Parex Resources (TSX:PXT) posted strong production gains in 2014 through acquisitions and organic growth, hitting 22,526boed average for the year, a 42% increase over 2013. However struck by the fall in world oil prices, the company reported a net loss for the year of US$108.8M although more than 100% of this was due to a non-cash write down of assets in Colombia and Trinidad.
Pacific Rubiales (TSX:PRE) delivered a proposal which would keep it in the Rubiales field following the end of its association contract, offering a give and take to Ecopetrol (NYSE:EC) based on its ability to improve secondary recovery, expand the number of wells and implement new technologies.
Ecopetrol’s (NYSE:EC) board of directors voted in the government’s official candidate for the role of company president. Former Finance Minister Juan Carlos Echeverry takes the wheel of the NOC at one of its most complex moments.
The graph shows Ecopetrol’s attributed Net Income to its Refining and Petrochemicals line of business for the full year 2014 and prior years. The good news is that things are not as bad as last year. The bad news is fairly obvious: it still lost nearly US$450M.
Ecopetrol posted a steep drop in profits in 2014 as the fall in the price of oil and a rise in costs took a hit on the company’s financial results.
The Minister of Mines and Energy Tomás González was on hand to herald the inauguration of Equion’s Floreña central processing facility (CPF), which he said is more important than ever considering the fall in oil prices.
GeoPark (NYSE:GPRK) says that new growth from an expansion of low risk, low cast and high netback fields in the Tigana and Tua fields, in the Llanos 34 block, contributed strongly to growth in its reserves.
Ecopetrol (NYSE:EC) grew its P1 reserves to 2,084mmboe in 2014, an increase of 5.7% compared to the previous year. Growth mainly came from revisions in existing fields and its reserves/production ratio is now 8.6 years.
Canacol Energy (TSX:CNE) highlighted its growing success with gas resources in Colombia in its fourth quarter 2014 (2QFY2015) results. However the firm was still hit by the devaluation of the Colombian peso and drop in the price of oil, and posted a US$46M net loss. We want to focus on the larger issue of what we can see in Canacol’s results that has implications for the broader industry
Despite enacting a cost cutting program, Ecopetrol (NYSE:EC) says it is planning to keep its production at the projected level of 710,000 bd, assuming an international oil price of US$40-US$50.
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