Petrominerales posts 4th-quarter profit on higher output

(Reuters) - Oil and gas producer Petrominerales Ltd posted a quarterly profit, helped by higher production and oil prices.

Fourth-quarter net income was $107 million, or 72 cents per share, compared with a net loss of $72.5 million, or 72 cents per share, a year ago.

Adjusted net income rose 124 percent to $77.7 million, or 72 cents per share.

Oil sales rose 32 percent to $329.9 million.

U.S. crude oil prices rose 17 percent to average about $92.39 per barrel in the October-December period.

Analysts on average had expected earnings of 77 cents per share on revenue of $316.7 million, according to Thomson Reuters I/B/E/S.

Average production increased seven percent to 35,353 barrels of oil per day (bopd) in the fourth quarter, helped mainly by production from new discoveries on its Deep Llanos and Central Llanos blocks in Colombia.

Petrominerales said production averaged 33,403 bopd for the first 60 days of 2012. Current production is over 37,000 bopd.

Shares of the South America-focused company, which have gained 10 percent of their value till date, closed at C$18.24 on Friday on the Toronto Stock Exchange.

(Reporting by Abhiram Nandakumar in Bangalore; Editing by Sriraj Kalluvila)

Source: http://news.yahoo.com/petrominerales-posts-4th-quarter-profit-higher-output-132053228.html

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