Bogota, Colombia
Bogota, Colombia

Ecopetrol, formerly known as Empresa Colombiana de Petróleos S.A. and sister company South American Gulf Oil Co. dating to the 1930s which were taken over by the state owned Ecopetrol in the 1970s) is the largest and primary petroleum company in Colombia. As a result of its continuous growth, Ecopetrol forms part of the Fortune Global 500 and is ranked 303, it belongs to the group of the 25 largest petroleum companies in the world, and it is one of the four principal petroleum companies in Latin America. Wikipedia.


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To look for different international numbers please consult the following link: http://web.meetme.net/r.aspx?p=12&a=UQpLqYJINsKvVv The earnings release, slide presentation and live webcast will be available on Ecopetrol's website: www.ecopetrol.com.co and at the following links: Please verify in advance proper operation of the webcast in your browser. We recommend the usage of the latest versions of Internet Explorer, Google Chrome y Mozilla Firefox. The replay of the calls will be available on Ecopetrol's website (www.ecopetrol.com.co). For further information, please contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ecopetrol-announces-timing-of-the-first-quarter-of-2017-earnings-report-and-conference-call-300455740.html


News Article | May 12, 2017
Site: www.prnewswire.com

- The successful exploratory wells Gorgon-1 and Purple Angel -plus Kronos (2015)- in the Colombian Caribbean Offshore suggest the existence of a new gas province in that zone. BOGOTA, Colombia, May 12, 2017 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) today announced the Business Group's financial results for the first quarter of 2017, prepared and presented in billions of Colombian pesos (COP) in accordance with International Financial Reporting Standards (IFRS) applicable in Colombia. * Figures are not audited. They are included for illustrative purposes only. Figures in this report are not audited. They are expressed in billions of Colombian pesos (COP) or million US dollars (USD); thousands of barrels of oil equivalent per day (mboed) o tons; and are so noted where applicable. For presentation purposes some figures in this report were rounded to the nearest decimal. In the opinion of Ecopetrol S.A. CEO Juan Carlos Echeverry G.: "Ecopetrol had an outstanding first quarter of 2017. We feel confident in our corporate strategy and the results we have obtained. We have overcome challenges to achieve profitable and safe operations as reflected in our financial results. During the quarter, Ecopetrol had three important achievements in its exploration campaign: the Purple Angel and Gorgon-1 discoveries on the Colombian coast, and Boranda in the Middle Magdalena Valley, all of which demonstrate our commitment to operational excellence. Operational and financial results were outstanding: our EBITDA margin of 43.5% is one of the highest in the industry, and we have a solid cash position of COP 17.5 trillion. These results reflect: i) greater efficiency and cost reductions through the Transformation Plan, ii) capital discipline, and iii) better crude prices and margins versus Brent. Average production was 712 thousand barrels of oil equivalent per day. During the year, public order situations and operational events have occurred, such as the temporary closure of the Caño Limón - Coveñas oil pipeline, which negatively impacted our production. The pipeline returned to normal on April 7. We also note the positive performance of Hocol and Ecopetrol America, which significantly contributed to all the subsidiaries' increasing their production by 23% versus the first quarter of 2016. Reficar completed tests of four additional plants, for a total of 25 units, 74% of the refinery's 34 units. The Barrancabermeja refinery saw stable operations, establishing itself as an efficient and profitable refinery. Sales strategy helped capture market opportunities for international sales, generating a significant improvement in Ecopetrol's export basket. For the quarter, the spread of the crude basket versus Brent was -8.30 dollars, 1.80 dollars better than the same period in 2016. The transport segment has consolidated its business integration. The reversion of the Bicentenario oil pipeline was completed, allowing it to carry crude from the Caño Limón field and thus mitigate the impact of eventual closures of the Caño Limón - Coveñas pipeline. During the quarter, successful tests were carried out of the transport of heavy crude at 600 centistokes (a measurement of viscosity), and we will continue with the goal of extending this capacity to other oil pipeline systems. Structural savings during the quarter totaled COP 150 billion; the savings goal for the year is COP 740 billion. We highlight savings of COP 52 billion from the lower dilution cost for heavy crudes. Ecopetrol remains focused on being a profitable company, committed to the country's development and care for the environment. We will continue to follow our strategic plan as a road map for delivering remarkable results aimed at value creation and sustainability." The full report is available at www.ecopetol.com.co For further information, please contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ecopetrol-business-group-presents-first-quarter-2017-results-300456669.html


