BOGOTÁ, Colombia, Aug. 13,
2024 /PRNewswire/ -- During the Second Quarter of
2024 (2Q24), Ecopetrol Group confronted a challenging
environment, which continues to be impacted by several external
variables, including the revaluation of the Colombian peso,
inflationary pressures, and a decrease in the prices of our refined
products. We managed these challenges with resilience, maximizing
operational savings, controlling costs, and improving the
realization prices of our crude oil.
During 2Q24, Ecopetrol generated revenues of COP 32.6 trillion, an EBITDA of COP 14.1 trillion, a net income of COP 3.4 trillion, and an EBITDA margin of 43%. It
is worth highlighting, the dividend payment as of June, of
COP 1.5 trillion to our minority
shareholders and COP 9.1 trillion to
the majority shareholder, rewarding their trust in this
company.
Regarding the Fuel Price Stabilization Fund (FEPC), we emphasize
the sustained reduction of the outstanding account balance, which
totaled COP 12.1 trillion at the end
of June, a 61% decrease compared to the same period in 2023.
In the Hydrocarbons business line, for the second quarter
of the year, we highlight the strength of our traditional business,
closing with a production of 758 kboed (+30.2), transported volumes
of 1,152 kbd (+54.7), and refinery throughputs of 424 kbd (-3.4).
It is also noteworthy, the Uchuva-2 delineation well, which
confirms the extension of the gas discovery in the Caribbean
Offshore, providing significant information for the development of
this new production frontier in the Colombian Caribbean, and
supports the gas potential that has been foreseen in the
region.
These results, along with a high-quality commercial
strategy, allowed us to capture margins and new market
opportunities, strengthening the prices of the crude basket by
USD 10.3 USD/Bl, compared to the same
period of 2023. The strong performance of our Houston subsidiary, EUST, is remarkable,
selling 14 million barrels of crude and products in 2Q24, achieving
an EBITDA of USD 24 million and a net
income of USD 19 million, totaling an
EBITDA of USD 61 million for the 1H24
and USD 48 million in net income.
In the Energies for the Transition business line, as of
June, we achieved an accumulated energy optimization of 1.21
petajoules, anticipating the 1.1 petajoules target for 2024. With
this result, we contribute to the reduction of Greenhouse Gases
with 104,312 tons of CO2 equivalent greenhouse gases, with
estimated savings of over COP 72
billion.
Finally, in the Transmission and Toll Roads business
line, during 2Q24, ISA was awarded two private contracts in
Colombia: the first for the
execution of the Atlántico photovoltaic connection project, and the
second, through Transelca, to develop the connection to the
Valledupar I, II, and III photovoltaic plant in the department of
Cesar.
Concerning our technology, environment, social and
governance (TESG) strategy, we would like to highlight the
following achievements for the quarter:
On July 31st, the Colombian
Petroleum Institute (ICP) transformed into the Colombian
Petroleum and Energy Transition Institute (Icpet) which will
have the mission of driving the energy transition in the
country.
By the end of 2Q24, we reduced emissions by 136,408 tCO2e on the
environmental front, a 176% compliance level versus the plan
for the first half of the year.
In the social dimension, we highlight that the
Ecopetrol Group allocated resources for the execution of the
Sustainable Territorial Development Portfolio for COP 118,195 million in 2Q24 and a total of
COP 183,988 million so far this year,
which includes social, environmental, and strategic relationship
investment as mandatory.
On the Governance front, during 2Q24, we secured first
place in the Merco Talent ranking for the third consecutive year,
which identifies the 100 companies with the best capacity to
attract and retain talent in Colombia. Additionally, in the Great Place to
Work® workplace environment study, we received the "Very
Satisfactory" certification, reflecting our excellent work for our
employees.
Regarding the Innovation and Technology agenda,
Ecopetrol's efforts for safe and intelligent operations stand out,
through the adoption of Artificial Intelligence for IT Operations -
AIOPS. This technology has ensured an availability of over 95.5%
for critical technological services and optimized operational and
information technology functions within the organization.
We will continue strengthening relationships with all our
stakeholders, focusing on generating sustainable value while
advancing towards the energy transition.
Ricardo Roa Barragán
President, Ecopetrol
In 2Q24, the Ecopetrol Group reported a net income of
COP 3.4 trillion and an EBITDA of
COP 14.1 trillion, achieving an
EBITDA margin of 43%. These results were driven by exceptional
operational performance, demonstrated by increased production and
transportation volumes along with stable refinery throughputs. The
quarter benefited from improved crude oil spreads and higher Brent
prices. However, the results were impacted by external factors in
market variables.
