination of the borrowing base. The borrowing base is determined, by the lenders, based on the Company’s reserves and commodity prices. The next renewal of the borrowing base is scheduled for November 2020 and there is risk that the borrowing base may be reduced by the lenders. In addition, the Company’s ability to borrow under the credit facility may be limited by the terms of the indentures for the 6.25% Senior Notes and 7.75% Senior Notes. The risk of non-compliance with the covenants in the lending agreements and the risk associated with maintaining the borrowing base is heightened in the current period of volatility coupled with the unprecedented disruption caused by the COVID-19 pandemic. Management currently expects that the Company will continue to meet the terms of the credit facility or obtain further amendments or waivers if and when required. The Company also expects to be able to maintain the borrowing base at a level in excess of the amount borrowed. However, there can be no assurances that the Company’s liquidity can be maintained at or above current levels during this period of volatility and global economic uncertainty. The situation is dynamic and the ultimate duration and magnitude of the impact on the economy and the financial effect on the Company is not known at this time. Estimates and judgments made by management in the preparation of the financial statements are increasingly difficult and subject to a higher degree of measurement uncertainty during this volatile period. In the near term, matters in these financial statements that are most subject to be impacted by this volatile period are the Company's assessment of liquidity and access to capital, the carrying value of long-lived assets and the valuation of the deferred tax assets. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment (Thousands of U.S. Dollars) As at September 30, 2020 As at December 31, 2019 Oil and natural gas properties Proved $ 3,937,361 $ 3,850,565 Unproved 285,276 310,809 4,222,637 4,161,374 Other (1) 32,297 26,287 4,254,934 4,187,661 Accumulated depletion and depreciation and impairment (3,247,583) (2,610,268) $ 1,007,351 $ 1,577,393 (1) Included in other are right-of-use assets for operating and finance leases, net book value of which was $5.1 million as at September 30, 2020 ($5.7 million as at December 31, 2019). |
Impairment
Impairment | 9 Months Ended |
Sep. 30, 2020 | |
Impairment Disclosure [Abstract] | |
Impairment | Impairment Asset Impairment (i) Oil and gas property impairment For the three and nine months ended September 30, 2020, Gran Tierra recorded ceiling test impairment losses of $104.7 and $502.9 million, respectively, as a result of lower oil prices. The Company follows the full cost method of accounting for its oil and gas properties. Under this method, the net book value of properties on a country-by-country basis, less related deferred income taxes, may not exceed a calculated “ceiling”. The ceiling is the estimated after-tax future net revenues from proved oil and gas properties, discounted at 10% per year. In calculating discounted future net revenues, oil and natural gas prices are determined using the average price for the 12-month period prior to the ending date of the period covered by the balance sheet, calculated as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period. That average price is then held constant, except for changes which are fixed and determinable by existing contracts. Therefore, ceiling test estimates are based on historical prices discounted at 10% per year and it should not be assumed that estimates of future net revenues represent the fair market value of the Company's reserves. In accordance with GAAP, Gran Tierra used an average Brent price of $47.95 per bbl for the purposes of the September 30, 2020 ceiling test calculations (September 30, 2019 - $67.20). There was no ceiling test impairment for the three and nine months ended September 30, 2019. (ii) Inventory Impairment For the three and nine months ended September 30, 2020, the Company recorded $0.1 and $4.2 million, respectively, relating to the impairment of oil inventory due to the decline in commodity pricing. There was no inventory impairment for the three and nine months ended September 30, 2019. Goodwill Impairment For the three and nine months ended September 30, 2020, the Company recorded nil and $102.6 million, respectively, of goodwill impairment relating to its Colombia business unit. The impairment was due to the carrying value of the unit exceeding its fair value as a result of the impact of lower forecasted commodity prices. The estimated fair value of the Colombia business unit for the goodwill impairment test was based on the discounted after-tax cash flows associated with the proved and probable reserves of the reporting unit. There was no goodwill impairment for the three and nine months ended September 30, 2019. |
Debt and Debt Issuance Costs
Debt and Debt Issuance Costs | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt and Debt Issuance Costs | Debt and Debt Issuance Costs The Company's debt at September 30, 2020 and December 31, 2019 was as follows: (Thousands of U.S. Dollars) As at September 30, 2020 As at December 31, 2019 6.25% Senior Notes $ 300,000 $ 300,000 7.75% Senior Notes 300,000 300,000 Revolving credit facility 200,000 118,000 Unamortized debt issuance costs (18,925) (21,081) Long-term debt 781,075 696,919 Long-term lease obligation (1) 3,236 3,540 $ 784,311 $ 700,459 (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 $3.3 million as at September 30, 2020 (December 31, 2019 - $3.3 million). On June 1, 2020, the Company completed the semi-annual re-determination of the Company's revolving credit facility resulting in a reduction of the borrowing base from $300 million to $225 million with the next re-determination to occur in November 2020. Management has obtained a relief from compliance with certain financial covenants until October 1, 2021 ("the covenant relief period"), permitting the ratio of total debt to Covenant EBITDAX ("EBITDAX") to be greater than 4.0 to 1.0, Senior Secured Debt to EBITDAX ratio must not exceed 2.5 to 1.0, and EBITDAX to interest expense ratio for the trailing four quarter periods measured as of the last day of the fiscal quarters ending June 30, 2020 and September 30, 2020, must be at least 2.5 to 1.0; as of the last day of the fiscal quarters ending December 31, 2020 and March 31, 2021, must be at least 2.0 to 1.0; and back to at least 