Colombia's Ecopetrol posts 46% profit slump as oil prices drag

Reuters

3 days ago

BOGOTA, Aug 12 (Reuters) - Colombia's state oil producer Ecopetrol (ECO.CN), opens new tab on Tuesday posted a 46% slump in its net profit for the second quarter of 2025, dragged by lower global oil prices that weighed on sales, while its production also edged down.
Net profit hit 1.81 trillion pesos (around $450 million) in the three months through end-June, compared to the 3.38 trillion it reported a year earlier while total sales landed at 29.67 trillion pesos, down 9% from the same quarter of 2024.
Ecopetrol, whose shares are 88.5% held by the Colombian government, pointed to lower prices across its products, including a 20% slump in prices for its crude sales in the quarter, though its gas prices stayed steadier, down just 0.7%.
Ecopetrol's total production, meanwhile, edged down 0.5% year-on-year to 755,500 barrels of oil equivalent per day.
By the end of June it counted 13.14 trillion pesos in cash and had invested around $2.58 billion, largely in exploration and production projects in Colombia's central Meta department as well as international projects in Brazil and the United States.
The energy sector has struggled with price volatility as the OPEC+ group increased its production, pushing global benchmark Brent crude prices down 11% in the quarter.
Benchmark Brent crude, opens new tab prices hit $67 per barrel in the second quarter, down from $75 in the previous three months and $85 a year earlier.
While other oil producers were also hit by lower prices, both Mexico and Brazil's state-owned oil producers, Pemex (PEMX.UL) and Petrobras (PETR3.SA), opens new tab, managed to swing back into the black from the losses they logged a year earlier.