« The Earth is not running out of oil and gas, BP says

Interest swells for Mexico deepwater auction »

Ecopetrol Announces its Results for the Third Quarter of 2015

Posted on November 19, 2015 by Grace Montealegre

Ecopetrol S.A. announced yesterday its financial results for the third quarter of 2015 and for the nine first months of the year. Ecopetrol Corporate Group’s results for the third quarter of 2015 registered an EBITDA of COP$4.7 trillion pesos and earnings of COP$654 billion pesos. Ecopetrol S.A. achieved COP$1.6 trillion pesos in savings against the 2015 reference of COP$1.4 trillion. The Corporate Group’s production during the first nine months of the year reached 761 mboed, an increase of 9 mboed versus the same period of 2014.

The industry operated in a complex environment given low crude prices and the consequent adjustments in investments, costs and expenses observed in oil and gas companies. Ecopetrol, additionally, has responded to the challenges posed by attacks on oil infrastructure, El Niño Phenomenon, the closing of the border with Venezuela and the devaluation of the exchange rate.

In order to face these new challenges, the company has been working recently on a transformation program vis-à-vis its 2015-2020 strategy. The transformation plan includes a comprehensive program for improving oil recovery that seeks to maximize the potential of existing fields and aims to strengthen Ecopetrol’s position in the Americas as a reference for this type of activity. Up to September this year, Ecopetrol achieved budgetary savings of COP$1.6 trillion pesos, exceeding the initial goal of COP$1.4 trillion pesos set for 2015. The company has performed relying on financial discipline, operating efficiencies and investment management in order to ensure profitable growth based on the guidelines of its new strategy.

La Nota Economica - Media Partner