Ecopetrol Reports 'Best Ever' Quarter

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Colombian state oil producer Ecopetrol said the second quarter of 2021 was "the best ever recorded in the history" of the company as strong oil prices lifted its financial results despite other considerable headwinds. The company reported net income of 3.7 trillion Colombian pesos ($950 million) and Ebitda of 9.4 trillion Colombian pesos during the April-June period, boosted by Brent oil prices that averaged nearly $70/bbl. Those higher prices helped the company cope with a 2% sequential dip in production during the second quarter due to social unrest and ongoing difficulties posed by the Covid-19 pandemic (OD Jul.12'21). The results "reiterate our ability to capture value in a favorable fundamental scenario," Ecopetrol CEO Felipe Bayon said during a conference call with analysts. "And despite challenging environmental conditions, we kept our commitment to cost optimization, efficiencies and improvement in our commercial strategy." Ecopetrol remains firmly on track to achieve its capex and production targets for 2021. Ecopetrol Q2'21 Earnings Results ($ million) Q2'21 Q2'20 %Chg. Q1'21 Revenues $5,267 $2,196 140% $4,842 Operating Cash Flow 897 -585 -- 825 Net Income 1,008 6 17,522 868 Adjusted Income $1,009 $7 15,412 $868 Production ('000 boe/d) 661 678 -2% 676 Source: Company

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