Pacific Rubiales 2012 results: Strong financials and continued growth in production and reserves
TORONTO, March 14, 2013 /PRNewswire/ – Pacific Rubiales Energy Corp. (TSX: PRE;
BVC: PREC; BOVESPA: PREB) announced today the release of its audited
consolidated financial results for the years ended December 31, 2012
and 2011, together with its Management Discussion and Analysis (“MD&A”)
for the corresponding period. These documents will be posted on the
Company’s website at www.pacificrubiales.com, on SEDAR at www.sedar.com, on the SIMEV website at www.superfinanciera.gov.co/web_valores/Simev, and on 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.
The Company has scheduled a teleconference call for investors and
analysts on Thursday March 14, 2013 at 9:00 a.m. (Toronto time) to
discuss the Company’s 2012 year-end results. Analysts and interested
investors are invited to participate using the dial-in instructions
available at the back of this news release.
2012 Overview and Highlights
-- Production grew 13% year-over-year, averaging 97,657 boe/d net after royalties including 1,573 bbl/d attributed to Block Z-1, offshore Peru. The equivalent net production in the fourth-quarter was 108,149 boe/d, 19% higher than the same period in 2011. -- EBITDA for the year was $2.0 billion, 3% higher than 2011, driven by higher production and operating netbacks. -- Net Earnings were $528 million, compared to $554 million in 2011. -- Adjusted Net Earnings from Operations were $653 million compared to $742 million reported in 2011. -- Crude oil operating netbacks increased 1% to $63.14/bbl and the combined oil and gas netback was $60.20/boe compared to $60.19/boe in 2011. -- Total E&D capital expenditures of $1.6 billion, compared to $1.1 billion in 2011. -- Growth in total proved plus probable ("2P") net reserves of 27%, adding 142 MMboe, for a 398% reserves replacement. Successful diversification of the reserves base with the Rubiales field now accounting for less than 19% of the Company's net reserves base, down from 60% in 2008. -- Exploration success of 80%, drilling 55 gross (33 net) exploration wells, adding 40 million boe net 2P reserves. Subsequent to year-end, new exploration discoveries were announced in the Kangaroo-1X well, offshore Brazil and the Manamo-1X well in the Guama block, onshore Colombia. -- Addition of 92 MMboe of reserves and significant production from acquisitions, including an interest in Block Z-1 offshore Peru, and the PetroMagdalena Energy Corp. and C&C Energia Ltd. acquisitions, onshore Colombia. -- Start-up of the Synchronized Thermal Additional Recovery ("STAR") pilot project in the Quifa SW field, successful steam and nitrogen gas testing completed in 2012, and initiation of the air injection on February 18, 2013 with positive production response.
“2012 was another outstanding year of growth in production and reserves
for the Company”, commented Ronald Pantin, Chief Executive Officer of
the Company. “We had a challenging beginning to the year, when our
production was constrained during the first eight months by
environmental and development permit delays outside our control. After
receiving some of the permits in August, we were able to increase
production substantially during the fourth-quarter and achieve a very
strong finish to the year. Average production for the year, including
production attributed to our Block Z-1 in Peru, was 13% higher than in
2011, slightly lower than we originally expected. A much more
important measure of operational performance can be seen in our fourth
quarter production which was up 19% over the same period in 2011.
“Financial performance was strong, with EBITDA increasing year-on-year.
Despite a 1% decline in the WTI benchmark price compared to 2011, the
Company increased its operating netbacks on oil by 1%, an indication of
the strength of our trading group and the continued advantage that
Colombian oil enjoys in the international market place.
“The Company’s reserves and resources continued to grow in step with
production. 2012 year-end reserves grew by 27%, with net 2P reserve
additions of 4 boe per boe produced. The Company continues to
diversify its reserves base, with the Rubiales field now representing
less than 19% of total net 2P reserves.
“During 2012 we transitioned the Company’s portfolio through select
acquisitions, to setup and underpin long-term growth and add value to
our existing business. This activity was aimed at acquiring low cost
and strategic reserves that provide immediate value and cash-flow
accretive production in the near-term, as well as expanding exploration
resources to drive growth looking out beyond three to five years.
