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Pacific Rubiales says revenue climbs 20%, net output increases 13%

Last updated: 10:14 06 Nov 2014 EST, First published: 11:14 06 Nov 2014 EST

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Pacific Rubiales Energy (TSE:PRE) (OTCMKTS:PEGFF), Colombia’s largest independent crude producer, reported lower profit in the third quarter amid weak oil prices and operating challenges, though revenues and production increased.

Net income fell to $3.5 million, or $0.01 per share, in the July-to-September quarter, from $84 million, or $0.26 per share, a year-earlier, the Toronto-based company said in a statement today.

Net income from operations fell to $200.6 million, or $0.64 per share, from $237.2 million, or $0.73 per share, last year.

Revenue increased 20 percent to $1.33 billion in the quarter, slightly above the $1.30 billion average estimate of 8 analysts.

Net (after royalty) production for the quarter was 144,722 boe/d, an increase of 13% compared to the same period in 2013.

Cash flow for the quarter was a record $606 million, an increase of 33 percent compared to the same period in 2013.

"Despite the weak commodity price environment and the challenging operating conditions during the quarter, our focus on growth and operational excellence has allowed us to continue to deliver strong results,” chief executive officer Ronald Pantin said in the statement.

Shares in Toronto edged up 0.4 percent to C$16.56. 

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