2.5 to 1.0 thereafter. The Company is required to comply with various covenants, which as disclosed above, have been modified in response to the current market conditions and the COVID-19 pandemic. As of September 30, 2020, the Company was in compliance with all applicable covenants in the revolving credit facility. In addition to the covenant relief, the amendment to the credit agreement in connection with the semi-annual re-determination also amended the interest rate to either, at the borrower’s option, LIBOR plus a spread ranging from 2.90% to 4.90%, or base rate plus a spread ranging from 1.90% to 3.90%, with such spread in each case dependent upon our Senior Secured Leverage Ratio (as defined in the credit agreement), provided that during the covenant relief period the spread is increased by 125 basis points, (i) provided for a borrowing condition that we shall not have cash and cash equivalents (other than Excluded Cash, as defined in the credit agreement) in excess of $15.0 million, (ii) added certain mandatory prepayments, including for cash balances in excess of $15.0 million and (iii) amended and added certain negative covenants, including, without limitation, certain additional limitations on occurrence of indebtedness, liens and investments, the making of restricted payments, prepayments of indebtedness, and acquisitions and mergers. After the expiration of covenant relief period, the Company must maintain compliance with the following financial covenants: limitations on Company's ratio of debt to EBITDAX to a maximum of 4.0 to 1.0; limitations on Company's ratio of Senior Secured Debt to EBITDAX to a maximum of 3.0 to 1.0; and the maintenance of a ratio of EBITDAX to interest expense of at least 2.5 to 1.0. If the Company fails to comply with these financial covenants, it would result in a default under the terms of the credit agreement, which could result in an acceleration of repayment of all indebtedness under the Company's revolving credit facility. Interest Expense The following table presents total interest expense recognized in the accompanying interim unaudited condensed consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, (Thousands of U.S. Dollars) 2020 2019 2020 2019 Contractual interest and other financing expenses $ 13,191 $ 11,364 $ 37,430 $ 28,081 Amortization of debt issuance costs 838 789 2,774 2,574 $ 14,029 $ 12,153 $ 40,204 $ 30,655 |
Share Capital
Share Capital | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share Capital | Share Capital Shares of Common Stock Balance at December 31, 2019 and September 30, 2020 366,981,556 Equity Compensation Awards The following table provides information about p erformance stock units (“PSUs”), deferred share units (“DSUs”), and stock option activity for the nine months ended September 30, 2020: PSUs DSUs Stock Options Number of Outstanding Share Units Number of Outstanding Share Units Number of Outstanding Stock Options Weighted Average Exercise Price/Stock Option ($) Balance, December 31, 2019 11,371,367 1,251,994 10,612,872 2.78 Granted 16,063,219 1,708,720 8,653,255 0.71 Exercised (2,531,995) — — — Forfeited (1,629,187) — (992,287) 2.02 Expired — — (2,847,970) 3.48 Balance, September 30, 2020 23,273,404 2,960,714 15,425,870 1.56 Weighted Average Shares Outstanding Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Weighted average number of common shares outstanding 366,981,556 372,195,176 366,981,556 379,701,405 Shares issuable pursuant to stock options — — — 14,315 Shares assumed to be purchased from proceeds of stock options — — — (14,056) Weighted average number of diluted common shares outstanding 366,981,556 372,195,176 366,981,556 379,701,664 Common shares outstanding, as at period end 366,981,556 366,981,556 366,981,556 366,981,556 |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | RevenueThe Company's revenues are generated from oil sales at prices which reflect the blended prices received upon shipment by the purchaser at defined sales points or are defined by contract relative to ICE Brent and adjusted for Vasconia or Castilla crude differentials, quality, and transportation discounts each month. For the three and nine months ended September 30, 2020, 100% (three and nine months ended September 30, 2019 - 100%) of the Company's revenue resulted from oil sales. During the three and nine months ended September 30, 2020, quality and transportation discounts were 22% and 27%, respectively, of the average ICE Brent price (three and nine months ended September 30, 2019 - 16% and 15%, respectively). During the three and nine months ended September 30, 2020, the Company's production was sold primarily to two major customers in Colombia (three and nine months ended September 30, 2019 - three).As at September 30, 2020, accounts receivable included nil of accrued sales revenue related to September 2020 production (December 31, 2019 - $0.1 million related to December 31, 2019 production). |
COVID-19 Costs
COVID-19 Costs | 9 Months Ended |
Sep. 30, 2020 | |
Unusual or Infrequent Items, or Both [Abstract] | |
COVID-19 Costs | COVID-19 Costs The COVID-19 pandemic resulted in extra operating and transportation costs related to COVID-19 health and safety preventative measures including incremental sanitation requirements and enhanced procedures for trucking barrels and crew changes in the field. Below is a break-down of the costs: Three Months Ended September 30, Nine Months Ended September 30, (Thousands of U.S. Dollars) 2020 2019 2020 2019 Operating expenses $ 1,012 $ — $ 1,433 $ — Transportation costs 96 — 96 — COVID-19 costs $ 1,108 $ — $ 1,529 $ — |
Taxes
Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Taxes | Taxes The Company's effective tax rate was 8% for the nine months ended September 30, 2020, compared to 79% in the comparative period of 2019. Current income tax expense was lower in the nine months ended September 30, 2020, compared to the corresponding period in 2019, primarily as a result of lower income in Colombia. The deferred income tax recovery for the nine months ended September 30, 2020, was the result of a ceiling test impairment loss in Colombia; which was partially offset by losses incurred in Colombia that are now fully offset by a valuation allowance. The deferred income tax expense in the comparative period of 2019 was mainly the result of tax depreciation being higher than accounting depreciation in Colombia. For the nine months ended September 30, 2020, the difference between the effective tax rate of 8% and the 32% Colombian tax rate was primarily due to an increase in the valuation allowance, foreign translation adjustments, the non-deductibility of goodwill impairment for tax purposes, and the non-deductible portion (50%) of the unrealized loss on the PetroTal shares. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Legal Proceedings Gran Tierra has a number of lawsuits and claims pending, including a dispute with the Agencia Nacional de Hidrocarburos (National Hydrocarbons Agency) ("ANH") relating to the calculation of HPR royalties. Discussions with the ANH are ongoing. Although the outcome of these 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 September 30, 2020, the Company had provided letters of credit and other credit support totaling $96.6 million (December 31, 2019 - $120.6 million) as security relating to work commitment guarantees in Colombia and Ecuador contained in exploration contracts and other capital or operating requirements. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurement | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurement | Financial Instruments and Fair Value Measurement Financial Instruments At September 30, 2020, the Company’s financial instruments recognized on the balance sheet consisted of: cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, investment, accounts payable and accrued liabilities, derivatives, long-term debt, equity compensation award liability and other long-term liabilities. Fair Value Measurement The fair value of investment, derivatives and equity compensation award liability is remeasured at the estimated fair value at the end of each reporting period. Investment in PetroTal The fair value of the Company's investment in PetroTal was estimated to be $33.2 million at September 30, 2020, based on the closing stock price of PetroTal of $0.18 CAD and the foreign exchange rate at that date. PetroTal is a publicly-traded energy company incorporated and domiciled in Canada engaged in exploration, appraisal and development of crude oil and natural gas in Peru. PetroTal's shares are listed on the Toronto Stock Exchange Venture under the trading symbol 'TAL' and on the London Stock Exchange Alternative Investment Market under the trading symbol 'PTAL'. Gran Tierra through a subsidiary holds approximately 246 million common shares representing approximately 30% of PetroTal's issued and outstanding common shares. Gran Tierra has the right to nominate two directors to the board of PetroTal. Commodity and Foreign Currency Derivatives The fair value of commodity price and foreign currency derivatives is estimated based on various factors, including quoted market prices in active markets and quotes from third parties. The Company also performs an internal valuation to ensure the reasonableness of third party quotes. In consideration of counterparty credit risk, the Company assessed the possibility of whether the counterparty to the derivative would default by failing to make any contractually required payments. Additionally, the Company considers that it is of substantial credit quality and has the financial resources and willingness to meet its potential repayment obligations associated with the derivative transactions. PSUs and DSUs The fair value of the PSUs liability was estimated based on a pricing model using inputs such as quoted market prices in an active market, and PSUs performance factor. The fair value of DSUs liability is measured using quoted market prices in an active market. The fair value of investment, derivatives and PSUs and DSUs liability at September 30, 2020, and December 31, 2019, was as follows: (Thousands of U.S. Dollars) As at September 30, 2020 As at December 31, 2019 Investment $ 33,209 $ 94,741 Derivative liability $ 3,184 $ 775 PSUs and DSUs liability 2,327 7,859 $ 5,511 $ 8,634 The following table presents gains or losses on financial instruments recognized in the accompanying interim unaudited condensed consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, (Thousands of U.S. Dollars) 2020 2019 2020 2019 Commodity price derivative (gain) loss $ (2,206) $ (24) $ (12,983) $ 464 Foreign currency derivatives loss 33 337 3,566 392 Investment loss (gain) 1,055 11,972 60,124 (3,746) Financial instruments loss 405 — 1,162 — $ (713) $ 12,285 $ 51,869 $ (2,890) Financial instruments not recorded at fair value include the Company's 6.25% Senior Notes due 2025 (the "6.25% Senior Notes") and 7.75% Senior Notes due 2027 (the "7.75% Senior Notes"). At September 30, 2020, the carrying amounts of the 6.25% Senior Notes and the 7.75% Senior Notes were $291.9 million and $290.6 million, respectively, which represented the aggregate principal amount less unamortized debt issuance costs, and the fair values were $103.6 million and $105.6 million, respectively. The fair value of long-term restricted cash and cash equivalents and the revolving credit facility approximated their carrying value because interest rates are variable and reflective of market rates. The fair values of other financial instruments approximate their carrying amounts due to the short-term maturity of these instruments. 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 consist of quoted prices (unadjusted) in active markets for identical assets and liabilities and have the highest priority. Level 2 and 3 inputs are based on significant other observable inputs and significant unobservable inputs, respectively, and have lower priorities. The Company uses appropriate valuation techniques based on the available inputs to measure the fair values of assets and liabilities. At September 30, 2020, the fair value of the investment and DSUs liability was determined using Level 1 inputs, the fair value of derivatives and PSUs liability was determined using Level 2 inputs. The Company uses available market data and valuation methodologies to estimate the fair value of debt. The fair value of debt is the estimated amount the Company would have to pay a third party to assume the debt, including a credit spread for the difference between the issue rate and the period end market rate. The credit spread is the Company’s default or repayment risk. The credit spread (premium or discount) is determined by comparing the Company’s Senior Notes and revolving credit facility to new issuances (secured and unsecured) and secondary trades of similar size and credit statistics for both public and private debt. The disclosure in the paragraph above regarding the fair value of cash and