Pacific Rubiales Energy Corp., Colombia’s largest private oil producer, rose the most in more than three months after output at its largest field increased faster than expected.
Shares rose 4.4 percent to 41,240 pesos at the close in Bogota, the most since Sept. 27.
Gross production at the Rubiales field, which accounts for 60% of the company’s output, rose to 210,000 barrels a day from 190,000 barrels a day in December, Chief Executive Officer Ronald Pantin said during a conference call today.
“They have been able to accelerate Rubiales field quicker than we thought, which was a big positive for the stock,” Matt Portillo, an analyst at Tudor Pickering Holt & Co., said on the phone from Houston today.
Pantin also said the company’s forecast of 15 to 30 percent growth is “conservative guidance” because the company doesn’t know what might happen with environmental licenses pending in Colombia.
“We’ll be changing the guidance when we have the licenses,” he said.
Management made it clear that those numbers were “extremely conservative,” Justin Anderson, an analyst at Salman Partners, said in a telephone interview from Calgary. “Unless everything goes poorly with permitting, the market is assuming they’ll have no problem reaching the high end of that guidance.”