Colombia's Ecopetrol net profit jumps 86% in Q3
EC•Ecopetrol's third-quarter net profit rose 86% year over year to 4.76 trillion pesos ($1.44 billion), while revenue increased 17.5% to 35.06 trillion pesos. Higher oil prices and the acquisition of Brava Energia supported results.
1. Profit and revenue rise
Ecopetrol reported third-quarter net profit of 4.76 trillion pesos, up 86% from a year earlier, and revenue of 35.06 trillion pesos, up 17.5%. EBITDA rose 29% to 15.9 trillion pesos, with a 45.3% margin. Net profit was below the 6.06 trillion pesos reported in the second quarter.
2. Brava adds to results
Ecopetrol completed its $1.12 billion acquisition of a 51% stake in Brazil's Brava Energia on August 17. Brava contributed 0.6 trillion pesos to EBITDA and 0.1 trillion pesos to net income in September. Consolidated production fell 0.5% year over year to 747,000 barrels of oil equivalent per day, including Brava's 38,600 barrels per day from mid-August.
3. Pricing supports results
Ecopetrol said higher oil prices helped mitigate operational pressures from lower production and scheduled maintenance at the Barrancabermeja Refinery.
