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.

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