TORONTO, May 8, 2014 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE)
(BVC: PREC) (BOVESPA: PREB) announced today the release of its
consolidated financial results for the quarter ended March 31, 2014,
together with its Management Discussion and Analysis ("MD&A"). These documents will be posted on the Company's website at www.pacificrubiales.com, SEDAR at www.sedar.com, the SIMEV website at www.superfinanciera.gov.co/web_valores/Simev, and the BOVESPA website at www.bmfbovespa.com.br/. All values in this release and the Company's financial disclosures are
in U.S.$, unless otherwise stated.
Operational Highlights:
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Total field production for the quarter was 324,938 boe/d, an increase of
6% compared to the same period in 2013.
-
Gross production for the quarter was 178,188 boe/d, an increase of 16%
compared to the same period in 2013.
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Net production for the quarter reached a record 148,827 boe/d, an
increase of approximately 16% compared to the same period in 2013.
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Sales volumes for the quarter were a record 151,847 boe/d, an increase
of 6% compared to the prior period and the same period a year ago.
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Strong increase in total combined operating netback to $63.80/boe in the
quarter compared to $59.43/boe in the prior period and $60.88/boe in
the same period a year ago, with margins exceeding 68%.
Financial Highlights:
-
Revenues for the quarter were a record $1.3 billion, an increase of 2%
compared to the same period in 2013.
-
Adjusted EBITDA for the quarter was a record $708 million, an increase
of 2% compared to the same period in 2013, representing a 55% margin on
total revenues for the period.
-
Cash flow (funds flow from operations) for the quarter was $474 million,
compared to $477 million in the fourth quarter and $506 million in the
first quarter of 2013.
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During the quarter, the Company repurchased from the open market
approximately 9.1 million common shares, at an average price of C$16.38
per share, under the Company's normal course issuer bid.
Additional Highlights:
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In January, the Petroelectrica ("PEL") power line commenced operations, bringing lower cost electricity to
the Rubiales and Quifa fields, as well as to the ODL Pipeline.
-
The Agrocascada irrigation project, which will reduce water disposal
costs at the Rubiales and Quifa fields, is on track to be commissioned
in the second half of 2014, pending environmental permits which have
been initiated.
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On April 22nd, the Company met with Ecopetrol S.A ("Ecopetrol") to review the current status of the STAR pilot project in the Quifa
Block. As a result of the meeting, a joint technical report will be
prepared and presented to both companies in late May or early June
2014.
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In April, the Company repaid the entire principal amount owing on its
$400 million revolving credit facility using proceeds from the sale of
the Ocensa Pipeline plus cash on hand.
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Also in April, the Company closed a new syndicated U.S. dollar revolving
credit facility ("Revolving Facility") for up to $1.0 billion maturing in 2017 with a lower interest rate
and improved covenant package than the previous revolving facility. The
new Revolving Facility provides additional financial flexibility for
the future.
Ronald Pantin, Chief Executive Officer of the Company, commented:
"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, with revenues, adjusted EBITDA, net
production and sales volumes all reaching record levels.
"Net production of 149 Mboe/d was a record for the Company and within
our production guidance range for the year, representing an increase of
16% from the same period last year. Production at the Rubiales Field
was lower this quarter due to the temporary restrictions on water
disposal as a result of the climate conditions, but production is
returning to normal levels in the second quarter as the dry season is
now over. Our combined netback also had a strong increase during the
quarter, to $63.80/boe from $59.43/boe in the fourth quarter of 2013
and $60.88/boe in the same period of 2013; this was despite the
additional transport costs associated with the unavailability of the
Bicentenario Pipeline since mid-February, following security issues.
The Company was able to transport its production through other
transportation means, avoiding any disruption to our sales, albeit at
slightly higher costs.
"One of our key objectives in 2014 is the development of two new heavy
oilfields, in the CPE-6 and Rio Ariari blocks, along Colombia's heavy
oil belt, south and west of the Company's producing Rubiales and Quifa
fields. The development of these blocks will be accomplished in phases,
similar to the development of the Rubiales and Quifa fields over the
past five years. The Company has a demonstrated operating track record
of executing heavy oilfield developments in Colombia having taken total
field production to over 200 Mbbl/d in the Rubiales Field in a five
year period and to over 55 Mbbl/d in the Quifa SW Field in a three year
period. First phase facilities construction has commenced in both the
CPE-6 and Rio Ariari blocks and will continue throughout the year.
