Colombian state-controlled oil company Ecopetrol SA booked a net profit of COP2.1 trillion ($1.08 billion) in the first quarter, 30% more than in the same period of 2009, the company said in a statement Monday.
Ecopetrol’s sale revenues rose 71%, to COP8.74 trillion from COP5.11 trillion in the same period a year ago, the company said. The company attributed the increase to higher oil prices and higher oil and gas production.
The company’s total output, including the production of the companies bought since last year, rose to an average 586,000 barrels of oil equivalent a day from 461,000 barrels of oil equivalent a day at the end of the first quarter 2009.
Five analysts polled by Dow Jones Newswires had expected a median COP2 trillion.
Shares of Ecopetrol rose 0.2% on Monday, to end at COP2,785, while the IGBC stock index fell 0.2%. The company released its profit report when the stock market had closed. (Inti Landauro / Dow Jones)