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Pacific Rubiales: Strong operating financials in line with our expectations; we remain focused on production growth

Price: COP 36,520; Target Price: COP 42,200

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August 14, 2014 (www.investorideas.com newswire) Pacific Rubiales reported financials for 2Q14 with revenues and EBITDA in line with our expectations. Nevertheless, we highlight a significant miss on net income due to a major swing in the corporate tax rate during the quarter (guidance for 2H14 is placed between 40%-45% in line with our projections). Oil & gas production reached 149.1 kboed, also in line with our expectations (150 kboed) and equivalent to a 16.9% y/y increase (+0.2% q/q). In addition to the annual production growth, we highlight that a 4.4% increase in realization prices contributed with a positive quarter. Even though operating netbacks decreased relative to 1Q14, we believe that they remain strong at USD 62,76/barrel (above the company’s target of USD 60/barrel). Going forward, we remain optimistic on the company’s ability to deliver positive production growth. Furthermore, we reiterate our BUY rating on shares as valuation remains attractive.

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Regards,
Credicorp Capital

La información contenida en este mensaje es confidencial y para conocimiento exclusivo del destinatario. La información y opiniones contenidas en este mensaje pertenecen únicamente al remitente, excepto cuando en el cuerpo del mensaje se establezca lo contrario y el remitente esté autorizado para enviar dicha información con carácter definitivo y oficial de Credicorp Capital. La información relacionada con su cuenta, los extractos, informes financieros y de productos, sólo será vinculante en la medida en que sea remitida por los canales y en los formatos que Credicorp Capital determine. Las opiniones, conclusiones o cualquier otra clase de información contenida en este correo no relacionadas con los fines del negocio de Credicorp Capital, deben entenderse como personales y bajo ninguna circunstancia son avaladas por Credicorp Capital. Si usted ha recibido este mensaje por error por favor proceda a eliminarlo, y notificar al remitente. De cualquier manera, usted no debe usar, divulgar, revelar, distribuir, imprimir, copiar o adulterar en forma parcial o total este mensaje. Credicorp Capital no se hace responsable por la eventual transmisión de virus o programas dañinos por este medio. Credicorp Capital, no se responsabiliza por eventuales daños o alteraciones como consecuencia de la recepción o uso del presente mensaje.

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