Thu, May 14, 12:54 PM
- Pacific Rubiales (OTCPK:PEGFF +0.4%) shares are up slightly after the Colombian oil producer reports a Q1 loss of $722M, or $2.31/share, compared with net income of $119M a year earlier and far worse than consensus expectations for a $0.49/share loss.
- PEGFF cites lower crude prices, a $411M impairment charge against E&P assets and goodwill and forex losses.
- But net production for the quarter rose to a record 152,650 boe/day on higher light and medium output and increases in the Quifa SW field.
- The news comes as Rubiales works with Mexican conglomerate Alga and Harbour Energy on an agreement that would see it acquired at C$6.50/share.
Wed, Mar. 18, 9:56 AM
- Pacific Rubiales Energy (OTCPK:PEGFF -1.4%) reports a Q4 loss that exceeded analyst estimates, suspends its quarterly dividend, and records a $1.6B impairment charge due to slumping oil prices.
- Latin America’s biggest non-state-owned crude producer says it lost $5.26/share in the quarter, compared with the analyst consensus of an $0.11 loss.
- Says it negotiated a relaxation of a covenant in its revolving credit facility to 4.5x 12-month trailing debt to adjusted EBITDA, and used the entire credit to repay bank debt and hold cash on its balance sheet.
- Shares have tumbled since news that a contract to operate Colombia’s largest oil field will not be extended; Pacific gets ~30% of the field's output.
Pacific Rubiales is a public company listed on the Toronto and Colombian stock exchanges. The Company is the largest independent oil and gas exploration and production company in Colombia. Pacific Rubiales owns 100% of Pacific Stratus and Meta Petroleum Limited, two Colombian oil & gas operators... More
Other News & PR