Gran Tierra Energy (GTE.TO, GTE) late on Thursday released financial guidance for 2025, including a capital expenditure budget of US$240 million to US$280 million.

The company expects 2025 cash flow of US$260 million to US$300 million. Free cash flow is forecast at US$90 million before exploration and US$20 million after exploration.

The capital program includes 10 to 14 development wells and six to eight high-impact exploration wells.

Production is expected to be between 47,000 and 53,000 barrels of oil equivalent per day (boe/d), representing an increase of 44% at the midpoint from 2024 levels.

Gran Tierra produced 34,710 boe/d in 2024, up 6% from 2023.

The company also plans to allocate up to 50% of after-exploration free cash flow to share buybacks.

Separately, Gran Tierra said 2024 total proved liquids reserves increased to 128 million boe, with proved reserve life index rising to 10 years.

Total proved plus probable reserves in 2024 also rose to 217 million boe, with proved plus probable reserve life index increasing to 17 years.

The company added 89 million boe proved reserves and 159 million boe proved plus probable reserves.

Net present value before tax discounted at 10% was $2 billion for proved reserves and $3.2 billion for proved plus probable reserves.

It is Gran Tierra's sixth consecutive year of proved reserves growth, resulting in its highest total reserves in company history.