FARC reintegration chief assassinated in south Colombia
“Corruption cost Colombia’s peace process $119M”
Colombia suggests top guerrilla leader killed in Venezuela
Renowned economist designated Colombia’s new finance minister
Truth Commission: Colombia needs radical policy changes to...
Colombia’s controversial moment of truth
At least 49 dead after ‘prison break attempt’...
Colombia’s incoming government begins “total peace” offensive
Colombia investigating bullfighting tragedy
Petro’s first moves to restructure Colombia’s government
  • About
  • Support
  • Newsletter
  • Contact
Colombia News | Colombia Reports
  • News
    • General
    • Analysis
    • War and peace
    • Elections
    • Economy
    • Culture
    • Sports
    • Science and Tech
  • Travel
    • General
    • Bogota
    • Medellin
    • Cali
    • Cartagena
    • Antioquia
    • Caribbean
    • Pacific
    • Coffee region
    • Amazon
    • Southwest Colombia
    • Northeast Colombia
    • Central Colombia
  • Data
    • Economy
    • Crime and security
    • War and peace
    • Development
    • Cities
    • Regions
    • Provinces
  • Profiles
    • Organized crime
    • Politics
    • Armed conflict
    • Economy
    • Sports
  • Lite
  • Opinion
Economy

Pacific Rubiales: Sharp fall in share price unjustified

by Newswires March 15, 2011

Colombia news - Pacific Rubiales

A sharp fall over the past two weeks in the share price for Pacific Rubiales, a Canada-based company whose main assets are in Colombia, is undeserved, a company official said Tuesday.

Luis Pacheco, the company’s vice president of planning, told reporters in a press conference that the company has reported more proven oil reserves and a jump in net income for last year from 2009, which he said indicates the drop in the share price is “unjustified.”

Pacific Rubiales’ shares as of Monday’s close on the Colombian Stock Exchange are down 21% since March 3.

Analysts say the fall in the share price is largely due to a report from the company release last week that indicated new proven reserves increased some 13% last year, while the market expected reserves to jump about 60%.

Pacific Rubiales is the heaviest-weighted share in the Colombian bourse’s main IGBC index. The company has been at the forefront of Colombia’s recent oil boom, which saw production reach an all-time record of 861,000 barrels a day last month. The country aims to reach 1 million barrels a day of oil output by the end of this year.

Pacheco added that part of the reason for the share price decline is that it has risen so much over the past year “that people are taking their profit now.”

(Dan Molinski, Dow Jones)

CanadaeconomyoilPacific Rubialesshares

Trending

  • At least 49 dead after ‘prison break attempt’ in west Colombia

  • Truth Commission: Colombia needs radical policy changes to end conflict

  • Renowned economist designated Colombia’s new finance minister

Related articles

  • Gross domestic product

  • Labor and unemployment

  • Scholars’ drastic solutions for Colombia | Part 1: renegotiating free trade

  • RSS

@2008-2019 - Colombia Reports. All Rights Reserved.
Powered by Digitale Zaken and Parrolabs


Back To Top