Colombia's Ecopetrol Reports $1.26B Loss in 2015

Reuters

BOGOTA, March 6 (Reuters) - Colombia's state-controlled oil producer Ecopetrol on Sunday reported a loss of $1.26 billion during 2015, due to the global plunge in oil prices, rebel attacks and new accounting standards.

Net losses totaled 3.98 trillion Colombian pesos ($1.26 billion) last year, the company said in a filing to the financial regulator, a fall of 170 percent from the 5.72 trillion peso profit recorded in 2014.

Losses increased 153.2 percent in the fourth quarter to 6.31 trillion Colombian pesos, compared with losses of 2.49 trillion pesos during the same period the year before.

The company said in a statement that because of the application of international accounting standards, figures from previous quarters may not be comparable to numbers published on Sunday.

Earnings before interest, taxes, depreciation and amortization fell 5.7 percent to 3.08 trillion pesos in the fourth quarter, compared to the same period in 2014. EBITDA was down 26.2 percent in 2015.

The company's consolidated oil and gas production during 2015 was 760,700 barrels per day, the company said, a 0.7 percent increase from the year before.

In the fourth quarter, production fell 0.5 percent to 761,300 bpd.

Ecopetrol is the largest producer in Colombia's nearly million barrel-per-day oil sector, followed by Toronto-listed Pacific Exploration and Production Corp, the biggest private player.

(Reporting by Julia Symmes Cobb)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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