Petrominerales Posts 15% Weekly Drop on Oil Prices: Bogota Mover

Petrominerales Ltd. (PMG), the Calgary- based oil company that operates in Colombia and Peru, had its biggest weekly fall since March as oil prices dropped.

Shares declined 15 percent this week to 9,130 pesos at the close of trading in Bogota. The stock dropped 1.8 percent today, the most on the benchmark Colcap index. Pacific Rubiales Energy Corp. (PRE) dropped 6.9 percent this week and Canacol Energy Ltd. (CNE) fell 7 percent.

“Oil prices had a strong plunge,” Omar Escorcia, an analyst at Asesores en Valores SA brokerage in Bogota, said in an e-mailed reply to questions.

Crude oil futures plunged 3.6 percent this week in New York. Oil is Colombia’s biggest export, accounting for about 40 percent of sales abroad.

To contact the reporter on this story: Oscar Medina in Bogota at omedinacruz@bloomberg.net

To contact the editor responsible for this story: Matthew Bristow at mbristow5@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.