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Second Quarter 2020 Results-Resilience and Sustainability in an Unprecedented Situation
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Second Quarter 2020 Results-Resilience and Sustainability in an Unprecedented Situation
Jan 5, 2021
To face the new market conditions, the 2020-2022 business plan was updated, which provides for investments between US$11 and US$13 billion. 80% of them will be in Colombia.
- Ecopetrol Group reported profits of $158 billion in the first half of 2020 amid an unprecedented crisis, stemming from the expansion of Covid-19 globally and the contraction of demand. Ebitda was $7.25 billion.
- Ecopetrol is one of the few oil companies that recorded profits in the second quarter of 2020 in the world.
- Production remained above 700 thousand barrels of oil equivalent per day (kbped), thanks to the plan implemented to operate with strict biosecurity protocols.
- Refinery loads were at 300 thousand barrels per day, lower than the 364 thousand barrels recorded in the first half of 2019, due to the contraction in demand.
- Ecopetrol Group allocated $88 billion to address the pandemic, support the most vulnerable families and strengthen the health system in several regions of Colombia.
- The plan prioritizes increased production and reserves, energy transition and innovation and technology.
- New cost-effective production target between 700-720 kbped. Drilling of more than 30 exploratory wells, a refinery load of between 300 and 380 kbd and a transported volume of between 1,000 and 1,025 kbd.
- The goal of reducing CO2e/year emissions in 2022 between 1.8-2.0 million tons, renewable energy generation capacity by ~300 MW by 2022, and socio-environmental investment (COP$ 1.7 billion between 2020 and 2024) is maintained.
- To accelerate the digital transformation, investments of about USD 158 million in innovation and technology are planned.
- See the full report here
