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Eye on Ecopetrol

Ecopetrol not likely to meet production targets

Ecopetrol (NYSE:EC) had set a production target of 819,000boed for 2014, but with its average after three quarters sitting at 754,800boed, the NOC will almost certainly fall short of its goal.

Wednesday, November 12th, 2014
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The future of the Rubiales field remains undefined

Another quarter passes, and still no decision from Ecopetrol (NYSE:EC) on the future of the Rubiales field. Meanwhile political pressure from an alliance led by the oil workers union (USO) and Senator Jorge Robledo mounts to return the field to Ecopetrol control.

Thursday, November 6th, 2014
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Ecopetrol clarifies Sismopetrol contract, will pay workers

The oil workers union USO has been banging their drums about an Ecopetrol seismic contractor Sismopetrol, who had closed operations and left workers unpaid. Now Ecopetrol (NYSE:EC) has clarified why the work had stopped, and said it will compensate the affected workers.

Wednesday, November 5th, 2014
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Ecopetrol optimistic, but says strategy review coming this year

Ecopetrol (NYSE:EC) management looked to highlight the positive aspects of the third quarter 2014 on its earnings conference call, pointing out that although profits dropped, production increased and attacks on infrastructure has dropped. While the firm will keep its projections for 2014 and 2015 for now, company president Javier Gutiérrez said a review of its strategy will be made towards the end of the year.

Tuesday, November 4th, 2014
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MinHacienda pushes ECP for more production as profits, production fall

Ecopetrol has released its earnings report for the third quarter 2014, which showed a drop in profits for the quarter both sequentially (17.3%) and year-over-year (40.3%). The drop comes due mainly due to the drop in oil prices. The news left the Finance Minister (MinHacienda) Mauricio Cárdenas calling for the NOC to ramp up its production.

Monday, November 3rd, 2014
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Senator wants to take on fuel quality

Senator Juan Diego Gómez, of the conservative party, wants to hold a debate in the Senate’s Fifth Commission on the issue of fuel quality to analyze issues surrounding Ecopetrol’s (NYSE:EC) refining of fuels in Colombia.

Monday, October 27th, 2014
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Tribunal backs demand for Ecopetrol to supply gas to Aguazul

A kind of class action lawsuit, or “Popular Action” has been verified Casanare Administration Tribunal after a public hearing late last week, in which Ecopetrol (NYSE:EC) has been required to install a valve for its natural gas line to the Agauazul municipality.

Thursday, October 23rd, 2014
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Ecopetrol ethanol refinery delays reach the political stage

Problems surrounding an ethanol plant that is to be built by Ecopetrol’s (NYSE:EC) biofuels unit Bioenergy have made their way to the Colombian Senate, and Senate Martiza Martínez wants ECP president Javier Gutiérrez and Bioenergy manager Aleck Santamaría de la Cruz to explain the status of the plant.

Tuesday, October 14th, 2014
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New ECP VP talks decentralization

Ecopetrol’s (NYSE:EC) new regional vice president Francy Ramírez Arroyave has taken her post and looks to strengthen the company’s regional presence and autonomy, while at the same time staying aligned with larger corporate objectives like growing overall production.

Thursday, October 9th, 2014
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Biofuels refining, Ecopetrol’s latest headache

Add biofuels refining to the list of problems that Ecopetrol (NYSE:EC) has racked up, with a planned plant facing a familiar trend of labor issues, overrun budgets, and delays.

Wednesday, October 8th, 2014
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