restricted cash and cash equivalents and Senior Notes was based on Level 1 inputs and the fair value of credit facility was based on Level 2 inputs. The Company’s non-recurring fair value measurements include asset retirement obligations. The fair value of an asset retirement obligation is measured by reference to the expected future cash outflows required to satisfy the retirement obligation discounted at the Company’s credit-adjusted risk-free interest rate. Commodity Price Derivatives The Company utilizes commodity price derivatives to manage the variability in cash flows associated with the forecasted sale of its oil production, reduce commodity price risk and provide a base level of cash flow in order to assure it can execute at least a portion of its capital spending. At September 30, 2020, the Company had outstanding commodity price derivative positions as follows: Period and type of instrument Volume, Reference Sold Put ($/bbl, Weighted Average) Purchased Put ($/bbl, Weighted Average) Sold Call ($/bbl, Weighted Average) Premium ($/bbl, Weighted Average) Collars: October 1, to December 31, 2020 11,000 ICE Brent 27.05 35.68 43.43 0.54 Collars: January 1, to June 30, 2021 9,000 ICE Brent 35.56 45.22 52.48 n/a Swaptions: July 1, to December 31, 2021 3,000 ICE Brent n/a n/a 56.75 n/a Foreign Currency Derivatives The Company utilizes foreign currency derivatives to manage the variability in cash flows associated with the Company's forecasted Colombian peso ("COP") denominated expenses. At September 30, 2020, the Company had outstanding foreign currency derivative positions as follows: Period and type of instrument Amount Hedged U.S. Dollar Equivalent of Amount Hedged (Thousands of U.S. Dollars) (1) Reference Floor Price Cap Price (COP, Weighted Average) Collars: October 1, to December 31, 2020 36,750 9,474 COP 3,306 3,425 (1) At September 30, 2020 foreign exchange rate. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow InformationThe following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents with the Company's interim unaudited condensed consolidated balance sheet that sum to the total of the same such amounts shown in the interim unaudited condensed consolidated statements of cash flows: (Thousands of U.S. Dollars) As at September 30, As at December 31, 2020 2019 2019 2018 Cash and cash equivalents $ 21,385 $ 13,959 $ 8,301 $ 51,040 Restricted cash and cash equivalents - current 423 676 516 1,269 Restricted cash and cash equivalents - 3,007 2,119 2,258 1,999 $ 24,815 $ 16,754 $ 11,075 $ 54,308 Net changes in assets and liabilities from operating activities were as follows: Nine Months Ended September 30, (Thousands of U.S. Dollars) 2020 2019 Accounts receivable and other long-term assets $ 31,108 $ 3,476 Derivatives 694 (658) Inventory (2,377) (3,403) Prepaids (183) 353 Accounts payable and accrued and other long-term liabilities (57,621) (21,687) Taxes receivable and payable 51,667 (61,687) Net changes in assets and liabilities from operating activities $ 23,288 $ (83,606) Changes in non-cash investing working capital for the nine months ended September 30, 2020, are comprised of a decrease in accounts payable and accrued liabilities of $69.9 million and an increase in accounts receivable of $0.3 million (nine months ended September 30, 2019, an increase in accounts payable and accrued liabilities of $19.7 million and an increase in accounts receivable of $0.4 million). The following table provides additional supplemental cash flow disclosures: Nine Months Ended September 30, (Thousands of U.S. Dollars) 2020 2019 Cash paid for income taxes $ 11,603 $ 38,022 Cash paid for interest $ 35,408 $ 25,850 Non-cash investing activities: Net liabilities related to property, plant and equipment, end of period $ 7,805 $ 105,342 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
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. |
Recently Adopted Accounting Pronouncements/Recently Issued but Not Yet Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Financial Instruments - Credit Losses (ASC 326) In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses". This ASU replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires a broader range of reasonable and supportable information to support credit loss estimates. In December 2019, the FASB issued ASU 2019-10, "Financial Instruments - Credit Losses, Derivatives and Hedging and Leases", which is codification improvement of ASU 2016-13. The Company adopted this ASU on January 1, 2020, the adoption of which had no impact on the Company. At each reporting date, the Company assesses the expected lifetime credit losses on initial recognition of trade accounts receivable. Credit risk is assessed based on the number of days the receivable has been outstanding and the internal credit assessment of the customer. The expected loss rates are based on payment profiles over a period of 36 months prior to the period-end and the corresponding historical credit losses experienced within this period. Historical loss rates are adjusted to reflect current and forward looking economic factors of the country where the Company sells oil that affect the ability of the customers to settle the receivables. Trade receivables are written off when there is no reasonable expectation of recovery. Risks and Measurement Uncertainty In March 2020, the outbreak of the COVID-19 virus, which was declared a pandemic by the World Health Organization, has spread across the globe and impacted worldwide economic activity. In addition, global commodity prices declined significantly due to disputes between major oil producing countries combined with the impact of the COVID-19 pandemic and associated reductions in global demand for oil. Governments worldwide, including those in Colombia and Ecuador, the countries where the Company operates, enacted emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans, self-imposed quarantine periods and physical distancing, caused material disruption to businesses globally resulting in an economic slowdown. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions; however, the success of these interventions is not currently determinable. The current challenging economic climate is having and may continue to have significant adverse impacts on the Company including, but not exclusively: • material declines in revenue and cash flows as a result of the decline in commodity prices; • declines in revenue and operating activities due to reduced capital programs and the shut-in of production; • impairment charges (see Note 4); • inability to comply with covenants and restrictions in debt agreements; • inability to access financing sources; • increased risk of non-performance by the Company’s customers and suppliers; • interruptions in operations as the Company adjusts personnel to the dynamic environment; and • inability to operate or delay in operations as a result COVID-19 restrictions in the countries in which the Company operates. The unprecedented decline in oil prices has materially reduced the Company’s forecasted EBITDAX and the estimated value of its oil reserves. Based on current forecasted Brent pricing and production levels, which can change materially in very short time frames, the Company is forecasted to be in compliance with the amended financial covenants contained in the Company's Senior Secured Credit Facility (the "revolving credit facility") for at least the next year from the date of these financial statements. The amount available under the Company’s senior secured credit facility is based on the lenders determination of the borrowing base. The borrowing base is determined, by the lenders, based on the Company’s reserves and commodity prices. The next renewal of the borrowing base is scheduled for November 2020 and there is risk that the borrowing base may be reduced by the lenders. In addition, the Company’s ability to borrow under the credit facility may be limited by the terms of the indentures for the 6.25% Senior Notes and 7.75% Senior Notes. The risk of non-compliance with the covenants in the lending agreements and the risk associated with maintaining the borrowing base is heightened in the current period of volatility coupled with the unprecedented disruption caused by the COVID-19 pandemic. Management currently expects that the Company will continue to meet the terms of the credit facility or obtain further amendments or waivers if and when required. The Company also expects to be able to maintain the borrowing base at a level in excess of the amount borrowed. However, there can be no assurances that the Company’s liquidity can be maintained at or above current levels during this period of volatility and global economic uncertainty. The situation is dynamic and the ultimate duration and magnitude of the impact on the economy and the financial effect on the Company is not known at this time. Estimates and judgments made by management in the preparation of the financial statements are increasingly difficult and subject to a higher degree of measurement uncertainty during this volatile period. In the near term, matters in these financial statements that are most subject to be impacted by this volatile period are the Company's assessment of liquidity and access to capital, the carrying value of long-lived assets and the valuation of the deferred tax assets. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | (Thousands of U.S. Dollars) As at September 30, 2020 As at December 31, 2019 Oil and natural gas properties Proved $ 3,937,361 $ 3,850,565 Unproved 285,276 310,809 4,222,637 4,161,374 Other (1) 32,297 26,287 4,254,934 4,187,661 Accumulated depletion and depreciation and impairment (3,247,583) (2,610,268) $ 1,007,351 $ 1,577,393 (1) Included in other are right-of-use assets for operating and finance leases, net book value of which was $5.1 million as at September 30, 2020 ($5.7 million as at December 31, 2019). |
Debt and Debt Issuance Costs (T
Debt and Debt Issuance Costs (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company's debt at September 30, 2020 and December 31, 2019 was as follows: (Thousands of U.S. Dollars) As at September 30, 2020 As at December 31, 2019 6.25% Senior Notes $ 300,000 $ 300,000 7.75% Senior Notes 300,000 300,000 Revolving credit facility 200,000 118,000 Unamortized debt issuance costs (18,925) (21,081) Long-term debt 781,075 696,919 Long-term lease obligation (1) 3,236 3,540 $ 784,311 $ 700,459 (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 $3.3 million as at September 30, 2020 (December 31, 2019 - $3.3 million). |
Schedule of Interest Expense Recognized | The following table presents total interest expense recognized in the accompanying interim unaudited condensed consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, (Thousands of U.S. Dollars) 2020 2019 2020 2019 Contractual interest and other financing expenses $ 13,191 $ 11,364 $ 37,430 $ 28,081 Amortization of debt issuance costs 838 789 2,774 2,574 $ 14,029 $ 12,153 $ 40,204 $ 30,655 |
Share Capital (Tables)
Share Capital (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Common Stock | Shares of Common Stock Balance at December 31, 2019 and September 30, 2020 366,981,556 |
Schedule of PSU, DSU, RSU and Stock Option Activity | The following table provides information about p erformance stock units (“PSUs”), deferred share units (“DSUs”), and stock option activity for the nine months ended September 30, 2020: PSUs DSUs Stock Options Number of Outstanding Share Units Number of Outstanding Share Units Number of Outstanding Stock Options Weighted Average Exercise Price/Stock Option ($) Balance, December 31, 2019 11,371,367 1,251,994 10,612,872 2.78 Granted 16,063,219 1,708,720 8,653,255 0.71 Exercised (2,531,995) — — — Forfeited (1,629,187) — (992,287) 2.02 Expired — — (2,847,970) 3.48 Balance, September 30, 2020 23,273,404 2,960,714 15,425,870 1.56 |
Schedule of Weighted Average Shares Outstanding | Weighted Average Shares Outstanding Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Weighted average number of common shares outstanding 366,981,556 372,195,176 366,981,556 379,701,405 Shares issuable pursuant to stock options — — — 14,315 Shares assumed to be purchased from proceeds of stock options — — — (14,056) Weighted average number of diluted common shares outstanding 366,981,556 372,195,176 366,981,556 379,701,664 Common shares outstanding, as at period end 366,981,556 366,981,556 366,981,556 366,981,556 |
COVID-19 Costs (Tables)