To be prudent, however, and in order to exercise due diligence, the Audit Committee of the Board of Directors has retained a U.S.-based outside law firm to commence a third-party investigation into the matters set forth in the Prosecutor's Office announcement, as more fully described below. In light of the Prosecutor's Office announcement, the Company´s auditor for 2014-2015 has said it is not ready to consent to the use of its opinion in connection with the filing of the Form 20-F, and accordingly will continue to monitor the progress of the third-party investigation. In order to address the non-filing of the 2016 Form 20-F, the Company will hold a conference call tomorrow May 17 at 3.45 pm Bogotá (4.45 pm EST). Details of the call will follow shortly. Due to the inability of the Company to file its 2016 Form 20-F by May 16, we consider relevant to update on the current status of the most significant ongoing investigations and proceedings with regards to Reficar. Ecopetrol is a corporation majority owned by the Colombian Government that administers public resources and Reficar is a wholly owned subsidiary of Ecopetrol. Ecopetrol's employees have a statutory responsibility to ensure the proper use of public resources. Reficar´s employees also have a duty for proper management of public resources. The conduct of Ecopetrol's and Reficar's employees is generally subject to the control and supervision of the following control entities, among others: The following are the most significant investigations and proceedings carried out by the aforementioned state entities: 1. The Office of the Comptroller General's investigations and proceedings: As a result of the modifications of the schedule and budget related to Reficar´s expansion and modernization project (the "Project"), the Office of the Comptroller General initiated a special audit investigation of the Project in 2016 and delivered a final report to Reficar on December 5, 2016. The report made 36 findings, most of which were related to increased costs compared to budget for services, labor and materials, which were appropriately explained by the company. As required, on January 18, 2017, Reficar submitted an action plan addressing the 36 findings in the following areas: (i) contract management, (ii) supervision of engineering standards contracted with third parties and (iii) documentation of the control, reporting and monitoring mechanisms of subcontracts. As a result of the findings described above, the Office of the Comptroller General recently opened actions for financial responsibility (proceso de responsabilidad fiscal) against 36 individuals and the six companies involved in the Project, including current and former members of Ecopetrol´s board of directors (including the current CEO of Ecopetrol); former members of Reficar´s board of directors; current and former employees of Ecopetrol; and former employees of Reficar, as well as Chicago Bridge & Iron Company N.V., CBI-Chicago Bridge & Iron Company (CB&I) Americas Ltd., Chicago Bridge & Iron Company CB&I UK Limited, CBI Colombiana S.A., Foster Wheeler USA Corporation and Process Consultants Inc. These actions pertain to an eventual reduction of the value of state assets due to a lower than expected profitability of Reficar as a result of the modifications of the schedule and budget of the Project. In January 2017, the Office of the Comptroller General initiated another special audit of Reficar. As of the date of this release, the audit is in its preliminary stage. The Attorney General´s Office has two ongoing investigations relating to the Project: (i) the first, initiated in 2012 against members of Reficar's board of directors at the time, as well as certain current and former officers of Reficar; and (ii) a more recent investigation regarding delays in the completion of the Project, focusing on the role of current and former officers of Ecopetrol, as well as current and former members of Ecopetrol's board of directors. The Prosecutor's Office is conducting a confidential investigation. In connection therewith, on April 27, 2017, the Prosecutor's Office announced in a press release his intention to pursue charges (including document forgery, illegal interest in the execution of agreements, misappropriation of public funds and unjust enrichment) against: (i) four former executives and officials of Ecopetrol and Reficar, (ii) one current employee of Ecopetrol who  was assigned to work in Reficar between 2012 and 2016, (iii) two executives of CB&I and (iv) Reficar's statutory auditor for 2013-15. No current executives of Ecopetrol, Reficar or members of the board of directors of Ecopetrol or Reficar are included in the Prosecutor's Office press release. In the press release, the Prosecutor's Office also announced that, in order to conclude the next phases of the investigation -- related to, among others, the selection of a strategic partner, the exit of Glencore International AG (the former majority owner of the Project) and the selection of the contractor -- it would be interviewing executives of Ecopetrol, Reficar, Glencore and the supervisory joint venture conformed by Foster Wheeler USA Corporation and Process Consultants Inc. Ecopetrol and Reficar have cooperated closely and extensively with the control entities in furthering their investigations and will continue to monitor the status and development of these investigations. In March 2016, Reficar filed a Request for Arbitration before the International Chamber of Commerce against Chicago Bridge & Iron Company N.V., CB&I (UK) Limited, and CBI Colombiana S.A. with respect to the Engineering, Procurement, and Construction Contract entered into by and between Reficar and CB&I for the expansion of the Cartagena Refinery in Cartagena, Colombia.  Reficar seeks no less than US$2 billion in damages plus lost profits. On May 25, 2016, CB&I filed an answer and counterclaim in the amount of approximately USD $213 million. On June 27, 2016, Reficar responded to CB&I's counterclaim by denying any liability to CB&I. On April 28, 2017, Reficar submitted its Non- Exhaustive Statement of Claim and CB&I submitted its Statement of Counterclaim. The ICC proceeding is currently in its preliminary stage and is scheduled for a hearing in October 2018. Ecopetrol is the largest company in Colombia and is an integrated oil & gas company; it is among the top 50 oil companies in the world and among the four top ones in Latin America. Besides Colombia - where it generates over 60% of the national production - it has exploration and production activities in Brazil, Peru & the US (Gulf of Mexico). Ecopetrol owns the largest refinery in Colombia and most of the pipeline and multi-product pipeline network in the country, and is significantly increasing its participation in bio-fuels. This release contains statements that may be considered forward looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend, and do not assume any obligation to update these forward-looking statements. For further information, please contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ecopetrol-announces-the-non-filing-of-its-annual-report-on-form-20-f-for-the-year-ended-december-31-2016-300459064.html


