Ecopetrol Group’s financial results for the first quarter of 2021
Ecopetrol release
Bogotá, May 4, 2021. Ecopetrol SA (BVC: ECOPETROL; NYSE: EC) announced today the Ecopetrol Group’s financial results for the first quarter of 2021, prepared in accordance with the International Financial Reporting Standards applicable to Colombia.
Ecopetrol Group generated a net income of COP 3.1 trillion in 1Q21, 83% higher than the result registered in 2020. The EBITDA for the first quarter totaled COP 8.2 trillion, with a 48% EBITDA margin; similar to pre-pandemic levels.
These results were achieved mainly due to i) more favorable price environment boosted by with our ability to capture better crude oil and product spreads, ii) solid performance in all of the company’s segments, and iii) cost efficiencies measures achieved since 2020. These factors offset our lower level of production.
The 31-page quarterly report is available here.
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