Ecopetrol 2Q Profit Climbs 89% to $1.93B

BOGOTA (Dow Jones Newswires), July 21, 2011

Colombia's state-controlled energy company Ecopetrol reported robust second-quarter net profits Thursday, fueled by higher oil prices and rising production.

Net profits last quarter were 3.4 trillion Colombian pesos ($1.93 billion), an 89% jump from COP1.8 trillion in the second quarter last year.

"In the first half of 2011 we had historically high financial and operating results," said Ecopetrol President Javier Gutierrez in a statement.

The company's earnings before interest, taxes, depreciation and amortization, or Ebitda, was COP7.57 trillion last quarter, a 111% jump from a year earlier, the statement said.

Ecopetrol's production, without its affiliates, rose to 674,400 barrels a day of oil equivalent in the second quarter, a 21% gain from that quarter of last year, it said.

Analysts attribute the increased oil output by Ecopetrol to higher recovery rates in mature fields and new projects coming into line.

Copyright (c) 2011 Dow Jones & Company, Inc.

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