Ecopetrol S.A., the Colombian national oil company, reported its unaudited interim condensed consolidated financial statements for the nine-month period ending September 30, 2023. The report, filed with the U.S. Securities and Exchange Commission, indicates a challenging economic environment with lower Brent oil prices due to global geopolitical challenges and inflationary pressures. Despite these challenges, Ecopetrol's financial results show resilience with an increase in production and the second highest level of throughput in the history of the Cartagena Refinery. The company's financial performance was also bolstered by robust oil demand, which surpassed the comparable period in 2022. Ecopetrol's financial statements were prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. The...Show More

Ecopetrol S.A., the Colombian national oil company, reported its unaudited interim condensed consolidated financial statements for the nine-month period ending September 30, 2023. The report, filed with the U.S. Securities and Exchange Commission, indicates a challenging economic environment with lower Brent oil prices due to global geopolitical challenges and inflationary pressures. Despite these challenges, Ecopetrol's financial results show resilience with an increase in production and the second highest level of throughput in the history of the Cartagena Refinery. The company's financial performance was also bolstered by robust oil demand, which surpassed the comparable period in 2022. Ecopetrol's financial statements were prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. The company also files financial information with the Colombian Superintendency of Finance, which is not directly comparable to its IFRS-IASB reported figures. Ecopetrol's Board of Directors approved maintaining investment levels for 2024, focusing on energy security and the country's energy transition. The company's 2040 Strategy, 'Energy that Transforms,' has been adjusted to maximize gas potential in the Colombian Caribbean offshore and to optimize internal energy consumption. The company's investment plan for 2024 includes significant allocations to unconventional renewable energy projects, natural gas, and infrastructure, with a focus on reducing CO2 emissions and advancing green hydrogen projects. Ecopetrol's financial plan for 2024 aims to secure competitive returns with an EBITDA margin close to 38%. Other developments include an arbitration award in favor of Reficar S.A.S. and the initiation of financial restructuring proceedings by McDermott International, the parent company of CB&I, following an adverse ruling in an international arbitration tribunal.