News Article | May 17, 2017
Site: www.prnewswire.co.uk

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To request a report overview of this report please email Sara Peerun at sara.peerun@visiongain.com or call Tel: +44-(0)-20-7336-6100 3F Chimica Accelerated Oil Technologies LLC Al Qaeda Alberta Energy Regulator Anterra Energy Inc BASF Beijing Hengju Chemical Group Corp Belayim Petroleum Company Berexco BlackPearl Resources BP BP Migas Cairn Energy India CASCO CCC Leduc Cenovus Centre of Excellence in EOR (Malaysia) Chemical EOR Alliance Chevron China Petroleum & Chemical Corporation Chinese EOR Laboratory CNOOC CNPC CNRL Connacher Oil and Gas Limited Dow Ecopetrol S.A EOR Centre of Excellence (Oman) EXPEC Advanced Research Center ExxonMobil FORCE (Forum for improved oil and gas recovery and improved exploration in Norway) GlassPoint Government Agencies and Other Organisations Mentioned in This Report Government of Alberta Government of Oman Harvest Energy Harvest Operations Huntsman Husky Energy Husky Oil Operations Hyak Energy Hyundai IFP Energies Nouvelles Instituto Colombiano del Petróleo (ICP) Kemira KOC Lukoil Medco Enerji Internasional Murphy Oil Nalco National Energy Technology Laboratory (NETL) National Enhanced Oil Recovery Institute Nexen Inc. Norwegian Government Occidental Petroleum Oil & Gas UK Oil Chem Technologies Oil India Ltd. ONGC OPEC Pan American Energy Partex Corporation Pengrowth Energy Corporation Penn West Pertamina Petroamazonas Petrobras Petrochina Petrofac Petróleos de Venezuela, S.A. (PDVSA) Petróleos Mexicanos (PEMEX) Petroleum Development Oman (PDO) Petroleum Technology Research Centre Petronas PT Chevron Pacific Indonesia PT Erraenersi Konstruksindo PT Multi Structure PwC Repsol Research Partnership to Secure Energy for America (RPSEA) Rex Energy RNZ Integrated Rock Energy RusPAV Saskatchewan Ministry of the Economy Sasol Saudi Aramco Shandong Polymer Bio-Chemicals Co. Ltd Shell (Royal Dutch Shell) Shell Canada Shell Chemicals Shell Malaysia SIBUR Siemens Energy Sinopec (China Petroleum and Chemical Corporation) SNF Floerger SNF Group Solvay Statoil Stepan Surtek Talisman TD Securities Terrex Energy Texaco Texas A&M University Tiorco Titan Oil Recovery Inc. Total UAE Oil Ministry University of Kansas University of Oklahoma University of Wyoming University of Wyoming Enhanced Oil Recovery Institute US Department of Energy (DoE) US EIA Wintershall World Bank YPF Zargon Oil and Gas To see a report overview please email Sara Peerun on sara.peerun@visiongain.com