“The acquisition of a 49% interest in the offshore Block Z-1 brings us
our first production in Peru and with a new development platform now in
place, we expect to be able to increase oil production substantially
over the next few years through development drilling. Block Z-1 also
has a large and prospective resource base to underpin future
“The Company’s acquisition of PetroMagdalena and C&C Energia during 2012
added medium and light oil production and reserves which can be used as
a strategic source of diluent for our growing heavy oil production in
the Llanos basin, Colombia. The Company´s integrated light oil diluent
/ heavy oil production, along with its growing ownership in pipelines
and transportation infrastructure in Colombia, captures a significant
incremental value margin on the direct ownership of light oil, versus
the cost of purchasing diluent volumes.
“During 2012, we continued to expand our exploration footprint through
early stage large resource capture in a number of select opportunities
focused in Latin American countries that display a balance of above-
and below-ground risk. This is a similar strategy that led to the
Company´s successful “first-mover”, large resource capture along the
heavy oil resource belt in Colombia, and leverages the built-in
onshore/offshore and frontier basin expertise and capacity acquired by
the Company from its technical and managerial origins. They illustrate
the Company´s capacity and vision to look out beyond the short and
medium term, layering in opportunities to support, enhance and develop
new growth prospects into the future. We have already seen some early
success in our first well drilled in Brazil, the Kangaroo-1X
exploration well which intersected a 25 meter gross oil section in the
“The Company’s Balance Sheet remains strong and our growth targets are
intact. I am confident that we have the resources and the commercial
and technical capacity to continue our strategy of repeatable,
profitable growth by building for the long-term future, the leading E&P
Company focused in Latin America.”
A summary of the financial results for the twelve and three months ended
December 31, 2012 and 2011 are as follows (a more detailed discussion,
explanation and analysis can be found in the Company’s Management
Discussion and Analysis for the year ended December 31, 2012 dated
March 13, 2013):
Year Ended Three Months Ended December December (in thousands of 2012 2011 2012 2011 US$ except per share amounts or as noted) Oil and gas sales $ $ $ 1,046,689 $ 1,011,476 3,884,762 3,380,819 EBITDA (1) 2,018,395 1,959,092 429,041 566,671 EBITDA Margin 52% 58% 41% 56% (EBITDA/Revenues) Per share - basic 6.85 7.20 1.45 2.02 ($) (2) - 6.67 6.57 1.41 1.97 diluted ($) Net earnings 527,729 554,336 (23,777) 80,834 Per share - basic 1.79 2.04 (0.08) 0.29 ($) (2) - 1.74 1.97 (0.08) 0.28 diluted ($) Cash Flow from 1,802,735 1,219,057 676,938 477,530 Operations Per share - basic 6.12 4.48 2.28 1.70 ($) (2) - 5.95 4.09 2.23 1.66 diluted ($) Adjusted Net 652,857 742,288 38,169 167,091 earnings from operations Per share - basic 2.22 2.73 0.13 0.60 ($) (2) - 2.16 2.49 0.13 0.58 diluted ($) Non-operating 125,128 187,952 61,946 86,257 items Funds Flow from 1,387,544 1,368,599 231,532 351,760 Operations (1) Per share - basic 4.71 5.03 0.78 1.26 ($) (2) - 4.58 4.59 0.76 1.22 diluted ($)
(1) See "Additional Financial Measures", in Section 17 of the Company's Management Discussion and Analysis for the year ended December 31, 2012 dated March 13, 2013 (the "MD&A"). (2) The basic weighted average number of common shares outstanding for the year ended December 31, 2012 and 2011 was 294,576,424 (fully diluted - 302,823,229) and 271,985,534 (fully diluted - 298,271,197), respectively.
Sales Volumes and Operating Crude Oil and Natural Gas Netbacks
The Company produces and sells crude oil and natural gas. It also
purchases liquids and crude oil from third parties for use as diluents
to mix with its heavy oil production and for trading purposes, which
are included in the reported “daily volume 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.
A summary of the reconciliation between produced volumes and sales
volumes is provided in the table below (a more detailed discussion,
explanation and analysis can be found in the MD&A):
Year Ended Three Months Ended December December Net Production (boe/d) 2012 2011 2012 2011 Colombia 96,084 86,497 106,692 90,959 Peru 1,573 - 1,457 - Total 97,657 86,497 108,149 90,959 Net Production Sold (boe/d) Production Available for Sale 96,179 86,497 107,071 90,959 (boe/d) * Diluent Volumes (bbl/d) 9,609 13,381 9,671 12,874 Oil for Trading Volumes (bbl/d) 4,937 3,449 1,718 9,067 Inventory Balances and Other (1,745) (2,881) 1,681 (4,694) (boe/d) Volumes Sold (boe/d) 108,980 100,446 120,141 108,206
* Production Available for Sale includes all net production in Colombia and the Company´s 49% of net production in Peru from December 13 through December 31, 2012.
