Colombia’s Ecopetrol Reports Profit Growth Despite Falling Commodity Prices
Ecopetrol recorded net profits of $ 6.2 billion in the first half of 2019, the highest since 2013 for the first half. Profits grew 1.6% while the price of Brent crude decreased 7% in that period. The results show the financial and operational strength of the company that faced a challenging environment in the second quarter due to the fall in international prices of both Brent crude and refined products.
Total sales grew 8.3% from $ 31.6 billion in the first half of 2018 to $ 34.2 billion in the first half of 2019. The production of the Ecopetrol Group in the first half reached 726 Mboe per day. It grew 2% compared to the same period of the previous year, in line with the 2019 target. In the first half of 2019, three of the 10 exploratory wells drilled confirmed the presence of hydrocarbons. Two more are under evaluation.