Operate with Excellence

 

To ensure a sustainable operation, Pacific Exploration & Production Corp. must have a profitable and competitive company that, based on its good performance, has the capacity to contribute to the creation of healthy surroundings.

The strategy is to constantly increase exploration, production, and participation in the market while being cost-efficient and profitable. The Company also works under the highest health and safety standards while providing the best output for the stakeholders.

This commitment relies on four lines of action:

 

Success in the Operation

Pacific E&P is committed to maintaining the balance between growth and returns, as well as the balance between trust in the sustainability of future income and cash flow, supported by the expectation of continuous production growth and higher share value.

 

Profitability

Pacific E&P’s capital management strategy is to invest in projects aimed at expanding short-term production and growing medium-term reserves to provide attractive returns to shareholders.

 

Occupational Health and Industrial Safety

To Pacific E&P is critical to align its corporate departments and business units with the Integrated Management System in order to guarantee the ongoing improvement of occupational health and industrial safety management in its operations.

 

Supply and Transportation

Supply and transportation are vital processes in the value chain given that they guarantee the timely distribution of production for subsequent placement in the market. They also assure the steady supply of diluents required to transport heavy crudes through different pipeline systems, which in turn minimizes costs and maximizes revenue.

Highlights

Average oil and gas sales (including trading) for the first quarter of 2015 were a record 180,086 boe/d, an increase of 19% compared to the same period in 2014.

During 2014, average net production totaled 147,423 boe/d, representing an increase of 14% year-over-year.

In 2014, Pacific E&P sold an interest in Pacific Midstream to the IFC for US $320 Million

The strengthening of the industrial safety program in 2014 allowed the Company to reduce the frequency index of disabling and non-disabling injuries by 54% and 81% respectively compared to 2013.

Compared to 2013, Pacific E&P reduced in 2014 idling time by 59% for tanker trucks at the loading and unloading points. This represents a cost saving of US $9.6 million.