ecopetrol colombia

Colombia’s state-run oil company Ecopetrol delivered a net profit of $2.05 billion in the third quarter of 2013, the company said Wednesday. This figure is up nearly 20% from a year ago, which the company attributed all-time high oil production.

Ecopetrol said they now produce 60% of Colombia’s total output.

“We achieved our best financial results of the last six quarters,” EcoPetrol Chief Executive Officer Javier Gutierrez said in the Q3 earnings report, “However, we continue to face a challenging environment, particularly due to the attacks on transport infrastructure.”

MORE: Northeast Colombia oil pipeline attacked for 3rd time in week

Compared to the same time in 2012, there has been an 18% increase in attacks on Colombian pipelines as a whole between January-September 2013.

Ecopetrol is Latin America’s fourth largest oil producer.

Sources

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