BOGOTA, Oct 27 (Reuters) - Colombian majority state-owned
oil company Ecopetrol, reported a third-quarter net
profit decline of 72% on Tuesday - 855 billion pesos ($224.2
million), compared with 3.01 trillion pesos in the period a year
Earnings before interest, taxes, depreciation and
amortization declined 37% to 5.25 trillion pesos.
"The operational and financial results for third quarter of
the year reflect a better price environment, the gradual
reactivation of Ecopetrol Group's integrated value chain and the
progressive effect of adjustment measures taken during the first
semester of the year," Ecopetrol CEO Felipe Bayon said in a
Before impairments, net profit came in at 873 billion pesos.
A better balance between supply and demand at a global level
allowed for a significant recovery in the average price of
Brent, Bayon said.
"This allowed a strong improvement in realized prices and
higher volumes of sales of crude and fuels," he said.
Total sales in the third quarter fell to 12.32 trillion
pesos, from 18.01 trillion pesos a year earlier, the company
Production in the third quarter fell to 681,000 barrels of
oil equivalent per day (bped), down from 720,000 bped in the
year-earlier period, because of lower demand during the
coronavirus pandemic, Ecopetrol said.
For the first nine months of the year production was 697,700
($1 = 3,812.82 Colombian pesos)
(Reporting by Oliver Griffin, additional reporting by Julia
Editing by Chris Reese and Grant McCool)