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ECOPETROL: Net Profit Surges In The Third Quarter As Revenue Increases

Colombian state-owned oil company Ecopetrol reported a 1 trillion pesos (US$ 331 million) net income for the third quarter of 2017, a fourfold increase from a year before.

Ecopetrol said that the growth was the result of improvements in operational and commercial capacity, greater efficiency and cost reduction, focus on capital discipline, and a better crude oil prices environment.

Ecopetrol’s EBITDA (earnings before interest, taxes, depreciation and amortization) in the third quarter increased by 19.8%, to 5.852 trillion pesos. The company’s sales rose by 9.4% in the third quarter, to 13.325 trillion.

The company’s total production reached 714.5 thousand barrels of oil equivalent per day (boed), a decrease of 1.1% compared to the same period of the previous year. Ecopetrol’s crude production fell 2.2% in the third quarter, to 545.1 thousand boed, while gas production fell 3.3%, to 110.5 thousand boed.

The material has been provided by InstaForex Company – www.instaforex.com

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