$GTE

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index falling 1.8% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2.1%.The Philadelphia Oil Service Sector Index declined 2.3%, and the Dow Jones US Utilities Index shed 1.1%.In geopolitical news, the US, Iran and Oman are moving toward an interim deal to reopen the Strait of Hormuz, with Washington looking at a Wednesday announcement, Axios reported, citing two regional sources and a US official. President Donald Trump reportedly said late Tuesday that an agreement to reopen the strait, the world's most important chokepoint for crude flows, was imminent. Meanwhile, Yemen's Iran-aligned Houthis claimed an attack on a Saudi Arabian tanker near the coast of Yanbu, a major port for Saudi crude oil exports, according to a CNBC report.Front-month West Texas Intermediate crude oil fell 0.7% to $75.23 a barrel, and the global benchmark Brent crude contract rose 0.2% to $79.50 a barrel. Henry Hub natural gas futures shed 0.4% to $2.67 per 1 million BTU.US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 400,000 barrels in the week ended July 31 following a decrease of 11.0 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 2.5 million barrels after a 7.2-million-barrel decline in the previous week, compared with the 1.5-million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, Constellation Energy (CEG) said Wednesday its board has elected Chief Executive Officer and President Joe Dominguez as chairman. Constellation shares were down 0.9%.Gran Tierra Energy (GTE) shares surged 36% after the company said Wednesday it agreed to sell its oil business in Colombia and Ecuador to Paris-listed Etablissements Maurel & Prom for an enterprise value of $1.33 billion.BP's (BP) push to boost its balance sheet is set to pick up speed in H2, helped by firmer refining margins and ongoing asset sales, RBC Capital Markets said in a note. BP shares were down 3%.Natural Resource Partners (NRP) shares jumped past 8% after it reported its Q2 results.

Sector Update: Energy

Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index falling 1.6% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1.8%.The Philadelphia Oil Service Sector Index declined 1.9%, and the Dow Jones US Utilities Index shed 1.1%.Front-month West Texas Intermediate crude oil fell 0.8% to $75.14 a barrel, and the global benchmark Brent crude contract rose 0.1% to $79.41 a barrel. Henry Hub natural gas futures shed 0.5% to $2.67 per 1 million BTU.In corporate news, Gran Tierra Energy (GTE) shares surged 39% after the company said Wednesday it agreed to sell its oil business in Colombia and Ecuador to Paris-listed Etablissements Maurel & Prom for an enterprise value of $1.33 billion.

Top Midday Gainers

Gran Tierra Energy (GTE) shares soared 37% after the company said Wednesday it agreed to sell its oil business in Colombia and Ecuador to Paris-listed Etablissements Maurel & Prom for an enterprise value of $1.33 billion.More than 18.7 million shares traded intraday, compared with a daily average of about 325,000.Flotek Industries (FTK) raised its 2026 guidance following its Q2 results late Tuesday.Shares jumped 25%, with intraday trading volume rising to more than 1.1 million from a daily average of about 335,000.Charles River Laboratories International (CRL) on Wednesday reported fiscal Q2 non-GAAP earnings and sales above market expectations and raised its 2026 non-GAAP EPS guidance.Shares climbed up 10%, with intraday trading volume rising to over 1.1 million from a daily average of roughly 893,000.Price: $9.37, Change: $+2.54, Percent Change: +37.19%

Gran Tierra Sells South American Oil Business to Maurel & Prom for $1.33 Billion

Gran Tierra Energy (GTE) said on Wednesday it had agreed to sell its Colombia and Ecuador oil business to France's Maurel & Prom for $1.33 billion, exiting South America to focus on growth in Canada and Azerbaijan.The transaction includes the assumption of Gran Tierra's senior notes and prepayment facilities, leaving the company debt-free with about $250 million in cash at closing. The Canadian energy firm said an additional $65 million will be paid via an unsecured note due within 364 days.The deal values the divested South American assets at about $45,900 per barrel of oil equivalent per day and about 4.3 times enterprise value to last-twelve-months adjusted EBITDA.Gran Tierra said production from the assets averaged around 29,000 barrels of oil per day in H1 2026, backed by about 144 million barrels of proved-plus-probable reserves.The company plans to return a portion of the net cash proceeds to stockholders through a share repurchase program, subject to board and shareholder approval.The remaining capital will fund ongoing development in Canada and its newly secured exploration acreage in Azerbaijan, Gran Tierra said in a statement.The transaction cuts Gran Tierra's corporate overhead, eliminating roughly $80 million in annual interest expenses.The continuing company retains about 12,000 to 13,000 barrels of oil equivalent per day in production, alongside an undrawn Canadian credit facility of CA$75 million ($53.4 million).Gran Tierra estimates its pro forma proved-developed-producing net asset value at $12.49 per share, representing an 83% premium to its 20-day volume-weighted average price.Price: $10.39, Change: $+3.56, Percent Change: +52.12%

