Ricardo Roa did not affect Ecopetrol’s 1Q23 results and will have little influence over 2Q23 having taken command only at the end of April. But Felipe BayóN was already leaving in 1Q23 so others like Chairman Saul Kattan might have had more impact. Some key issues for the NOC’s next phase appear in the numbers already.
José Antonio Ocampo has barely left the building. His replacement Ricardo Bonilla has barely learned the passwords on his new computer and already he had to correct MinEnergia Irene Vélez on fundamental economics. This time it concerns gasoline pricing.
Ricardo Roa had his first press conference as Ecopetrol president and investors punished the stock. His ultimate boss, Colombian President Gustavo Petro, would have been happy with Roa’s strict adherence to the government’s official energy policy but commentators questioned the strategy and the share price plummeted.
National newspaper El Espectador used the phrase for an article on the upcoming third round with the ELN. It seemed like a good summary of April as things slipped through the government’s fingers.
We normally publish our statistical review of the previous year around mid-first-quarter. But some key figures were delayed so we decided to wait until the end of the quarter. Hoping you find these charts useful for presentations or strategic discussions. Subscribers can request the Excel versions to do their own graphic design.
Ricardo Roa Barragan was appointed President of Ecopetrol this week by a board named only two weeks before. Who is he? Who is on the new board? What can we expect?
At least for the last few years, oil prices have determined average Colombian netback, since margins have been stable. Prices fell in 4Q22 and so netback did too.
Through the end of the day on March 28th, President Gustavo Petro’s “Total Peace” process was having an up and down month but on balance, not as bad as February. That evening the ELN attacked an army post in Catatumbo and the wheels came off his major project.
Crude oil production rose in 2022 after a poor 2020 and 2021 as the lead graph shows. With hundreds of fields, some increased production and others decreased. We updated our field-level database and dug into the details to see the “Winners and Losers”.
This week, a two-part “What We Think”. Firstly, Campetrol’s Nelson Castañeda spoke to the national press, naturally about rigs, saying the February 2023 count fell again because of social conflict. Not coincidentally, we published an article based on a press release by Colombia’s Ombudsman saying incidents year-to-date February 2023 increased 73% over last year. And for those with the patience to stick to the end, a reflection on Ecopetrol as we await Felipe Bayón’s replacement.
2025, Hydrocarbons Colombia, All Rights Reserved.
