Colombia’s state-owned energy company Ecopetrol reported Monday a 22% fall in profits during the third quarter of 2012.
In a statement released Monday, the national oil company claimed its third quarter consolidated net income was $1.76 billion, which represented a 22% drop compared to last year’s figures.
Ecopetrol attributed the decline in earnings from July to September to litigation costs, lower global prices for crude oil and slower increases in production levels.
Ecopetrol, which is one of the largest companies in Colombia, accounts for approximately 60% of the country’s oil production and owns the main refineries. It has exploration and production interests in Brazil, Peru and the U.S.
“2012 has been a year in which Ecopetrol, its affiliates and subsidiaries, have maintained their growth and financial strength, despite the unique challenges facing the environment industry and our country,” claimed the president of Ecopetrol, Javier Gutierrez.