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Segment information | 12 Months Ended
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Dec. 31, 2021
Disclosure Of Segment information [Abstract] |
Disclosure of entity's operating segments [text block] | Note 6 Segment information Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Committee. This committee is integrated by the CEO, COO, CFO and managers in charge of the Geoscience, Operations, Legal and Corporate Governance, People and Sustainability departments. This committee reviews the Group’s internal reporting in order to assess performance and allocate resources. Management has determined the operating segments based on these reports. The committee considers the business from a geographic perspective. The Executive Committee assesses the performance of the operating segments based on a measure of Adjusted EBITDA. Adjusted EBITDA is defined as (loss) profit for the period (determined as if IFRS 16 Leases has not been adopted), before net finance cost, income tax, depreciation, amortization, certain non-cash items such as impairments and write-offs of unsuccessful exploration efforts, accrual of share-based payment, unrealized result on commodity risk management contracts, geological and geophysical expenses allocated to capitalized projects, and other non-recurring events. Other information provided to the Executive Committee is measured in a manner consistent with that in the Consolidated Financial Statements. Segment areas (geographical segments) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts in US$ ‘000 | ​ | Colombia | ​ | Chile | ​ | Brazil | ​ | Argentina | ​ | Ecuador (b) | ​ | Corporate | ​ | Total
2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue | ​ | 618,268 | ​ | 21,471 | ​ | 20,109 | ​ | 28,695 | ​ | — | ​ | — | ​ | 688,543
Sale of crude oil | ​ | 616,133 | ​ | 6,297 | ​ | 661 | ​ | 24,468 | ​ | — | ​ | — | ​ | 647,559
Sale of gas | ​ | 2,135 | ​ | 15,174 | ​ | 19,448 | ​ | 4,227 | ​ | — | ​ | — | ​ | 40,984
Realized loss on commodity risk management contracts | ​ | (109,654) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (109,654)
Production and operating costs | ​ | (178,384) | ​ | (11,050) | ​ | (4,596) | ​ | (18,760) | ​ | — | ​ | — | ​ | (212,790)
Royalties | ​ | (106,341) | ​ | (770) | ​ | (1,642) | ​ | (4,270) | ​ | — | ​ | — | ​ | (113,023)
Share-based payment | ​ | (334) | ​ | (31) | ​ | — | ​ | 26 | ​ | — | ​ | — | ​ | (339)
Other operating costs | ​ | (71,709) | ​ | (10,249) | ​ | (2,954) | ​ | (14,516) | ​ | — | ​ | — | ​ | (99,428)
Adjusted EBITDA | ​ | 294,847 | ​ | 7,639 | ​ | 12,569 | ​ | 2,124 | ​ | (2,071) | ​ | (14,308) | ​ | 300,800
Depreciation | ​ | (61,279) | ​ | (14,275) | ​ | (4,082) | ​ | (9,130) | ​ | (200) | ​ | (3) | ​ | (88,969)
(Recognition) Reversal of impairment losses | ​ | — | ​ | (17,641) | ​ | — | ​ | 13,307 | ​ | — | ​ | — | ​ | (4,334)
Write-off of unsuccessful exploration efforts | ​ | (7,827) | ​ | (4,435) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (12,262)
Total assets | ​ | 689,401 | ​ | 71,515 | ​ | 38,846 | ​ | 38,111 | ​ | 7,782 | ​ | 50,086 | ​ | 895,741
