Colombian state oil company Ecopetrol closed the first nine months of the year with an attributed net profit of 13,709 trillion Colombian pesos (3,756 million euros), which represents an increase of 82.7% compared with the same period of the previous fiscal year.
During that interval, consolidated revenues reached 103,887 trillion pesos (28.464 million euros), 14.3% higher on an year-on-year basis. Of that figure, billing in Colombia totaled 53,533 trillion pesos (14,667 million euros), while that from abroad rose to 50,354 trillion pesos (13,796 million euros), with advances of 21.2% and 7.8%, respectively.
Gross operating result (Ebitda) stood at 43,003 trillion pesos (11,782 million euros), after growing by 28%. At the same time, the Ebitda margin improved to 45.2%, compared with 40.4% recorded twelve months earlier. The group’s total debt increased to 119.5 trillion pesos (32,742 million euros).
On the spending side, the set of costs assumed by the hydrocarbons group increased by 1.3% compared with a year earlier, to 62,528 trillion pesos (17,132 million euros).
Between July and September, Ecopetrol obtained a profit of 4,758 trillion pesos (1,304 million euros), which represents an advance of 85.6% compared with the third quarter of the previous year. Quarterly turnover also progressed, with an increase of 17.5%, to 35,064 trillion pesos (9,607 million euros).
In terms of operating activity, quarterly production stood at 747 kbped (thousands of barrels of oil equivalent per day), 0.5% below the level recorded a year earlier. Of that volume, 595 kbped corresponded to crude oil and 153 kbped to natural gas.
"I assume the responsibility of leading Ecopetrol at a decisive moment for the company. We begin a stage focused on strengthening competitiveness, regaining the market’s trust, and executing a strategy aimed at the sustainable generation of value," Ecopetrol’s president, Joaquín Gutiérrez, appointed by the Government of Abelardo de la Espriella, said.
"Our focus will seek to increase reserves by prioritizing profitable barrels, resume exploration, and assess new growth opportunities inside and outside Colombia," he added. In addition, the 'offshore' projects and the "strategic alliances" will also be reinforced in pursuit of energy security.