Ecopetrol profits fell; because?
Colombian state oil company Ecopetrol obtained in the first half of the year a net profit of 9.7 trillion pesos (about 2,380 million dollars or 2,200 million euros today), a result that despite being 42.8% lower than that of the same period in 2022, was highlighted by the company as “the second best semester” in its history.
The gross operating result (Ebitda) reached 32.4 trillion pesos (about 7,948 million dollars or 7,350 million euros)which represents a drop of 14.9% compared to the reference period, according to the balance released this Tuesday by the company.
The consolidated income of Ecopetrol, the largest company in Colombia, fell 4.2% in the semester and reached 73.2 trillion pesos (about 17,948 million dollars or 16,600 million euros), added the information.
“It is important to note that Ebitda and net income for the first half of 2023 are the second best reported in history for such a period,” said the president of Ecopetrol, Ricardo Roa, in the presentation of the balance sheet.
According to Roa, the results were impacted by a difference of 25 dollars in the price of a barrel of crude oil, which went from an average of 105 dollars in the first half of 2022 to 80 dollars at present, and by the increase in tax contributions. of the tax reform in force since January, which cost the company close to 2.1 trillion pesos (about 515 million dollars or 476,000 million euros).
“In terms of the market, during the first half of the year various factors have impacted the price of crude oil, such as the possibility of a recession in the developed world, high interest rates, banking stress in the United States and the economic slowdown in China. “, he indicated.
Ecopetrol also disclosed the results of the second quarter, in which it obtained a net profit of 4.1 trillion pesos (about 1,006 million dollars or 930 million euros), which means a drop of 61% compared to the same period of 2022. .
Quarterly Ebitda fell 34.3% and was 14.6 trillion pesos (about 3,580 million dollars or 3,300 million euros), while revenues totaled 34.3 trillion pesos (about 8,410 million pesos or 7,784 million euros), that is, 21.8% less.
“The results continue to show the great wealth generation capacity of the Ecoeptrol group and all its subsidiaries,” added Roa.
The total equity of the Ecopetrol Group at the end of the second quarter was 101.5 trillion pesos (approximately 24,896 million dollars or 23,025 million euros), while its cash balance stood at 13 trillion pesos (approximately 3,187 million euros). dollars or 2,950 million euros), 65% of it in dollars and 35% in national currency.
The balance also showed that the company’s debt as of June 30 was 108.1 trillion pesos, equivalent to 25,866 million dollars or 24,533 million euros.
Ecopetrol highlighted that on June 28 a successful placement of foreign public debt bonds was carried out in the international market for 1,500 million dollars, resources that will be used mainly for debt refinancing and the investment plan.