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Colombia's Ecopetrol reports $1.26 bln loss in 2015

Published 2016-03-06, 05:14 p/m
© Reuters. Colombia's Ecopetrol reports $1.26 bln loss in 2015
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BOGOTA, March 6 (Reuters) - Colombia's state-controlled oil
producer Ecopetrol ECO.CN on Sunday reported a loss of $1.26
billion during 2015, due to the global plunge in oil prices,
rebel attacks and new accounting standards.
Net losses totaled 3.98 trillion Colombian pesos ($1.26
billion) last year, the company said in a filing to the
financial regulator, a fall of 170 percent from the 5.72
trillion peso profit recorded in 2014.
Losses increased 153.2 percent in the fourth quarter to 6.31
trillion Colombian pesos, compared with losses of 2.49 trillion
pesos during the same period the year before.
The company said in a statement that because of the
application of international accounting standards, figures from
previous quarters may not be comparable to numbers published on
Sunday.
Earnings before interest, taxes, depreciation and
amortization fell 5.7 percent to 3.08 trillion pesos in the
fourth quarter, compared to the same period in 2014. EBITDA was
down 26.2 percent in 2015.
The company's consolidated oil and gas production during
2015 was 760,700 barrels per day, the company said, a 0.7
percent increase from the year before.
In the fourth quarter, production fell 0.5 percent to
761,300 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 = 3,163.25 Colombian pesos)

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