The combined crude oil and natural gas operating netback during the year
ended December 31, 2012 was $60.20, about flat with the same period in
2011. Operating netbacks for the twelve months ending December 31, 2012
and 2011 are provided in the tables below (a more detailed discussion,
explanation and analysis along with segmented fourth quarter netbacks
can be found in the MD&A):
Year ended December 2012 2012 2012 2011 Oil Gas Combined Combined Average daily volume sold (boe/day) 93,141 10,902 104,043 96,997 (1) Operating netback ($/boe) Crude oil and natural gas sales 102.94 42.19 96.58 91.58 price Production cost of barrels sold (2) 11.71 4.60 10.96 5.48 Transportation (trucking and 13.95 0.20 12.51 10.93 pipeline) (3) Diluent cost (4) 11.08 - 9.92 14.23 Other costs (5) 1.12 2.65 1.28 0.57 Total production cost 37.86 7.45 34.67 31.21 Overlift/Underlift (6) 1.94 (0.27) 1.71 0.18 Operating netback crude oil and gas 63.14 35.01 60.20 60.19 ($/boe) Netback Crude Oil Trading Year ended December 2012 2011 Average daily volume sold (boe/day) 4,937 3,449 Operating netback ($/boe) Crude oil traded 114.62 110.10 Cost of purchases of crude oil 111.24 106.52 traded Operating netback crude oil trading 3.38 3.58 ($/boe)
(1) Combined operating netback data based on weighted average daily volume sold which includes diluents necessary for the upgrading of the Rubiales blend. (2) Cost of production mainly includes lifting cost and other direct production cost such as fuel consumption, outsourced energy, fluid transport (oil and water), personnel expenses and workovers, among others. Increases in the oil production cost are driven by higher fluid (mainly water) production which affects fuel consumption, outsourced energy and fluid transport costs; as compared to prior period of 2011. (3) Includes the transport costs of crude oil and gas through pipelines and tank trucks incurred by the Company to take the products to the delivery points to customers. (4) During 2012, oil diluent cost decreased 28% ($4.31/bbl), due to the use of lower volume of diluents (4,447 bbl/d, around 33%) with higher blending ratios, mainly natural gasoline (81.9° API), while the Company increased its oil sales 3.5% (3,128 bbl/d), even though 2012 diluent prices, storage and trucking fees were higher than 2011 by $14.32/bbl ($117.45/bbl vs. $103.13/bbl). Adjusted Net blending cost of Rubiales crude increased to $3.65 bbl in the year 2012 from $3.14/bbl in 2011 (16%). This increase was mainly due to higher net diluent costs ($25.10/bbl vs. $13.66/bbl) because higher diluent prices, storage and pipeline fees, compensated by an improved blending average ratio of 14.55%, (5) Other costs mainly correspond to royalties on gas production, external road maintenance at the Rubiales field, inventory fluctuation, storage cost and the net effect of the currency hedges of operating expenses incurred in Colombian pesos during the period. The increase in other cost during the fourth quarter 2012, were driven by inventory fluctuation cost ($4/bbl) due to increased sales during this period. This increase is offset with the prior quarter inventory fluctuation. (6) Corresponds to the net effect of the overlift position for the period amounting to $65.0 million, which generated a reduction in the combined costs to $1.71/boe as explained in "Discussion of 2012 Fourth Quarter Financial Results- Financial Position - Operating Costs", MD&A.
The Company produces crude oil and natural gas from a number of
different fields, over 98% of which are located in Colombia. The
Company operates most of its production. The average net after royalty
production during the year ended December 31, 2012 was 97,657 boe/d
(including 1,573 bbl/d attributed to the Company’s Block Z-1
acquisition in Peru which closed in December 2012 with an effective
date of January 1, 2012), some 13% higher than the same period in 2011.
