Colombia's Ecopetrol Q3 net profit doubles as oil demand, prices rise
Reuters
Published Nov 08, 2022 05:10PM ET
Updated Nov 08, 2022 06:06PM ET
BOGOTA (Reuters) -Colombian state oil company Ecopetrol on Tuesday reported its third-quarter net profit more than doubled to 9.51 trillion pesos ($1.90 billion), rising 150% from a year earlier, as production returned to levels not seen since before the coronavirus pandemic.
The firm's revenues climbed 86% to 43.44 trillion pesos, while earnings before interest, taxes, depreciation and amortization (EBITDA) doubled to 21.14 trillion pesos during the period, it said in a filing, citing rising demand and prices.
"The operational and commercial performance, added to a favorable international crude oil price, allowed us to achieve better realization prices for our crude," Ecopetrol Chief Executive Felipe Bayon said in the filing.
Production in the third quarter of 2022 returned to pre-pandemic levels, the company said. Ecopetrol's output was battered during the pandemic as global appetite for oil slumped.
Production rose 5.4% in the third quarter of the year to an average of 720,400 barrels of oil equivalent per day (boed), up from 683,600 boed over the year-ago quarter.
The figure was the highest it has been since the first quarter of 2020, the company added, and beat the company's previous production forecast for 2022 production of between 700,000 and 705,000 boed.
Output in the first nine months of the year averaged 705,900 boed, up 4.8% on the first nine months of 2021. High crude prices have led U.S. oil majors Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) to record blockbuster quarterly profits, though Mexican state oil firm Pemex posted a loss, stemming from a weaker currency and higher sales costs.
($1= 5,013.20 Colombian pesos)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.