News and AnalysIs for

Ecopetrol (NYSE:EC) signed a US$300M loan with the Export Development Canada (EDC) agency, which it says meets half of its financing goal for 2016 and demonstrates the continued trust that the market has in its operation.

The Murui people of the Monai de Jitoma community in the Puerto Leguizamo Municipality say they will not support an oil exploration project and argued so in a recent prior consultation hearing, but the operator says it will still move forward with the project as their approval was not an obligation. What happens next?

A study from Ipsos and FTI Consulting showed that in Colombia’s private business sector, hydrocarbons, mining and energy firms were deemed to be those with the greatest amount of challenges facing their reputation.

Equion Energy received accolades for a program in which it hired demobilized combatants as part of a transitional initiative. This and other Corporate Social Responsibility (CSR) related news in our periodic summary.

Geopark (NYSE:GPRK) will explore “every piece” of its Llanos 34 block, but does not want to stop there. Its Colombia director Marcela Vaca gave details on its exploration activities, and that it has interest from larger operators and investment funds to form joint ventures.

Pacific E&P posted a US$901M loss in the first quarter of 2016 and saw its production fall as well. In its earnings statement issued on May 13^th, management seemed set on accepting a restructuring deal from Catalyst Capital.

Canacol Energy’s (TSX:CNE) strategic direction towards greater gas production helped it defy the general trends of its peer: Netbacks and revenues rose, costs fell, and it even reported a profit for the first quarter of 2016.

Parex Resources (TSX:PXT) said that its 1Q2016 production grew 8% year-over-year to 28,900boed, and that oil prices are reaching a point where it can consider increasing its 2016 Capex spending.

Equion Energy president María Victoria Riaño credited cost cutting measures and efficiencies for helping maintain the company’s financial performance and production, allowing it to beat the expectations of its two shareholders Ecopetrol (NYSE:EC) and Repsol (MSE:REP) and deliver dividends worth US$190M in 2015.

The fall in prices and a drying market for exploration-related services have hit small service firms particularly hard. But it is the high burden of taxes that could deliver the fatal blow.