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Pacific Rubiales post quarterly loss of $24 million

Thursday, March 14, 2013

Pacific Rubiales said that it posted a fourth-quarter loss of $23.8 million, compared with net income of $80.83 million a year earlier. For 2012 the company's net earnings stood at $527.7 million, compared with $554.3 million a year earlier.

The company's results reflect a decision issued Wednesday by an arbitration tribunal in Colombia, establish that Pacific Rubiales must pay 100 percent of windfall income from the Quifa oil field to Ecopetrol after production in the Quifa field reached the five million barrels of oil benchmark.

Pacific Rubiales had offered to pay 60 percent.

Source: Dow Jones