Ecopetrol profits up on E&P

by on July 25, 2012 2:32 am BST

The company’s unconsolidated net income rose 7.6% during the quarter to nearly 3.7 trillion pesos ($2.1 billion), compared to just over 3.4 trillion pesos during the second quarter of 2011.

Sales revenue for the three months to 30 June totaled nearly 14.8 trillion pesos which was a 6.7% increase on the 13.9 trillion pesos generated during the same period a year ago.

Helping boost the company’s results was strong performance from its exploration and production segment which booked a net income of nearly 3.8 trillion pesos, offsetting losses from Ecopetrol’s refining and petrochemical division.

The exploration and production segment also contributed more than 9.4 trillion pesos to the company’s overall sales revenue, more than any other segment.

The strong performance from the segment came as output increased 5.2% year-on-year to about 709,400 barrels of oil equivalent per day, consisting of about 597,500 bpd of oil and about 17.4 million cubic metres of gas per day.

The rise in output came despite nearly 11,000 bpd of production being lost during the first half of the year from attacks on oil infrastructure.

Ecopetrol said overall output for the first half of the year was still up 6.7% however, at about 698,700 boepd, compared to 655,100 boepd during the first half of 2011.