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    ECOPETROL   COC04PA00016

ECOPETROL S.A.

(ECOPETROL)
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Colombia ELN guerrillas claim responsibility for attacks on oil infrastructure

10/15/2021 | 05:02pm EST

(Recasts with National Liberation Army (ELN) guerrillas taking responsibility for attacks)

BOGOTA, Oct 15 (Reuters) - Left-wing guerrillas from the National Liberation Army (ELN) in Colombia have claimed responsibility for a Friday morning attack against a pipeline used to transport crude to the country's most important refinery, located in the city of Barrancabermeja.

The attack resulted in an oil spill which affected surrounding vegetation and soil, the company said in a statement. A spokesman said that a fire that had broken out was later brought under control.

In a statement posted on one of its websites, the ELN said: "Our guerrilla forces carried out an act of sabotage on the La Cira Infantas pipeline used by Ecopetrol today, October 15, in the Paquistan region on the road between Barrancabermeja and Bucaramanga."

The group also took responsibility for attacks against the La Cira Infantas oil field in September, which resulted in production at some of the wells being halted.

The La Cira Infantas oil field produces around 30,000 barrels of crude per day. Production was not stopped at any of the wells following the attack on Friday, an Ecopetrol spokesman said.

Ecopetrol, Colombia's largest company, owns 52% of the field, while the remaining 48% belongs to SierraCol Energy.

The ELN said it wanted to "open a debate" on the use of the country's resources, in particular oil. It said it would be willing to discuss halting its attacks against oil infrastructure in exchange for eliminating road tolls and adjusting fuel costs.

Attacks against oil pipelines and other infrastructure in Colombia are common, with 28 such incidents recorded in 2021 through September. In 2020, Ecopetrol recorded 51 oil infrastructure attacks.

"Ecopetrol rejects violent actions committed by third parties against the pipeline," the company said in a statement.

Peace talks between the ELN - which was founded by radical Catholic priests in 1964 - and Colombia's government were put on ice after a rebel bombing killed 22 police cadets in 2019. (Reporting by Oliver Griffin Editing by Paul Simao and Rosalba O'Brien)


ę Reuters 2021
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Analyst Recommendations on ECOPETROL S.A.
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Financials
Sales 2021 87 663 B 22 091 M 22 091 M
Net income 2021 15 929 B 4 014 M 4 014 M
Net Debt 2021 47 483 B 11 966 M 11 966 M
P/E ratio 2021 7,24x
Yield 2021 2,59%
Capitalization 109 412 B 27 663 M 27 572 M
EV / Sales 2021 1,79x
EV / Sales 2022 1,62x
Nbr of Employees 13 977
Free-Float 10,4%
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Number of Analysts 8
Last Close Price 2 661,00 COP
Average target price 3 074,81 COP
Spread / Average Target 15,6%
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Managers and Directors
Jaime Eduardo Caballero Uribe Chief Executive & Financial Officer
Felipe Bayˇn Pardo President
Luis Guillermo Echeverri Velez Chairman
AndrÚs Mantilla Zßrate Vice President-Innovation & Technology
Alberto Consuegra Granger Chief Operating Officer
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