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Colombia's Ecopetrol profit falls 62 pct on oil price drop

Published 2015-11-17, 06:59 p/m
© Reuters. Colombia's Ecopetrol profit falls 62 pct on oil price drop
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BOGOTA, Nov 17 (Reuters) - Colombia's state-controlled oil
producer Ecopetrol ECO.CN on Tuesday reported a 62.2 percent
drop in quarterly profit due to the global plunge in oil prices
and costs incurred because of rebel attacks.
The company posted a third quarter net profit of 654.1
billion Colombian pesos ($212.8 million), compared with 1.73
trillion pesos in the year-ago period.
Earnings before interest, taxes, depreciation and
amortization fell 25.9 percent to 4.69 trillion pesos in the
third quarter.
The company's consolidated oil and gas production for the
first nine months of the year was 761,000 barrels per day,
despite attacks on pipelines by leftist rebels, the company said
in a filing to Colombia's financial regulator, a 1.1 percent
increase from a year ago.
In the third quarter, though, production fell 1.8 percent to
740,900 bpd.
Ecopetrol is the largest producer in Colombia's nearly
million barrel-per-day oil sector, followed by Toronto-listed
Pacific Exploration and Production Corp PRE.TO , the biggest
private player.
($1 = 3,073.23 Colombian pesos)

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