Calgary: home to Pacific Rubiales
Pacific Rubiales misses earnings boat
Canada-based Colombia player Pacific Rubiales Energy saw first revenues surge on higher production and the completion of its acquisition of Pacific Stratus Energy, but saw profits fall on foreign exchange and stock option charges.
Pacific Rubiales reported a first quarter net loss of $53.2 million, or 30 cents per share on revenues of $94.9 million.
Gross production in the period averaged 37,857 barrels of oil equivalent per day, including 31,302 bpd of oil and 37 million cubic feet per day of natural gas.
Year-ago figures were not provided.
The company said it spent $41.3 million in capital expenditure in the quarter, including $14 million for exploration and production on the La Creciente block, $17.4 for work on the Rubiales field and 44.8 million on seismic surveys.
The company completed the acquisition of fellow Canadian company Pacific Stratus on 23 January.