Ecopetrol CEO Ricardo Roa has declared that he has no plans to resign from his position despite recent challenges faced by the company. In a statement to El Tiempo, Roa emphasized that “we are on a good path” and remains committed to leading the Colombian state-controlled oil company through its current difficulties.
One of the key issues impacting Ecopetrol is the decrease in revenues and profits in the first quarter of 2024, as reported by Eje21 and El País Cali. The company’s profits fell by 29% during this period, with figures showing no signs of immediate recovery. This drop in profits has also affected Ecopetrol’s share price, which fell shortly after the financial results were presented.
Despite these challenges, there have been some positive developments for Ecopetrol, including increased oil production at its Permian subsidiary in the US thanks to fracking technology. La República reported that this boost in production has helped to offset some of the losses experienced by the company.
As Ecopetrol continues to navigate these headwinds, Roa remains confident in the company’s ability to overcome its current challenges and return to a path of growth and profitability.