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
  • About us
  • Support us
  • Contact Us
  • Intelligence
  • Advertising
  • Newsletter
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
News

Petrominerales Q2 profit lags market view

by Adriaan Alsema August 4, 2011

Petrominerales

Canadian oil and gas producer Petrominerales Ltd’s quarterly profit trailed analysts’ expectations, hurt by lower crude output.

The company, which bought a 5 percent stake in Colombia’s Ocensa crude oil pipeline in June, said average production for the quarter fell 9 percent to 40,308 barrels of oil per day (bopd).

The Latin America-focused oil and gas producer’s April-June profit rose to $215.7 million, or 99 cents a share, from $95.7 million, or 93 cents a share, last year.

The quarterly profit included a non-cash gain of $101.8 million from new accounting treatment for its convertible debentures under International Financial Reporting Standards.

Adjusted net income was $113.9 million, or 93 cents a share, missing analysts’ expectations of $1.12 a share, according to according to Thomson Reuters I/B/E/S.

The company, which has 15 exploration blocks in Colombia’s Llanos and Putumayo basins and five in Peru, is a 66 percent-owned subsidiary of Petrobank Energy and Resources .

However, crude oil revenue rose 19 percent to 378 million, ahead of analysts’ estimates of 369.2 million, amid soaring oil prices.

The Bogota, Colombia-based company’s shares closed at C$28.88 on Wednesday on the Toronto Stock Exchange.

CanadaeconomyoilPetrominerales

Trending

  • Colombia registers 12th massacre so far this year

  • Journalist resigns after pulling editorial punch at Colombia’s richest man

  • Colombia’s elderly still waiting for COVID-19 vaccines

Weekly interviews and news updates

Related articles

  • Foreigners kidnapped, held hostage in southwest Colombia

  • Colombia’s top bankers could face 4 years in prison, but evidence of tax evasion ignored

  • Colombia not considering new coronavirus lockdown

  • Facebook
  • Twitter
  • Linkedin
  • RSS

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


Back To Top