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Colombia s Ecopetrol first-quarter net profit soars on better oil prices, weak comparative

2 Min Read BOGOTA (Reuters) - Colombia’s majority state-owned oil company Ecopetrol on Tuesday reported a soaring first-quarter net profit of 3.09 trillion pesos ($806.5 million) for this year, buoyed by improved oil prices and with the backdrop of a dismal comparative period in 2020. FILE PHOTO: The entrance of Ecopetrol s Castilla oil rig platform is seen in Castilla La Nueva, Colombia June 26, 2018. REUTERS/Luisa Gonzalez The oil company reported a net profit of 133 billion pesos in the first quarter of 2020, following a global slump in oil prices and after booking an impairment worth 1.21 trillion pesos. Ecopetrol’s first-quarter earnings before interest, taxes, depreciation and amortization rose 55.7% to 8.19 trillion pesos, the company said.

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Energia: Colombia, Ecopetrol registra utile netto di 650 milioni di euro nel primo trimestre

Energia: Colombia, Ecopetrol registra utile netto di 650 milioni di euro nel primo trimestre
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Colombia s Ecopetrol Q1 net profit soars on better oil prices, weak comparative

Oliver Griffin 2 minute read Colombia s majority state-owned oil company Ecopetrol (ECO.CN) on Tuesday reported a soaring first-quarter net profit of 3.09 trillion pesos ($806.5 million) for this year, buoyed by improved oil prices and with the backdrop of a dismal comparative period in 2020. The oil company reported a net profit of 133 billion pesos in the first quarter of 2020, following a global slump in oil prices and after booking an impairment worth 1.21 trillion pesos. Ecopetrol s first-quarter earnings before interest, taxes, depreciation and amortization rose 55.7% to 8.19 trillion pesos, the company said. These financial results reflect an extraordinary recovery, Ecopetrol Chief Executive Felipe Bayon said in a statement to the country s financial regulator, citing improved oil prices and lower operating costs than in the year-earlier period.

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Colombia s Ecopetrol 2020 net profit down 87 3%, to invest up to $15 billion by 2023

2 Min Read BOGOTA (Reuters) - Colombia’s majority state-run oil company, Ecopetrol, will make up to $15 billion of organic investment between 2021 and 2023, it said on Tuesday, as it reported an 87.3% drop in 2020 net profit. FILE PHOTO: A storage tank is seen at Ecopetrol s Castilla oil rig platform, in Castilla La Nueva, Colombia June 26, 2018. REUTERS/Luisa Gonzalez The company will invest $12 billion to $15 billion over the next three years, Ecopetrol said in a statement, averaging $4 billion to $5 billion a year. The investment plan is aimed at ensuring profitable growth based on Brent oil at $45 per barrel in 2021, rising to $50 and more in later years, Chief Executive Felipe Bayon said in a statement.

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Ecopetrol SA (EC) Q4 2020 Earnings Call Transcript

Operator Good morning. My name is, Hilda, and I will be your operator for today. Welcome to Ecopetrol s Earnings Conference Call, in which we will discuss the main financial and operational results for the Fourth Quarter and Full Year 2020 and the 2021 Through 2023 Business Plan. All lines have been muted. There will be a Q&A session at the end of the presentation. Before we begin, it is important to mention that the comments in this call by Ecopetrol s senior management include projections of the company s future performance. These projections do not constitute any commitment as to future results, nor do they take into account risks or uncertainties that could materialize. As a result, Ecopetrol assumes no responsibility in the event that future results are different from the projections shared on this conference call.

United statesCano limonPuerto wilchesJaime caballero uribeJaime caballeroFelipe bayonFelipe bayon pardoAlberto consuegra grangerAlberto consuegraCerro matosoNational hydrocarbons agencyResearch project contractEcopetrol groupWorld economic forumEarnings conference callFourth quarter