Segment Reporting

The Company is primarily engaged in the exploration and production of oil, natural gas and NGL. The Company reports segmented information based on internal management reporting used by CODM, which are the Company’s Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Executive Vice Presidents and Vice Presidents across various business functions. CODM allocates resources and assesses performance of each reportable segment based on segmented earnings. The Company determined three reportable segments based on the geographic organization: Colombia, Ecuador and Canada. The "Other" category represents the Company’s corporate activities.

The following tables present information on the Company’s reportable segments and other activities for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31, 2025
(Thousands of U.S. Dollars)	Colombia		Ecuador		Canada		Other		Total
Oil, natural gas and NGL sales	$	418,411	$	62,609	$	115,693	$	—	$	596,713
Operating expenses	165,902		24,270		58,576		—		248,748
Transportation expenses	12,505		3,236		1,283		—		17,024
Segmented earnings	$	240,004	$	35,103	$	55,834	$	—	$	330,941

Export tax									3,287
DD&A expenses									278,353
Asset impairment									136,261
General and administrative expenses									60,087

Foreign exchange loss									8,734
Derivative instruments gain									(18,925)
Interest expense									101,309
Non-segmented expenses									569,106

Other gain									4,203
Interest income									1,090
Loss before income taxes									(232,872)
Income tax recovery									(39,753)
Net loss									$	(193,119)

Segment capital expenditures	$	143,170	$	70,065	$	61,866	$	768	$	275,869


	Year Ended December 31, 2024
(Thousands of U.S. Dollars)	Colombia		Ecuador		Canada		Other		Total
Oil, natural gas and NGL sales	$	575,482	$	27,412	$	18,955	$	—	$	621,849
Operating expenses	179,257		13,425		9,649		—		202,331
Transportation expenses	16,297		1,495		672		—		18,464
Segmented earnings	$	379,928	$	12,492	$	8,634	$	—	$	401,054

DD&A expenses									230,619
General and administrative expenses									51,138

Transaction costs									5,907
Foreign exchange gain									(8,808)
Derivative instrument loss									2,271
Interest expense									80,466
Non-segmented expenses									361,593

Other gain									1,478
Interest income									3,666
Income before income taxes									44,605
Income tax expense									41,389
Net income									$	3,216

Segment capital expenditures	$	141,597	$	79,388	$	12,506	$	745	$	234,236


	Year Ended December 31, 2023
(Thousands of U.S. Dollars)	Colombia		Ecuador		Canada		Other		Total
Oil, natural gas and NGL sales	$	621,297	$	15,660	$	—	$	—	$	636,957
Operating expenses	179,103		7,761		—		—		186,864
Transportation expenses	13,829		717		—		—		14,546
Segmented earnings	$	428,365	$	7,182	$	—	$	—	$	435,547

DD&A expenses									215,584
General and administrative expenses									45,846
Foreign exchange loss									11,822

Other financial instruments loss									15
Interest expense									55,806
Non-segmented expenses									329,073

Other loss									(2,297)
Interest income									1,983
Income before income taxes									106,160
Income tax expense									112,447
Net loss									$	(6,287)

Segment capital expenditures	$	201,282	$	25,277	$	—	$	25	$	226,584


	As at December 31, 2025
(Thousands of U.S. Dollars)	Colombia		Ecuador		Canada		Other		Total
Property, plant and equipment	$	935,351	$	176,003	$	185,226	$	7,840	$	1,304,420
All other assets	150,524		55,313		39,093		36,729		281,659
Total Assets	$	1,085,875	$	231,316	$	224,319	$	44,569	$	1,586,079

	As at December 31, 2024
(Thousands of U.S. Dollars)	Colombia		Ecuador		Canada		Other		Total
Property, plant and equipment	$	1,022,808	$	143,034	$	247,512	$	9,777	$	1,423,131
All other assets	99,100		27,942		62,541		42,073		231,656
Total Assets	$	1,121,908	$	170,976	$	310,053	$	51,850	$	1,654,787

Historical Timeline

Fiscal Year	Filed
2025	Mar 4, 2026	Showing above
2024	Feb 24, 2025

2019	Feb 27, 2020

2018	Feb 27, 2019

2017	Feb 27, 2018

2016	Mar 1, 2017

2015	Feb 29, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

GRAN TIERRA ENERGY INC. Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures