August 7, 2012 / 10:18 AM / in 5 years

Gran Tierra profit falls as pipeline disruptions hit output

(Reuters) - Canadian oil exploration and production company Gran Tierra Energy Inc’s GTE.TO quarterly profit fell nearly 59 percent as production was hit by pipeline disruptions.

Second-quarter profit fell to $13.1 million, or 5 cents per share, from $31.6 million, 11 cents per share, a year earlier.

Revenue and other income fell 29 percent to $115.2 million.

South America-focused Gran Tierra, which has operations in Colombia, Argentina, Peru and Brazil, said quarterly production fell 22 percent to 16,306 barrels of oil equivalent per day.

Last month Gran Tierra said it no longer expected to meet its 2012 production forecast due to disruptions at the Oleoducto Transandino (OTA) pipeline in Colombia.

The OTA pipeline, operated by Colombia’s state oil company Ecopetrol SA ECO.CN, runs through Bolivia, Colombia, Ecuador and Peru. Ecopetrol’s pipelines, including OTA, have been disrupted by guerrilla attacks.

The company cut its capital budget for 2012 by $48 million to $396 million.

Shares of the Calgary-based company closed at C$4.41 on Friday on the Toronto Stock Exchange.

Reporting by Maneesha Tiwari in Bangalore; Editing by Roshni Menon

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