Pacific Rubiales Rebounds on 38% Output Jump: Bogota Mover
Pacific Rubiales Energy Corp. (PRE), the operator of Colombia’s largest oil field, rose the most in two months after saying output was near the high end of its target range for the second straight quarter.
The shares gained 4.2 percent to 34,000 pesos at 10:08 a.m. in Bogota, rebounding from a three-year low. It was the best performer on the benchmark Colcap index, which rose 1.2 percent.
Pacific Rubiales expects to report second-quarter output “similar” to the prior quarter’s 128,000 barrels of oil equivalent per day, the company said in a production update today before the full earnings report scheduled for Aug. 8. Production grew about 38 percent from a year ago, according to the statement.
The Bogota-based oil producer’s preview showed “solid” production, Jared Dziuba, an analyst at BMO Capital Markets, wrote in a research report. Dziuba had been forecasting 126,000 barrels per day.
Pacific said in a presentation at the beginning of the year that it was forecasting 115,000 to 130,000 barrels a day for 2013, which Chief Executive Officer Ronald Pantin said at the time was “conservative guidance.”
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