"On other important project fronts, the Company's 100% PEL electrical
power line started supplying lower cost power to the Rubiales Field
early in the quarter, with substations to supply power to the Quifa SW
Field and the ODL Pipeline currently under construction. This
electrical line will also be available to supply power to the
developing CPE-6 Block in the future.
"The Agrocascada water irrigation project is expected to start-up in the
second half of 2014, providing one million barrels per day by year-end
2014 of additional capacity to handle produced water at the Company's
Rubiales and Quifa SW fields at a lower incremental cost to current
methods, mitigating oil production constraints resulting from rising
water production, and extending the economic life of the fields. This
important project not only delivers significant monetary value to the
Company, but also shares this value with surrounding communities
through new job creation.
"The Company has presented a plan to Ecopetrol, its partner in the
Rubiales and Quifa SW fields to expand the current pilot project in the
Quifa SW Field by converting adjacent pads to STAR. This proposal is
currently being reviewed by a joint technical committee. We view STAR
as important to the future of oil production in Colombia, increasing
recovery factors and extending out the life of heavy oil fields.
"During the quarter, the Company completed the previously announced sale
of its 5% interest in the Ocensa Pipeline, acquired from Petrominerales
Ltd., ("Petrominerales") while retaining capacity rights in the pipeline through long-term
contracts. We continue to progress the sale of other midstream assets
under similar arrangements. The International Financial Corporation
currently holds a non-binding appraisal letter agreement for the
acquisition of up to 40% of Pacific Midstream Holding Corp. which
controls the Company's interests in the ODL and Bicentenario pipelines
and PEL electrical lines. The sale proceeds from these interests,
expected in the second half of the year, will be available for debt
reduction and/or investment into E&P activity.
"In April, the proceeds from the Ocensa Pipeline equity sale were used
to pay down debt, reducing the Company's total debt by $400 million. In
April we were also pleased with the successful closing of the $1.0
billion Revolving Facility. This facility replaces the Company's two
pre-existing facilities (totaling approximately $700 million) which
have now been cancelled. The support we have received from the
international banking community in these credit transactions highlights
their confidence in Pacific Rubiales, its business strategy and future
prospects, including Brazil and Mexico. Outside of Brazil and Mexico,
the Revolving Facility is the largest unsecured syndicated credit
facility procured by an independent oil and gas company operating in
Latin America. We have secured additional liquidity with improved
financial terms allowing us increased operating flexibility to execute
our long-term growth plans.
"The Company seeks to balance growth with returns. During the quarter,
we paid a dividend of $52 million ($0.165/share) and repurchased 9.1
million shares for $134 million (approximately C$16.38/share). Since
commencing the share repurchase program in December 2013, the Company
has purchased for cancellation approximately 11.1 million shares. We
consider these share repurchases to represent an attractive and
accretive use of capital."
Financial Results
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Financial Summary
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2014
|
2013
|
|
|
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Q1
|
Q4
|
Q1
|
Oil & Gas Sales Revenues ($ millions)
|
|
|
1,283.5
|
1,202.6
|
1,258.8
|
Adjusted EBITDA ($ millions)1, 4
|
|
|
708.2
|
655.3
|
695.1
|
Adjusted EBITDA Margin (Adjusted EBITDA/Revenues)
|
|
|
55%
|
54%
|
55%
|
Adjusted EBITDA per share1, 4
|
|
|
2.23
|
2.02
|
2.16
|
Cash Flow (Funds Flow from Operations) ($ millions)1
|
|
|
473.6
|
476.9
|
506.2
|
Cash Flow (Funds Flow from Operations) per share1
|
|
|
1.49
|
1.47
|
1.58
|
Adjusted Net Earnings from Operations ($ millions)1
|
|
|
120.6
|
152.1
|
116.0
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Adjusted Net Earnings from Operations per share1
|
|
|
0.38
|
0.47
|
0.36
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Net Earnings ($ millions) 2
|
|
|
119.2
|
140.4
|
127.4
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Net Earnings per share
|
|
|
0.38
|
0.43
|
0.40
|
Net Production (boe/d)
|
|
|
148,827
|
134,313
|
127,889
|
Sales Volumes (boe/d)
|
|
|
151,847
|
143,864
|
143,650
|
(COP$ / US$) Exchange Rate3
|
|
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1,965.32
|
1,926.83
|
1,832.20
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Average Shares Outstanding - basic (millions)
|
|
|
317.8
|
324.2
|
321.3
|
1The terms adjusted EBITDA, cash flow (funds flow from operations) and
adjusted net earnings from operations are non-IFRS measures. Please see
advisories and reconciliations in the MD&A.
|
2Net earnings attributable to equity holders of the parent.
