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Ecopetrol S.A. (NYSE: EC) is Colombia's largest and primary petroleum company, actively engaged in a diverse set of commercial and industrial activities within the energy sector. With operations spanning across the exploration, production, refining, and marketing of hydrocarbons, Ecopetrol also delves into the electric power transmission, road infrastructure projects, and telecommunications services. The company operates through four key business segments: Exploration and Production, Transport and Logistics, Refining and Petrochemical, and Electric Power Transmission and Toll Roads Concessions. The majority of its revenue is generated from the Refining and Petrochemical segment.
Founded as Empresa Colombiana de Petróleos S.A., Ecopetrol stands as a vital entity in Colombia's economy, responsible for over 60% of the nation's hydrocarbon production. Their influence extends to various international markets through strategic drilling and exploration operations in the United States, Brazil, and Mexico. The acquisition of a 51.4% stake in ISA has diversified Ecopetrol's operations into energy transmission and road concessions across several South American countries, including Chile, Peru, and Bolivia.
Recent developments include the approval of a financial restructuring plan for Chicago Bridge & Iron Company N.V. (
Ecopetrol's Board of Directors has approved a 2021 organic investment plan ranging from US$3.5 billion to US$4 billion. The plan focuses on restoring growth, enhancing competitiveness, and supporting energy transition and sustainability initiatives. Key allocations include 80% for Colombia, 77% for exploration and production, and significant funds for decarbonization and technology. The plan anticipates hydrocarbon production between 700,000 and 710,000 barrels per day, with a gross debt to EBITDA ratio below 2.5 times for 2021.
Ecopetrol S.A. (NYSE: EC) has maintained its long-term international rating at Baa3 with a stable outlook, as confirmed by Moody's. Despite challenges from declining oil prices and a global demand contraction due to the COVID-19 pandemic, the agency praised Ecopetrol for its solid performance and liquidity measures. The company's individual credit rating remains at ba1. Notably, Ecopetrol is Colombia's largest company and ranks among the top 40 oil companies worldwide, with operations in Colombia, Brazil, Peru, and the U.S.
Ecopetrol, Colombia's largest company, has had its credit rating affirmed by Fitch Ratings at BBB- with a negative outlook. This rating reflects the company's strategic significance and strong financial profile amid declining oil prices in 2020. Fitch commended Ecopetrol's liquidity, cash generation, and access to capital markets. The company's strong connection to the Colombian government also influenced the rating. Ecopetrol operates extensively in Colombia and has activities in Brazil, Peru, and the U.S., alongside a notable presence in the biofuel sector.
Ecopetrol S.A. (NYSE: EC) announced a settlement agreement involving its subsidiaries, Cenit and Bicentenario, with Frontera Energy Corporation to resolve disputes related to the Bicentenario and Caño Limón – Coveñas Pipelines. The settlement aims to eliminate uncertainties regarding ongoing arbitration, enhancing future business opportunities. Key terms include Frontera transferring a 43.03% interest in Bicentenario and entering new transportation contracts with Cenit. The agreement is subject to regulatory approvals by June 30, 2021. No cash payments will be exchanged, aside from a $28 million trust fund release.
Ecopetrol reported Q3 2020 financial results, showing a net income of COP 855 billion, down 71.6% from Q3 2019. Total sales declined by 31.6% year-over-year, with an EBITDA margin of 42.6%. The company cited improved market conditions and operational adjustments as factors for recovery compared to the previous quarters. Oil prices rose 30% from Q2 to Q3, positively impacting sales. The firm successfully diversified its crude oil customer base, achieving a milestone in exports. However, net income for the first nine months dropped 89% compared to 2019.
Ecopetrol S.A. (NYSE: EC) will release its third quarter 2020 financial and operating results on October 27, 2020, after market close. Following this, the senior management will host two conference calls on October 28, 2020, to discuss the results. The Spanish call is scheduled for 08:00 a.m. Colombia time, while the English call will start at 10:00 a.m. Colombia time. Dial-in numbers and web links for the conference are provided in the release. The earnings release and related materials will be accessible on Ecopetrol's website.
Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announced the prepayment of its short-term obligations totaling COP 775 billion in local debt and USD 221.5 million in international debt. This strategic move is made possible by improved market prices and cost optimization efforts. The prepayments aim to reduce financial expenses, enhance leverage metrics, and showcase the company's commitment to cash efficiency and capital discipline. As Colombia’s largest firm, Ecopetrol plays a critical role in oil production and is expanding its bio-fuel share.
Ecopetrol S.A. (BVC: EC; NYSE: EC) reported significant financial impacts for Q2 and H1 2020 due to COVID-19. Total sales dropped by 53.9% YoY to COP 8.4 trillion, while net income attributable to owners plummeted 99.3% to COP 25 billion. An organic investment of USD 11-13 billion is planned for 2020-2022, with a focus on cost efficiency and maintaining production levels between 700-720 mboed. The company also committed COP 88 billion to social investments related to the pandemic, reflecting its ongoing commitment to sustainable value and community support.
Ecopetrol S.A. (NYSE: EC) announced that Moody's has confirmed its long-term international rating at Baa3 with a stable outlook. Additionally, Moody's maintained Ecopetrol's individual credit rating at ba1, highlighting the company's leadership in Colombia, benefits from its integrated structure, and solid liquidity levels. As Colombia's largest integrated oil company, Ecopetrol plays a significant role in the region's energy sector, generating over 60% of the country's oil production and expanding its biofuels segment.
Ecopetrol S.A. (NYSE: EC) will announce its financial results for the second quarter of 2020 and present its 2020-2022 Business Plan Update on August 4, 2020, before market opens. The conference calls, scheduled for August 5, will include reviews of the results and insights into the company's future prospects. Participants can join the sessions in Spanish at 08:00 a.m. and in English at 10:00 a.m. (Col Time). Additional links for web access and details on dial-in options are provided in the release.
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