COVID-19 Costs (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Schedule Cost Incurred due to Catastrophic Events | The COVID-19 pandemic resulted in extra operating and transportation costs related to COVID-19 health and safety preventative measures including incremental sanitation requirements and enhanced procedures for trucking barrels and crew changes in the field. Below is a break-down of the costs: Three Months Ended September 30, Nine Months Ended September 30, (Thousands of U.S. Dollars) 2020 2019 2020 2019 Operating expenses $ 1,012 $ — $ 1,433 $ — Transportation costs 96 — 96 — COVID-19 costs $ 1,108 $ — $ 1,529 $ — |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Derivatives and RSU, PSU and DSU Liabilities | The fair value of investment, derivatives and PSUs and DSUs liability at September 30, 2020, and December 31, 2019, was as follows: (Thousands of U.S. Dollars) As at September 30, 2020 As at December 31, 2019 Investment $ 33,209 $ 94,741 Derivative liability $ 3,184 $ 775 PSUs and DSUs liability 2,327 7,859 $ 5,511 $ 8,634 |
Schedule of Gains or Losses on Financial Instruments Recognized | The following table presents gains or losses on financial instruments recognized in the accompanying interim unaudited condensed consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, (Thousands of U.S. Dollars) 2020 2019 2020 2019 Commodity price derivative (gain) loss $ (2,206) $ (24) $ (12,983) $ 464 Foreign currency derivatives loss 33 337 3,566 392 Investment loss (gain) 1,055 11,972 60,124 (3,746) Financial instruments loss 405 — 1,162 — $ (713) $ 12,285 $ 51,869 $ (2,890) |
Schedule of Commodity Price Derivative Positions and Commodity Foreign Currency Contracts | At September 30, 2020, the Company had outstanding commodity price derivative positions as follows: Period and type of instrument Volume, Reference Sold Put ($/bbl, Weighted Average) Purchased Put ($/bbl, Weighted Average) Sold Call ($/bbl, Weighted Average) Premium ($/bbl, Weighted Average) Collars: October 1, to December 31, 2020 11,000 ICE Brent 27.05 35.68 43.43 0.54 Collars: January 1, to June 30, 2021 9,000 ICE Brent 35.56 45.22 52.48 n/a Swaptions: July 1, to December 31, 2021 3,000 ICE Brent n/a n/a 56.75 n/a |
Schedule of Outstanding Foreign Currency Derivative Positions | At September 30, 2020, the Company had outstanding foreign currency derivative positions as follows: Period and type of instrument Amount Hedged U.S. Dollar Equivalent of Amount Hedged (Thousands of U.S. Dollars) (1) Reference Floor Price Cap Price (COP, Weighted Average) Collars: October 1, to December 31, 2020 36,750 9,474 COP 3,306 3,425 (1) At September 30, 2020 foreign exchange rate. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
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 with the Company's interim unaudited condensed consolidated balance sheet that sum to the total of the same such amounts shown in the interim unaudited condensed consolidated statements of cash flows: (Thousands of U.S. Dollars) As at September 30, As at December 31, 2020 2019 2019 2018 Cash and cash equivalents $ 21,385 $ 13,959 $ 8,301 $ 51,040 Restricted cash and cash equivalents - current 423 676 516 1,269 Restricted cash and cash equivalents - 3,007 2,119 2,258 1,999 $ 24,815 $ 16,754 $ 11,075 $ 54,308 |
Schedule of Net Changes in Assets and Liabilities | Net changes in assets and liabilities from operating activities were as follows: Nine Months Ended September 30, (Thousands of U.S. Dollars) 2020 2019 Accounts receivable and other long-term assets $ 31,108 $ 3,476 Derivatives 694 (658) Inventory (2,377) (3,403) Prepaids (183) 353 Accounts payable and accrued and other long-term liabilities (57,621) (21,687) Taxes receivable and payable 51,667 (61,687) Net changes in assets and liabilities from operating activities $ 23,288 $ (83,606) |
Schedule of Additional Supplemental Cash Flow Disclosures | The following table provides additional supplemental cash flow disclosures: Nine Months Ended September 30, (Thousands of U.S. Dollars) 2020 2019 Cash paid for income taxes $ 11,603 $ 38,022 Cash paid for interest $ 35,408 $ 25,850 Non-cash investing activities: Net liabilities related to property, plant and equipment, end of period $ 7,805 $ 105,342 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - Senior notes | Sep. 30, 2020 |
6.25% Senior Notes | |
Debt Instrument [Line Items] | |
Stated interest rate | 6.25% |
7.75% Senior Notes | |
Debt Instrument [Line Items] | |
Stated interest rate | 7.75% |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4,254,934 | $ 4,187,661 |
Accumulated depletion and depreciation and impairment | (3,247,583) | (2,610,268) |
Total Property, Plant and Equipment (Notes 5) | 1,007,351 | 1,577,393 |
Right-of-use asset | 5,100 | 5,700 |
Oil and natural gas properties | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 4,222,637 | 4,161,374 |
Proved | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,937,361 | 3,850,565 |
Unproved | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 285,276 | 310,809 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 32,297 | $ 26,287 |
Impairment (Details)
Impairment (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)$ / bbl | Sep. 30, 2019USD ($)$ / bbl | |
Property, Plant and Equipment [Line Items] | ||||
Impairment of oil and gas properties | $ 104,700,000 | $ 502,900,000 | ||
Oil and gas properties, discounted rate | 10.00% | |||
Historical prices, discounted rate | 10.00% | |||
Ceiling test impairment | $ 0 | $ 0 | ||
Inventory impairment | 100,000 | 0 | 4,200,000 | $ 0 |
Goodwill impairment | $ 0 | $ 0 | $ 102,581,000 | $ 0 |
Crude Oil and NGL | ||||
Property, Plant and Equipment [Line Items] | ||||
Average Brent price per barrel (in USD per barrel) | $ / bbl | 47.95 | 67.20 |
Debt and Debt Issuance Costs -
Debt and Debt Issuance Costs - Schedule of Debt (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ (18,925,000) | $ (21,081,000) |
Long-term debt | 781,075,000 | 696,919,000 |
Long-term lease obligation | 3,236,000 | 3,540,000 |
Long-term debt excluding current maturity | $ 784,311,000 | 700,459,000 |
Senior notes | 6.25% Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.25% | |
Convertible senior notes and revolving credit facility | $ 300,000,000 | 300,000,000 |
Senior notes | 7.75% Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 7.75% | |
Convertible senior notes and revolving credit facility | $ 300,000,000 | 300,000,000 |
Revolving credit facility | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Convertible senior notes and revolving credit facility | 200,000,000 | 118,000,000 |
Lease obligations | Accounts payable | ||
Debt Instrument [Line Items] | ||
Current portion of lease obligation | $ 3,300,000 | $ 3,300,000 |
Debt and Debt Issuance Costs _2
Debt and Debt Issuance Costs - Narrative (Details) - Revolving credit facility - Revolving credit facility - USD ($) | 3 Months Ended | |||
Sep. 30, 2020 | Oct. 01, 2021 | Jun. 01, 2020 | May 31, 2020 | |
