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A World Class Exploration & Production Company
Information for MediaMarch 14, 2012
VP of Corporate AffairsCommunications Department
Abbreviationsbpd: kbpd: MMbbl: MMpcd: boe/d:MMboe: Ha(s): E&P: TEA: 2D (km): 3D (km2): Km 2D equiv. : MM USD:
Barrels of oil per dayThousand of barrels per dayMillions of barrelsMillions of cubic feet per dayEquivalent barrels of oil per day (oil + gas)Millions of equivalent barrels of oil (oil + gas)Hectare(s)Exploration & Production ContractTechnical Evaluation AgreementKilmeters of seismic in 2 dimensionsSquare kilometers of seismic in 3 dimensions2D + 3D seismic kilometersMillions of American dollars
VP of Corporate Affairs - Communications Department
16 highlights of the Growing process
Increased production in 2011
The average net production of 2011 was 86,497 barrels/day, representing a growth of 52% from 2010. The total average pro-duction operated by the company was 218,450 barrels/day.
A two-fold increase in the main financial indicatorsThe consolidated net income in 2011 was MM US$ 554, more than the double compared with the net income in 2010. The gross revenue increased to MM US$3,381 compared with MM US$ 1,662 in 2010 (104% more).
A two-fold increase in EBITDA
The EBITDA in 2011 increased to MM US$ 1,947 compared with the MM US$ 924 in 2010. The EBITDA for 2011 represented a margin of 58% compared to the total revenues for the period.
Pacific Rubiales was one of the companies with a major tax contribution to Colombia
The company generated taxes by $ 4,9 billion pesos, making Pacific the second company in the oil & gas sector with a biggest contribution to Colombia with direct and indirect taxes (royalties, income tax, estate tax, Compensation Funds, Pensions, Contribution of Energy and transport by pipeline, among others).
Pacific Rubiales A World Class Company
Record growth in reservesThe proven and probable reserves (2P) of Pacific Rubiales Energy increased 52% during 2011. Net 2P reserves increased to 407 million barrels of oil equivalent (Mboe) in 2011.
High exploration success rateIn 2011 it was achieved a success rate of 84% thanks to the drilling activity in the exploration blocks in Colombia (drilling a total of 69 exploration/appraisal wells, 58 successful).
High replacement ratio and addition of new discoveries
The reserves replacement ratio of Pacific Rubiales Energy was 536% in 2011, which means that for every barrel of oil equivalent produced, 5.36 barrels of oil equivalent were incorporated to the 2P reserves category.
Reserves increase in new oil fieldsPacific Rubiales Energy shows a growth and diversification of its reserves base.
Production from new fields, other than Rubiales and Quifa SW, beganDuring the 4Q of 2011, the company began the production of Quifa North and Sabanero Block, the last one operated by Maurel & Prom.
2011 a year of extraordinary Results for investors and Colombia
VP of Corporate Affairs - Communications Department
Increase oil production and reserves, operational and finance strength
Consolidation of the investments to strengthen the business of the company
Investments during 2011 were around $ 2,04 billion pesos ($ 1,76 billion pesos in 2010). $868,000 million pesos were invested in the expansion and construction of production facilities; $493,000 million pesos in exploration activities in Colombia, Peru and Guatemala; $116,000 million pesos in the acquisition of 49.9% of Maurel & Prom Colombia BV; $382,000 million pesos drilling development wells; and $181,000 million pesos in other projects, including the development of the STAR technology.
Increase and optimization of the transport infrastructureIn December 2011, the ODL pipeline reached a 340,000 barrels/day capacity with the addition of two new pumping stations (Corocora y Jagüeyes). The construction of new blending facilities in Cusiana was initiated in order to optimize the thinners required for transportation, ensuring an increase in the oil transport capacity. The ODL is developed in partnership with Ecopetrol.
The construction of the Bicentennial Pipeline (OBC) initiatedThe construction of the phase 1 of the OBC pipeline initiated in 2011. This phase includes the construction of a gas pipeline of 42 inches diameter and a length of 230 kms, that will allow the transport of 120,000 barrels/day of oil from Pacific. The com-pany has a participation of 32.88% in the OBC.
