Ecopetrol profits up on E&P

Ecopetrol: the Colombian company booked a 7.6% rise in net income during the second quarter

Colombian state oil company Ecopetrol posted higher profits during the second quarter of the year, boosted by a strong performance from its exploration and production segment.

The company’s unconsolidated net income rose 7.6% during the quarter to nearly 3.7 trillion pesos ($2.1 billion), compared to just over 3.4 trillion pesos during the second quarter of 2011.

Sales revenue for the three months to 30 June totaled nearly 14.8 trillion pesos which was a 6.7% increase on the 13.9 trillion pesos generated during the same period a year ago.

Helping boost the company’s results was strong performance from its exploration and production segment which booked a net income of nearly 3.8 trillion pesos, offsetting losses from Ecopetrol’s refining and petrochemical…

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