Canacol Energy (TSX: CNE) announced its financial and operational results for the three months ended June 30, 2018. Average production increased, but the firm reported a net loss during this quarter and 1H18 (due to one-time and non-cash charges).
Julio César Vera, president of the Colombian Association of Petroleum Engineers (Acipet), spoke about the importance of fracking to assure the country’s self-sufficiency.
Ocensa, Geo Park (NYSE:GPK) and Ecopetrol (NYSE:EC) spoke about the successful development of social investment projects in their areas of influence. These and other Corporate Social Responsibility (CSR) stories in our periodic summary.
The implementation of unconventional techniques, such as fracking, to produce oil and gas has generated much concern and controversy in the country. This time, a group of environmentalists falsely claimed there was fracking in the department of Santander.
Environmental compensation of the oil sector has been a difficult issue to develop in the country, but it seems like this topic is thriving, and the environment will be the main beneficiary. Parex announced an important environmental compensation project in the department of Casanare.
The bottom-line for a company are its profits and/or stock market performance. But we try to take a policy perspective so our bottom-line is production and reserves. Both were rather naturally affected by the oil-price crisis and so, maybe, “nobody’s fault”. The current industry question is how fast things have reacted to upward price signals and whether policy plays a role in that. Call it the U-curve.
Parex (TSX: PXT) announced its financial and operating results for the second quarter of 2018. The firm reported oil production growth and good financial performance. Parex is optimistic about its performance in coming quarters.