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The public company Empresa Colombiana de Petróleo (Ecopetrol) has published the best financial result for the last four years for the period from January to September 2018, with a net profit attributable to shareholders of $ 2,700 million.
The president of Ecopetrol, Felipe Bayón, explained that the profit before interest, taxes, depreciation and amortization (EBITDA) "reached 23,8 billion pesos (about 7,9 billion dollars) and that the margin of EBITDA was 48%.
"This excellent financial result was achieved thanks to the good operational performance of all segments, which allowed us to increase the production of crude oil and gas," he said.
In addition, "crude imports for our refining and local products segment have decreased and, in total, have benefited from the benefits of improving international oil prices", added Bayón.
According to the executive, the flexibility of the Ecopetrol Group's business strategy has made it possible to "take advantage of the increased demand for refinery crude oil in Asia and thereby generate greater value".
"In the third quarter of 2018, sales to this destination reached a 45% share of total crude oil exports, compared to 25% for the same quarter of 2017," he said.
During this 2018 period, the average production of the Ecopetrol Group reached 724,000 barrels of oil equivalent per day, the highest production of the last 10 quarters.
"The increase in production for the quarter was achieved thanks to the good results of the drilling campaign and the increased demand for gas from the thermal and industrial sectors," he said.
Felipe Bayón added that at the end of the third quarter of this year, 421 development wells and 41 rigs were in operation.
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