August 2, 2012 / 10:53 AM / 6 years ago

Petrominerales adjusted profit falls on lower oil prices, sales

Aug 2 (Reuters) - Canadian oil and gas producer Petrominerales Ltd’s second-quarter adjusted profit fell 66 percent on lower oil prices and oil sales.

In the April-June quarter, U.S. crude oil prices fell 9 percent from last year to average $93 per barrel.

The company’s net income, on an adjusted basis, plunged to $38.3 million, or 38 cents per share, from $113.9 million, or 99 cents per share, a year earlier.

The Latin America-focused company’s oil sales fell 23 percent to $289.8 million while funds flow from operations dropped 11 percent to $173.7 million.

Petrominerales has 15 exploration blocks in Colombia’s Llanos and Putumayo basins and five in Peru.

Oil production declined 23 percent to 31,113 barrels of oil per day (bopd), the company said.

Shares of the Calgary, Alberta-based company, which has a market value of C$923 million ($922 million), closed at C$9.22 on Wednesday on the Toronto Stock Exchange.

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