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3COP/USD exchange rate fluctuations can have a significant impact on the
Company's accounting net earnings, in the form of unrealized foreign
currency translation on the Company's financial assets and liabilities
and deferred tax balances that are denominated in COP.
|
4The Company uses the non-IFRS measure adjusted EBITDA, whereas in the
past we have used the term EBITDA. Our calculation of this measure has
not changed from previous quarters, but the terminology has changed,
further to guidance provided by the Ontario Securities Commission.
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Production
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Net Production Summary
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2014
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2013
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Q1
|
Q4
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Q1
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Oil and Liquids (bbl/d)
|
|
|
|
|
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Colombia
|
|
|
135,694
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122,590
|
115,318
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Peru
|
|
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2,424
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1,244
|
1,461
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Total Oil and Liquids (bbl/d)
|
|
|
138,118
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123,834
|
116,779
|
|
|
|
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Natural Gas (boe/d)1
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|
|
|
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Colombia
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|
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10,709
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10,879
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11,110
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Total Natural Gas (boe/d)
|
|
|
10,709
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10,879
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11,110
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Total Equivalent Production (boe/d)
|
|
|
148,827
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134,713
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127,889
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1Colombian standard natural gas conversion ratio of 5.7 Mcf/bbl.
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Additional production details are available in the MD&A.
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In the first quarter, the Company's net production of 148,827 boe/d
increased 16% compared to the same period a year ago, mainly driven by
rising production volumes in light oil production. Total oil production
in the quarter was impacted by lower volumes produced in the Rubiales
Field due to a temporary restriction in water disposal as a result of
climate conditions. Production is expected to return to normal levels
in the second quarter as the dry season is now over.
Total net light oil production more than doubled to approximately 44
Mbbl/d from 16 Mbbl/d a year ago, primarily the result of the
PetroMagdalena Energy Corp., C&C Energia Ltd. and Petrominerales assets
acquired in July 2012, December 2012 and November 2013, respectively,
and growth through ongoing successful exploration and development of
these assets. The Company expects its light oil production to increase
further in 2014 mainly from ongoing development drilling in the Z-1
Block in offshore Peru.
Production and Sales Volumes
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Production to Total Sales Reconciliation
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|
|
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2014
|
2013
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|
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Q1
|
Q4
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Q1
|
Net Production (boe/d)
|
|
|
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Colombia
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146,403
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133,469
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126,428
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Peru
|
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2,424
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1,244
|
1,461
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Total Net Production (boe/d)
|
|
|
148,827
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134,713
|
127,889
|
|
|
|
|
|
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Sales Volumes (boe/d)
|
|
|
|
|
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Production Available for Sale (boe/d)
|
|
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148,827
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134,713
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127,889
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Diluent Volumes (bbl/d)
|
|
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3,211
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2,261
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9,607
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Oil for Trading Volumes (bbl/d)
|
|
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10,586
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3,399
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3,895
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PAP Settlement (bbl/d) 1
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|
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(4,996)
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(6,363)
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-
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Inventory Movement and Other (boe/d)
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(5,781)
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9,854
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2,259
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Total Volumes Sold (boe/d)
|
|
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151,847
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143,864
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143,650
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1Corresponds to the inventory delivered to Ecopetrol during 2013 and
2014. For the fourth quarter, includes the inventory set aside to
settle previously accumulated PAP volumes.
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Additional production and sales volume details are available in the
MD&A.
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The Company produces and sells crude oil and natural gas. It also
purchases liquids and crude oil from third parties for trading purposes
and distillate for diluent mixing with heavy oil production, which are
included in the reported "volumes sold". Sales volumes are also
impacted by the relative movement in inventories during a reporting
period. Both revenues and costs are recognized on the respective
volumes sold during the period.
