Ecopetrol shares recorded the biggest drop at the opening of the Colombian Stock Exchange (BVC) this Wednesday, down 1.76% to $2,230 per share.
This drop occurs after the company’s revelation of a 29.1% drop in its net profit for the first quarter of 2024, compared to the same period last year.
However, at around 9:30 in the morning, shares on the BVC stabilized, reaching $11.67, similar to Tuesday’s close of $11.65.
Even Ecopetrol’s share prices in the last month and so far in 2024, compared to the Petrobrás share price, have recorded falls. For example, on the New York Stock Exchange it was -4.03% in the last month; in the BVC it is -0.87%. While, so far this year, it is -2.18% and -2.99%, respectively.
Ecopetrol’s profit in the first quarter of 2024 was $4.01 billion, which represents a significant decrease compared to the $5.66 billion in the first quarter of 2023.
The company attributed this drop to a number of factors, including the increased energy costs, inflationary pressures, the revaluation of the Colombian peso and lower prices of refined products.
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Despite this drop in profit, Ecopetrol managed to increase its production, transportation and refining volumes in the first quarter. The company also highlighted the strength of its natural gas and LPG business, which contributed 23.2% of its total production during the period.
Likewise, Ecopetrol has increased its production goal for 2024 to a range between 730 thousand and 735 thousand barrels of oil equivalent per day, from a goal of 725 thousand to 730 thousand barrels of oil equivalent per day announced in its 2024 financial plan.
