Ecopetrol (NYSE:EC) shifted its exports from Asia to Central America and the Caribbean. Could Venezuela’s need to end subsidies in Petrocaribe be the driver?
Ecopetrol’s (NYSE:EC) transport and logistics spin off Cenit saw an increase in its transported volume in 2014 despite standing out as one of the guerrilla’s favorite targets in the same year.
At the end of November 2014, reports surfaced that the Cartagena Refinery would be functional in January 2015 and see its commercial launch in August 2015. But in Ecopetrol’s (NYSE:EC) latest earning results, management said that once again, that timeframe will be pushed back.
Ecopetrol (NYSE:EC) saw its revenues hit by the fall in oil prices, but managed to reverse losses felt in the final quarter of 2014, posting a consolidated net income of CoP$160B (US$67.32M) as production holds and margins in its transportation and refining businesses improve.
A potential plan from Ecopetrol (NYSE:EC) to farm out its smaller fields to private operators, one of the potential new strategy points mentioned by the NOC’s president Juan Carlos Echeverry, already has the USO oil workers union sounding alarms.
Three years after its spin-off from Ecopetrol (NYSE:EC), Cenit’s value and operation has become one of the NOC’s critical assets.
Ecopetrol (NYSE:EC) president Juan Carlos Echeverry gave another interview, emphasizing offshore and clarifing that in the Llanos development remains strong despite cuts in investment.
Ecopetrol (NYSE:EC) president Juan Carlos Echeverry says that the NOC has more austerity measures coming, but that thus far there are no mass layoffs planned. He also said fracking must continue to be an option.
The General Comptroller (CGR) says that Ecopetrol (NYSE:EC) has incurred a CoP$16.5B (US$6.5M) loss due to poor control and contract management when receiving fields being operated by other operators, amounting to a loss of state resources, a charge which the NOC denied.
The new president of Ecopetrol (NYSE:EC) Juan Carlos Echeverry has made his first statements to the press, saying the NOC will focus on its most valuable fields, the Cartagena Refinery and offshore exploration.
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