Colombia’s state-controlled oil producer Ecopetrol on Tuesday reported net income rose more than fourfold to 1 trillion pesos ($328.5 million) for the third quarter due to cost reductions and as global prices for crude oil improved.
The company said in a regulatory filing that the rise in net income compares with 229 billion pesos in the same period last year.
During the nine months through September net income doubled to 3.2 trillion pesos, the statement said.
Earnings before interest, taxes, depreciation and amortization were up 19.8 percent to 5.9 trillion in the quarter over last year, Ecopetrol said.
Total sales in the third quarter rose 9.4 percent compared with the same period last year to 13.3 trillion pesos.
Consolidated oil and gas production during the three-months period was 715,000 barrels per day, Ecopetrol said, a 1.1 percent decline from the year before.
Reporting by Helen Murphy; editing by Diane Craft