March 11, 2011 / 11:42 AM / in 7 years

UPDATE 2-Pacific Rubiales Q4 profit misses, shares tumble

* Q4 EPS $0.35 vs est $0.41

* Q4 sales more than double to $515.9 mln

* Shrs fall 20 pct (Rewrites; adds details on 2010 production in paragraphs 5 and 6; updates share paragraph)

March 11 (Reuters) - Canadian oil firm Pacific Rubiales Energy Corp’s quarterly profit rose but could not match up to market expectations, sending its shares down 20 percent in heavy trading on Friday morning.

For the fourth quarter, the company posted a net income of $104.7 million, or 35 cents a share, up from $3.2 million, or 2 cents a share, a year ago.

Analysts average was 41 cents a share in earnings on revenue of $532.2 million, according to Thomson Reuters I/B/E/S.

Pacific Rubiales, which has working interests in 40 blocks in Colombia, Peru and Guatemala, said oil and gas sales more than doubled to $515.9 million.

The company’s 2010 average net production, after royalties, rose 67 percent to 56,974 barrels of oil equivalent per day (boe/d), but was lower than its own outlook of 65,645 boe/d, given in an investor presentation in February.

In January, the company had set a 2011 capital budget of $1.12 billion, and estimated gross exit production of 265,000 boe/d or 112,000 boe/d net.

The Toronto-based shares were trading down 8 percent at C$28.97 on Friday morning after sliding to C$25.29, being one of the top losers on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Joyjeet Das) (arnika.thakur@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: arnika.thakur.thomsonreuters.com@reuters.net)

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