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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

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.

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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