Pacific Rubiales A World Class Company
Listing in the Brazilian Stock ExchangeOn February 1, 2012, the Company received approval from the Securities Commission, the Brazilian regulatory agency responsi-ble for overseeing public issuers, and the Brazilian stock exchange BM & FBOVESPA SA. Pacific Rubiales is the first Canadian company listed on the BDR BOVESPA.
Successful new offer of senior unsecured notesIn December 2011, the Company closed a successful offer of MM US $300 in senior unsecured notes at a rate of 7.25% by 2021. The net revenue will be used by the Company for general corporate purposes, which may include acquisitions and inves-tments in oil and gas assets and in related infrastructure.
Three of the major rating agencies improved the status of Pacific RubialesMoody's Investors Service upgraded the corporate credit rating of Pacific Rubiales Energy from Ba3 to Ba2, with stable outlook. Fitch Ratings upgraded its qualification from 'BB-' to 'BB'. Standard & Poors upgraded the corporate credit rating from BB- to BB.
A significative increase in the dividends was approvedTaking into account the excellent results of Pacific Rubiales, the board approved an 18% increase in the dividend to be paid in 2012 compared with last year.
VP of Corporate Affairs - Communications Department
Pacific Rubiales A World Class Company
Our History
2004
2007
2008
2009
2011
2012
Pacific Stratus Energy founded.
Petro Rubiales Energy Corp. acquires MetaPetroleum who operates the Rubiales field.
Merger of Pacific Stratus Energy & Petro Rubiales Energy Corp. Acquisition of Kappa Energy.
Pacific Rubiales Energy operating as a fully integrated company with producing oil and gas assets and significant exploration potential.
CPE-6 received approval from ANH to convert a part of the TEA contract into E&P contract
Pacific Rubiales Energy was listed in Brazil’s Bolsa de Valores Mercadorias e Futuros.
TARGET• Grow production to 500,000 boe/d
• Goal is to double reserves in two years
• Leading E&P independent in Latin America
2010Pacific Rubiales Energy was listed as the 1st foreign company in the Colombian stock exchange (BVC).
VP of Corporate Affairs - Communications Department
Exploración y ProducciónExploration & Production1
Pacific Rubiales A World Class Company
CONTRIBUTION TO COLOMBIA’S PRODUCTION PER COMPANY %
PetromineralesOccidentalHocolPerencoGrantierraPetrobrasMansarovarEquion CanacolEcopetrolOther*Pacific Rubiales
-5% 5% 15% 25% 35% 35%
41
* Approximately 40 companiesSource: National Hydrocarbons Agency (ANH), Ministry of Mines and Energy and Pacific Rubiales Energy calculations
The company with the biggest contribution to Colombia’s production growth
1
VP of Corporate Affairs - Communications Department
The production increased 52% in 2011
Source: Ministry of Mines and Energy and Pacific Rubiales Energy calculations
OPERATED PRODUCTION PER COMPANY DEC. 31. 2011 (BPD)
AVERAGE GROSS PRODUCTION PER YEAR BOE/D
218,45072,220
35,20935,079
Ecopetrol
Pacific Rubiales
Occidental
Equion
Mansarovar
Hocol
324,703
32,30731,795Petromine-
rales
2011
2010
2009
2008
2007
218,450144,307
82,88746,764
21,292boe/d
Reserves increased 52% in 2011
Pacific Rubiales A World Class Company
NET RESERVES* PER YEAR(MMBOE)
CONTRIBUTION TO NET RESERVES OF PACIFIC PER BLOCK (%)
208 28
0
268
407
188
20112010200920082007
2919
11
Rubiales
La Creciente
36
42
Sabanero*
Otherblocks
CPE-6
Quifa
* 2P reserves (proved + probable) * Operated by Maurel & Prom Colombia BV (49.9%)
Diversified Portfolio of Assets
Pacific Rubiales is the second company with the largest number of area: approximately 7,689,000 hectares.
