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.