The three-year plan will see between $12 billion and $15 billion pumped into the energy company between 2021 and 2023. The company's net profit rebounded to 3.81 trillion pesos (around $975 million) in the third quarter of this year, the highest level in at least a decade, boosted by rising crude prices following dismal results in 2020 amid the coronavirus pandemic.
Colombia's majority state-owned oil company Ecopetrol has agreed to buy the government's 51.4% stake in conglomerate ISA for 14.2 trillion pesos ($3.58 billion), the company said on Wednesday.
Colombia's majority state-owned oil company Ecopetrol's second-quarter net profit soared to 3.72 trillion pesos ($951 million), boosted by strong sales, the company said on Tuesday, compared with 25 billion pesos in the year-earlier period.
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BOGOTA (Reuters) -Colombia’s majority state-owned oil company Ecopetrol’s second-quarter net profit soared to 3.72 trillion pesos ($951 million), boosted by strong sales, the company said on Tuesday, compared with 25 billion pesos in the year-earlier period.
FILE PHOTO: The entrance of Ecopetrol s Castilla oil rig platform is seen in Castilla La Nueva, Colombia June 26, 2018. REUTERS/Luisa Gonzalez
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to 9.43 trillion pesos, from 2 trillion pesos in the second quarter of 2020, Ecopetrol said.
As well as significant sales growth, the higher earnings reflect a weak comparative period that saw the company’s finances battered by a combination of lower demand caused by the coronavirus pandemic and increased supply due to an oil price war last year.
UPDATE 1-Colombia s Ecopetrol reports Q2 profit soared to $951 million reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.