Page 15 - LatAmOil Week 50 2022

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Gary Guidry, President and Chief Executive is equal to the Base Case midpoint cash flow of investors, whose assets total more than $130
Officer of Gran Tierra, commented: “Our teams’ $295mn less the Base Case midpoint total capital trillion.
excellent work throughout 2022 has strongly of $230mn. Free cash flows in the table above are Petrobras, December 14 2022
positioned the Company for continued devel- the midpoints of the ranges of cash flows less the
opment and enhanced oil recovery activities midpoints of the ranges of capital expenditures
in 2023 to optimise the value from each of our for each oil price scenario. PROJECTS & COMPANIES
producing assets in Colombia. In addition, we Earnings before interest, taxes and depletion,
plan to allocate about 30% of our 2023 capital depreciation and accretion (“EBITDA”) is a FPSO re-certification
programme to prioritised exploration drilling non-GAAP measure and does not have a stand-
opportunities in Colombia and Ecuador to fol- ardised meaning under GAAP. Refer to “Non- allows continuity of
low up on our exciting initial exploration results GAAP Measures” in this press release.
in that 2022. “Operating netback” is a non-GAAP meas- production at Atlanta field
Our forecast 2023 capital budget is a bal- ures and does not have standardised meaning
anced, returns-focused programme which is under GAAP. Refer to “Non-GAAP Measures” Enauta Participações, in line with the best corpo-
expected to provide free cash flow2 generation, in this press release. rate governance practices and in continuity with
ongoing strengthening of our balance sheet, Net debt is defined as GAAP total debt before the material facts disclosed on July 1 and August
shareholder returns via share buybacks, optimi- deferred financing fees less cash. 7, informs its shareholders and the market in
sation of ultimate oil reserves value and exposure Gran Tierra Energy, December 7 2022 general that the Classification Society DNV (Det
to exploration upside. We see material potential Norske Veritas) issued the recertification of the
in our exploration portfolio located in highly Petrojarl I production unit.
prospective geological trends in Ecuador and POLICY “The recertification is a relevant step in the
Colombia. We believe Gran Tierra is well-posi- transition process from Atlanta’s Early Pro-
tioned to navigate the current volatile environ- Petrobras joins CDP listing duction System (EPS) to the Full Development
ment with our low base decline, conventional oil System (FDS), it eliminates the main risk to the
asset base and the operational control for capital Petrobras informs that has become part of the Company’s operation and production in the
allocation and timing, while maintaining a low- list of global companies that stand out in cli- short term and paves the way for continuous
cost structure and the safety of our people.” mate change mitigation actions, as announced cash generation until the start of operations of
“Cash flow” refers to line item “net cash pro- by the international organisation CDP, formerly the FDS, expected for mid-2024,” said Carlos
vided by operating activities” under generally known as the Carbon Disclosure Project. The Mastrangelo, COO at Enauta.
accepted accounting principles in the United company received an A- rating in recognition of With the recertification, the current charter
States of America (“GAAP”). its good practices on this topic and as demon- agreement with Altera Infrastructure will be
“Free cash flow” is a non-GAAP measure strated last year. extended for a period of up to two years, until
and does not have a standardised meaning The CDP assessment is carried out annu- May 2025. Located in the Santos Basin, the
under GAAP. Free cash flow is defined as “net ally, through a questionnaire sent to companies Atlanta Field is operated by Enauta Energia,
cash provided by operating activities” less capital listed on the main stock exchanges in the world, a wholly-owned subsidiary of the Company,
expenditures. Refer to “Non-GAAP Measures” analyzing the aspects related to carbon and cli- which also owns 100% of this asset.
in this press release. Forecast 2023 free cash flow mate management, water security and forest Enauta Participações, December 13 2022
of $135mn “before exploration” is equal to the management.
Base Case midpoint cash flow of $295mn less the In 2022, Petrobras reached the A- classifica- Transocean announces
Base Case midpoint total capital of $230mn, with tion in the climate theme, the last year in which
Base Case midpoint exploration-only capital of the company obtained this recognition was in $1.04bn in contract awards
approximately $70mn added back. Forecast 2016. In addition, the company maintained its
2023 free cash flow of $65mn “after exploration” A- rating in water safety. These classifications for two ultra-deepwater
mean that Petrobras is recognised as a leader, a
category that is reserved only for a selected group drillships offshore Brazil
of companies that demonstrate the best practices
in the treatment of environmental issues. Deepwater Corcovado: Transocean has
This is another recognition of Petrobras’ announced awards for its ultra-deepwater drill-
efforts and initiatives in the Environmental, ships, Deepwater Corcovado and Deepwater
Social and Governance (ESG) aspects. The Orion, for work offshore Brazil with a national
company remains committed to accelerating the oil company. Together the two contracts repre-
decarbonisation of its processes and products sent approximately $1.04bn in firm backlog.
and is committed to always acting ethically and Deepwater Corcovado was awarded a four-
transparently, with safety in its operations and year contract, which contributes an estimated
respect for people and the environment, deliver- $583mn in backlog and is expected to begin in
ing sustainable results for a society in transition. the third quarter of 2023 in direct continuation
About CDP: Based in London, the CDP is a of the rig’s current contract.
global reference for investors in providing qual- Deepwater Orion was awarded a three-
ity information on risks and opportunities asso- year contract, which contributes an estimated
ciated with reducing greenhouse gas, climate, $456mn in backlog and is expected to com-
water safety and forest management emissions. mence during the fourth quarter of 2023.
Currently, the CDP is used by more than 680 Transocean, December 7 2022

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