Exploration & Production | Quarterly / Earnings Reports | Fourth Quarter (4Q) Update | Production Rates
Pacific Rubiales Offsetting Prices with Lower Operating Costs
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Pacific Rubiales Energy Corp. has provided an operational update for its fourth quarter 2014 operating results.
Cost Saving MeasuresThe decline in global oil prices was partly offset by the cost reductions the Company has been able to achieve during 2014 and expects to continue into 2015. Compared with the third quarter of 2014 and the same period a year ago, the Company reduced its costs in all three cost categories: production, transportation, and dilution. Operating costs are expected to continue to decrease in 2015 along with a rise in production of light and medium crude oil. Operating netbacks for the quarter are expected to be lower compared with the prior quarter, impacted by the drop in benchmark oil prices, however cash operating margins are expected to remain at or above 55%.
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