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v3.23.1

Segment information (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment information |
Schedule of Segment Information by Segment Areas (Geographical Segments) | Segment areas (geographical segments) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts in US$ ‘000 | ​ | Colombia | ​ | Chile | ​ | Brazil | ​ | Argentina | ​ | Ecuador (b) | ​ | Corporate | ​ | Total
2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue | ​ | 978,423 | ​ | 29,196 | ​ | 19,873 | ​ | 1,962 | ​ | 10,671 | ​ | 9,454 | ​ | 1,049,579
Sale of crude oil | ​ | 977,184 | ​ | 14,460 | ​ | 796 | ​ | 1,664 | ​ | 10,671 | ​ | — | ​ | 1,004,775
Sale of purchased crude oil | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 9,454 | ​ | 9,454
Sale of gas | ​ | 1,239 | ​ | 14,736 | ​ | 19,077 | ​ | 298 | ​ | — | ​ | — | ​ | 35,350
Realized loss on commodity risk management contracts | ​ | (83,244) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (83,244)
Production and operating costs | ​ | (327,626) | ​ | (14,126) | ​ | (5,299) | ​ | (1,579) | ​ | (3,220) | ​ | (7,929) | ​ | (359,779)
Royalties | ​ | (60,314) | ​ | (1,165) | ​ | (1,546) | ​ | (273) | ​ | — | ​ | — | ​ | (63,298)
Economic rights | ​ | (188,989) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (188,989)
Share-based payment | ​ | (843) | ​ | (103) | ​ | — | ​ | 1 | ​ | (10) | ​ | — | ​ | (955)
Other operating costs | ​ | (77,480) | ​ | (12,858) | ​ | (3,753) | ​ | (1,307) | ​ | (3,210) | ​ | (7,929) | ​ | (106,537)
Adjusted EBITDA | ​ | 525,593 | ​ | 11,753 | ​ | 11,654 | ​ | (3,643) | ​ | 4,197 | ​ | (8,775) | ​ | 540,779
Depreciation | ​ | (78,775) | ​ | (14,076) | ​ | (2,796) | ​ | (254) | ​ | (788) | ​ | (3) | ​ | (96,692)
Write-off of unsuccessful exploration efforts | ​ | (21,318) | ​ | — | ​ | — | ​ | — | ​ | (4,471) | ​ | — | ​ | (25,789)
Total assets | ​ | 797,390 | ​ | 63,379 | ​ | 34,329 | ​ | 1,296 | ​ | 35,690 | ​ | 41,891 | ​ | 973,975
Employees (average) (a) | ​ | 362 | ​ | 53 | ​ | 5 | ​ | 33 | ​ | 7 | ​ | 9 | ​ | 469
Employees at year end (a) | ​ | 388 | ​ | 49 | ​ | 4 | ​ | 24 | ​ | 8 | ​ | 9 | ​ | 482
(a)Unaudited
(b) | Includes certain expenses that correspond to the Peruvian subsidiary, which acts as a holding company of the Ecuadorian subsidiary since Peru is no longer an operating segment due to the retirement from the Morona Block.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 gain on commodity risk management contracts | ​ | (109,654) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (109,654)
Production and operating costs | ​ | (178,384) | ​ | (11,050) | ​ | (4,596) | ​ | (18,760) | ​ | — | ​ | — | ​ | (212,790)
Royalties | ​ | (33,385) | ​ | (770) | ​ | (1,575) | ​ | (4,270) | ​ | — | ​ | — | ​ | (40,000)
Economic rights | ​ | (72,956) | ​ | — | ​ | (67) | ​ | — | ​ | — | ​ | — | ​ | (73,023)
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 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
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts in US$ ‘000 | ​ | Colombia | ​ | Chile | ​ | Brazil | ​ | Argentina | ​ | Peru (c) | ​ | 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 | ​ | (15,493) | ​ | (753) | ​ | (1,025) | ​ | (3,620) | ​ | — | ​ | — | ​ | — | ​ | (20,891)
Economic rights | ​ | (14,960) | ​ | — | ​ | (24) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (14,984)
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
| (a) | Unaudited.
| (b) | Includes certain expenses and 4 average employees (who were no longer in the Group at year-end) that corresponded 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.
| (c) | As of the date of these Consolidated Financial Statements, Peru is no longer an operating segment due to the retirement from the Morona Block.
​
Schedule of Reconciliation of Total Adjusted EBITDA to Total Profit (Loss) Before Income Tax | A reconciliation of total Adjusted EBITDA to total profit (loss) before income tax is provided as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts in US$ ‘000 |  | 2022 |  | 2021 |  | 2020
Adjusted EBITDA |  | 540,779 |  | 300,800 |  | 217,531
Unrealized gain (loss) on commodity risk management contracts |  | 13,023 |  | 463 |  | (12,978)
Depreciation (a) |  | (96,692) |  | (88,969) |  | (118,073)
Share-based payment |  | (11,038) |  | (6,621) |  | (8,444)
Impairment and write-off of unsuccessful exploration efforts, net |  | (25,789) |  | (16,596) |  | (186,516)
Lease accounting - IFRS 16 | ​ | 7,851 | ​ | 7,518 | ​ | 9,380
Others (b) |  | 943 |  | (10,786) |  | (11,563)
Operating profit (loss) |  | 429,077 |  | 185,809 |  | (110,663)
Financial expenses |  | (57,073) |  | (64,112) |  | (64,582)
Financial income |  | 3,180 |  | 1,652 |  | 3,166
Foreign exchange gain (loss) |  | 19,725 |  | 5,049 |  | (13,008)
Profit (Loss) before tax |  | 394,909 |  | 128,398 |  | (185,087)
(a) | Net of capitalized costs for oil stock included in Inventories.
(b) | Includes allocation to capitalized projects. In 2022, also includes gain from the sale of the Aguada Baguales, El Porvenir and Puesto Touquet Blocks in Argentina. In 2021, also includes termination costs and write-down of tax credits in Argentina. In 2020, also includes termination costs, and write-down of VAT credits and recognition of a provision for environmental liabilities in Peru. See Note 36.

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