Production available for sale for the quarter increased to 148,827 boe/d
from 127,889 boe/d compared to the same period in 2013 (an increase of
16%), due to rising volumes in producing fields. Purchased diluent
volumes decreased 67% compared to the same period in 2013, the result
of the replacement of purchased diluent by the Company's own light
crude oil. Oil for trading ("OFT") volumes in the quarter increased to 10,586 bbl/d from 3,895 bbl/d a
year ago, while inventory balances for the quarter reversed to a 5,781
boe/d build from a 9,854 boe/d draw in the prior period and a 2,259
boe/d draw reported in the same period a year ago. Approximately 95% of
the 5,781 boe/d inventory build in the quarter related to a single oil
cargo that was loading over the end of the quarter.
Total volumes sold, composed of production volumes available for sale,
purchased diluent volumes, OFT volumes and inventory balance changes,
increased to 151,847 boe/d in the current quarter from 143,650 boe/d
compared to the same period a year ago (an increase of 6%). Total
volumes sold during the quarter were impacted by 5.0 Mbbl/d delivered
to Ecopetrol as part of the PAP arbitration settlement. As at the end
of the first quarter 2014, the Company had delivered in full all of the
outstanding prior period PAP volumes.
Operating Netbacks and Sales Volumes
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Oil and Gas Production Volumes and Netbacks
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2014 Q1
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2013 Q4
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2013 Q1
|
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Oil
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Natural Gas
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Combined
|
Oil
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Natural Gas
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Combined
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Oil
|
Natural Gas
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Combined
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Volumes Sold (boe/d)
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130,526
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10,735
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141,261
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129,547
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10,918
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140,465
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128,641
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11,114
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139,755
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Crude Oil and Natural Gas Sales Price ($/boe)
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98.44
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31.80
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93.38
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95.54
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32.69
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90.66
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102.06
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40.26
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97.14
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|
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Production Costs ($/boe)
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16.51
|
4.18
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15.57
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14.80
|
4.24
|
13.98
|
12.89
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4.49
|
12.22
|
Transportation Costs ($/boe)
|
15.02
|
0.01
|
13.88
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13.29
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-
|
12.26
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15.66
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0.05
|
14.42
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Diluent Costs ($/boe)
|
2.90
|
-
|
2.68
|
2.32
|
-
|
2.14
|
9.32
|
-
|
8.58
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Sub-Total Costs ($/boe)
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34.43
|
4.19
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32.13
|
30.41
|
4.24
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28.38
|
37.87
|
4.54
|
35.22
|
Other Costs ($/boe)
|
1.24
|
1.93
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1.29
|
4.53
|
3.02
|
4.42
|
0.68
|
2.91
|
0.86
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Overlift/Underlift Costs ($/boe)
|
(4.21)
|
0.64
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(3.84)
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(1.71)
|
0.07
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(1.57)
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0.17
|
0.29
|
0.18
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Total Costs ($/boe)
|
31.46
|
6.76
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29.58
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33.23
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7.33
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31.23
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38.72
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7.74
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36.26
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Operating Netback ($/boe)
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66.98
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25.04
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63.80
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62.31
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25.36
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59.43
|
63.34
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32.52
|
60.88
|
Additional cost and netback details are available in the MD&A.
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Operating costs in the first quarter were impacted by temporary factors
outside of the Company's control and resulted in the following impacts
compared to the prior period:
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(1)
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Production costs - increased by $1.59/boe reflecting lower oil volumes
produced at the Rubiales Field due to a restriction on the volume of
water disposal at the field.
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(2)
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Transportation costs - increased by approximately $1.62/boe as a result
of a temporary disruption of the Bicentenario Pipeline.
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The increases in production and transportation costs were entirely
mitigated by a 3% increase in total realized prices and the net impact
of inventory movements. Total combined operating costs (including
overlift and other costs) amounted to $29.58/boe, lower by $1.65/boe
compared to the fourth quarter 2013 and lower by $6.68/boe compared to
the same period in 2013. These cost reductions underline the impact of
the cost optimization initiatives that the Company has been
implementing
Combined operating netback increased to $63.80/boe in the first quarter
of 2014 from $59.43/boe in the fourth quarter of 2013 and $60.88/boe in
the same period of 2013. Combined operating netback margins increased
to 68% from 66% in the prior period and 63% in the same period a year
ago. Oil netback averaged $66.98/bbl during the quarter, also higher
than the $62.31/bbl for the fourth quarter of 2013 and $63.34/bbl for
the first quarter of 2013. The Company also reports separately netback
on OFT which was $1.19/bbl in the first quarter of 2014, compared to
$3.69/bbl in the same period of 2013. The netback on OFT activities
during the first quarter of 2014 was lower than 2013 mainly due to an
increase in the cost of purchases relative to sales price. For
additional OFT details, please see the MD&A.