45 BLOCKS
DISTRIBUTION PER CONTRACT STATUS
Exploration
Exploration & Production
Production
30
6
10
BLOCK DISTRIBUTION PER BASIN
Llanos North
Llanos South
Lower Magdalena Valley
Cordillera
Middle & Upper Magdalena Valleys
Putumayo
Amatique (Guatemala)
Marañón (Perú)
6
9
7
3
9
6
3
2
VP of Corporate Affairs - Communications Department
PANAMÁ
VENEZUELA
COLOMBIA
BRASIL
ECUADOR
CARIBBEAN SEA
PAC
IFIC
OC
EAN
MaracaiboLake
CENTRAL & SOUTH AMERICA
1
2
3
45
6
32
1110
12
8
14
7
935
3736
1342
18
34
15
16
38
3940
3341
43 44
17
20
19
21
23
24
26
22
25
ARAUCA
GUAJIRA
NORTEDE
SANTANDER
CASANARE
SANTANDER
CALDAS
QUINDÍO
RISARALDA
ANTIOQUIA
CÓRDOBA
SUCRE
CESAR
ATLÁNTICO
MAGDALENA
ATLÁNTICO
CHOCÓ
CUNDINAMARCA
AMAZONAS
PUTUMAYO
VAUPÉSCAQUETÁ
HUILA
VALLEDEL
CAUCA
CAUCA
GUAVIARE
GUAINÍA
VICHADA
NARIÑO
META
TOLIMA
BOYACÁ
BOGOTÁ
RIOACHA
SANTA MARTABARRANQUILLA
SAN JOSÉ
MITÚ
FLORENCIA
POPAYÁN
CALI
PASTO
NEIVA
ARMENIA
PEREIRA
PEREIRA
MANIZALES
PUERTO CARREÑO
PUERTO IRINIDA
ARAUCA
CÚCUTA
VALLEDUPAR
MEDELLÍN
TUNJA
IBAGUÉ
BUCARAMANGA
MONTERÍA
YOPAL
MOCOA
Buenaventura
Cobeñas
Cartagena
Barranquilla
Santa Marta
Tumaco
Transport2
Improving the Transport Infrastructure
Los Llanos Pipeline (ODL) • Started operating in 2009.• Connects Rubiales Field with Ocensa pipeline.• In 2011 the capacity of ODL was increased to 340,000 bpd.• The pipeline is operated by the company ‘Oleoducto de Los Llanos’. The shareholders are Pacific Rubiales Energy (35%) and Ecopetrol (65%).• Is the only infrastructure in place in southern Llanos basin.• Key for the heavy oil evacuation.
OCENSA Pipeline• Pacific acquired access to Ocensa pipeline for a 10 year period.
Bicentenario Pipeline (OBC)• Pacific has a participation of 32.9%.• OBC will be the largest pipeline in Colombia. • Construction started on October 2011 and will be developed in 5 phases.• The first portion will start operations in the second semester of 2012.• It will be finished by December 2014 (approx.). • OBC capacity will be 450,000 bpd. 3
Pacific Rubiales A World Class Company
Financial Results & Stock Information3
Multiplying the Success
GROSS REVENUE (MM USD)
1,662
3,381
Dec. 2010 Dec. 2011
NET INCOME (MM USD)
218
554
Dec. 2010 Dec. 2011
EBITDA (MM USD)
924
1,947
Dec. 2010 Dec. 2011
Pacific Rubiales A World Class Company
Outstanding Performance in 2012
VP of Corporate Affairs - Communications Department
2012 Feb Mar
30.000
35.000
40.000
45.000
50.000
55.000
15:59 - 14 Dec - 2011 - 15:00 13 Mar - 2012
2012 Plan4
Growth and Expansion
Resultados Financieros y Comportamiento de la Acción3 Exploration
Facilities
Developmentdrilling
Projects
340
MM USD
560
285
50
45%
4%
23%
28%
Facilities
Projects
Development drilling
Exploration
Over $1.2 billion net capital program
The 2012 Plan is focused in 4 key points:
Production expansion in Rubiales/Piriri and Quifa SW blocks.
Production increase of the newly producing blocks: Quifa Norte & Sabanero.
Begin the commercial production of oil in CPE-6 block.
Continue drilling and the seismic activities in the whole exploration portfolio in Colombia, Peru & Guatemala.
1.2.3.4.
Pacific Rubiales A World Class Company
MEDIA RELATIONS:
Federico RestrepoVP of Corporate Affairs
Ana Eloisa ZúñigaCommunications Manager
Gilma SampayoCommunications Leader
[email protected] 371 9267