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Ecopetrol's net profit grew 338 percent in the third quarter of 2017

Colombia's state oil company Ecopetrol announced today that it achieved a net profit of one trillion pesos (about 330 million dollars) in the third quarter of the year, a growth of 338% with respect to the same period of 2016.

Bogotá, Nov 7 (EFE) .- The Colombian state oil company Ecopetrol announced today that it achieved a net profit of one billion pesos (about 330 million dollars) in the third quarter of the year, a 338% growth with respect to the same period of 2016.

In the first nine months of the year, the net profit totaled 3.2 trillion pesos (about 1.052 billion dollars), according to the report of results for the third quarter and the accumulated of 2017 disclosed today.

"These results reflect our strength and consistency in improvements in operational capacity and commercial, greater efficiency and reduction of costs, focus on the discipline of capital, and additionally a better environment of crude oil prices, "said Ecopetrol president, Felipe Bayón, cited in the document.

The benefit of the third quarter before interest, taxes, depreciation and amortization (Ebitda) was 5.8 trillion pesos (about 1,910 million dollars), with a margin of 43.9%.

From January to September, the accumulated Ebitda was 17.3 trillion pesos (about 5.697 billion dollars), with an increase of 27.7% and %.

The company added in its balance sheet that sales in the third quarter reached 13.3 billion pesos (about 4,389 million dollars), and that up to September they totaled 39.8 billion of pesos (about 13,124 million dollars), which represented a growth of 15.8%.

Ecopetrol is the largest company in Colombia, generating more than 60% of the national production of crude oil and also has exploration and production activities in Brazil and Peru, as well as in the United States in the Gulf of Mexico area.

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