Canadian oil company Pacific Rubiales Energy Corp’s quarterly profit soared, helped by a jump in production at its oil fields in Colombia and rising oil and natural gas prices.
Net profit for the second quarter was $349.4 million, or $1.20 per share, compared with $14.4 million, or 5 cents per share a year ago.
Oil and gas sales in the quarter more than doubled to $957.5 million.
Net production for the quarter, after royalties, rose 60 percent to 88,092 barrels of oil equivalent per day (boe/d), from last year, helped mainly by a rise in production from its Rubiales and Quifa oil fields in Colombia.
Combined crude oil and natural gas prices rose 58 percent to $96.54/boe from last year.
Pacific Rubiales, which has operations in Peru, Guatemala and Colombia in South America, said its current gross production was about 235,000 boe/d.
The company has interests in 40 blocks in Colombia and is the second largest exploration portfolio in that country.
Shares of the company were up 3 percent at C$23.61 in midday trading on Tuesday on the Toronto Stock Exchange.
(Reuters/Maneesha Tiwari)
