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Ecopetrol reports 3Q12 profits down 22.6% over 2011 — flat revenues, higher maintenance

Tuesday, October 30th, 2012 Category: Eye on Ecopetrol
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Ecopetrol reports 3Q12 profits down 22.6% over 2011 — flat revenues, higher maintenance

The company reported net profit between July and September reached CoP$3.24T (US$1.8B), which meant a decrease of 22.6% compared with the same period in 2011. Ecopetrol said that operating revenue increased one percent from the same period of 2011 while cost of sales increased 20.3%, due to maintenance costs of CoP$147,000M to ensure the integrity of transport infrastructure and wells, as well as the maintenance of Barrancabermeja refinery.

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