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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.

The general manager of the Barrancabermeja Refinery shot back at critics saying that the project has not been frozen nor canceled, but still awaits definitions from the Ecopetrol (NYSE:EC) board of directors.

Gran Tierra Energy (TSX:GTE) again reduced its Capex Budget to US$140M from US$310M for 2015 due to the continued fall in the price of oil and the reevaluation downward of its reserves in Peru. The company’s CEO Dana Coffield’s employment has also been “terminated”.

The fall in the price of oil has moved the government to sound the alarms and start inspecting oil companies and contractors to verify their liquidity and ability to pay workers, suppliers and meet other obligations

A study conducted by the Colombian Petroleum Association and Burson Marsteller with 37 oil companies in Colombia found that more than half of them want to move investment to countries with lower tax rates like the USA, Brazil, Peru or Mexico.