Employees (average) (a) | ​ | 308 | ​ | 55 | ​ | 4 | ​ | 92 | ​ | 8 | ​ | 9 | ​ | 476
Employees at year end (a) | ​ | 321 | ​ | 52 | ​ | 4 | ​ | 74 | ​ | 3 | ​ | 9 | ​ | 463
(a)Unaudited
(b) | Includes certain expenses and 4 average employees (who are no longer in the Group at year-end) that correspond to the Peruvian subsidiaries, which act as holding companies of the Ecuadorian branch since Peru is no longer an operating segment due to the retirement from the Morona Block.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts in US$ ‘000 | ​ | Colombia | ​ | Chile | ​ | Brazil | ​ | Argentina | ​ | Peru (b) | ​ | Ecuador | ​ | Corporate | ​ | Total
2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue | ​ | 334,606 | ​ | 21,704 | ​ | 12,783 | ​ | 24,599 | ​ | — | ​ | — | ​ | — | ​ | 393,692
Sale of crude oil | ​ | 332,461 | ​ | 5,103 | ​ | 891 | ​ | 21,185 | ​ | — | ​ | — | ​ | — | ​ | 359,640
Sale of gas | ​ | 2,145 | ​ | 16,601 | ​ | 11,892 | ​ | 3,414 | ​ | — | ​ | — | ​ | — | ​ | 34,052
Realized gain on commodity risk management contracts | ​ | 21,059 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 21,059
Production and operating costs | ​ | (92,319) | ​ | (10,244) | ​ | (3,876) | ​ | (18,633) | ​ | — | ​ | — | ​ | — | ​ | (125,072)
Royalties | ​ | (30,453) | ​ | (753) | ​ | (1,049) | ​ | (3,620) | ​ | — | ​ | — | ​ | — | ​ | (35,875)
Share-based payment | ​ | (362) | ​ | (94) | ​ | — | ​ | (72) | ​ | — | ​ | — | ​ | — | ​ | (528)
Other operating costs | ​ | (61,504) | ​ | (9,397) | ​ | (2,827) | ​ | (14,941) | ​ | — | ​ | — | ​ | — | ​ | (88,669)
Adjusted EBITDA | ​ | 218,524 | ​ | 8,148 | ​ | 4,784 | ​ | 1,195 | ​ | (1,952) | ​ | (773) | ​ | (12,395) | ​ | 217,531
Depreciation | ​ | (63,687) | ​ | (33,571) | ​ | (3,732) | ​ | (16,564) | ​ | (401) | ​ | (52) | ​ | (66) | ​ | (118,073)
Recognition of impairment losses | ​ | — | ​ | (81,967) | ​ | (1,717) | ​ | (16,205) | ​ | (33,975) | ​ | — | ​ | — | ​ | (133,864)
Write-off of unsuccessful exploration efforts | ​ | (1,949) | ​ | (50,167) | ​ | (536) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (52,652)
Total assets | ​ | 680,828 | ​ | 101,742 | ​ | 38,172 | ​ | 36,803 | ​ | 4,656 | ​ | 1,127 | ​ | 96,938 | ​ | 960,266
Employees (average) (a) | ​ | 238 | ​ | 68 | ​ | 11 | ​ | 114 | ​ | 10 | ​ | 2 | ​ | 4 | ​ | 447
Employees at year end (a) | ​ | 268 | ​ | 57 | ​ | 5 | ​ | 97 | ​ | 5 | ​ | 2 | ​ | 3 | ​ | 437
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts in US$ ‘000 | ​ | Colombia | ​ | Chile | ​ | Brazil | ​ | Argentina | ​ | Peru (b) | ​ | Ecuador | ​ | Corporate | ​ | Total
2019 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue | ​ | 538,917 | ​ | 32,336 | ​ | 23,049 | ​ | 34,605 | ​ | — | ​ | — | ​ | — | ​ | 628,907
Sale of crude oil | ​ | 536,986 | ​ | 10,551 | ​ | 1,469 | ​ | 30,024 | ​ | — | ​ | — | ​ | — | ​ | 579,030
Sale of gas | ​ | 1,931 | ​ | 21,785 | ​ | 21,580 | ​ | 4,581 | ​ | — | ​ | — | ​ | — | ​ | 49,877
Realized gain on commodity risk management contracts | ​ | 3,888 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 3,888
