Pacific Rubiales Declines as Crude Falls Most This Year
Pacific Rubiales Energy Corp. (PRE), the Toronto-based producer that operates Colombia’s largest oil field, fell to the lowest since December 2011 as crude dropped the most this year on higher U.S. stockpiles.
Pacific Rubiales retreated 7.7 percent to 35,380 pesos at 3:03 p.m. in Bogota. It contributed the most to the IGBC index’s 2.2 percent decline.
“We are seeing a lot of sale pressure among commodity companies, especially from Canada,” Sebastian Gallego, an analyst at brokerage Corredores Asociados SA, said in a phone interview from Bogota. Pacific Rubiales’s shares sank 8.5 percent in Toronto.
Other oil companies also slumped in Bogota as the price of crude dropped after the U.S. said that oil stockpiles climbed to the highest level in more than 22 years. Canacol Energy Ltd. (CNE) retreated 4.4 percent and Petrominerales Ltd. (PMG) fell 2.2 percent.
To contact the reporter on this story: Eduardo Thomson in Santiago at firstname.lastname@example.org
To contact the editor responsible for this story: David Papadopoulos at email@example.com