ACP as a source of information
GREMIO
Source: El Tiempo
Date: February 26
Headline: Ecopetrol achieved its highest profits in 6 years in 2019
The Colombian oil company Ecopetrol closed last year with a growth of 14.6% in its net profits, which totaled 13.3 trillion, the highest figure in the last six years. If the decision to distribute 80% of the profits among shareholders is maintained, as in the last occasion, the State would receive 9.3 trillion (88%) and individuals, 1.3 trillion (11%). In terms of production, the annual target was met, reaching 725,000 equivalent barrels (crude and gas) per day, or 5,000 more than in 2018. (…) The result of Ecopetrol shows the increase in both production and reserves, while also reflecting the efficiency of the fracking business with Oxy in the United States. (…) In the case of the refineries (Cartagena and Barrancabermeja), Ecopetrol reported a new historical maximum of 374,000 barrels per day of crude feedstock “and we produced cleaner fuels,” they indicated.
FSource: La República
Date: February 26
Headline: Oil company's profit was the highest in six years
The consolidation of the operational efficiency program, savings, and new international investments managed to leverage Ecopetrol's good results in 2019. After adding five strategic alliances in the last year and consolidating its operation in the Permian, United States, the oil company announced that by the end of last year it achieved a net profit of 13.25 trillion. (…) “Ecopetrol has demonstrated its resilience, reporting large dividends in recent years. Through operational efficiency, it has achieved a very solid cash flow and has diversified its investments internationally. It already presents very good indicators not only in terms of production but also in exploration,” explained Carlos Leal, chairman of the board of Acipet. And it is that in this last area it was highlighted that the Ecopetrol Group remained at the forefront, as it participated in the oil auctions of the National Hydrocarbons Agency (ANH). (…) Graphic: Ecopetrol's figures in 2019. Important milestones of the company in 2019. It made an alliance for US$1.5 billion with OXY to be in Permian.
Source: La República
Date: February 26
Headline: CEOs of the largest firms are on average 54 years old
Although it is currently believed that companies should be led by millennials, the reality of the local industry is different. While they do not dismiss the capabilities and contributions that young people can provide, entrepreneurs believe that presidents or CEOs should be older individuals, as they have more experience and knowledge. (…) The list of companies is led by Ecopetrol, whose president, Felipe Bayón, is 54 years old. Next is the Terpel Organization, headed by Sylvia Escovar, who is 58 years old. In this ranking, the youngest president is Anko Van Der Werff, CEO of Avianca, who is 45 years old. The leader of Empresas Públicas de Medellín (EPM), Álvaro Rendón, is 57 years old. (see graph)
Source: La República
Date: February 26
Headline: Character of the day. Felipe Bayón
President of Ecopetrol. During 2019, Ecopetrol managed to consolidate positive financial results largely due to the consolidation of the internal efficiency program and the internationalization of its businesses. One of them: entry into Permian in the United States.
Source: Portafolio
Date: February 26
Headline: The greatest fiscal impact of Duque's social package would be in 2022
After the 2018 Financing Law fell due to procedural flaws, the National Government had to present its new tax reform at the end of 2019, which it called the Economic Growth Law and in which, amid a complex social context that the country was going through at that time, included a social ‘package’ with four measures. (…) In any case, it should not be more than 0.41% of the GDP of our estimates (…) There it would remain as a non-additional expense, but as a permanent one in which we have to find how we are going to finance it from then on.” In addition to the above, Reyes said that in 2020 the Government will have sufficient income to address these measures. At this point, he noted that Ecopetrol's profits in 2019 and those of the Bank of the Republic in the same period will help the Executive in its accounts.
Source: Portafolio
Date: February 26
Headline: Production and reserves stood out in the task and utility of Ecopetrol
Hydrocarbon production in national territory and fracking tasks in the U.S. were the two operations that most contributed to Ecopetrol's profits in 2019 reaching 13.3 trillion pesos, a 14.61% increase over 2018, and the highest in the last 6 years. (…) “The increase in production was supported by the good results of drilling campaigns and greater gas commercialization. It also responds to the good results in the Akacias, Yarigui, Caño Sur, Rubiales, Chichimene fields, and the greater gas commercialization mainly coming from the Cupiagua and Floreña fields and the start-up of the Cupiagua LPG Plant that will produce between 7,000 and 8,000 bpd,” explained Felipe Bayón, president of Ecopetrol. The business leader added that the joint venture with Occidental Petroleum (Oxy) allowed his company to incorporate proven reserves of 164 million bpe. (…) This result was achieved thanks to the execution of pilots and recovery projects, among which the water injection in the Yarigui, La Cira Infantas, and Chichimene fields stands out.
Source: El Colombiano
Date: February 26
Headline: Higher production, key in Ecopetrol's results
Moving from producing 720,000 bped (barrels of oil per day) in 2018 to 725,000 bped in 2019, a favorable devaluation environment for the local currency, and savings in financial expenses due to early debt payments are some of the reasons that led Ecopetrol to record the highest net profit in the last six years: 13.3 trillion pesos. (…) But not only was the 2019 balance highlighted, the company also praised some plans for 2020 such as the agreement signed with Shell, in which that firm acquired 50% of three gas blocks from Ecopetrol in offshore Caribbean waters, about which Bayón said will allow “the use of cutting-edge technology to delineate and develop these discoveries.”
