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.
Ecopetrol contributed to education and infrastructure in La Huila while supporting cultural identity projects and environmental preservation in La Guajira. These and other stories on Corporate Social Responsibility (CSR) in our periodic summary.
Despite a slight increase in the price of oil and a series of incentives offered by the government to support the oil industry, more support is needed to keep production from falling in the near future, says the Colombian Petroleum Association (ACP).
In a visit that included the Casanare governor Marco Tulio Ruíz, the royalty investment coordinator of the National Planning Department Camilo Lloreda made a visit to different projects that have been funded by royalties, and said he was left with “a very good impression”.
A study that included 105 companies in the Barrancabermeja and surrounding region found that there has been an increase in local hiring in general, with residents filling 76% of the positions in various industries.
Parex Resources (TSX:PXT) narrowed its net loss in the first quarter of 2015, and registered production above its projections for the period.
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