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    ECOPETROL   COC04PA00016

ECOPETROL S.A.

(ECOPETROL)
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Ecopetrol S A : Colombia provisionally approves ExxonMobil fracking pilot project

03/31/2021 | 03:19pm EDT

BOGOTA, March 31 (Reuters) - Colombia has provisionally approved U.S. oil company ExxonMobil Corp's plan to develop a pilot project for hydraulic fracturing, known as fracking, in the country's Valle Medio del Magdalena basin, the oil regulator said on Wednesday.

With the Platero investigative project ExxonMobil becomes the second company to begin a fracking pilot project in Colombia, after majority state-owned oil company Ecopetrol .

The project is expected to attract $53 million in investment, Colombia's National Hydrocarbons Agency (ANH) said.

The contract for the project is expected to be signed from April 8, an ANH spokeswoman told Reuters.

ExxonMobil did not immediately respond to a request for comment.

Development of non-conventional energy deposits, including fracking for shale gas and coal bed methane, is highly polarizing in Colombia and commercial development of such deposits is not permitted.

Colombia's highest administrative court has upheld a moratorium on commercial exploitation of non-conventional energy deposits, but is holding hearings ahead of a final ruling on the issue.

However, the court gave the green light for fracking pilot projects, intended to gather scientific information so decisions about the future development of non-conventional energy deposits can be made.

While energy companies have long maintained that fracking and other non-conventional hydrocarbon sources are important for Colombia's economy and energy self-sufficiency, environmental activists warn it will damage the environment and threaten communities. (Reporting by Oliver Griffin; Editing by Richard Chang)


© Reuters 2021
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Financials
Sales 2021 74 709 B 19 873 M 19 873 M
Net income 2021 12 952 B 3 445 M 3 445 M
Net Debt 2021 38 006 B 10 110 M 10 110 M
P/E ratio 2021 8,28x
Yield 2021 3,62%
Capitalization 98 557 B 26 245 M 26 216 M
EV / Sales 2021 1,83x
EV / Sales 2022 1,81x
Nbr of Employees 13 977
Free-Float 10,4%
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Technical analysis trends ECOPETROL S.A.
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Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 2 463,41 COP
Last Close Price 2 397,00 COP
Spread / Highest target 16,8%
Spread / Average Target 2,77%
Spread / Lowest Target -14,9%
EPS Revisions
Managers and Directors
NameTitle
Felipe Bayón Pardo President & Chief Executive Officer
Jaime Caballero Uribe Chief Financial Officer
Luis Guillermo Echeverri Velez Chairman
Andrés Mantilla Zárate Vice President-Innovation & Technology
Alberto Consuegra Granger Chief Operating Officer
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