Ecopetrol Business Group presents its 2017 fourth-quarter and full-year results
2017 net profit totaled COP 6.6 trillion, the highest of the past four years1. 2017 profit was 16% higher compared to 2014, despite a 45% decrease in the Brent price (2014: ~USD 100/barrel vs. 2017: ~USD 55/barrel).
Group´s Ebitda was COP 23.1 trillion, 28% higher vs. 2016. Operating cash generation increased by COP 2.7 trillion compared to 2016, and COP 5.3 trillion compared to 2015 when average Brent price was at the same level as in 2017.
- Proven hydrocarbon reserves totaled 1,659 million barrels-equivalent at the end of 2017. Average reserve life increased to 7.1 years, and the reserve replacement index was 126%, the highest of the past three years.
- The average Ecopetrol Group’s 2017 production totaled 715 mboed, in line with the target for the year in spite of operating and environmental challenges.
- The crude oil basket strengthen USD 2.5/barrel vs. 2016 due to our commercial efforts and a better price environment, which brings about additional revenues of COP 1.2 trillion. Moreover, products basket improved by USD2.9/barrel, making COP 1.3 trillion of additional revenue.
- 2017 saw the successful execution of the global performance test of the new Cartagena Refinery. Reficar reported positive Net Income and Ebitda in 2017, marking the transition to a positive cash generation period only six months after the 34 refinery units were stabilized.
- In 2017 the highest load in history of the refining in Colombia was reached: 346 thousand barrels per day due to the stable operation of both Cartagena and Barrancabermeja refineries.
- Group´s nominal debt decreased approximately by COP 9 trillion (USD 2.9 billion) between 2016 and 2017 allowing to improve the capital structure while maintaining a solid cash position of COP 14.5 trillion. The Gross Debt/Ebitda ratio was 1.9x in 2017 from 2.9x at the end of 2016.
- Read the full report here.