Ecopetrol positions for the rebound
The twin shocks of Covid-19 and the oil price collapse have severely impacted the company’s bottom line, but it is well-placed to bounce back
Colombia’s state-controlled oil firm Ecopetrol suffered a 95pc drop in first quarter net profits, as the coronavirus pandemic and sunken oil prices ravaged the sector. But analysts say its commanding share of the Colombian oil industry means it remains resilient in a weak price environment. Ecopetrol brought in a $34.2mn net profit in the first three months of 2020 compared with $705.6mn in the first quarter of 2019. But, while net profit collapsed, Ebitda was down by only 28.5pc year-on-year, reaching $1.35bn compared with $1.89bn. “[This year began] with growth prospects and a defined path,” says Ecopetrol’s CEO, Felipe Bayon Pardo. “However, by the end of the first quarter, we confronte
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
