EC - Ecopetrol's Q1 profit drops on lower crude prices more costs

2023-05-09 23:01:43 ET

Ecopetrol ( NYSE: EC ) reported Tuesday its Q1 net profit fell 14% from a year earlier, hit by lower crude oil prices and higher cost of sales, according to Reuters.

The Colombian oil company said Q1 net profit totaled 5.7T pesos (~$1.25B), down from 6.6T pesos in the year-ago quarter, as cost of sales jumped 27% in the quarter.

But Q1 EBITDA increased 12% Y/Y to 17.84T pesos and total sales jumped nearly 20% to 38.85T pesos, helped by higher sales volumes and a positive exchange rate.

Q1 production climbed 4% to 719.4K boe/day from 692.1K boe/day in the prior-year quarter.

Refining operations reached a new quarterly record for the company, refining an average of 412K bbl/day of oil from 325K bbl/day a year earlier, and transportation of crude and refined products rose 4.7% to slightly more than 1M bbl/day.

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