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

ECOPETROL S.A.

(ECOPETROL)
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Ecopetrol aims to drill 100 wells in U.S. Permian Basin by end-2021 - CEO

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09/14/2020 | 02:59am EDT

Colombian oil company Ecopetrol SA aims to drill a total 100 wells by end-2021 in the Permian Basin of West Texas as global oil prices recover, Chief Executive Felipe Bayon said on Monday.

Global oil prices plunged to decade lows, with U.S. West Texas Intermediate (WTI) dropping to negative $40 a barrel on April 20 as supplies ballooned while the coronavirus pandemic ravaged demand.

The majority state-owned company, which entered a joint venture with Occidental Petroleum in November last year, said it plans to drill another 22 wells this year.

The company drilled 22 wells between November 2019 and June, but production slowed during the pandemic, Bayon told the virtual Asia Pacific Petroleum Conference (APPEC).

"By the end of next year we should have over a hundred wells ... Ecopetrol has a portfolio that is largely heavy crudes," he said. "This is 40 API crude. So it's very good in terms of balancing the portfolio."

Crude oil's density is measured in API gravity. Light crudes produce more high quality fuels such as gasoline and diesel. Heavy crudes require further processing of residues to produce these fuels.

Asia takes the biggest chunk of Ecopetrol's crude output, and it is currently working on expanding crude oil sales to India and South Korea, he said.

The majority state-owned company was able to avoid production shutdowns during the COVID-19 pandemic as some Chinese refiners are using Colombian crude to meet baseload demand, Bayon said.

Bayon expects Colombia's gasoline and diesel demand to return to pre-pandemic levels "probably by the end of this year, early next year", while jet fuel will take much longer.

By Florence Tan and Koustav Samanta

Stocks mentioned in the article
ChangeLast1st jan.
ECOPETROL S.A. -1.76% 1950 End-of-day quote.-41.18%
LONDON BRENT OIL 0.31% 41.94 Delayed Quote.-36.73%
OCCIDENTAL PETROLEUM CORPORATION 2.21% 10.64 Delayed Quote.-74.74%
WTI 0.00% 40.353 Delayed Quote.-35.93%
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Financials
Sales 2020 49 325 B 12 874 M 12 874 M
Net income 2020 2 853 B 745 M 745 M
Net Debt 2020 40 343 B 10 530 M 10 530 M
P/E ratio 2020 15,9x
Yield 2020 9,85%
Capitalization 80 794 B 20 894 M 21 087 M
EV / Sales 2020 2,46x
EV / Sales 2021 2,03x
Nbr of Employees 15 157
Free-Float 10,7%
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Technical analysis trends ECOPETROL S.A.
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TrendsBearishBullishNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 2 421,73 COP
Last Close Price 1 965,00 COP
Spread / Highest target 64,9%
Spread / Average Target 23,2%
Spread / Lowest Target 4,07%
EPS Revisions
Managers
NameTitle
Felipe Bayón Pardo Chief Executive Officer
Maria Catalina Escobar Hoyos Manager-Capital Markets
Luis Guillermo Echeverri Velez Chairman
Alberto Consuegra Granger Chief Operating Officer
Jaime Caballero Uribe Chief Financial Officer & Vice President
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