Latest news with #EcopetrolSA
Reuters
07-05-2025
- Business
- Reuters
Colombia's Ecopetrol plans $233 million in cost cuts as lower oil prices bite
The logo of Ecopetrol is displayed in an Ecopetrol oil field in Barrancabermeja, Colombia October 11, 2024. REUTERS/Nelson Bocanegra Purchase Licensing Rights , opens new tab Companies Ecopetrol SA Follow BOGOTA, May 7 (Reuters) - Colombia's state oil firm Ecopetrol ( , opens new tab is planning to cut some 1 trillion pesos ($233 million) in costs and expenses and signaled more flexibility in its investment plan for this year, Chief Executive Ricardo Roa said on Wednesday. The company faces falling oil prices that ate into its first-quarter profits. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. ($1 = 4,283.62 Colombian pesos) Reporting by Nelson Bocanegra; Editing by Gabriel Araujo Our Standards: The Thomson Reuters Trust Principles. , opens new tab Share X Facebook Linkedin Email Link Purchase Licensing Rights
Reuters
06-05-2025
- Business
- Reuters
Colombia's Ecopetrol posts 22% profit drop in Q1
The logo of Ecopetrol is displayed in an Ecopetrol oil field in Barrancabermeja, Colombia October 11, 2024. REUTERS/Nelson Bocanegra Purchase Licensing Rights , opens new tab Companies Ecopetrol SA Follow May 6 (Reuters) - Colombia's majority state-owned oil producer Ecopetrol ( , opens new tab reported on Tuesday a 22% net profit slump in the first quarter to reach 3.13 trillion Colombian pesos (around $728 million), compared to the year-ago period. The energy company's total sales for the three-month period came in at 31.37 trillion pesos. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. ($1 = 4,297.0000 Colombian pesos) Reporting by Sarah Morland; Editing by Natalia Siniawski Our Standards: The Thomson Reuters Trust Principles. , opens new tab Share X Facebook Linkedin Email Link Purchase Licensing Rights
Yahoo
26-04-2025
- Business
- Yahoo
Why Ecopetrol SA (EC) Up the Most So Far in 2025
We recently published a list of . In this article, we are going to take a look at where Ecopetrol SA (NYSE:EC) stands against other energy stocks that are up the most so far in 2025. The energy sector has been volatile, and macro trends have led to fears of recession. The S&P 500 energy sector gained almost 9% from January till late March, but it has been dragged down by the broader market correction. Brent futures have hit lows and sent many energy stocks into a tailspin. Yet, there are still some energy stocks that have defied the odds and have delivered solid gains. Midstream companies have been exceptionally resilient, and renewables have also been a bright spot in the energy sector. Even during bear markets there are pockets of the market that perform exceptionally well. For instance, tech stocks have been in a bear market, but I recently identified in another article. For this article, I screened the best-performing energy stocks year-to-date. I will also mention the number of hedge fund investors in these stocks. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (). A line of coal-filled barges with a tugboat escorting them down a river, towards a distant port. Number of Hedge Fund Holders In Q4 2024: 13 Ecopetrol SA (NYSE:EC) is Colombia's state-controlled oil and gas company, engaged in exploration, production, refining, and transportation of hydrocarbons, with a growing presence in renewable energy. The stock experienced periods of volatility in 2025 but generally trended higher, driven by a series of robust operational and financial achievements. The most impactful recent news was the company's 2024 results, which showed record production of 746,000 barrels of oil equivalent per day, a 104% reserve replacement ratio, and a net income of COP 14.9 trillion. Ecopetrol also completed the acquisition of the CPO-09 field from Repsol, adding 32 million barrels of oil equivalent to its reserves, and extended its joint venture in the Permian Basin. In March 2025, Ecopetrol announced plans to raise up to $2 billion in new debt to fund further acquisitions, including a potential deal for Enel's Windpeshi wind project. The consensus price target of $11 implies 20.4% upside. EC stock is up 21.06% year-to-date. Overall, EC ranks 7th on our list of energy stocks that are up the most so far in 2025. While we acknowledge the potential of EC, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than EC but that trades at less than 5 times its earnings, check out our report about this . READ NEXT: and . Disclosure: None. This article is originally published at . Sign in to access your portfolio
Bloomberg
10-03-2025
- Business
- Bloomberg
Petro Says Colombia Should Buy Qatar Gas to Fight Rip-Off Prices
Colombian President Gustavo Petro said state-owned Ecopetrol SA should import natural gas from Qatar to diversify suppliers and cut prices for consumers. The 'monopoly' of gas imports must end, Petro wrote on X on Monday and reiterated calls for the public services watchdog to investigate and 'remove' distributors who are selling the fuel at speculative prices.
Yahoo
05-02-2025
- Business
- Yahoo
Colombia's Leader Asks Ecopetrol to Sell Its US Shale Operation
(Bloomberg) -- Colombian President Gustavo Petro called on state oil producer Ecopetrol SA to sell its operations in the US, citing his government's position against fracking, which he says is destructive to nature and humanity. State Farm Seeks Emergency California Rate Hike After Fires NYC's Newest Transit Leader Builds a Worker-Driven Strategy New York's First 'Passive House' School Is a Model of Downtown Density Transportation Memos Favor Places With Higher Birth and Marriage Rates When French Communists Went on a Brutalist Building Boom Majority state-owned Ecopetrol announced this week it was extending a joint venture with Occidental Petroleum Corp. in the Permian Basin in the southwestern US through June 2026. The final decision rests with Ecopetrol's board, which has flip-flopped on approving deals on US assets before and whose only two independent members quit last year. 'I want that operation to be sold to invest in clean energy in Colombia,' Petro told Energy Minister Andres Camacho on Tuesday in a cabinet meeting that was broadcast live. 'Let it be discussed technically and economically, but it cannot be that we are for death and not for life.' The board has already approved investments and drilling activity by the joint venture for the entire extension period, according to BTG Pactual analyst, Daniel Guardiola, who added Ecopetrol's assets in the US are its best performing. 'In theory the contract is already signed for one year. But this announcement should bring uncertainty back to the table,' he said. Ecopetrol didn't immediately reply to a request for comment. Colombia's leftist leader has called fighting climate change a matter of 'life and death,' has proposed a ban on fracking, and refused to grant licenses to explore new natural gas wells, even as the Andean nation faces a shortfall of the fuel. It's not the first time that Petro has asked Ecopetrol to backtrack on a deal with Occidental. Last year, Ecopetrol pulled out of a $3.6 billion deal to buy a stake in Texas shale-oil assets from the US company. Amazon and SpaceX Want In on India's Satellite Internet Market Elon Musk Inside the Treasury Department Payment System Inside Elon Musk's Attack on the US Government The NFL's Flawed DEI Program Still Beats What Most Companies Are Doing The Internet Almost Killed Barnes & Noble, Then Saved It ©2025 Bloomberg L.P. Sign in to access your portfolio
