Ecopetrol S.A., the Colombian national oil company, reported its financial results for the fourth quarter and the full year of 2023. Despite a challenging economic environment marked by lower Brent crude oil prices, inflationary pressures, and geopolitical challenges, the company achieved the second-best financial results in its history. For the year 2023, Ecopetrol recorded a net profit of COP 19.1 trillion, an EBITDA of COP 60.7 trillion, and an EBITDA margin of 42%. The company's operational highlights included the highest annual production in eight years, significant exploratory success, and a 97% investment execution rate. The fourth quarter saw revenues of COP 34.8 trillion, a net profit of COP 4.2 trillion, and an EBITDA of COP 12.3 trillion. Ecopetrol's hydrocarbons business line declared 11 successful wells, and...Show More

Ecopetrol S.A., the Colombian national oil company, reported its financial results for the fourth quarter and the full year of 2023. Despite a challenging economic environment marked by lower Brent crude oil prices, inflationary pressures, and geopolitical challenges, the company achieved the second-best financial results in its history. For the year 2023, Ecopetrol recorded a net profit of COP 19.1 trillion, an EBITDA of COP 60.7 trillion, and an EBITDA margin of 42%. The company's operational highlights included the highest annual production in eight years, significant exploratory success, and a 97% investment execution rate. The fourth quarter saw revenues of COP 34.8 trillion, a net profit of COP 4.2 trillion, and an EBITDA of COP 12.3 trillion. Ecopetrol's hydrocarbons business line declared 11 successful wells, and the midstream and downstream segments reported increased volumes and record throughputs. The company also made strides in its low-emission solutions business line and achieved notable operational and financial achievements in its transmission and toll roads business line. Ecopetrol's commitment to environmental and social responsibility was evident in its water reuse initiatives, reduction of CO2 emissions, and socio-environmental investments. Looking forward to 2024, Ecopetrol aims to maintain capital discipline, manage costs, and enhance efficiencies while advancing towards a diversified portfolio and a just energy transition.