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MarketScreener Homepage  >  Equities  >  Bolsa De Valores De Colombia  >  Ecopetrol S.A.    ECOPETROL   COC04PA00016

ECOPETROL S.A.

(ECOPETROL)
  Report
End-of-day quote. End-of-day quote Bolsa De Valores De Colombia - 02/26
2250 COP   -1.32%
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02/24ECOPETROL S A : Q4 Sales Drop 24%
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Ecopetrol S A : Colombia's Ecopetrol 2020 net profit down 87.3%, to invest up to $15 bln by 2023

02/23/2021 | 05:07pm EST

BOGOTA, Feb 23 (Reuters) - Colombia's majority state-run oil company, Ecopetrol, will make up to $15 billion of organic investment between 2021 and 2023, it said on Tuesday, as it reported an 87.3% drop in 2020 net profit.

The company will invest $12 billion to $15 billion over the next three years, Ecopetrol said in a statement, averaging $4 billion to $5 billion a year.

The investment plan is aimed at ensuring profitable growth based on Brent oil at $45 per barrel in 2021, rising to $50 and more in later years, Chief Executive Felipe Bayon said in a statement.

In December the company said it expected to invest $3.5 billion to $4 billion in 2021, which is included in the updated plan, Bayon said at a press conference.

Ecopetrol's 2020 net profit fell to 1.69 trillion pesos ($470.1 million) from 13.3 trillion pesos the previous year, it said in a statement. Fourth-quarter net profit fell to 675 billion pesos from 4 trillion pesos in the year-earlier period.

Colombia's oil and gas industry was battered last year as the coronavirus pandemic stifled demand.

Industry investment in production fell almost 50% from 2019 to $1.7 billion, according to the Colombian Petroleum Association (ACP), while national oil output dropped to an average of 781,300 barrels per day, below expectations.

"Ecopetrol managed to meet this unprecedented challenge, demonstrating its resilience and ability to adapt to an adverse and volatile environment," Bayon said.

Full-year earnings before interest, taxes, depreciation and amortization (EBITDA) fell 45.9% to 16.8 trillion pesos.

Production for the year averaged 696,800 barrels of oil equivalent per day (boepd), down 3.9% from 724,800 boepd in 2019, Ecopetrol said.

With its investment plan, the company aims to raise production to an average of 750,000 barrels of oil equivalent per day in 2023, it said.

($1 = 3,590.37 Colombian pesos) (Reporting by Oliver Griffin; Editing by Richard Pullin)


© Reuters 2021
All news about ECOPETROL S.A.
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Financials
Sales 2020 47 965 B 13 142 M 13 142 M
Net income 2020 2 136 B 585 M 585 M
Net Debt 2020 41 291 B 11 314 M 11 314 M
P/E ratio 2020 40,6x
Yield 2020 8,21%
Capitalization 92 513 B 25 507 M 25 348 M
EV / Sales 2020 2,79x
EV / Sales 2021 1,90x
Nbr of Employees 15 157
Free-Float 10,7%
Chart ECOPETROL S.A.
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Ecopetrol S.A. Technical Analysis Chart | MarketScreener
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Technical analysis trends ECOPETROL S.A.
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 8
Average target price 2 343,81 COP
Last Close Price 2 250,00 COP
Spread / Highest target 25,9%
Spread / Average Target 4,17%
Spread / Lowest Target -13,8%
EPS Revisions
Managers and Directors
NameTitle
Felipe Bayón Pardo Chief Executive Officer
Maria Catalina Escobar Hoyos Manager-Capital Markets
Jaime Caballero Uribe Chief Financial Officer & Vice President
Luis Guillermo Echeverri Velez Chairman
Rafael Ernesto Guzmán Ayala Vice President-Technical
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