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According to the financial results of the second quarter of this year released today by Ecopetrol, the state oil company achieved net profits of 855,000 million pesos. (You may be interested in: ‘Green light to reduce VAT for air tickets’).
Although the figure is almost 72 percent below with respect to the more than 3 billion pesos reported in the same period last year, it far exceeds those of the first and second quarters of this year, which were located at 133,000 million pesos and 25,000 million pesos, respectively.
It is worth noting that between January and September of this year the net profit of the company has already exceeded one billion pesos.
According to Felipe Bayona, president of Ecopetrol, there is a recovery in many ways, after a difficult second quarter.
(Also: ‘Business optimism is on the rise for 2021’).
“This crisis we are going through – he said – has no precedent; It has been very difficult from the point of view of the price war and the pandemic. In the third quarter we see important signs of recovery, particularly in relation to the demand for our products; also in the price of Brent, which is the reference for crude oil from Ecopetrol ”.
During the first quarter the oil company produced 720,000 barrels a day, in the second quarter the figure dropped to 670,000 per day, due to the entry of the pandemic and the consequent drop in oil prices, and for the third quarter this rose to 681,000 barrels per day.
A similar dynamic, given by the same factors, was seen in terms of crude refining.
In this regard, the president of Ecopetrol explained that “During the third quarter, Cartagena and Barrancabermeja refined 324,000 barrels per day; It should be noted that September is the first month in which we have had a load of 100 percent of national crude in Cartagena. That allowed us to have additional yields and efficiencies ”.
Bayona highlighted that Ecopetrol is one of the few companies in the sector in the world that has had positive numbers for the three quarters of this year.
ECONOMY AND BUSINESS
