News and AnalysIs for

The president of Ecopetrol (NYSE:EC) has been promoting cost cutting programs that will clip CoP$1.4T (US$465.7M) from the company’s operational costs and help it confront the price scenario profitably.

Pacific Rubiales (TSX:PRE)  held its production in the second quarter of 2015, reduced its operating costs and grew its netback per barrel, but low oil prices and a decreased sales volume combined for a US$226.4M loss.

Ecopetrol (NYSE:EC) says that it has started testing the first units of the Cartegena Refinery (Reficar), and that full operations will start in March 2016.

Geopark (NYSE:GPRK) saw a small drop in its consolidated production (including operations in Chile and Brazil) and financial results dragged down by the fall in oil prices, yielding a loss. But the firm has reopened suspended operations in Colombia after a cost restructuring, and added new production for a 22% increase.

Gran Tierra Energy (TSX:GTE) issued its results for the second quarter, the first full earnings period since a new management team took the helm of the firm and redirected its strategic focus to Colombia, posting steady but flat production and a narrowed net loss.

Ecopetrol (NYSE:EC) grew its profit for the second straight quarter since its first loss as a listed company in the 4Q14, with refining posting a profit and adding a boost. Production has grown yearly, but fell off slightly compared to the previous quarter.

Parex Resources (TSX:PXT) saw its production grow slightly in the second quarter of 2015 when compared sequentially, and posted its first profit since the fall of oil prices early this year.

Ecopetrol (NYSE:EC) and Anadarko (NYSE:APC) have announced a hydrocarbons discovery at their Caribbean offshore exploratory well Kronos-1, a development which has the government hailing that its offshore strategy is working while other industry members urge caution as the fruits of the find are still years to come.

Pacific Rubiales (TSX:PRE) is worth only 11% of its value at its peak, and according to an analyst report must take quick decisive action to persevere into the future. But even with prompt action, looming obstacles remain.

While it might not receive the attention as dramatic explosive attacks on pipelines, cable robberies are enough for Ecopetrol (NYSE:EC) to lose nearly 25,000 barrels of oil in 2015 alone. The number of incidents doubled in the last year.