The Colombian oil company Ecopetrol plans to invest a range of between 3.5 billion and 4 billion dollars in 2021.
Headquartered in Bogotá, this vertically integrated oil and gas company has a presence mainly in Colombia and activities in the United States, Brazil and Mexico.
Ecopetrol’s consolidated capital investments were 8.46 billion in 2018, then 13.98 billion in 2019 and finally 11.12 billion Colombian pesos in 2020.
However, these investments were distributed on average by business segment during the last three years as follows: 83.5% for the exploration and production segment, 8.1% for refining and petrochemicals and 8.4% for the transportation and logistics segment.
Currently, the Nation of Colombia owns 88.49% of Ecopetrol’s capital stock with voting rights.
Likewise, the company is ranked among the largest public companies in the world, ranking 313 in the Forbes Global 2000-2020 Ranking, and the largest Colombian company in this ranking.
The company is of a mixed economy, of a commercial nature, organized under the form of a public limited company, of the national order and linked to the Ministry of Mines and Energy.
In 2020, the net cash used by Ecopetrol in investing activities decreased 15% compared to 2019.
On the one hand, this result was due to a 20.5% decrease in investments in capital expenditures, mainly due to the labor restrictions implemented to contain the cases of contagion of Covid-19 (under the concept of operational vital minimum), which This was reflected in the temporary closure of some wells and negatively affected our production.
All of the above mainly affected its capital investments in the Rubiales, Caño Sur, Casabe, Sur and Recetor assets, as well as in the Cartagena refinery.
In addition, this same result was influenced by blockades of the communities in the Rubiales, Apiay and Tibu fields, and a decrease in their investment levels in securities in order to preserve liquidity given the lower generation of cash from operations.
With 9,770 employees at the end of 2020 (317 less than a year ago), Ecopetrol recorded revenues of 50.22 billion Colombian pesos, a decrease of 29.7% year-on-year.
At an annual rate, it also registered a decrease (-81.8%) in its net profits, to 2.74 trillion Colombian pesos.