Colombia's Ecopetrol to buy 10 renewable energy firms from Norway's Statkraft
Ecopetrol Chief Executive Ricardo Roa said the portfolio of projects could total up to 1.3 gigawatts in capacity.
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Reuters
2 days ago
- Reuters
Colombia's Ecopetrol posts 46% profit slump as oil prices drag
BOGOTA, Aug 12 (Reuters) - Colombia's state oil producer Ecopetrol ( 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 ( and Petrobras ( opens new tab, managed to swing back into the black from the losses they logged a year earlier.
Reuters
2 days ago
- Reuters
Colombia's Ecopetrol posts Q2 profit down 46%
BOGOTA, Aug 12 (Reuters) - Colombia's state oil producer Ecopetrol ( opens new tab on Tuesday posted a 46% slump in its net profit for the second quarter of 2025, landing at 1.81 trillion pesos (around $450 million) while total sales dipped 9% to 29.67 trillion pesos.
Reuters
6 days ago
- Reuters
Colombia analysts see steady economic growth, but fiscal risks loom
BOGOTA, Aug 8 (Reuters) - Colombia's economy likely grew 2.6% in the second quarter from the year-ago period, a Reuters poll on Friday showed, thanks to strong domestic consumption even as above-target inflation keeps interest rates from coming down. Thirteen analysts in the survey forecast economic growth of 2.0% to 2.9% for the three months through June, for a median estimate marginally below the central bank's 2.7% estimate and the 2.7% logged in the first quarter. Wilson Tovar, director of economic studies at brokerage Acciones y Valores, said "good general aggregate demand dynamics" were driving trade, agriculture and the financial sector. Consumption and consumer confidence improved as declines in interest rates and inflation from a year ago stimulated investment and demand for credit, he said. Colombia's statistics agency DANE is set to publish its GDP data on August 15. The analysts polled by Reuters maintained their economic growth estimates at 2.6% for this year and 2.8% in 2026. Colombia's central bank's technical team predicts slightly higher growth, at 2.7% and 2.9% respectively. Inflation risks and a worsening fiscal situation would limit further economic growth and slow the central bank's interest rate cuts, they added. The bank has so far cut its benchmark rate only once this year. Last week, the central bank maintained its rate at 9.25%, though the board's government representative had pushed for a 50 basis point cut. "Colombia is growing, but the fiscal front remains a major problem," Pantheon Macroeconomics' chief Latin America economist Andres Abadia said. "Furthermore, credit deterioration will continue to make debt more expensive and slow investment in strategic sectors. Without a clear signal on fiscal policy, growth will remain fragile."
