Ecopetrol registered an $806.5 mn net profit in Q1

Colombia’s majority state-owned oil company Ecopetrol reported a soaring first-quarter net profit of Co$3.09 trillion ($806.5 million) for this year, buoyed by improved oil prices and with the backdrop of a dismal comparative period in 2020. The oil company reported a net profit of Co$133 billion in the first quarter of 2020, following a global slump in oil prices and after booking an impairment worth Co$1.21 trillion. Ecopetrol’s first-quarter earnings before interest, taxes, depreciation and amortisation rose 55.7% to 8.19 trillion pesos, the company said.

Source: Offshore Engineer