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at MarketWatch.com (Mar 7, 2012)
at MarketWatch.com (Nov 7, 2011)
at MarketWatch.com (Jun 7, 2011)
at CNBC.com (Mar 14, 2011)
at CNBC.com (Feb 16, 2011)
at CNBC.com (Feb 8, 2011)
at MarketWatch.com (Jan 19, 2011)
at CNBC.com (Nov 18, 2010)
at CNBC.com (Oct 4, 2010)
at MarketWatch.com (Oct 3, 2010)
EC vs. ETF Alternatives
Thu, May. 22, 2:58 PM
- Colombia’s Ecopetrol (EC -1.1%) agrees to supply crude oil to a refinery scheduled to start operations in 2015, said the governor of the Meta province where the facility will be located.
- The refinery will cost ~$1.5B to build and have a refining capacity of 40K bbl/day of crude, supplying fuel to the region and diluent to EC for the transportation of heavy crudes by pipeline.
- A decision on a development partner will be made in the coming days, with construction of Colombia’s third refinery likely to start in Q1 2015 and finish before year-end.
Tue, Apr. 22, 12:46 PM
Fri, Apr. 11, 5:43 PM
- Pacific Rubiales (PEGFF) says it will spend as much as $200M to build its pipeline in Colombia to export liquefied natural gas, with a contract to supply Russia's Gazprom (OGZPY) for five years from 2015.
- Pacific Rubiales is Colombia's biggest private oil producer, with output last year of ~129K bbl/day, and plans to export LNG using the 52-mile pipeline starting sometime next year.
- At the same time, state-run Ecopetrol (EC) is looking into the viability of building a gas pipeline that would be capable of moving gas both directions to allow for both exports and imports at different times.
Tue, Apr. 8, 11:43 AM
- Colombia's Ecopetrol (EC +0.3%) declares force majeure on some deliveries of medium Vasconia crude after the Cano Limon-Covenas pipeline was damaged by a series of attacks by leftist guerillas.
- The pipeline has been shut since a March 25 blast, and EC says normally speedy repairs could not take place because of objections made by an indigenous community near the blast site.
- Occidental Petroleum (OXY +1.1%), which like EC relies on the pipeline to pump oil to the Caribbean coast from the OXY-operated Cano Limon oil field, says it suspended some contractors due to the pipeline's closure.
Wed, Mar. 5, 12:37 PM
- Royal Dutch Shell (RDS.A, RDS.B), Petrobras (PBR), Anadarko (APC), Ecopetrol (EC), Repsol (REPYF, REPYY), and BG Group (BRGYY, BRGXF) have expressed interest in Colombian deepwater blocks after the country sweetened contract terms, according to the deputy energy minister.
- Companies drilling in deep water now will be able to recover 200M barrels before the government begins taking a 30% royalty, with operators in ultra-deep water allowed 300M barrels.
- Colombia will auction 13 blocks in this year’s bidding round, three located off the Pacific coast and 10 in the Caribbean.
Dec. 16, 2013, 8:58 AM
- Colombia's Ecopetrol (EC) said on Friday it plans capital spending of $10.6B in 2014, an 11% Y/Y increase which would help the country boost crude reserves, drill 20 exploratory wells mostly onshore, and revamping one of its two main refineries.
- The 2014 plan forecasts average production of 770K boe/day in Colombia, and 819K boe/day when subsidiaries the company holds a stake in are included; EC and its share of the subsidiaries averaged 791K in the first nine months of 2013, up 5.4% Y/Y.
- Most of the new exploratory wells will be drilled in the Eastern Plains, a promising oil region where EC just announced 35M barrels of proven reserves in an area it has been drilling together with Talisman Energy (TLM).
Dec. 9, 2013, 10:58 AM
- Ecopetrol (EC +0.2%) and Talisman Energy (TLM -0.6%) declare the commercial viability of the Akacias oil field they have been exploring together, which they say will add at least 35M barrels of reserves for both the companies and Colombia's dwindling supply.
- EC expects production at Akacias to reach 25K bbl/day by late 2015 from the current 5.5K bbl/day, and says the field "clearly shows the heavy crude potential in the area of Llanos, which is the focus of the exploratory campaign to reach Ecopetrol's target of producing 1M of clean barrels in 2015 and 1.3M barrels in 2020."
- Last week, EC announced the commercial viability of another oil area, Eastern Cano Sur, in the same region.
Dec. 5, 2013, 11:12 AM
- Colombian's state-controlled oil company Ecopetrol (EC +1.9%) says it is ready to start ramping up production in its promising Eastern Caño Sur oil block as part of its efforts to boost production by a third over the next two years.
- EC says the block is commercially viable and will see production rise to 25K bbl/day by 2016 from the current 1,700; investment will total $656M through 2018, with ~135 wells expected to be dug.
- EC has said its 2012 production of 754K bbl/day will reach 1M by 2015, as it pours money into exploration and drilling.
Nov. 8, 2013, 5:12 PM
- Colombia's Ecopetrol (EC) says it plans to spend as much as $75B by 2020 to lift oil and gas production to 1.3M boe/day, which would represent a rise of more than 60% over output levels of 800K boe/day this Q3.
