EC
Ecopetrol S.A.NYSE
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  • Tue, Nov. 15, 6:04 AM
    • Ecopetrol (NYSE:EC): Q3 net income of COP229B
    • Revenue of COP12.18T (-6.3% Y/Y)
    • Press Release
    | Tue, Nov. 15, 6:04 AM
  • Fri, Sep. 30, 7:58 AM
    • Colombia's Ecopetrol (NYSE:EC) says it plans to invest $13B and cut costs to save as much as $700M during the period leading up to its 2020 investment plan.
    • The plan is based on a $50/bbl oil price, and foresees production of 760K bbl/day, which EC says could climb to 870K bbl/day if oil prices reach $70-$80.
    • EC also says it is considering selling off additional assets worth $700M-$1B.
    | Fri, Sep. 30, 7:58 AM
  • Tue, Aug. 16, 7:04 AM
    • Ecopetrol (NYSE:EC): Q2 net income of COP989B
    • Revenue of $11.75T (-16.1% Y/Y)
    • Press Release
    | Tue, Aug. 16, 7:04 AM
  • Fri, Aug. 5, 5:45 PM
    • Occidental Petroleum (NYSE:OXY) still must wait until at least the middle of next week before resuming production at three Colombian fields amid delays in fixing a pipeline attacked by guerrillas, Bloomberg reports.
    • Repairs to the Cano Limon line, halted since July 4, had been expected to finish this week; production at the three OXY-operated fields that produce a combined 56K bbl/day has been halted since July 15 after the company ran out of storage space.
    • The Cano Limon pipeline, Colombia’s second-largest, is operated by state-controlled Ecopetrol (NYSE:EC), transporting oil from the eastern part of the country to the Caribbean coast for export.
    | Fri, Aug. 5, 5:45 PM | 2 Comments
  • Thu, Jun. 30, 3:36 PM
    • Colombia's Ecopetrol (EC -0.4%) says it will take over full operations at the Rubiales oil field tomorrow, in a move that will increase the state-run oil company's overall output by 60K bbl/day.
    • The takeover of the 43% stake held previously by Pacific Exploration (OTCPK:PEGFF) will give EC complete control over the field that produces 135K bbl/day of crude.
    • EC, which produced 736.6K bbl/day across all its fields during Q1, announced last year that it would not extend Pacific's contract to operate the field.
    | Thu, Jun. 30, 3:36 PM
  • Wed, May 18, 3:58 PM
    • Colombia's Ecopetrol (EC -4.1%) says it has halted pumping on the country's second-biggest oil pipeline following a bombing yesterday attributed to the ELN rebel group.
    • EC says the attack on a section of the 485-mile Cano-Limon Covenas pipeline occurred near the border with Venezuela, and is the 14th such attack this year.
    • Cano-Limon has the capacity to transport up to 210K bbl/day of crude from oil fields operated by Occidental Petroleum (OXY -2.1%) to the Caribbean port of Covenas.
    | Wed, May 18, 3:58 PM
  • Tue, May 3, 11:42 PM
    • Ecopetrol (NYSE:EC): Q1 net income of COP$611B
    • Revenue of COP$10.48T (-14.8% Y/Y)
    | Tue, May 3, 11:42 PM
  • Wed, Apr. 27, 11:37 AM
    • Ecopetrol (EC +1.5%) says it is cutting its 2016 investment plan by $1.4B-$1.8B to $3B-$3.4B from the $4.8B approved in December, citing the low global prices for crude oil.
    • The state-run Colombian company says it expects to produce an average of 715K bbl/day of crude this year based on the new investment levels, and plans to continue to divest from non-oil assets to raise funds.
    • EC says its financing needs for 2016 remain at $1.5B-$1.9B.
    • Now read Ecopetrol: The refinery business hums along nicely, despite the reficar cost overruns
    | Wed, Apr. 27, 11:37 AM
  • Thu, Apr. 21, 2:56 PM
    | Thu, Apr. 21, 2:56 PM | 5 Comments
  • Tue, Mar. 29, 10:50 AM
    • Ecopetrol (EC -5.1%) has started legal proceedings in a Colombian court against contractor Chicago Bridge & Iron (CBI -0.8%) for $2B over claims related to its Reficar refinery in Colombia.
