Ecopetrol SA (NYSE:EC) stock fell 0.76% (As on August 14, 11:19:33 AM UTC-4, Source: Google Finance) after the company reported a 17% fall in second-quarter net profit, citing market conditions. Ecopetrol’s net profit for the three months to June 30 stood at 3.38 trillion pesos ($830.9 million). First-half net profit fell 24% to 7.39 trillion pesos, versus 9.75 trillion pesos in the first six months of 2023. During 2Q24, Ecopetrol generated revenues of COP 32.6 trillion, an EBITDA of COP 14.1 trillion, and an EBITDA margin of 43%.

Moreover, in the Hydrocarbons business line, for the second quarter of the year, the company highlighted the strength of the traditional business, closing with a production of 758 kboed (+30.2), transported volumes of 1,152 kbd (+54.7), and refinery throughputs of 424 kbd (-3.4). It is also noteworthy, the Uchuva-2 delineation well, which confirms the extension of the gas discovery in the Caribbean Offshore, providing significant information for the development of this new production frontier in the Colombian Caribbean, and supports the gas potential that has been foreseen in the region. These results, along with a high-quality commercial strategy, allowed the company to capture margins and new market opportunities, strengthening the prices of the crude basket by USD 10.3 USD/Bl, compared to the same period of 2023. The strong performance of the Houston subsidiary, EUST, is remarkable, selling 14 million barrels of crude and products in 2Q24, achieving an EBITDA of USD 24 million and a net income of USD 19 million, totaling an EBITDA of USD 61 million for the 1H24 and USD 48 million in net income.

Further, in the Energies for the Transition business line, as of June, the company achieved an accumulated energy optimization of 1.21 petajoules, anticipating the 1.1 petajoules target for 2024. With this result, we contribute to the reduction of Greenhouse Gases with 104,312 tons of CO2 equivalent greenhouse gases, with estimated savings of over COP 72 billion. Finally, in the Transmission and Toll Roads business line, during 2Q24, ISA was awarded two private contracts in Colombia: the first for the execution of the Atlántico photovoltaic connection project, and the second, through Transelca, to develop the connection to the Valledupar I, II, and III photovoltaic plant in the department of Cesar. Meanwhile, by the end of 2Q24, the company had reduced emissions by 136,408 tCO2e on the environmental front, a 176% compliance level versus the plan for the first half of the year.