During the quarter, the Company paid $29 million in take-or-pay fees to
the Bicentenario Pipeline during the period in which the capacity was
not available. This cost was not included as part of our netback
calculation as the pipeline was not operational and the cost is
temporary in nature.
Exploration Update
During the first quarter of 2014, a total of 16 exploration wells were
drilled in Colombia, consisting of eight exploration and eight
appraisal wells, resulting in three new light oil discoveries in the
Guatiquia and Canaguaro blocks.
During the quarter the Company continued to advance the development
plans in both the CPE-6 and Rio Ariari blocks, with six appraisal wells
drilled in the CPE-6 Block and one appraisal well drilled in the Rio
Ariari Block. Four wells in the CPE-6 Block on long-term test averaged
approximately 600 bbl/d total gross production at the end of the
quarter. In addition, two re-entries into previously drilled
stratigraphic wells were undertaken, a water injection well was drilled
and an additional appraisal well is currently drilling. Additional
details are available in the MD&A.
First Quarter 2014 Conference call Details
The Company has scheduled a telephone conference call for investors and
analysts on Thursday May 8, 2014 at 8:00 a.m. (Bogotá time), 9:00 a.m.
(Toronto time) and 10:00 a.m. (Rio de Janeiro time) to discuss the
Company's first quarter 2014 results. Participants will include Ronald
Pantin, Chief Executive Officer, José Francisco Arata, President, and
selected members of senior management.
The live conference call will be conducted in English with simultaneous
Spanish translation. A presentation will be posted on the Company's
website prior to the call, which can be accessed at www.pacificrubiales.com.
Analysts and interested investors are invited to participate using the
dial-in numbers as follows:
Participant Number (International/Local):
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(647) 427-7450
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Participant Number (Toll free Colombia):
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01-800-518-0661
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Participant Number (Toll free North America):
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(888) 231-8191
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Conference ID (English Participants):
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23085279
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Conference ID (Spanish Participants):
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23129243
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The conference call will be webcast, which can be accessed through the
following link: http://www.pacificrubiales.com.co/investor-relations/webcast.html.
A replay of the conference call will be available until 23:59 pm
(Toronto time), May 22, 2014 and can be accessed using the following
dial-in numbers:
Encore Toll Free Dial-in Number:
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1-855-859-2056
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Local Dial-in-Number:
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(416)-849-0833
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Encore ID (English Participants):
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23085279
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Encore ID (Spanish Participants):
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23129243
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Pacific Rubiales, a Canadian company and producer of natural gas and
crude oil, owns 100% of Meta Petroleum Corp., which operates the
Rubiales, Piriri and Quifa heavy oil fields in the Llanos Basin, and
100% of Pacific Stratus Energy Colombia Corp., which operates the La
Creciente natural gas field in the northwestern area of Colombia.
Pacific Rubiales has also acquired 100% of Petrominerales Ltd, which
owns light and heavy oil assets in Colombia and oil and gas assets in
Peru, 100% of PetroMagdalena Energy Corp., which owns light oil assets
in Colombia, and 100% of C&C Energia Ltd., which owns light oil assets
in the Llanos Basin. In addition, the Company has a diversified
portfolio of assets beyond Colombia, which includes producing and
exploration assets in Peru, Guatemala, Brazil, Guyana and Papua New
Guinea.
The Companies common shares trade on the Toronto Stock Exchange and La
Bolsa de Valores de Colombia and as Brazilian Depositary Receipts on
Brazil's Bolsa de Valores Mercadorias e Futuros under the ticker
symbols PRE, PREC, and PREB, respectively.
Advisories
Cautionary Note Concerning Forward-Looking Statements
This press release contains forward-looking statements. All statements,
other than statements of historical fact, that address activities,
events or developments that the Company believes, expects or
anticipates will or may occur in the future (including, without
limitation, statements regarding estimates and/or assumptions in
respect of production, revenue, cash flow and costs, reserve and
resource estimates, potential resources and reserves and the Company's
exploration and development plans and objectives) are forward-looking
statements. These forward-looking statements reflect the current
expectations or beliefs of the Company based on information currently
available to the Company. Forward-looking statements are subject to a
number of risks and uncertainties that may cause the actual results of
the Company to differ materially from those discussed in the
forward-looking statements, and even if such actual results are
realized or substantially realized, there can be no assurance that they
will have the expected consequences to, or effects on, the Company.
