EC - Ecopetrol reports 'milestone' oil and gas discovery in Colombia

2023-08-10 10:58:30 ET

Ecopetrol ( NYSE: EC ) said Thursday it made an oil and gas discovery in Colombia's Putumayo province, which the company believes will benefit from its location close to producing oil fields and potential for taking advantage of existing infrastructure.

The Alqamari-2 well was drilled to a depth of 9,287 feet and saw daily flow of 1,800 barrels of oil, with the rate of associated gas produced from the well as much as 825K cf/day, the company said.

Ecopetrol ( EC ) said the discovery "represents an important milestone for exploration in the area."

Earlier this week, Ecopetrol ( EC ) reported Q2 net profit that fell 61% from a year earlier to 4.08T pesos (~$1.02B), which nevertheless beat analyst estimates, on revenues that declined 21% Y/Y to 34.3T pesos, due to lower average sale prices of oil and gas products.

The company said it will prioritize the development of offshore fields in an effort to avert a future natural gas shortage in Colombia.

More on Ecopetrol:

• Financial and valuation comparison to sector peers
• Analysis: Ecopetrol: Likely To Benefit From Strengthening Oil Prices And Colombian Peso
• Stock price return: Up 15% YTD, up 6.5% in the past 12 months

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