Nov. 7 (Bloomberg) -- Pacific Rubiales Energy Corp., Colombia’s largest independent crude producer, fell the most in seven months after the company reported lower-than-estimated sales and the price of oil dropped.
The shares dropped 7.5 percent to 36,440 pesos at 2:47 p.m. in Bogota trading, the biggest decline on a closing basis since April 3. The company was the worst performer on the benchmark Colcap index, which decreased 1 percent. Brent crude dropped to a four-month low.
Total volume sold decreased 3 percent to 123,689 barrels per day from the prior quarter as Pacific Rubiales contributed output to fill the new Bicentenario pipeline and as it delivered oil to Ecopetrol SA as part of an arbitration settlement, the company said today in a statement. Revenue increased to $1.11 billion, compared with an average forecast of $1.19 billion among nine analysts surveyed by Bloomberg.
“It’s a negative day on the market, and actual results were slightly below consensus,” Darren Engels, an analyst at FirstEnergy Capital Corp., said in a telephone interview from Calgary. “Production, sales volume and cash flow, they were slightly below though not drastically.”
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