New Ecopetrol (NYSE:EC) CEO Juan Carlos Echeverry made positive (although qualified) comments about fracking. Newspapers picked them up but those were the first positive reports we had seen for a long time.
Juan Carlo Echeverry spent his first day as president of Ecopetrol (NYSE:EC) on Monday, April 6 speaking with the outgoing president Javier Gutiérrez, presiding over his first board of management meeting and touring the NOC’s headquarters in Bogotá.
Javier Gutierrez has officially stepped aside as the president of Ecopetrol, and in a last interview commented on the “not so low” tax rates paid by the industry and the structural situation which has pushed oil prices down.
The USO has continued to denounce the alleged firing of Ecopetrol (NYSE: EC) worker USO Vice President Edwin Palma when he published information on social media denouncing the high salaries of Ecopetrol management.
Ecopetrol (NYSE:EC) and Pacific Rubiales (TSX:PRE) are both looking north and making the upcoming concession round in Mexico one of their main targets looking forward. Both are included in the list of 39 firms pre-qualified for Round One.
Ecopetrol is well positioned to improve production at the Rubiales field, and even if it chooses another company to operate it, the NOC will only pay a per barrel tariff to the operator, outgoing Ecopetrol president Javier Gutiérrez Pemberthy said at the firm’s annual general shareholder’s assembly.
Despite the well-documented glut of oil in the US – which has (depending on viewpoint) contributed or caused the dramatic fall in oil prices since mid-2014 – Ecopetrol (NYSE:EC) actually increased its exports to the US in 4Q14.
The political forces that successfully swayed Ecopetrol’s (NYSE:EC) board to not renew the association contract with Pacific Rubiales (TSX:PRE) have moved on to the next step, that Ecopetrol operate the field directly, opening the door to the USO union to enter the field.
Fresh off a 24-hour strike on March 19, the USO said they will meet with Ecopetrol and government representatives on March 25, and then determine if they will continue with an indefinite strike as promised.
Ecopetrol’s (NYSE:EC) transportation spin off Cenit is planning a series of investments of up to US$4B in total from 2014-2019 to increase its crude oil transport capacity to 1.4mmbd.
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