Colombia's economy has been hit by protests
Ecopetrol thrives despite civil turmoil
The company’s balance sheet benefitted from the commodity price upsurge in Q2, helping offset production outages
Colombian NOC Ecopetrol exited Q2 posting $951mn in net income, an impressive $947mn increase over the same quarter the previous year, despite national protests and blockades disrupting operations and causing significant financial losses. Sales revenues were up by 56pc over the same quarter in 2020 as healthy commodity prices helped make up for a slight drop in production. Total output fell by 2.5pc year on year, mainly due to the widespread social unrest, which Ecopetrol estimates cost the company $71.5mn in net income. “The result for the second quarter of 2021 is the best ever recorded in the history of the Ecopetrol Group, with consolidated revenue of COP19.4tn ($4.97bn), an Ebitda of C
Also in this section
17 January 2025
Supply glut or supply deficit are both plausible outlooks, with tariffs and sanctions among the key risks that could swing the pendulum
17 January 2025
European Commission is on its way to meeting clean energy goals, but energy security concerns and higher costs may give it second thoughts
17 January 2025
The CEO of QatarEnergy has highlighted the potential impact a new EU directive could have on energy exports to the continent
16 January 2025
The government’s resource nationalism is aggravating the NOC’s debt position and could yet worsen if also tasked with the decarbonisation shift
