November 11, 2008
Ecopetrol Reports Surge in Q3 Net Income
Ecopetrol, an integrated oil and gas company based in Colombia, has reported a net income of COP3.93 trillion for the third quarter ended September 30, 2008, a 123% increase compared to COP1.76 trillion for the same period of 2007.
Ecopetrol's third quarter sales increased 76.4% to COP9.97 trillion from COP5.65 trillion in the third quarter of 2007.
The company has reported a net income of COP9.58 trillion for the first nine months of 2008, compared to COP3.79 trillion for the same period of 2007. Year-to-date revenues were COP26.61 trillion, compared to COP15.36 trillion for the same period of 2007.
Javier Gutierrez, CEO of Ecopetrol, said: "We are pleased to report that Ecopetrol's strong year-over-year growth was driven by a combination of increased oil and natural gas production, which resulted in higher exports, as well as higher selling prices. We continue to increase production through our 107 directly operated fields and 168 joint operation agreements."