Line of Credit Facility [Line Items] | ||||
Borrowing base | $ 225,000,000 | $ 300,000,000 | ||
Increase in spread during covenant relief | 1.25% | |||
Requirements for borrowing condition, maximum balance of cash and cash equivalents | $ 15,000,000 | |||
Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Debt to EBITDAX ratio | 400.00% | |||
Minimum | LIBOR | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 2.90% | |||
Minimum | Base Rate | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 1.90% | |||
Minimum | March 31, 2021 | ||||
Line of Credit Facility [Line Items] | ||||
EBITDAX to interest expense, ratio | 200.00% | |||
Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Senior secured debt to EBITDAX ratio | 250.00% | |||
Maximum | Forecast | ||||
Line of Credit Facility [Line Items] | ||||
Debt to EBITDAX ratio | 400.00% | |||
Senior secured debt to EBITDAX ratio | 300.00% | |||
EBITDAX to interest expense, ratio | 250.00% | |||
Maximum | LIBOR | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 4.90% | |||
Maximum | Base Rate | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 3.90% | |||
Maximum | Until December 31.2020 | ||||
Line of Credit Facility [Line Items] | ||||
EBITDAX to interest expense, ratio | 250.00% |
Debt and Debt Issuance Costs _3
Debt and Debt Issuance Costs - Schedule of Interest Expense Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Debt Disclosure [Abstract] | ||||
Contractual interest and other financing expenses | $ 13,191 | $ 11,364 | $ 37,430 | $ 28,081 |
Amortization of debt issuance costs | 838 | 789 | 2,774 | 2,574 |
Total interest expense recognized | $ 14,029 | $ 12,153 | $ 40,204 | $ 30,655 |
Share Capital - Schedule of Com
Share Capital - Schedule of Common Stock (Details) - shares | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Increase (Decrease) in Common Stock | |||
Common Stock, shares outstanding (in shares) | 366,981,556 | 366,981,556 | 366,981,556 |
Shares of Common Stock | |||
Increase (Decrease) in Common Stock | |||
Common Stock, shares outstanding (in shares) | 366,981,556 | 366,981,556 |
Share Capital - Schedule of PSU
Share Capital - Schedule of PSU, DSU, RSU and Stock Option Activity (Details) | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Number of Outstanding Stock Options | |
Beginning Balance (in shares) | 10,612,872 |
Granted (in shares) | 8,653,255 |
Exercised (in shares) | 0 |
Forfeited (in shares) | (992,287) |
Expired (in shares) | (2,847,970) |
Ending Balance (in shares) | 15,425,870 |
Weighted Average Exercise Price/Stock Option ($) | |
Beginning balance (in dollars per share) | $ / shares | $ 2.78 |
Granted (in dollars per share) | $ / shares | 0.71 |
Exercised (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 2.02 |
Expired (in dollars per share) | $ / shares | 3.48 |
Ending balance (in dollars per share) | $ / shares | $ 1.56 |
PSUs | |
Number of Outstanding Share Units | |
Beginning Balance (in shares) | 11,371,367 |
Granted (in shares) | 16,063,219 |
Exercised (in shares) | (2,531,995) |
Forfeited (in shares) | (1,629,187) |
Expired (in shares) | 0 |
Ending Balance (in shares) | 23,273,404 |
DSUs | |
Number of Outstanding Share Units | |
Beginning Balance (in shares) | 1,251,994 |
Granted (in shares) | 1,708,720 |
Exercised (in shares) | 0 |
Forfeited (in shares) | 0 |
Expired (in shares) | 0 |
Ending Balance (in shares) | 2,960,714 |
Share Capital - Equity Compensa
Share Capital - Equity Compensation Awards (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation | $ 1.3 | $ 0 | $ (0.7) | $ 1.1 | |
Unrecognized compensation cost | $ 5.3 | $ 5.3 | $ 6.7 | ||
Weighted average period for recognition | 1 year 9 months 18 days | ||||
PSUs | Vested December 31, 2019 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Payments for units vested in period | $ 3.2 | ||||
PSUs | Vested December 31, 2018 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Payments for units vested in period | $ 10.2 |
Share Capital - Schedule of Wei
Share Capital - Schedule of Weighted Average Shares Outstanding (Details) - shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||||
Weighted average number of common shares outstanding (in shares) | 366,981,556 | 372,195,176 | 366,981,556 | 379,701,405 | |
Shares issuable pursuant to stock options (in shares) | 0 | 0 | 0 | 14,315 | |
Shares assumed to be purchased from proceeds of stock options (in shares) | 0 | 0 | 0 | (14,056) | |
Weighted average number of diluted common shares outstanding (in shares) | 366,981,556 | 372,195,176 | 366,981,556 | 379,701,664 | |
Common shares outstanding, as at period end (in shares) | 366,981,556 | 366,981,556 | 366,981,556 | 366,981,556 | 366,981,556 |
Share Capital - Weighted Averag
Share Capital - Weighted Average Shares Outstanding (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Options excluded from diluted income (loss) per share calculation (in shares) | 10,316,496 | 10,247,016 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Concentration Risk [Line Items] | |||||
Variable adjustment for transportation, location, quality, and other elements, percentage | (22.00%) | (16.00%) | (27.00%) | (15.00%) | |
Accrued sales revenue | $ 0 | $ 0 | $ 0.1 | ||
Product Concentration Risk | Revenue from Contract with Customer | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | 100.00% |
COVID-19 Costs (Details)
COVID-19 Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Unusual or Infrequent Items, or Both [Abstract] | ||||
Operating expenses | $ 1,012 | $ 0 | $ 1,433 | $ 0 |
Transportation costs | 96 | 0 | 96 | 0 |
COVID-19 costs | $ 1,108 | $ 0 | $ 1,529 | $ 0 |
Taxes (Details)
Taxes (Details) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Contingency [Line Items] | ||
Effective tax rate | 8.00% | 79.00% |
Unrealized loss of investment as percent of non-deductible portion | 50.00% | |
Colombia | ||
Income Tax Contingency [Line Items] | ||
Statutory income tax rate | 32.00% | 33.00% |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||
Letters of credit and other credit support provided | $ 96.6 | $ 120.6 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurement - Narrative (Details) $ in Thousands, shares in Millions | Sep. 30, 2020USD ($)shares | Sep. 30, 2020$ / shares | Dec. 31, 2019USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, fair value | $ 33,209 | $ 94,741 | |
Senior notes | 6.25% Senior Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Stated interest rate | 6.25% | ||
