Pacific Rubiales reported 1Q15 production of 152,650 boe/d net after royalties and sales volumes of 180,086 boe/d, which were in line with prior ranges provided by the Company and consensus estimates. Unfortunately, cash ow from operations, excluding the forward crude sales, was below expectations at US$157 mm, versus FirstEnergy’s estimate of US$236 mm and the consensus estimate of US$267 mm. For 2015e, we have slightly increased our production outlook, which is due to better than expected cu ....