Average net production available for sale of 96,179 boe/d for the year
ended December 31, 2012, as reported in the Company’s financial
results, includes its net share after royalties for all its Colombia
field production and its portion of production from Block Z-1 produced
from the closing of the Block Z-1 acquisition on December 13, through
December 31, 2012.
Average production for the Company’s major producing fields for the
years ending December 31, 2012 and 2011 are as follows (a more detailed
discussion, explanation and analysis along with segmented fourth
quarter production can be found in the MD&A):
Average Year Production (in boe/d) Total field Share before Net share after production royalties(1) royalties Producing Fields - 2012 2011 2012 2011 2012 2011 Colombia Rubiales / 177,015 165,446 74,113 68,503 59,285 54,802 Piriri Quifa(2) 46,701 36,496 27,851 20,928 22,070 19,181 La Creciente 10,864 10,801 10,662 10,586 10,660 10,584 (3) Cubiro 2,196 - 1,408 - 1,295 - Abanico 1,584 2,183 454 643 436 617 Sabanero (4) 1,244 - 613 - 576 - Dindal / Rio 1,130 1,220 672 725 553 609 Seco Cajua 926 - 556 - 522 - Arrendajo 901 - 478 - 440 - Rio Ceibas - 1,754 - 475 - 380 Other producing 703 550 260 330 247 324 fields (5) Total Production - 243,264 218,450 117,067 102,190 96,084 86,497 Colombia Producing Fields - Peru (See note below) Block Z-1 3,311 - 1,596 - 1,573 - (6) Total Production - 3,311 - 1,596 - 1,573 - Peru Total Production 246,575 218,450 118,663 102,190 97,657 86,497 Colombia and Peru
(1) Share before royalties is net of internal consumption at the field and before PAP at the Quifa SW field. (2) Includes Quifa SW field and early production from Quifa North prospects. The Company's share before royalties in the Quifa SW field is 60% and decreases according to a high-prices clause that assigns additional production to Ecopetrol. (3) Royalties on the gas production from La Creciente field are payable in cash and accounted as part of the production cost. Royalties on the condensates are paid in kind, representing a small impact in the net share after royalties. The Company has completed 80% of the project to increase the process capacity to 100 MMcf/d at La Creciente Station. (4) The Company holds a 49.999% participation in Maurel and Prom Colombia B.V., which indirectly owns a 49.999% working interest in the Sabanero block. (5) Other producing fields correspond to producing assets located in Cerrito, Moriche, Las Quinchas, Guasimo and Buganviles blocks. Also includes the acquired blocks from PetroMagdalena such as Carbonera, Carbonera La Silla and Yamu blocks (Yamu is not operated block). Subject to Ecopetrol´s and ANH´s approval, the Company has divested its participation in the Moriche, Las Quinchas, Guasimo, and Chipalo blocks. (6) Block Z-1 includes Corvina and Albacora fields, which are operated by BPZ Resources, Inc. The Company acquired a 49% undivided participating interest in Block Z-1 on April 27, 2012. The transaction was completed upon receiving governmental approval on December 12, 2012, the Company or any of its subsidiaries will be the technical operations manager under an Operating Services Agreement. The applicable royalties in Peru are paid in cash and are accounted as part of the production cost.
The following table summarizes information contained in the reserves
reports prepared by the Company´s independent reserves engineering
firms: RPS Energy Canada Ltd., Petrotech Engineering Ltd., and
Netherland Sewell & Associates Inc., with an effective date of December
31, 2013. These reserves reports were prepared in accordance with
National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101″) and included in the Company’s Form NI51-101 F1 – Statement of Reserves Data and Other Oil and Gas Information for Pacific
Rubiales Energy Corp. filed on SEDAR.
________________________________________ | 2012 2P Reserves Summary | | | |________________________________________| | |Oil Equivalent Net 2P| | | Reserves (MMboe)2 | |__________________|_____________________| |December 31, 20111| 407.3 | |__________________|_____________________| |Net Additions3 | 142.1 | |__________________|_____________________| |Production4 | (35.7) | |__________________|_____________________| |December 31, 2012 | 513.7 | |__________________|_____________________|
(1) Statement of Reserves Data and Other Oil and Gas Information as of
December 31, 2011, filed on SEDAR in Form 51-101 F1, on March 14, 2012.