    • EC has said bad management at CBI increased spending on the project by $4B, double the original $3.99B price tag.
    • The Reficar refinery, part of EC's operations near the northern coast of Colombia, reopened late last year after an overhaul meant to more than double capacity to 165K bbl/day.
    | Tue, Mar. 29, 10:50 AM | 17 Comments
  • Mon, Mar. 14, 2:40 PM
    • Ecopetrol (EC -0.9%) says two rebel bomb attacks have halted pumping operations along Colombia's second most important oil pipeline, the Cano-Limon Covenas.
    • Rebel attacks on Colombian oil installations have been a frequent occurrence during the conflict over the past 50-plus years.
    • The 485-mile pipeline has the capacity to transport up to 210K bbl/day of crude from oil fields operated by Occidental Petroleum (OXY -1.1%) near the border with Venezuela to the Caribbean port of Covenas.
    | Mon, Mar. 14, 2:40 PM | 2 Comments
  • Mon, Mar. 7, 6:52 AM
    • Ecopetrol (NYSE:EC): Q4 EBITDA of COP$3.08T
    • Revenue of COP$12.77T (-10.4% Y/Y).
    | Mon, Mar. 7, 6:52 AM
  • Wed, Feb. 24, 8:21 AM
    • Colombian state-controlled oil company Ecopetrol (NYSE:EC) hopes to earn $1.4B by selling some non-oil-related assets due to low oil prices, Reuters reports.
    • Assets for sale include a petrochemical subsidiary, a gas transporter firm and some facilities related to power operations, CEO Juan Carlos Echeverry told the IHS CERAWeek energy conference in Houston yesterday.
    • The CEO says EC will focus E&P in Colombia to reach a production target of 800K-850K boe/day by 2021, from ~700K boe/day currently; part of the increase could come from the Rubiales field, with a current output of 150K boe/day, which starting in June will be managed by EC after being operated by Pacific Exploration and Production.
    | Wed, Feb. 24, 8:21 AM | 1 Comment
  • Sat, Feb. 13, 8:25 AM
    • Large energy companies will slash dividend payouts by a total of $12B this year, bringing global payouts down 9% Y/Y to $147B, according to Markit's dividend forecasting unit.
    • Ten of the world's large-cap oil and gas companies are set to cut their dividend in 2016, Markit predicts, including ConocoPhillips (NYSE:COP), which already has slashed its payout for 2015 but likely will announce additional cuts by year-end.
    • The other nine large-cap energy firms Markit sees cutting their dividend this year: Anadarko Petroleum (NYSE:APC), Ecopetrol (NYSE:EC), Eni (NYSE:E), Kinder Morgan (NYSE:KMI), Noble Energy (NYSE:NBL), Sinopec (NYSE:SNP), Cnooc (NYSE:CEO), PetroChina (NYSE:PTR) and Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY).
    | Sat, Feb. 13, 8:25 AM | 47 Comments
  • Wed, Feb. 10, 12:38 PM
    • Colombia's government is preparing a complaint against contractor CB&I (CBI -3.2%), which directed construction on the newly renovated Reficar refinery, after accusations that poor management sent the project ~$4B over budget, Reuters reports.
    • The refinery, part of state-run Ecopetrol (EC +1.8%), reopened late last year after a multi-billion-dollar overhaul meant to increase its capacity to 165K bbl/day from 80K bbl/day to 165,000.
    • Colombia's comptroller estimates final costs came in at $8B vs. the original $4B projection, although EC says the total is still being calculated.
    | Wed, Feb. 10, 12:38 PM | 14 Comments
  • Tue, Jan. 19, 11:21 AM
    • Ecopetrol's (EC -4.6%) credit rating is downgraded to one notch above junk status, to Baa3 from Baa2, and placed on review for a further downgrade by Moody's, triggered by persisting stressed oil prices.
    • The ratings agency says that while the Colombian oil firm has no material debt coming due in the next two years, weaker cash generation and higher leverage, coupled with limited funding availability overall for the oil industry, will hurt the company's ability to continue with its capital spending program.
    • EC and Colombia have been cited as likely candidates for primary market issuance in Q1, but bankers think the two borrowers are likely to wait as oil price volatility has soured sentiment.
    | Tue, Jan. 19, 11:21 AM