Top Premarket Gainers

C3is (CISS) stock was up more than 65% in Wednesday's premarket activity after closing Tuesday with a 21% decreaseBluejay Diagnostics (BJDX) shares were 38% higher pre-bell, extending an over 5% rise in the previous session.Julong (JLHL) stock was up 37% after a 12% loss at the prior close.Gran Tierra Energy (GTE) shares were 48% higher after the company agreed to sell its oil business in Colombia and Ecuador to French oil and natural gas exploration and production company Maurel & Prom for an enterprise value of $1.33 billion.Jin Medical International (ZJYL) stock was up more than 28% following the release of its fiscal H1 results.

Earnings Flash (GTE) Gran Tierra Energy Inc. Reports Q2 Sales $187.2M

Gran Tierra Energy to Sell Oil Business in Colombia, Ecuador to Maurel & Prom for $1.33 Billion

Gran Tierra Energy (GTE) said Wednesday it has agreed to sell its oil business in Colombia and Ecuador to French oil and natural gas exploration and production company Maurel & Prom for an enterprise value of $1.33 billion.The deal includes the purchase of certain Gran Tierra notes by Maurel & Prom and a prepayment facility. Gran Tierra is expected to generate cash proceeds of about $315 million from the sale.The transaction, which requires approval from Gran Tierra's shareholders and clearance from regulators in Colombia and Ecuador, is expected to complete on or about Dec. 31.The deal also includes a mutual termination fee of $50 million.

RBC Capital Adjusts Gran Tierra Energy Price Target to CA$9 From CA$8, Maintains Sector Perform Rating

Roth Capital Upgrades Gran Tierra Energy to Buy From Neutral, Adjusts Price Target to $10.35 From $10.61

Sector Update: Energy Stocks Decline Premarket Wednesday

Energy stocks were declining premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.6% lower.The United States Oil Fund (USO) was down 4.4% and the United States Natural Gas Fund (UNG) was 1.7% higher.Front-month US West Texas Intermediate crude oil was 5.1% lower at $89.13 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 4.2% to $95.41 per barrel, and natural gas futures were up 1.2% at $2.93 per 1 million British Thermal Units.TotalEnergies (TTE) is facing a dispute with Mozambique over about $2 billion in costs tied to delays at its liquefied natural gas project in the country, Bloomberg reported, citing an unnamed person familiar with the matter. Shares of TotalEnergies were down more than 2% pre-bell.BP (BP) removed Chairman Albert Manifold, citing governance and oversight concerns, though Manifold rejected the company's account and said his dismissal came without explanation, Bloomberg reported, citing unnamed people familiar with the matter. BP stock was down more than 2% premarket.Gran Tierra Energy (GTE) said it has finalized all conditions tied to its previously announced agreement with Ecopetrol (EC) to acquire a 49% working interest in Colombia's Tisquirama block, expanding its footprint in the Middle Magdalena Valley Basin. Ecopetrol shares were nearly 2% lower pre-bell.

Gran Tierra Secures 49% Stake in Colombia's Tisquirama Block From Ecopetrol

Gran Tierra Energy (GTE) said Wednesday that it has finalized all conditions tied to its previously announced agreement with Ecopetrol (EC) to acquire a 49% working interest in Colombia's Tisquirama block, expanding its footprint in the Middle Magdalena Valley Basin.The block includes the Tisquirama and San Roque fields, which produced about 2,500 barrels of oil equivalent per day on a gross basis in 2025, it said.Gran Tierra added that the assets sit adjacent to its operated Acordionero field and offer potential operational synergies due to similar geology and shared infrastructure.Under the agreement, Gran Tierra said it plans to initially focus on expanding waterflood operations from Acordionero into the Tisquirama fields, alongside well optimization and low-risk infill drilling. The company said it expects to complete Phase 1 of the project by Q1 of 2027 after investing at least $15 million in gross capital expenditures and implementing continuous water injection.Once Phase 1 is completed, Gran Tierra said it will receive 49% of both the fields' existing base production and incremental production.

Canaccord Genuity Upgrades Gran Tierra Energy to Buy From Hold, $10.15 Price Target

Canaccord Genuity Upgrades Gran Tierra Energy to Buy From Hold, $10.15 Price Target