State Empresa Colombiana de Petroleo (Ecopetrol) reported the best financial result for the last four years for the period from January to September 2018, with net profit attributable to shareholders that amounted to $ 2,700 million.
President Ecopetrol Felipe Baion explained that the fee before interest, taxes, depreciation and depreciation (EBITDA) reached 23.8 billion pesos (about $ 7,900 million) and the EBITDA margin was 48 percent. "
"This excellent financial result was obtained thanks to the good operational performance of all segments, which enabled the production of crude oil and gas to increase," he stressed.
In addition, "the import of crude oil for our refining and product segment for the local market has reduced and, overall, enabled the capture of benefits associated with better international oil prices," Baion added.
According to the executive, the flexibility of the commercial strategy of the Ecopetrol group has enabled it to "use higher demand for crude goods from the refinery in Asia and thus generate higher value."
"In the third quarter of 2018 sales at this destination reached 45% of the total raw export share compared to 25% in the same quarter of 2017," he said.
In this period from 2018, the average production of the Ecopetrol Group reached 724,000 barrels of oil per day, the highest production in the last 10 quarters.
"Increased production for the quarter was achieved thanks to the good results of the drilling campaign and the increased demand for gas from the thermo-industrial sector," he said.
Felipe Bayon added that by the end of the third quarter of this year, there were 421 wells for drilling and 41 drilling.