Table 1: Financial Summary Income Statement
–Ecopetrol Group
Billion
(COP)
|
|
2Q
2024
|
2Q
2023
|
∆ ($)
|
∆ (%)
|
|
6M
2024
|
6M
2023
|
∆ ($)
|
∆ (%)
|
Total
sales
|
|
32,627
|
34,300
|
(1,673)
|
(4.9 %)
|
|
63,929
|
73,154
|
(9,225)
|
(12.6 %)
|
Depreciation and
amortization
|
|
3,594
|
3,239
|
355
|
11.0 %
|
|
7,046
|
6,248
|
798
|
12.8 %
|
Variable
cost
|
|
12,020
|
13,718
|
(1,698)
|
(12.4 %)
|
|
22,841
|
29,065
|
(6,224)
|
(21.4 %)
|
Fixed cost
|
|
4,966
|
4,530
|
436
|
9.6 %
|
|
9,757
|
8,952
|
805
|
9.0 %
|
Cost of
sales
|
|
20,580
|
21,487
|
(907)
|
(4.2 %)
|
|
39,644
|
44,265
|
(4,621)
|
(10.4 %)
|
Gross
income
|
|
12,047
|
12,813
|
(766)
|
(6.0 %)
|
|
24,285
|
28,889
|
(4,604)
|
(15.9 %)
|
Operating and
exploratory expenses
|
|
2,512
|
2,314
|
198
|
8.6 %
|
|
4,948
|
4,670
|
278
|
6.0 %
|
Operating
income
|
|
9,535
|
10,499
|
(964)
|
(9.2 %)
|
|
19,337
|
24,219
|
(4,882)
|
(20.2 %)
|
Financial income
(loss), net
|
|
(2,090)
|
(2,044)
|
(46)
|
2.3 %
|
|
(4,092)
|
(3,549)
|
(543)
|
15.3 %
|
Share of profit of
companies
|
|
189
|
155
|
34
|
21.9 %
|
|
386
|
497
|
(111)
|
(22.3 %)
|
Income before income
tax
|
|
7,634
|
8,610
|
(976)
|
(11.3 %)
|
|
15,631
|
21,167
|
(5,536)
|
(26.2 %)
|
Income tax
|
|
(3,234)
|
(3,336)
|
102
|
(3.1 %)
|
|
(6,154)
|
(8,929)
|
2,775
|
(31.1 %)
|
Net income
consolidated
|
|
4,400
|
5,274
|
(874)
|
(16.6 %)
|
|
9,477
|
12,238
|
(2,761)
|
(22.6 %)
|
Non-controlling
interest
|
|
(1,024)
|
(1,187)
|
163
|
(13.7 %)
|
|
(2,090)
|
(2,490)
|
400
|
(16.1 %)
|
Net income
attributable to owners of Ecopetrol
|
|
3,376
|
4,087
|
(711)
|
(17.4 %)
|
|
7,387
|
9,748
|
(2,361)
|
(24.2 %)
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
14,052
|
14,585
|
(533)
|
(3.7 %)
|
|
28,291
|
32,427
|
(4,136)
|
(12.8 %)
|
EBITDA
Margin
|
|
43.1 %
|
42.5 %
|
-
|
0.6 %
|
|
44.3 %
|
44.3 %
|
-
|
0.0 %
|
The financial information included in this report has not yet
been audited. It is expressed in billions or trillions of Colombian
pesos (COP) or US dollars (USD), or thousands of barrels of oil
equivalent per day (kboed) or tons, as noted. Certain figures in
this report were rounded to the nearest decimal place for
presentation purposes.
Forward-looking statements: This release contains statements
that may be considered forward-looking statements concerning
Ecopetrol's business, operational and financial results, and
prospects for growth. These are forward-looking statements and, as
such, are based solely on management's expectations regarding
Ecopetrol's future and its ongoing access to capital to fund
Ecopetrol's business plan. Such forward-looking statements depend
primarily on changes in market conditions, government regulations,
competitive pressures, and the performance of the Colombian economy
and the industry, to mention a few. Therefore, they are subject to
change without notice.
For more information, please contact:
Head of Capital Markets (a)
Lina María Contreras Mora
Email: investors@ecopetrol.com.co
Head of Corporate Communications
Marcela Ulloa
Email: marcela.ulloa@ecopetrol.com.co
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SOURCE Ecopetrol S.A.