Colombia’s Ecopetrol more than doubles Q3 net profit as oil demand, prices rise By Reuters

(Reuters) – Colombia’s state oil company Ecopetrol on Tuesday reported its third-quarter net profit more than doubled to 9.51 trillion pesos ($1.90 billion), rising 150% from a year earlier, as both sales and prices shot up. The firm’s revenues climbed 86% to 43.44 trillion pesos, while earnings before interest, taxes, depreciation and amortization (EBITDA) doubled to 21.14 trillion pesos during the period, it said in a filing.

Production rose 5.4% in the third quarter of the year to an average of 720,400 barrels of oil equivalent per day (boed), up from 683,600 boed over the year-ago quarter. High crude prices have led U.S. oil majors Exxon Mobil (NYSE:) and Chevron (NYSE:) to record blockbuster quarterly profits, though Mexican state oil firm Pemex posted a loss, stemming from a weaker currency and higher sales costs. ($1= 5,013.20 Colombian pesos)