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UPDATE: Petrominerales Posts Strong Q4; However, Shares Fall Below Yr Lows at Midday

Oil and gas producer Petrominerales Ltd (PMG.TO) shares are down to $14.48 at midday, below yr lows of $15.52. More than 1.8 million shares have changed hands so far.

The company said that 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 in the year earlier period, helped by higher oil sales and prices. Adjusted net income rose 124% to $77.7 million or 72 cents per share.

Oil sales rose 32% to $329.9 million. U.S. crude oil prices rose 17% to average about us$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.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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