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During the first quarter of 2024, Ecopetrol, the flagship company in the energy sector in Colombia, has announced outstanding financial results despite facing significant economic challenges.
According to the statement issued by the Unión Sindical Obrera (USO), the Ecopetrol workers’ union, The company posted record revenues totaling $31.3 billionaccompanied by profits of $4 billion in the same period.
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This financial achievement is largely attributed to the arduous commitment of the approximately 18,000 direct workers and 130,000 Ecopetrol contractorswhose efforts have led the company’s production to reach 741 thousand barrels of oil per day.
This production represents a significant increase in 22 thousand barrels per day compared to the same period of the previous yearhighlighting the company’s operational efficiency.
However, despite these results, A decrease in revenue in Colombian pesos and the company’s net income has been observed compared to the first quarter of 2023.
This impact is mainly attributed to the contraction of the exchange rate, which It went from $4,760 to $3,915 per dollar in the same period, representing a drop of 18%. This currency fluctuation impacted approximately $3 billion of the company’s profits.
Despite this challenge, Ecopetrol has continued to advance in its commitment to the energy transition, with the installation of 208 megawatts of energy capacity and another 200 megawatts in development. Additionally, the company’s exploration and production segment has proven to be the most relevant, generating 54% of the company’s total Ebitda, which is equivalent to $7.7 billion.
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From the USO, A call has been made to the president of Ecopetrol, Ricardo Roa, to guarantee the investment plan in exploration, thus ensuring the long-term sustainability of the company. That is to say, They ask to reactivate investment projects that are suspended to generate more sources of work and guarantee the production and incorporation of new reserves.
It is expected that in the coming days a meeting will be held between the union organization and the Board of Directors of Ecopetrol, where sand proposals will be discussed to reactivate suspended investment projects, with the aim of guaranteeing productionincorporate new reserves and generate more sources of employment in the industry.
In summary, despite the economic and exchange challenges, Ecopetrol continues to position itself as the main company in the country and the greatest wealth of Colombians, leading the energy and hydrocarbon sector with solid financial results and a firm commitment to sustainability and development. from the country.
For this reason, the USO union has requested the president of Ecopetrol, Ricardo Roa, to guarantee the exploration investment plan to ensure the long-term sustainability of the company.
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