Source: El Meridiano de Sucre
Date: February 26
Headline: New gas discovery
Canacol Energy announced the discovery of gas in the Nelson 14 development well in Ciénaga de Oro (Córdoba), which began drilling on January 14. «The well found a vertical depth of 309 feet containing gas, with an average porosity of 24%, within the productive sandstone reservoir of Ciénaga de Oro,” the firm reported.
Source: radionoticiascasanare.com
Date: February 26
Headline: Parex joined the school kit donation campaign led by the Yopal Mayor's Office
Providing school tools to underprivileged children in Yopal is a priority and a task that has been developed by the Municipal Mayor's Office with the support of entities and companies that have wanted to contribute to the campaign led by Secretary of Social Action Silvia Vega. To this initiative of the Municipal Administration, the company Parex joined, which through Fernando Riscanevo León and Angélica Anaya, Social Responsibility Managers of the Oil Company, delivered 159 school kits to the Local Mayor's Office, which will be donated in the coming days to the child population of the municipality. (…) For her part, Secretary of Social Action, Silvia Vega, thanked the willingness and generosity of Parex Company, and called on private companies that are able to contribute to the social development of the municipality to join this noble cause.
Topics
Source: El Tiempo
Date: February 26
Headline: Reader's forum. On ‘fracking’
Mr. Director: Inconceivable that they continue aiming to implement fracking in our country. Despite all the economic benefits it could bring, is it not more important to think about the possible harms it would bring to communities? And it could not only have environmental consequences, such as deforestation, water contamination, and soil instability, among others, but it can also pose health risks for the entire population. This makes us doubt whether there is really consideration for the vulnerable communities. Countries like France, Bulgaria, Germany, Spain, Switzerland, and others have banned this form of extraction, thinking about its possible repercussions. Shouldn't this alert us? Juliana Prieto Daza.
Source: Portafolio
Date: February 26
Headline: Covid-19 strikes the stock markets and the crude market again
As fears persist over the spread of the coronavirus Covid-19 in more countries, international markets recorded another bad day in their quotes, with sharp stock market declines and falling oil prices. (…) The other major victim was the price of oil, as fears of lower demand, as well as the sentiment that OPEC countries may not cut their production further, kept the drop from Monday. In this case, the price of Brent crude fell by 2.49% to end the day at US$54.9, well below the forecasts for the year, which were averaging US$65. WTI, for its part, also fell 2.84% to US$49.97.
Institutional
Source: El Espectador
Date: February 26
Headline: For personal reasons. By: Mario Morales
If it were for personal reasons, this country would not advance. Or maybe it is because of them. With no more excuses at hand and in light of the facts, officials choose to explain, that is, they avoid doing so, resorting to personal reasons with a cynicism that exacerbates. (…) Vicente Torrijos had to resign from directing the CNMH for personal and academic motivations. The president of the ANH also had to leave amid the soap opera that mixed disparities with his boss, as well as alleged cases of clientelism, corruption, and infidelity. Francisco Santos left the embassy in Washington, supposedly to be able to express his opinion freely.
Source: La República
Date: February 26
Headline: The cherry on top. By: Maritza Aristizabal Quintero
Like many of you, I dreamed that politics was different. That the currency of exchange was no longer a position and that the succulent cake shared by the insatiable would disappear. But I woke up to blows, not to say to pot-banging: that is not possible, not now. The parties do not allow it. Although it was attempted, politicians operate through disguised blackmail of independence, and others more daring pose as very concerned supporting strikes. (…) They also do not forget that Pacho Santos, the founder of the party, is no longer at the U.S. Embassy, and that he would be replaced by Luis Guillermo Plata with a more technical profile. They add that they were stripped of the Hydrocarbons Agency and by subtraction of matter the Ministry of Labor. So in the distribution of cake, the Centro Democrático got the cream, and to their taste, quite bland.
Source: lasillavacia.com
Date: February 26
Headline: This is how the alleged scam behind the ANH scandal was cooked
Behind the scandal of alleged corruption that brought down Luis Miguel Morelli, the former president of the National Hydrocarbons Agency, is the name of Marcela Bejarano and her Foundation for Orange Promotion for the Regions. Marcela Bejarano studied Political Science at the University of Los Andes and arrived at the government of Iván Duque as the private secretary of the Minister of Mines and Energy, María Fernanda Suárez. They had met in Santos' government when Bejarano was a desk advisor to then Finance Minister Juan Carlos Echeverry, and Suárez was the director of the Public Credit office. (…) Furthermore, this contract becomes an additional headache for the new president of the ANH, Armando Zamora. Despite the fact that the ANH has already disbursed the money for the lease contract to AB Consultores, the Orange Foundation has not paid Moderline or Inversiones In; and due to this non-compliance, Moderline can ask the Agency for the offices back (…) And it poses an even more complicated challenge: to convince oil companies and public opinion that despite the scandal, the new oversight office of the ANH is solid enough to ensure that companies do not cheat on oil contracts and royalty money.
Colombian Association of Oil and Gas