En Español



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

Colombia's state oil company reports $525.6 mln profit in 2016 - Ecopetrol

 

 

BOGOTA
Petroleumworld.com 03 07 2017

Colombia's state-controlled oil producer Ecopetrol on Monday reported net income of 1.56 trillion pesos ($525.6 million) for 2016, as it cut costs amid still-low global prices for crude oil.

The company said in a filing to the financial regulator that it returned to profit after a 3.98 trillion peso loss in 2015.

"Ecopetrol focused its efforts on reducing costs, producing profitable barrels, prioritizing investments, strengthening assets and at the same time maintaining its credit rating," Chief Executive Juan Carlos Echeverry said in the statement.

The company invested a total of $2.5 billion in 2016, the statement said, and earnings before interest, taxes, depreciation and amortization were up 3 percent over 2015 to 18 trillion pesos.

In 2017 the company will focus on opening 17 new wells and increasing its proven reserves, Echeverry said during a Monday conference call with investors.

Echeverry also said Ecopetrol may be in the market for new investments, saying current cash flow will allow the company to examine growth opportunities across the region.

Net profit in the fourth quarter of last year was 186 billion pesos, the company said, compared with a net loss of 6.31 trillion in the final quarter of 2015.

Total sales at the company, Colombia's largest, were down 8.4 percent compared with 2015, to 47.7 trillion pesos.

Consolidated oil and gas production during 2016 was 718,000 barrels per day, Ecopetrol said, a 5.6 percent decrease from the year before, due to a decline in production at some fields and a fall in investment.

Analysts said the 2016 results were positive despite the fall in reserves.

The company "managed to largely maintain the efficiencies obtained due to the fall in crude oil prices which will allow Ecopetrol to report better margins as long as oil prices don't present new negative variations," Grupo Bancolombia said in a note to investors.

An Ecopetrol official told Reuters last week that the company's refining business is emerging as an engine of revenue growth, with higher margins of production and earnings.

($1 = 2,977.43 Colombian pesos)


Reporting by Julia Symmes Cobb and Nelson Bocanegra; Editing by Helen Murphy and Bill Trott from Reuters.

We invite all our readers to share with us
their views and comments about this article
.


Write to editor@petroleumworld.com


By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels



CERAWeek 2017
MAR 6-10, 2017
HOUSTON, TX

 

 

 

 

 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:P.Ohep F. /Producer - Publisher:P.Ohep F./
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2016, Petroleumworld   / Elio Ohep Fitzgerald- All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.