Colombia's Ecopetrol posts 61% profit drop in Q4
BOGOTA, March 4 (Reuters) - Colombia's state oil producer Ecopetrol ECO.CN on Wednesday reported a 60.8% drop in fourth-quarter profits from a year earlier, driven by lower Brent crude oil prices, a lower domestic gas sales volume, and effects from a weaker exchange rate.
Net profit for the quarter came in at 1.53 trillion Colombian pesos ($403 million) from total sales that fell 17.2% to 28.82 trillion pesos, the company said in a filing to Colombia's stock exchange.
Ecopetrol, whose shares are 88.5% held by the Colombian government, saw total production decline slightly by 0.1% from the same quarter of 2024, reaching 729,200 barrels of oil equivalent per day.
Crude output, however, grew 3% year-on-year to reach 574,800 barrels per day.
“Although some may not believe it, we are recording the highest domestic crude oil production in the last five years,” Ecopetrol CEO Ricardo Roa said in a press conference .
Earnings before interest, taxes, depreciation and amortization (EBITDA) dropped 16.2% year-on-year in the quarter to 9.96 trillion pesos.
($1 = 3,797.64 pesos)
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