Canada’s Pacific Rubiales reported a 6% fall in net income to $119.2 million in the first quarter as Colombia downtime hit the bottom line.
The Calgary-headquartered explorer had warned last month that lower-than-expected output at its Rubiales field and higher pipeline costs due to militant attacks would temporarily constrain profits.
The impact was lessened by new volumes from last September’s acquisition of fellow Colombian-focused Canadian explorer Petrominerales.
Quarterly revenues rose 2% to $1.3 billion, while net production rose 16% compared to the first quarter of 2013 at 148,827 barrels of oil equivalent per day.
Chief executive Ronald Pantin said that “despite a few temporary operational challenges during the quarter, due to factors outside of the company’s control, both our operational and financial results were strong”.

Follow Us