The Minister of Finance and Public Credit, Mauricio Cárdenas, assigned a first challenge to Ecopetrol’s (NYSE:EC) new president, Felipe Bayón, who took office last Friday.
The Colombian oil sector is facing many challenges and problems in the country. There is much concern about the industry’s future and several oil associations have joined forces to create a committee to boost the sector.
Communities have protested and made blockades in the municipality of Guamal (Meta) for the development of the exploratory project Trogón-1 of Ecopetrol (NYSE: EC). Authorities were present in the area to control the situation.
Ecopetrol (NYSE: EC) announced that its current Chief Operating Officer, Felipe Bayón will take over as chief executive. Juan Carlos Echeverry resigned for family reasons. This news generated many reactions.
After presenting his resignation to Ecopetrol’s (NYSE: EC) Board of Directors, Juan Carlos Echeverry spoke about his achievements in the NOC’s financial situation.
Ecopetrol (NYSE: EC) reported a substantial increase in ethanol production during July. Its subsidiary, Bioenergy managed to register significant growth despite environmental difficulties in the Llanos Orientales.
As part of its diversification strategy, Ecopetrol (NYSE: EC) expects to attain 40% of its production from gas within 13 years.
Ecopetrol (NYSE: EC) announced a cut in the budget of its investment plan for 2017. The firm did not give many details about this decision.
Ecopetrol (NYSE: EC) announced its second quarter and first half 2017 results. The firm highlighted that net income reported for 1H17 was higher than net income of the whole year 2016. The NOC reduced its nominal debt in 2Q17 and its exploratory campaign is enjoying a high success rate.
Corruption cases in Colombia are unfortunately common and there is a new one emerging. The Colombian Attorney General’s office conducted an investigation against Cúcuta former judges, whose decisions affected Ecopetrol (NYSE: EC).
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