Ecopetrol S.A., the Colombian national oil company, reported its financial results for the second quarter of 2024 (2Q24), facing a challenging environment marked by the revaluation of the Colombian peso, inflationary pressures, and a decrease in refined product prices. Despite these challenges, the company demonstrated resilience by maximizing operational savings, controlling costs, and improving crude oil realization prices. Ecopetrol achieved revenues of COP 32.6 trillion, an EBITDA of COP 14.1 trillion, a net income of COP 3.4 trillion, and maintained an EBITDA margin of 43%. The company also highlighted dividend payments totaling COP 10.6 trillion to shareholders, a significant reduction in the Fuel Price Stabilization Fund balance, and robust production and transportation volumes. Notably, the Uchuva-2 well confirmed the extension of a gas discovery, supporting the...Show More

Ecopetrol S.A., the Colombian national oil company, reported its financial results for the second quarter of 2024 (2Q24), facing a challenging environment marked by the revaluation of the Colombian peso, inflationary pressures, and a decrease in refined product prices. Despite these challenges, the company demonstrated resilience by maximizing operational savings, controlling costs, and improving crude oil realization prices. Ecopetrol achieved revenues of COP 32.6 trillion, an EBITDA of COP 14.1 trillion, a net income of COP 3.4 trillion, and maintained an EBITDA margin of 43%. The company also highlighted dividend payments totaling COP 10.6 trillion to shareholders, a significant reduction in the Fuel Price Stabilization Fund balance, and robust production and transportation volumes. Notably, the Uchuva-2 well confirmed the extension of a gas discovery, supporting the potential for a new production frontier in the Colombian Caribbean. Ecopetrol's Houston subsidiary, EUST, also reported strong performance with an EBITDA of USD 24 million and a net income of USD 19 million for the quarter. In the Energies for the Transition business line, the company surpassed its energy optimization target for 2024, contributing to significant greenhouse gas reductions. Additionally, ISA, part of Ecopetrol's Transmission and Toll Roads business line, was awarded contracts for photovoltaic connection projects in Colombia. The company's TESG strategy saw advancements in environmental emissions reduction, social investment, talent attraction, and the adoption of AI technology for operations. Ecopetrol's President, Ricardo Roa Barragan, emphasized the company's commitment to sustainable value generation and advancing the energy transition.