The Company's management is committed to file its annual report on Form 20-F and be again in compliance with applicable listing rules as soon as possible. Ecopetrol is the largest company in Colombia and is an integrated oil & gas company; it is among the top 50 oil companies in the world and among the four top ones in Latin America. Besides Colombia - where it generates over 60% of the national production - it has exploration and production activities in Brazil, Peru & the US (Gulf of Mexico). Ecopetrol owns the largest refinery in Colombia and most of the pipeline and multi-product pipeline network in the country, and is significantly increasing its participation in bio-fuels. This release contains statements that may be considered forward looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend, and do not assume any obligation to update these forward-looking statements. For further information, please contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ecopetrol-receives-nyse-notice-regarding-non-filing-of-annual-report-on-form-20-f-for-the-year-ended-december-31-2016-300462884.html


The three successful wells confirm to Ecopetrol the existence of a gas-bearing province in this zone of the Colombian Caribbean. Gorgon-1 is part of the Purple Angel block. This block borders the Fuerte Sur blocks (where Kronos 1 was discovered), Cl-5 and Fuerte Norte. Ecopetrol's holding in these blocks is 50% and Anadarko is the operator, also holding 50%.  The four blocks cover a total area of 14,900 square kilometers. As reported by Anadarko, the operator, the well established a record for the country, as it crossed the greatest water layer in the history of offshore drilling of Colombia (2,316 m). Between 3,675 and 4,415 meter depth (more than 1.3 kilometers below the marine bed), net gas sand intervals were found, which add up to 80 and 110 meters (260 to 360 feet). The confirmation of gas fields in the area opens the possibility for Colombia to develop a gas production specialized "cluster", which would allow for sharing facilities and improving projects' profitability and efficiency. This release contains statements that may be considered forward looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend, and do not assume any obligation to update these forward-looking statements. For further information, please contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/successful-exploration-in-gorgon-confirms-new-gas-province-in-the-colombian-caribbean-deep-water-300450594.html


News Article | May 3, 2017
Site: www.eurekalert.org

VIDEO:  Extension of Continental, Marginal and Marine environments from ~18.4 to ~10.5 Ma showing the the two marine incursions reported in this study. view more A tiny shark tooth, part of a mantis shrimp and other microscopic marine organisms reveal that as the Andes rose, the Eastern Amazon sank twice, each time for less than a million years. Water from the Caribbean flooded the region from Venezuela to northwestern Brazil. These new findings by Smithsonian scientists and colleagues, published this week in Science Advances, fuel an ongoing controversy regarding the geologic history of the region. "Pollen records from oil wells in eastern Colombia and outcrops in northwestern Brazil clearly show two short-lived events in which ocean water from the Caribbean flooded what is now the northwest part of the Amazon basin," said Carlos Jaramillo, staff scientist at the Smithsonian Tropical Research Institute and lead author of the study. "Geologists disagree about the origins of the sediments in this area, but we provide clear evidence that they are of marine origin, and that the flooding events were fairly brief," Jaramillo said. His team dated the two flooding events to between 17 to18 million years ago and between 16 to 12 million years ago. Several controversial interpretations of the history of the region include the existence of a large, shallow sea covering the Amazon for millions of years, a freshwater megalake, shifting lowland rivers occasionally flooded by seawater, frequent seawater incusions, and a long-lived "para-marine metalake," which has no modern analog. Jaramillo assembled a diverse team from the Smithsonian and the University of Illinois at Urbana-Champaign; Corporacion Geologica Ares; the University of Birmingham; the University of Ghent; the Universidad del Norte, Baranquilla, Colombia; the University of Alberta, Edmonton; the University of Zurich; Ecopetrol, S.A.; Hocol, S.A.; the Royal Netherlands Institute for Sea Research at Utrecht University; the University of Texas of the Permian Basin; and the Naturalis Biodiversity Center. Together, they examined evidence including more than 50,000 individual pollen grains representing more than 900 pollen types from oil drilling cores from the Saltarin region of Colombia and found two distinct layers of marine pollen separated by layers of non-marine pollen types. They also found several fossils of marine organisms in the lower layer: a shark tooth and a mantis shrimp. "It's important to understand changes across the vast Amazonian landscape that had a profound effect, both on the evolution and distribution of life there and on the modern and ancient climates of the continent," Jaramillo said. The Smithsonian Tropical Research Institute, headquartered in Panama City, Panama, is a part of the Smithsonian Institution. The Institute furthers the understanding of tropical nature and its importance to human welfare, trains students to conduct research in the tropics and promotes conservation by increasing public awareness of the beauty and importance of tropical ecosystems. STRI website: http://www. . C. Jaramillo, I. Romero, C. D'Apolito, J. Ortiz. "Miocene flooding events of western Amazonia." Science Advances. Manuscript Number: sciadv.1601693; Smithsonian Tropical Research Institute

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