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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.
Oliver Griffin
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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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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.
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.