Factors that could cause actual results or events to differ materially
from current expectations include, among other things: uncertainty of
estimates of capital and operating costs, production estimates and
estimated economic return; the possibility that actual circumstances
will differ from the estimates and assumptions; failure to establish
estimated resources or reserves; fluctuations in petroleum prices and
currency exchange rates; inflation; changes in equity markets;
political developments in Colombia, Peru, Guatemala, Brazil, Papua New
Guinea or Guyana; changes to regulations affecting the Company's
activities; uncertainties relating to the availability and costs of
financing needed in the future; the uncertainties involved in
interpreting drilling results and other geological data; the impact of
environmental, aboriginal or other claims and the delays such claims
may cause in the expected development plans of the Company and the
other risks disclosed under the heading "Risk Factors" and elsewhere in
the Company's annual information form dated March 13, 2014 filed on
SEDAR at www.sedar.com. Any forward-looking statement speaks only as of the date on which it
is made and, except as may be required by applicable securities laws,
the company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise. Although the Company believes
that the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on such
statements due to the inherent uncertainty therein.
In addition, reported production levels may not be reflective of
sustainable production rates and future production rates may differ
materially from the production rates reflected in this press release
due to, among other factors, difficulties or interruptions encountered
during the production of hydrocarbons.
Boe Conversion
The term "boe" is used in this news release. Boe may be misleading,
particularly if used in isolation. A boe conversion ratio of 5.7 Mcf: 1
bbl is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency
at the wellhead.
The Company's natural gas reserves are contained in the La Creciente,
Guama and other bocks in Colombia as well as in the Piedera Redonda
field in Block Z-1, Peru. For all natural gas reserves in Colombia,
boe's have been expressed using the Colombian conversion standard of
5.7 Mcf: 1 bbl required by the Colombian Ministry of Mines and Energy,
and for all natural gas reserves in Peru, boe's have been expressed
using the Peruvian conversion standard of 5.626 Mcf: 1 bbl required by
Perupetro S.A. If a conversion standard of 6.0 Mcf: 1 bbl was used
for all of the Company's natural gas reserves, this would result in a
reduction in the Company's net P1 and 2P reserves of approximately 4.9
and 6.9 Mmboe, respectively.
Definitions
Bcf
|
Billion cubic feet.
|
Bcfe
|
Billion cubic feet of natural gas equivalent.
|
bbl
|
Barrel of oil.
|
bbl/d
|
Barrel of oil per day.
|
boe
|
Barrel of oil equivalent. Boe's may be misleading, particularly if used
in isolation. The Colombian standard is a boe conversion ratio of 5.7
Mcf:1 bbl and is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.
|
boe/d
|
Barrel of oil equivalent per day.
|
Mbbl
|
Thousand barrels.
|
Mboe
|
Thousand barrels of oil equivalent.
|
MMbbl
|
Million barrels.
|
MMboe
|
Million barrels of oil equivalent.
|
Mcf
|
Thousand cubic feet.
|
Million Tons LNG
|
One million tons of LNG (Liquefied Natural Gas) is equivalent to 48 Bcf
or 1.36 billion m3 of natural gas.
|
Net Production
|
Company working interest production after deduction of royalties.
|
Total Field Production
|
100% of total field production before accounting for working interest
and royalty deductions.
|
Gross Production
|
Company working interest production before deduction of royalties.
|
WTI
|
West Texas Intermediate Crude Oil.
|
Translation
This news release was prepared in the English language and subsequently
translated into Spanish and Portuguese. In the case of any differences
between the English version and its translated counterparts, the
English document should be treated as the governing version.
SOURCE Pacific Rubiales Energy Corp.
PDF available at: http://stream1.newswire.ca/media/2014/05/08/20140508_C7164_DOC_EN_40105.pdf
PDF available at: http://stream1.newswire.ca/media/2014/05/08/20140508_C7164_DOC_EN_40106.pdf
PDF available at: http://stream1.newswire.ca/media/2014/05/08/20140508_C7164_DOC_EN_40107.pdf