- Group´s net income in the first quarter was COP 886 billion, which represents an increase of
144% versus the same quarter of 2016.
- The operational excellence of the quarter
was reflected on an Ebitda of COP 5.8
trillion, the highest of the last two years, reaching an
Ebitda margin of 43.5% and a solid cash position of COP 17. 5 trillion.
- The successful exploratory wells Gorgon-1 and Purple Angel
-plus Kronos (2015)- in the Colombian Caribbean Offshore suggest
the existence of a new gas province in that zone.
BOGOTA, Colombia, May 12, 2017 /CNW/ -- Ecopetrol S.A. (BVC:
ECOPETROL; NYSE: EC) today announced the Business Group's financial
results for the first quarter of 2017, prepared and presented in
billions of Colombian pesos (COP) in accordance with International
Financial Reporting Standards (IFRS) applicable in Colombia.
Table 1: Consolidated Financial Results - Ecopetrol Business
Group
A
|
|
B
|
C
|
D
|
E
|
|
|
|
|
|
|
|
|
COP
Billion
|
|
1Q
2017*
|
1Q
2016*
|
∆
($)
|
∆
(%)
|
|
Total
Sales
|
|
13,371
|
10,485
|
2,886
|
27.5%
|
|
Operating
Profit
|
|
3,299
|
1,599
|
1,700
|
106.3%
|
|
Net Income
Consolidated
|
|
1,073
|
611
|
462
|
75.6%
|
|
Non-Controlling
Interests
|
|
(187)
|
(248)
|
61
|
(24.6%)
|
|
Net Income
Attributable to Owners of Ecopetrol
|
|
886
|
363
|
523
|
144.1%
|
|
|
|
|
|
|
|
|
EBITDA
|
|
5,813
|
4,137
|
1,676
|
40.5%
|
|
EBITDA
Margin
|
|
43.5%
|
39.5%
|
|
|
|
* Figures are not audited. They are included for illustrative
purposes only.
Figures in this report are not audited. They are expressed in
billions of Colombian pesos (COP) or million US dollars (USD);
thousands of barrels of oil equivalent per day (mboed) o tons; and
are so noted where applicable.
For presentation purposes some figures in this report were
rounded to the nearest decimal.
In the opinion of Ecopetrol S.A. CEO Juan Carlos Echeverry G.:
"Ecopetrol had an outstanding first quarter of 2017. We feel
confident in our corporate strategy and the results we have
obtained. We have overcome challenges to achieve profitable and
safe operations as reflected in our financial results.
During the quarter, Ecopetrol had three important achievements
in its exploration campaign: the Purple Angel and Gorgon-1
discoveries on the Colombian coast, and Boranda in the Middle
Magdalena Valley, all of which demonstrate our commitment to
operational excellence.
Operational and financial results were outstanding: our EBITDA
margin of 43.5% is one of the highest in the industry, and we have
a solid cash position of COP 17.5
trillion. These results reflect: i) greater efficiency and
cost reductions through the Transformation Plan, ii) capital
discipline, and iii) better crude prices and margins versus
Brent.
Average production was 712 thousand barrels of oil equivalent
per day. During the year, public order situations and operational
events have occurred, such as the temporary closure of the Caño
Limón - Coveñas oil pipeline, which negatively impacted our
production. The pipeline returned to normal on April 7. We also note the positive performance of
Hocol and Ecopetrol America, which significantly contributed to all
the subsidiaries' increasing their production by 23% versus the
first quarter of 2016.
Reficar completed tests of four additional plants, for a total
of 25 units, 74% of the refinery's 34 units. The
Barrancabermeja refinery saw stable operations, establishing itself
as an efficient and profitable refinery.
Sales strategy helped capture market opportunities for
international sales, generating a significant improvement in
Ecopetrol's export basket. For the quarter, the spread of the crude
basket versus Brent was -8.30
dollars, 1.80 dollars better
than the same period in 2016.
The transport segment has consolidated its business integration.
The reversion of the Bicentenario oil pipeline was completed,
allowing it to carry crude from the Caño Limón field and thus
mitigate the impact of eventual closures of the Caño Limón -
Coveñas pipeline. During the quarter, successful tests were carried
out of the transport of heavy crude at 600 centistokes (a
measurement of viscosity), and we will continue with the goal of
extending this capacity to other oil pipeline systems.
Structural savings during the quarter totaled COP 150 billion; the savings goal for the year is
COP 740 billion. We highlight
savings of COP 52 billion from the
lower dilution cost for heavy crudes.
Ecopetrol remains focused on being a profitable company,
committed to the country's development and care for the
environment. We will continue to follow our strategic plan as a
road map for delivering remarkable results aimed at value
creation and sustainability."
The full report is available at
www.ecopetol.com.co
For further information, please contact:
Head of Corporate Finance and Investor Relations
María
Catalina Escobar
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co
Media Relations (Colombia)
Jorge
Mauricio Tellez
Phone: (+ 571) 234 4329
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ecopetrol-business-group-presents-first-quarter-2017-results-300456669.html
SOURCE Ecopetrol S.A.