Colombia’s titan gives oil giants a run for their money
Global oil majors can only sit back and admire Colombia’s titan. State-controlled Ecopetrol just reported a 37 per cent jump in first-quarter earnings and a 50 per cent Ebitda margin that exists in the dreams of the likes of Exxon Mobil.
Replacing reserves will be tricky for Ecopetrol going forward, but the company, now worth a whopping $135 billion, still looks like the best oil play in Latin America.
The numbers tell an engaging story. Ecopetrol oil extraction costs are at least 40 per cent cheaper than the industry norm.