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Oil: Ecopetrol reported a net profit of $6.6 billion as of March | Economy

The company ecopetrol reported at the end of the first quarter of the year a net profit of 6.6 billion pesos and revenues of $32.5 billion, confirmed the president of the oil company, Felipe Bayón.

“We closed the first quarter of 2022 with results that continue to leverage our efforts aimed at achieving a energy transition fair and responsible, and reiterate our commitment to contribute to the energy security in Colombia and other countries where we operate, within the framework of our 2040 strategy, ‘Energy that Transforms’, he said.

He pointed out that the good crude oil prices in the world is a product of Russia-Ukraine conflict and its impact on the certainty of the global supply of hydrocarbonsas well as the demand implications of recent closures in China.

“Our Group and the countries where we operate are not oblivious to the consequences that this situation generates or its effects on the economic revival. Although high prices have favored our income, they have also created challenges in terms of inflationaryelevated energy costs added to the international logistics crisis, which are beginning to put pressure on operating costs and project execution times,” he added.

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The president of Ecopetrol reported that, compared to the fourth quarter of the previous year, the production decreased due to maintenance and operational activities, and issues of public ordera situation that has been gradually reestablishing itself, achieving an average of 705 thousand barrels in March oil per day.

Finally, he pointed out that the company closed the first quarter of the year with revenues of $32.5 billion, an increase of 89% compared to the same period in 2021 and a EBITDA OF $15.9 billion

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