Pacific Rubiales Energy Corp. provided earnings and operating guidance for the fiscal year 2013. The company plans to spend $1.7 billion this year in exploration and development (E&D) expenditures, an increase over spending in 2012, reflecting a larger exploration budget and increased development drilling.

The company is targeting 15% to 30% growth in average daily production for 2013. The company has a stronger than expected beginning to 2013 as it is currently producing above plan at approximately 310 Mboe/d gross total field or 129 Mboe/d net after royalty (including the acquired C&C Energia Ltd. volumes), and the company expects to be able to update the range as the year progresses. In 2013, the company expects to generate EBITDA in the range of $2.5 billion to $2.8 billion in an expected WTI oil price environment of $85 to $90.