The company reported net profit between July and September reached CoP$3.24T (US$1.8B), which meant a decrease of 22.6% compared with the same period in 2011. Ecopetrol said that operating revenue increased one percent from the same period of 2011 while cost of sales increased 20.3%, due to maintenance costs of CoP$147,000M to ensure the integrity of transport infrastructure and wells, as well as the maintenance of Barrancabermeja refinery.
Ecopetrol and Chevron will upgrade the compression facilities at the Chuchupa field to increase its daily gas production. For this, the field will be off-line from October 30th to November 3rd. More maintenance will take place at the end of the month. From an Ecopetrol press release, translated and with commentary by Hydrocarbons Colombia.
The Colombian Auditor General issued a warning about risks associated with Ecopetrol’s sometimes complex interational structures. Like any large firm, Ecopetrol uses a variety of offshore vehicles to structure its operations.