Large oil and gas extraction companies, including ExxonMobil, Shell, Chevron, BP, TotalEnergies, and Eni, continue exercising caution in exploration spending in 2024, with drilling activity poised for a busy year offshore, as revealed by the latest research from Rystad Energy.
We won’t see the official reserves report for a month or so but we have the reports of the major Colombia-focused players. That should give an indicator of how things went last year. Do not expect great news especially when the NOC – which contributes over 60% of reserves – has a down report.
Surtidora de Gas del Caribe S.A. E.S.P. (Surtigas) reported its 2023 operational and financial results.
GeoPark (NYSE: GPRK) was recognized at the Schneider Electric Sustainability Impact Awards for its outstanding contributions to environmental sustainability.
Promigas delivered outstanding results across all its business lines throughout 2023.
Geopark Limited (NYSE: GPRK) announced its financial results for the three-month period ended December 31st, 2023.
Frontera Energy (TSX: FEC) announced its financial and operating results for 4Q23.
In the wake of the restructuring process initiated on September 8, 2023, by CB&I UK Limited, a subsidiary of McDermott International Ltd., in the UK, Refinería de Cartagena (Reficar), a subsidiary of Ecopetrol (NYSE: EC), received notification of a UK court’s decision approving CB&I’s financial restructuring plan.
The company, MinHacienda and those sympathetic to the government quickly blamed Ecopetrol’s 43% drop in Net Income in 2023 on oil prices. Petro attributed it to the end of fossil fuels. The opposition blamed government mismanagement. Who is right or perhaps, what is the right balance between the various partial explanations?
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