Ecopetrol (NYSE:EC) once again posted a profit in the first quarter of 2016 of CoP$363B (US$123.7M), as its transport business benefits its bottom line, coupled with cost cutting and a favorable exchange rate.
Facing mounting criticism for cost overruns and poor contracting practices, Ecopetrol (NYSE:EC) president Juan Carlos Echeverry said the NOC is implementing a new strategy for how it purchases goods and services and manages its projects.
Ecopetrol’s (NYSE:EC) former president Javier Gutiérrez defended his actions involving the Cartagena Refinery (Reficar) while at the helm of the NOC, and said without the controls he enacted, the cost could have been worse.
USO president Cézar Loza warned that Ecopetrol (NYSE:EC) president Juan Carlos Echeverry and its board of directors have a plan to dismember the NOC and sell it off like the government did with energy producer Isagén.
Ecopetrol (NYSE:EC) president Juan Carlos Echeverry said that the firm does not see short term relief in the price of crude, and that it will continue “in crisis mode” for the foreseeable future, even for the next five years.
After having its environmental license revoked days after it was approved by the National Environmental Licensing Agency (ANLA), Hupecol said that it is looking at either a lawsuit against the state or an arbitration to resolve the issue and be compensated.
Yesterday, Pacific E&P (TSX:PRE) confirmed the TSX had said the listing was under review. Today, it confirmed that trading had been suspended because of the restructuring agreement and went on to say “it is expected that the Company’s common shares will be delisted from the TSX on or about May 25, 2016”. It will have been only just over 9 years since the stock price broke CDN$1.00 on its way to CDN$30.88.
Repeated calls for action from national authorities from Barrancabermeja politicians and residents earned them a meeting with Ecopetrol (NYSE:EC) president Juan Carlos Echeverry. The NOC chief did not budge on decisions to not modernize the city’s refinery, but said it remains a strategic asset for the firm.
In 2012 Canacol Energy (TSX:CNE) made a shift away form crude production to natural gas after buying Shona Energy. Its CEO Charle Gamba said at the time the idea was to gain a bit of stability, and today that decision has paid off.
The shareholder dispute over the restructuring of Pacific Exploration & Production (TSX:PRE) took another turn after its second largest shareholder O’Hara Administration joined a complaint filed by minority shareholders with Colombia’s financial regulator to block a potential deal. Management responded with a lengthy update and defense of the restructuring process.
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