Senior notes | 7.75% Senior Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Stated interest rate | 7.75% | ||
Fair value | Senior notes | 6.25% Senior Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt instrument, fair value disclosure | $ 103,600 | ||
Fair value | Senior notes | 7.75% Senior Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt instrument, fair value disclosure | 105,600 | ||
Carrying amount | Senior notes | 6.25% Senior Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt instrument, fair value disclosure | 291,900 | ||
Carrying amount | Senior notes | 7.75% Senior Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt instrument, fair value disclosure | 290,600 | ||
PetroTal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, fair value | $ 33,200 | ||
Closing share price (in dollars per share) | $ / shares | $ 0.18 | ||
PetroTal | Fair value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment owned, balance (in shares) | shares | 246 | ||
Investment owned, percent of total shares | 30.00% |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurement - Schedule of Fair Value of Derivatives and RSU, PSU and DSU Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Investment | $ 33,209 | $ 94,741 |
Derivative liability | 3,184 | 775 |
PSU and DSU liability | 2,327 | 7,859 |
Liabilities, fair value disclosure | $ 5,511 | $ 8,634 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurement - Schedule of Gains or Losses on Financial Instruments Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Investment loss (gain) | $ 1,055 | $ 11,972 | $ 60,124 | $ (3,746) |
Financial instruments loss | 405 | 0 | 1,162 | 0 |
Financial instruments (gain) loss | (713) | 12,285 | 51,869 | (2,890) |
Commodity price derivative (gain) loss | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative (gain) loss | (2,206) | (24) | (12,983) | 464 |
Foreign currency derivatives loss | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative (gain) loss | $ 33 | $ 337 | $ 3,566 | $ 392 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurement - Schedule of Commodity Price Derivative Positions and Commodity Foreign Currency Contracts (Details) - Forecast | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2020$ / bbl$ / collarbbl | Dec. 31, 2021$ / bblbbl | Jun. 30, 2021$ / bblbbl | |
Collars: October 1, to December 31, 2020 | Sold | Put | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Purchased Put (in dollars per barrel) | $ / collar | 3,306 | ||
Collars: October 1, to December 31, 2020 | Purchased | Call | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Sold Price (Weighted Average) (in dollars per bbl) | $ / collar | 3,425 | ||
Commodity Hedge | Collars: October 1, to December 31, 2020 | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Volume (in barrels of oil per day) | bbl | 11,000 | ||
Premium (Weighted Average) (in dollars per bbl) | 0.54 | ||
Commodity Hedge | Collars: October 1, to December 31, 2020 | Sold | Put | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Sold Price (Weighted Average) (in dollars per bbl) | 27.05 | ||
Commodity Hedge | Collars: October 1, to December 31, 2020 | Sold | Call | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Sold Price (Weighted Average) (in dollars per bbl) | 43.43 | ||
Commodity Hedge | Collars: October 1, to December 31, 2020 | Purchased | Put | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Purchased Put (in dollars per barrel) | 35.68 | ||
Commodity Hedge | Collars: January 1, to June 30, 2021 | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Volume (in barrels of oil per day) | bbl | 9,000 | ||
Commodity Hedge | Collars: January 1, to June 30, 2021 | Sold | Put | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Sold Price (Weighted Average) (in dollars per bbl) | 35.56 | ||
Commodity Hedge | Collars: January 1, to June 30, 2021 | Sold | Call | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Sold Price (Weighted Average) (in dollars per bbl) | 52.48 | ||
Commodity Hedge | Collars: January 1, to June 30, 2021 | Purchased | Put | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Purchased Put (in dollars per barrel) | 45.22 | ||
Commodity Hedge | Swaptions: July 1, to December 31, 2021 [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Volume (in barrels of oil per day) | bbl | 3,000 | ||
Commodity Hedge | Swaptions: July 1, to December 31, 2021 [Member] | Sold | Call | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Sold Price (Weighted Average) (in dollars per bbl) | 56.75 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurement - Schedule of Outstanding Foreign Currency Derivative Positions (Details) - Forecast - Collars: October 1, to December 31, 2020 $ in Thousands, $ in Thousands | Dec. 31, 2020COP ($)$ / collar | Dec. 31, 2020USD ($)$ / collar |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount Hedged | $ 36,750 | $ 9,474 |
Sold | Put | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Floor Price (COP, Weighted Average) | 3,306 | 3,306 |
Purchased | Call | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cap Price (COP, Weighted Average) | 3,425 | 3,425 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 21,385 | $ 8,301 | $ 13,959 | $ 51,040 |
Restricted cash and cash equivalents - current | 423 | 516 | 676 | 1,269 |
Restricted cash and cash equivalents - long-term (included in other long-term assets) | 3,007 | 2,258 | 2,119 | 1,999 |
Cash, cash equivalents and restricted cash and cash equivalents | $ 24,815 | $ 11,075 | $ 16,754 | $ 54,308 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Schedule of Net Changes in Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | ||
Accounts receivable and other long-term assets | $ 31,108 | $ 3,476 |
Derivatives | 694 | (658) |
Inventory | (2,377) | (3,403) |
Prepaids | (183) | 353 |
Accounts payable and accrued and other long-term liabilities | (57,621) | (21,687) |
Taxes receivable and payable | 51,667 | (61,687) |
Net changes in assets and liabilities from operating activities | 23,288 | (83,606) |
Increase (decrease) in accounts payable and accrued liabilities | (69,900) | 19,700 |
Increase in accounts receivable | $ 300 | $ 400 |
Supplemental Cash Flow Inform_5
Supplemental Cash Flow Information - Schedule of Additional Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid for income taxes | $ 11,603 | $ 38,022 |
Cash paid for interest | 35,408 | 25,850 |
Non-cash investing activities: | ||
Net liabilities related to property, plant and equipment, end of period | $ 7,805 | $ 105,342 |