Ecopetrol S.A., the Colombian national oil company, reported its financial results for the first quarter of 2024, showcasing resilience in the face of challenging market conditions. Despite increased energy costs, inflationary pressures, currency revaluation, and lower prices for refined products, the company achieved a net income of COP 4.0 trillion and an EBITDA of COP 14.2 trillion, with a consistent EBITDA margin of 45% and a return on average capital employed (ROACE) of 11%. The company's operational performance was bolstered by diversification, efficiency measures, and cost-saving strategies. Production volumes increased, with notable achievements including the commercial viability of the Arrecife gas field and a new gas exploration agreement with Parex. Ecopetrol US Trading also reported a successful quarter, with significant EBITDA and...Show More

Ecopetrol S.A., the Colombian national oil company, reported its financial results for the first quarter of 2024, showcasing resilience in the face of challenging market conditions. Despite increased energy costs, inflationary pressures, currency revaluation, and lower prices for refined products, the company achieved a net income of COP 4.0 trillion and an EBITDA of COP 14.2 trillion, with a consistent EBITDA margin of 45% and a return on average capital employed (ROACE) of 11%. The company's operational performance was bolstered by diversification, efficiency measures, and cost-saving strategies. Production volumes increased, with notable achievements including the commercial viability of the Arrecife gas field and a new gas exploration agreement with Parex. Ecopetrol US Trading also reported a successful quarter, with significant EBITDA and net profit from the sale of crude oil and products. The company's commitment to a fair energy transition was evident in its decarbonization strategy and the launch of the first solar farm in a Latin American refinery. Ecopetrol also highlighted its TESG efforts, including a reduction in greenhouse gas emissions, increased use of recycled water, and the launch of a new Circular Economy model. The company reaffirmed its commitment to advancing towards low-emission energies and upholding TESG principles. The financial results have not been audited and are presented in Colombian pesos (COP).