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Financial News: ECOPETROL: Profit Rises In 1Q18 As Costs Fall

ECOPETROL: Profit Rises In 1Q18 As Costs Fall And Oil Prices Rise

05/06/2018 - 08:43:00 (RTTNews)

(RTTNews) - Colombian state-owned oil company Ecopetrol's net profit rose 2.6 times in the first quarter from a year before, to 2.817 trillion pesos (US$ 985 million), boosted by lower financial and sales costs and by a 9.5% increase in the company's revenue, to 14.642 trillion pesos (US$ 5.121 billion).

The larger revenue reflects higher oil and gas prices, primarily on exports.

The EBITDA (earnings before interest, taxes, depreciation, and amortization) rose 23.0%, to 7.149 trillion pesos, while the EBITDA margin reached 48.8% in the first quarter, from 43.5% a year before.

In the first quarter of 2018, volumes sold totaled 852 thousand barrels of oil equivalent per day (boed), a 9.8% fall from the first quarter of 2017.

"This decrease was primarily due to lower crude availability caused by public security issues that forced the temporary closure of fields in the Llanos Orientales region, and lower demand for natural gas," the company said in a statement.

Ecopetrol's production in the first quarter totaled 701 thousand boed, a 1.5% decrease, affected by a the temporary closure of the Castilla, Chichimene and CPO9 fields due to public security reasons.

"In February, certain communities in Meta Department blocked roads and attacked infrastructure, which had a negative impact on average production for the quarter. Moreover, low waterflow levels at the Cabo Rubiales River limited the quota of water discharges from the Rubiales field, resulting in a production decline in March, with an estimated impact of 2.7 thousand boed for the quarter," Ecopetrol said.

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