Colombia's Ecopetrol Maintains Solid Operations in Q1 Despite Lower Net Income

Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Ecopetrol (Bogota, Colombia) recorded a net income of 3.1 trillion Colombian pesos (about US$719 million) during first-quarter 2025, which represents a yearly drop of 22.1%. Oil and fuel sales revenues were flat compared to last year, though lower Brent prices negatively impacted the company, even with profiting from a higher average exchange rate.

Global geopolitical challenges, including U.S. tariffs and China's economic slowdown, have impacted international markets and oil prices, adding to Ecopetrol's challenges during Q1.

Despite the weaker financial position, the company kept its hydrocarbon production average at 745,400 barrels of oil equivalent per day (BOE/d), slightly higher than last year. Of those, oil represented 581,700 barrels per day (BBL/d), a 2.6% year-on-year boost.

This was spurred by the 45% stake acquisition in the Akacias field, higher output from Caño Sur asset and stronger production from the company's Permian fields, which increased 13.4% yearly.

During Q1, the company advanced in drilling four exploratory wells of the 10 wells projected to be completed this year. The company recently drilled the Sirius-2 ST2 desalination well, which is part of the Sirius project, hailed as a significant future development given its vast resources.

Also, among the company's key milestones in Q1 was approving the final investment decision of the Gato Do Mato oil project, in Brazil's Santos Basin, which is expected to produce 120,000 BBL/d and start production by 2029. Ecopetrol holds a 30% stake in the project, which is operated by Shell plc (NYSE:SHEL) (London, England) (50%). Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can learn more by viewing the project report.

On the downstream front, Ecopetrol finished a quarter starred by major maintenance works, though it closed with an average of 396,000 BBL/d across its two refineries. Between January and March, the 245,000-BBL/d Cartagena refinery had a utilization factor of 81% and processed crude at a pace of 189,000 BBL/d, about 7.2% lower year-on-year. The drop was the outcome of an unscheduled shutdown of the asset between February 14 and 21 due to a power outage.

For its part, the 250,000-BBL/d Barrancabermeja refinery registered a load of 207,000 BBL/d, an 8% drop compared to the same period last year, and had a utilization factor of 71.3%. The drop is mainly the result of the asset's scheduled maintenance of the crude and prime diesel units.

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