Production and operating costs | ​ | (116,944) | ​ | (19,789) | ​ | (5,953) | ​ | (26,278) | ​ | — | ​ | — | ​ | — | ​ | (168,964)
Royalties | ​ | (56,399) | ​ | (1,181) | ​ | (1,855) | ​ | (5,141) | ​ | — | ​ | — | ​ | — | ​ | (64,576)
Share-based payment | ​ | (231) | ​ | (31) | ​ | (29) | ​ | (38) | ​ | — | ​ | — | ​ | — | ​ | (329)
Other operating costs | ​ | (60,314) | ​ | (18,577) | ​ | (4,069) | ​ | (21,099) | ​ | — | ​ | — | ​ | — | ​ | (104,059)
Adjusted EBITDA | ​ | 367,058 | ​ | 8,310 | ​ | 11,750 | ​ | 868 | ​ | (6,540) | ​ | (535) | ​ | (17,576) | ​ | 363,335
Depreciation | ​ | (46,917) | ​ | (34,826) | ​ | (7,445) | ​ | (15,618) | ​ | (576) | ​ | (1) | ​ | (149) | ​ | (105,532)
Recognition of impairment losses | ​ | — | ​ | — | ​ | — | ​ | (7,559) | ​ | — | ​ | - | ​ | - | ​ | (7,559)
Write-off of unsuccessful exploration efforts | ​ | — | ​ | — | ​ | (5,120) | ​ | (13,170) | ​ | — | ​ | - | ​ | - | ​ | (18,290)
Total assets | ​ | 357,125 | ​ | 249,207 | ​ | 68,480 | ​ | 79,062 | ​ | 53,993 | ​ | 1,119 | ​ | 43,146 | ​ | 852,132
Employees (average) (a) | ​ | 195 | ​ | 89 | ​ | 13 | ​ | 133 | ​ | 26 | ​ | 2 | ​ | 3 | ​ | 461
Employees at year end (a) | ​ | 202 | ​ | 77 | ​ | 13 | ​ | 128 | ​ | 14 | ​ | 2 | ​ | 3 | ​ | 439
(a) | Unaudited
(b) | As of the date of these Consolidated Financial Statements, Peru is no longer an operating segment due to the retirement from the Morona Block.
​ ​ In 2021, approximately 93% of capital expenditure was incurred by Colombia (82% in 2020 and 61% in 2019), 3% was incurred by Chile (15.5% in 2020 and 8% in 2019), 0% was incurred by Brazil (0.5% in 2020 and 4% in 2019), 0% was incurred by Argentina (1% in 2020 and 15% in 2019), 0% was incurred by Peru (0.5% in 2020 and 11.5% in 2019) and 4% was incurred by Ecuador (0.5% in 2020 and 2019). ​ A reconciliation of total Adjusted EBITDA to total profit (loss) before income tax is provided as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts in US$ ‘000 |  | 2021 |  | 2020 |  | 2019
Adjusted EBITDA |  | 300,800 |  | 217,531 |  | 363,335
Unrealized gain (loss) on commodity risk management contracts |  | 463 |  | (12,978) |  | (26,411)
Depreciation (a) |  | (88,969) |  | (118,073) |  | (105,532)
Share-based payment |  | (6,621) |  | (8,444) |  | (2,717)
Impairment and write-off of unsuccessful exploration efforts, net |  | (16,596) |  | (186,516) |  | (25,849)
Lease accounting - IFRS 16 | ​ | 7,518 | ​ | 9,380 | ​ | 4,855
Others (b) |  | (10,786) |  | (11,563) |  | 2,994
Operating profit (loss) |  | 185,809 |  | (110,663) |  | 210,675
Financial expenses |  | (64,112) |  | (64,582) |  | (41,070)
Financial income |  | 1,652 |  | 3,166 |  | 2,360
Foreign exchange gain (loss) |  | 5,049 |  | (13,008) |  | (2,446)
Profit (Loss) before tax |  | 128,398 |  | (185,087) |  | 169,519
(a) | Net of capitalized costs for oil stock included in Inventories.
(b) | Includes allocation to capitalized projects. In 2021, also includes termination costs and write-down of tax credits in Argentina and, in 2020, also includes termination costs, and write-down of VAT credits and recognition of a provision for environmental liabilities in Peru.

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