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First quarter 2022 results: Historic figures to drive the strategy
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First quarter 2022 results: Historic figures to drive the strategy
May 10, 2022
- We closed the first quarter of 2022 with results that continue to leverage our efforts to achieve a fair and responsible energy transition, and reiterate our commitment to contribute to energy security in Colombia and other countries where we operate, within the framework of our 2040 strategy, 'Energy that Transforms'.
- The current situation of international crude oil prices (Brent average in 1Q22 of 98 USD/Bl) is being driven mainly by the Russia-Ukraine conflict and its impact on the certainty of the global supply of hydrocarbons, as well as the implications on demand due to the recent closures in China. Our Group and the countries where we operate are not oblivious to the consequences of this situation or its effects on economic recovery.
- Although high prices have favored our revenues, they have also generated challenges in terms of inflation, high energy costs and the international logistics crisis, which are beginning to put pressure on operating costs and project execution times. In the Group we have been permanently monitoring the direct and indirect impacts and have taken actions to mitigate their effect.
