Ecopetrol will not go out of business without analysis

Ecopetrol will not go out of business without analysis




April 24, 2023 9:45 PM PM.

On Monday, Ricardo Roa began his work as president of Ecopetrol, the main company in the country. After introducing himself and giving the keys to his management, he clears the suspicions about the fracking operation the company is currently conducting.

(Power generation, the goal of the new presidency of Ecopetrol).

It is about producing crude oil with this technology in the Permian Basin in the US, where it has been since 2019. The financial results of this show that Ebitda’s margin is the highest among all operations.

In this regard, he indicated that he would not leave any assets until his situation was analyzed. He qualified that “A responsible company that refers to corporate governance does not make investment or sale decisions without rational and prudent economic practice.”

He pointed out that before making a decision of this kind, one must take into account the objectives that one can have with this money, while also keeping in mind his high level of profitability, for which the effect of the output on the shareholders must be considered.

(Why did the government rule out reforming the mining law).

In the case of pilots using this technology that were awarded in Colombia, he made it clear that he would have to review the status of the contracts to the extent that “There are clauses out of these contracts.” It will have to be analyzed “in the context of what is duly applied in the responsibilities acquired with the counterparty”.

It must be remembered that in September last yearEcopetrol has asked the National Hydrocarbon Agency to suspend the Cali and Platero contracts located in Puerto Wilches, Santander for 90 days.


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