Colombia’s Ecopetrol Q3 net profit falls 72% to $224.2 mn

Colombian majority state-owned oil company Ecopetrol, reported a third-quarter net profit decline of 72% on Tuesday – $224.2 million compared with $790 million in the same period a year ago. Earnings before interest, taxes, depreciation and amortization declined 37% to $1,378 million. Production in the third quarter fell to 681,000 barrels of oil equivalent per day (bped), down from 720,000 bped in the year-earlier period, because of lower demand during the coronavirus pandemic, Ecopetrol said.

Source: Reuters