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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.

Parex Resources (TSX:PXT) published the results of its annual independent reserves assessment through the end of 2014, which showed a 114% increase in 2P reserve growth compared to 2013.

Ecopetrol (NYSE:EC) has been hit hard by guerrilla attacks, a poor discovery record and now the fall in oil prices. But it is a similar fate for other Latin American NOCs, if not worse. Petrobras (NYSE:PBR) has been rocked by corruption scandals and Pemex’s ability to function in a privatized market is questionable as the oil price slide cuts into its budget. Let us not even mention PDVSA.

Ecopetrol (NYSE:EC) outgoing president Javier Gutiérrez says that the NOC saw the price slide coming, and that the company is in good standing to endure even worse conditions.

Pacific Rubiales (TSX:PRE) CEO Ronald Pantin struck back at rumors that the Company was in danger of not fulfilling its financial obligations and that it is in good standing to continue operating even with a low price of oil.