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According to the financial results for the second quarter of this year released today by Ecopetrol, the state oil company made a net profit of 855,000 million pesos. (You might be interested in: “Green light to reduce VAT on airline tickets”).
Although the figure is almost 72% lower than the more than 3 trillion pesos reported in the same period last year, it far exceeds those in the first and second quarters of this year. which stood at 133,000 million pesos and 25,000 million pesos respectively.
It is worth noting that between January and September of this year the company’s net profit has already exceeded one billion pesos.
According to Felipe Bayona, president of Ecopetrol, there is a recovery in many ways, after a difficult second quarter.
(Also: “Business optimism is on the rise for 2021”).
“This crisis we are going through,” he said, “has no antecedents; It was very difficult from the point of view of the price war and the pandemic. In the third quarter we see important signs of recovery, especially in relation to the demand for our products; also in the price of Brent, which is the reference for crude oil from Ecopetrol “.
In the first quarter, the oil company produced 720,000 barrels per day, in the second quarter the figure fell to 670,000 per day, due to the entry of the pandemic and the consequent drop in oil prices, and for the third quarter it rose to 681,000 barrels. per day.
A similar trend, given by the same factors, was observed in terms of crude oil refining.
In this regard, the president of Ecopetrol explained that “During the third quarter, Cartagena and Barrancabermeja refined 324,000 barrels per day; It should be noted that September is the first month we had a 100% domestic crude shipment in Cartagena. This has allowed us to have additional returns and efficiencies “.
Bayona pointed out that Ecopetrol is one of the few companies in the sector in the world that has had positive numbers for the three quarters of this year.
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