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While the political clamor to modernize the Barrancabermeja Refinery continues, the facilities reported a net profit of CoP$238B (US$77.7M) in the first quarter of 2016, which represents a 360% improvement over the same period in 2015.

A dispute with a corporation of community action committees (JACs) in Acacías has led to blockades, threats against workers and even fuel filled bottles being thrown at Ecopetrol’s (NYSE:EC) drilling equipment which is destined for the Chichimene field.

Ecopetrol (NYSE:EC) announced a national campaign which looks to recognize projects which are leading the way in innovation and competitiveness in issues that directly affect oil producing regions. This and other stories related to Corporate Social Responsibility in our periodic summary.

Ecopetrol (NYSE:EC) signed a US$300M loan with the Export Development Canada (EDC) agency, which it says meets half of its financing goal for 2016 and demonstrates the continued trust that the market has in its operation.

Ecopetrol (NYSE:EC) has reorganized its board of directors, with the former Colombian ambassador to Venezuela Carlos Cure taking the role of president, replacing the former Minister of Defense Luis Fernando Ramírez.

Ecopetrol (NYSE:EC) once again posted a profit in the first quarter of 2016 of CoP$363B (US$123.7M), as its transport business benefits its bottom line, coupled with cost cutting and a favorable exchange rate.

Facing mounting criticism for cost overruns and poor contracting practices, Ecopetrol (NYSE:EC) president Juan Carlos Echeverry said the NOC is implementing a new strategy for how it purchases goods and services and manages its projects.

Ecopetrol’s (NYSE:EC) former president Javier Gutiérrez defended his actions involving the Cartagena Refinery (Reficar) while at the helm of the NOC, and said without the controls he enacted, the cost could have been worse.

USO president Cézar Loza warned that Ecopetrol (NYSE:EC) president Juan Carlos Echeverry and its board of directors have a plan to dismember the NOC and sell it off like the government did with energy producer Isagén.

Ecopetrol (NYSE:EC) president Juan Carlos Echeverry said that the firm does not see short term relief in the price of crude, and that it will continue “in crisis mode” for the foreseeable future, even for the next five years.