(2 )Boe is expressed herein using the Colombian conversion standard of 5.7
Mcf: 1 bbl required by the Colombian Ministry of Mines and Energy for
all the Company´s Colombian reserves and 6 Mcf: 1 bbl for the Company´s
(3) Includes the Company’s oil reserves estimates on the Block Z-1,
offshore Peru prepared by Netherland Sewell & Associates Inc. in
accordance with NI 51-101. The variance in 2P reserves from those
reported in the Company’s news release dated March 4, 2013 is a result
of differences between the U.S. Securities and Exchange commission
(“SEC”) standards and NI 51-101. Under NI 51-101 standards, all
royalties which are paid in dollars rather than in kind are accounted
for in the reported net barrel volumes, whereas under SEC standards all
royalties paid in dollars are accounted for in the reported net present
(4) Production represents the twelve month period ended December 31, 2012
and includes production from the acquisition of the 49% interest in
Block Z-1 effective as of January 1, 2012.
The Company’s share of production in the Quifa SW field is 60% before
royalties. This participation may decrease when the application of the
high-prices clause (“PAP”) is triggered.
On September 27, 2011, Ecopetrol and the Company agreed on an
arbitration process to settle differences in the interpretation of the
PAP clause in the Quifa Association Contract and its effect on their
share of production.
On March 13, 2013, the arbitration panel delivered its decision
interpreting that the PAP formula should be calculated on 100% of the
production of the Quifa SW field, instead of simply the Company’s 60%.
However, the arbitration panel expressly denied Ecopetrol’s demand for
an order for Pacific Rubiales to deliver the associated volumes of
hydrocarbons as a result of its interpretation of the PAP formula. The
arbitration decision is not yet firm nor does it provide enforceable
remedies against the Company.
The Company is evaluating the decision as it leaves open several
unresolved issues. The Company is also evaluating all of its
alternative remedies under Colombian laws and applicable international
In the event that the interpretation of the PAP formula by the
arbitration panel becomes enforceable, the Company would be required to
deliver an additional estimated 1.39 MM bbl of oil to Ecopetrol,
representing Ecopetrol’s additional share in Quifa SW production from
April 3, 2011 to December 31, 2012, which in any case would be
delivered in kind from future production out of 10% of its daily net
share of production of the Quifa SW field (as of today, approximately
2,270 bbl/d over a 20 month period). This additional volume has been
recorded as an over-lift on the Company´s consolidated financial
statements as at December 31, 2012.
As a result of the above and under prudent accounting practice, a
provision has been made in the Company´s 2012 year-end financials to
account for cumulative amounts accrued as follows:
-- U.S.$92 million negative impact on 2012 EBITDA, from U.S.$2,110 million to US$2,018 million, representing approximately a 4% reduction. -- U.S.$61 million negative impact on 2012 Net Income, from U.S.$589 million to U.S.$528 million, which is around a 10% reduction.
2012 Year-end Conference call Details
The Company has scheduled a telephone conference call for investors and
analysts on Thursday March 14, 2013 at 8:00 a.m. (BogotÃ¡ time), 9:00
a.m. (Toronto time), and 10:00 a.m. (Rio de Janeiro time) to discuss
the Company’s 2012 year-end results. Participants will include Ronald
Pantin, Chief Executive Officer, JosÃ© Francisco Arata, President, and
selected members of senior management.
The live conference call will be conducted in English with simultaneous
Spanish translation. The Company will post a presentation on the
Company’s website prior to the call, it 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): (647) 427-7450 Participant Number (Toll free Colombia): 01-800-518-0661 Participant Number (Toll free North America): 1-888-231-8191 Conference ID (English Participants): 10631001 Conference ID (Spanish Participants): 10645383
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 call will be available until 23:59 pm (Toronto time),
March 28, 2013, which can be accessed as follows:
Encore Toll Free Dial-in Number: 1-855-859-2056 Encore Local Dial-in-Number: 416-849-0833 Encore ID (English Participants): 10631001 Encore ID (Spanish Participants): 10645383
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 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 Company’s 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.
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; and the other
risks disclosed under the heading “Risk Factors” and elsewhere in the
Company’s annual information form dated March 14, 2012 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.
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.
_____________________________________________________________________ | 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.| |_____|_______________________________________________________________| | WTI| West Texas Intermediate Crude Oil.| |_____|_______________________________________________________________|
SOURCE Pacific Rubiales Energy Corp.