Q3 2024 Ecopetrol SA Earnings Call Transcript
Key Points
- Ecopetrol SA (EC) achieved a production of 752,000 barrels of oil equivalent per day, the highest in nine years.
- The company reported revenues of COP98.5 trillion, EBITDA of COP42.3 trillion, and a net profit of COP11 trillion for the first nine months of 2024.
- Ecopetrol SA (EC) successfully executed a liability management transaction in the international market, raising $1.75 billion with strong investor interest.
- The company achieved a cumulative reduction of 1.89 million tons of CO2 equivalent in Scope 1 and 2 emissions since 2020.
- Ecopetrol SA (EC) has invested over COP341 billion in sustainable territorial development, benefiting 38,000 students through various projects.
- The refining gross margin decreased significantly to $7 per barrel, impacted by international fuel price drops and scheduled maintenance.
- The company's net income for the third quarter of 2024 decreased by approximately COP3.8 trillion compared to the same period last year.
- Ecopetrol SA (EC) faced challenges with deferred production due to social unrest, impacting production levels.
- The Midstream segment's EBITDA decreased compared to the first nine months of 2023, mainly due to external effects like exchange rate and inflation.
- The company experienced a reduction in refining EBITDA by 72% compared to the same period in 2023, affected by external factors and operational challenges.
Good morning. My name is Natalia, and I will be your operator today. Welcome to Ecopetrol's Earnings Conference Call, in which we will discuss the main financial and operational results as of the Third Quarter of 2024. There will be a questions-and-answers session at the end of the presentation.
Before we begin, it is important to mention that the comments in this call by Ecopetrol senior management include projections of the company's future performance. These projections do not constitute any commitment as to future results, nor do they take into account risks or uncertainties that could materialize. As a result, Ecopetrol assumes no responsibility in the event that future results are different from the projections shared on this conference call.
The call will be led by Mr. Ricardo Roa, CEO of Ecopetrol; Rafael Guzman, Acting Executive Vice President of Hydrocarbons; Camilo Barco, CFO; and David Riano, Executive Vice President of Transition Energy.
Thank you for your attention. Mr. Roa, you may begin your conference.
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