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Ecopetrol Q2 net income ticks lower despite higher sales

Integrated oil and gas firm Ecopetrol SA on Aug. 12 announced that its parent company, the Ecopetrol group, posted a second-quarter net income attributable to owners of the company of 3.49 trillion Colombian pesos, down 0.9% from the 3.52 trillion pesos seen during the second quarter of 2018.

Total sales for the quarter came in at 18.31 trillion pesos, increasing 7.8% from 16.99 trillion pesos a year ago. Operating income was pegged at 5.96 trillion pesos for the quarter, dropping 6.7% from the 6.38 trillion pesos posted during the corresponding quarter in 2018.

The midstream segment's transported volumes came in at 1.2 million barrels per day, up 3.8% from the 1.1 million bbl/d posted for the corresponding quarter in 2018.

The group's production for the quarter totaled 723,000 barrels of oil equivalent per day, compared to 720,900 boe/d a year ago.

As of Aug. 9, US$1 was equivalent to 3,392.30 Colombian pesos.