Ecopetrol’s net profit decreased by 7.8% in Q4 due to lower oil prices and a stronger U.S. dollar, reaching 3.9 trillion pesos ($945 million). The company’s annual net profit declined by 22%, totaling 14.9 trillion pesos ($3.6 billion). Additionally, oil and gas production fell nearly 4% to 730,100 boepd.
Ecopetrol, Colombia’s majority state-owned oil company, has reported a net profit decline of 7.8% in the fourth quarter, primarily affected by the decrease in oil prices and the strengthening of the U.S. dollar. The company’s net profit for the period reached 3.9 trillion pesos (approximately $945 million), which reflects a flat total sales figure of 34.8 trillion pesos compared to the same quarter of the previous year.
In terms of annual performance, Ecopetrol’s net profit fell about 22% for the full year, totaling 14.9 trillion pesos (around $3.6 billion) compared to 2022. Moreover, the firm’s total oil and gas production declined nearly 4% year-on-year in the fourth quarter, averaging 730,100 barrels of oil equivalent per day (boepd). The Colombian government maintains a significant stake, holding 88.5% of Ecopetrol’s shares.
In summary, Ecopetrol’s financial performance in the fourth quarter showcased a notable decline in net profits influenced by external economic factors, including lower oil prices and currency fluctuations. The company is also experiencing a downturn in production levels, which may impact future financial outcomes.
Original Source: www.tradingview.com