- ~90% of the new projects will be developed in Colombia and are expected to mainly be funded through internal cash generation, CEO Javier Gutierrez tells investors.
- A conversion project at the Cartagena refinery should eventually allow an increase in per-barrel gross refining margins to as much as $15-$20, up from ~$5 now, EC says; the project will allow the plant to process up to 95% heavy crude, up from ~70% now.
Oct. 18, 2013, 2:19 PM
- Brazil's upcoming auction for its gigantic Libra offshore field just got a little leaner, as Colombia’s Ecopetrol (EC +0.6%) and India’s ONGC pull out three days before the Oct. 21 bidding day.
- While the companies will not compete for an individual share of ownership of Libra, they could still participate in a group consortium bid.
- The auction has been controversial in Brazil, and thousands of Petrobras (PBR) union workers went on strike on yesterday in protest of the participation of international companies.
Oct. 14, 2013, 3:22 PM
- The downside of the U.S. natural gas boom is that, at historically low prices of ~$3.75/MMBtu, "some of the levered players are struggling to cover their debt service and their obligations to drill more holes under their leases," Jim Chanos tells CNBC.
- The boom in nat gas supplies, and the subsequent low prices, is "bad news for global coal as more and more countries switch over to natural gas," he adds.
- Chanos is short two different groups of the major oil companies: the big publicly traded majors like Exxon (XOM) - "their problem is finding costs" in reserves like deepwater drilling and the Arctic - and the nationalized companies such as Petrobras (PBR), Ecopetrol (EC) and PetroChina (PTR), which he says really are "political venues."
- ETFs: FCG, GASL, GASX.
Oct. 2, 2013, 2:59 PM
- Brazil's National Petroleum Agency says all 11 companies registered for the Oct. 21 auction of the Libra offshore oil field have qualified to participate in the sale.
- Brazil had previously approved eight firms, but was still reviewing technical and legal documents for France's Total (TOT), Colombia's Ecopetrol (EC) and the Brazilian unit of Portugal's Galp Energia (GLPEF.PK, GLPEY.PK).
- Also approved to bid: Chinese oil companies Cnooc (CEO) and China National Petroleum (PTR); China's Sinopec (SNP) also registered via its joint venture with Spain's Repsol (REPYY.PK, REPYF.PK); Malaysia's Petronas; Japan trading firm Mitsui (MITSY.PK, MITSF.PK); India's ONGC; Royal Dutch Shell (RDS.A, RDS.B) and Brazil's own Petrobras (PBR, PBR.A).
- Officials estimate the 11 companies could form up to three potential bidding groups to compete in the auction.
- Several oil majors are not participating in bidding on Libra, whose development is expected to be pricey.
Sep. 20, 2013, 4:40 PM
- Construction workers expanding Colombia's biggest oil refinery go on strike in a pay dispute, halting the $6.47B project but leaving refining operations unaffected.
- Chicago Bridge and Iron (CBI) has been tasked with more than doubling capacity at the Cartagena refinery to 165K barrels by 2015 from the current 80K, but the oil workers union says CBI pays salaries well below those of other companies in the sector.
- Owner Ecopetrol (EC) says refining operations are unaffected by the stoppage of ~10K workers on the project.
Sep. 19, 2013, 6:15 PM
- More on Brazil's planned auction of the Libra oil prospect: Only 11 companies registered to participate - far fewer than the expected 40 - and some of the biggest firms backed out, including Exxon (XOM), Chevron (CVX) and BP (earlier).
- Asian state-owned companies dominate the list of participants: India's ONGC, Malaysia's Petronas, Colombia's Ecopetrol (EC), China's Cnooc (CEO) and China National Petroleum (PTR); China's Sinopec (SNP) will take part through joint ventures with Brazilian units of Spain's Repsol (REPYY.PK, REPYF.PK) and Portugal's Galp Energia (GLPEF.PK).
- Also taking part: Shell (RDS.A, RDS.B), Total (TOT) and Mitsui (MITSY.PK, MITSF.PK).
- Analysts blame the lack of interest on new rules drawn up by Brazil's government that place development and profits under greater state control; too many companies don't want "the trouble of dealing with Petrobras (PBR) and the government. You can get good oil assets elsewhere without that."
- ETFs: EWZ, BRF, EWZS, BRAF, BRXX, UBR, BZQ, BRAZ, BRAQ, BRZS, BRZU.
Aug. 21, 2013, 8:31 AM
- Colombia's Ecopetrol (EC) says it found hydrocarbons in the third of three oil wells it has drilled in the onshore CPO-10 block located near the center of the country.
- The Guainiz 1 well, drilled to a depth of 2.4 km, reached maximum production of 409 bbl/day during testing; EC says it will carry out further drilling in the block with a view to opening new fields.
- New oil discoveries are important for the company as it has struggled to expand its reserves.
Aug. 14, 2013, 5:56 PM
- Colombia's Ecopetrol (EC) plans to issue as much as 1.5T pesos of bonds ($797M) by September amid worries that Fed tapering could draw investments away from emerging markets, Reuters reports.
- EC reportedly has received regulatory approval to issue as much as 3T pesos of local bonds and another $3B overseas.
- Although investors may be more interested in buying short-term debt from EC to maintain liquidity, the state-controlled company is expected to issue debt with a maturity of at least five years.
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