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Colombia's Ecopetrol drops in profits and output

Monday, February 18, 2013

Colombia national oil company Ecopetrol's net income fell 4.4 percent last year compared with 2011 due to slightly lower oil prices and higher operational costs.

The company, one of Latin America's largest publicly traded companies and the largest company in Colombia, also missed its 2012 oil production target of 780,000 barrels a day.

It said output last year was 754,000 barrels a day of oil equivalent, 4 percent higher from 2011.

Source: Dow Jones