Yahoo Finance Ecopetrol S.A. (NYSE:EC) Q3 2023 Earnings Call Transcript
Ecopetrol S.A. (NYSE:EC) Q3 2023 Earnings Call Transcript November 8, 2023
Operator: Good morning, my name is Natalia and I will be your operator today. Welcome to Ecopetrol's earnings conference call in which we will discuss the main financial and operational results for the third quarter of 2023. There will be a questions-and-answers session at the end of the presentation. Before we begin, it is important to mention that the comments in this call by Ecopetrol's senior management include projections of the Company's future performance. These projections do not constitute any commitment as to future results, nor do they take into account risk or uncertainties that could materialize. As a result, Ecopetrol assumes no responsibility in the event that future results are different from the projections shared in this conference call.
The call will be led by Mr. Ricardo Roa, CEO of Ecopetrol, Milena Lopez, CFO, Alberto Consuegra, COO, and David Riano, Vice President of Low-Emissions Solutions. Thank you for your attention. Mr. Roa, you may begin your conference.
Ricardo Roa: Good morning, everyone, and welcome to Ecopetrol's third quarter 2023 results presentation. Before we begin today, please allow me to introduce you to some of the new members of Ecopetrol's management team. First, in the Vice Presidency of Finance and Sustainable Value, we welcome Milena Lopez, who has been the CFO of Cenit, a transportation Company of the Ecopetrol Group for the past five years. Milena has held senior roles, including General Director of Public Credit and National Treasury at the Ministry of Finance and Public Credit, and various positions at J.P. Morgan. In the Vice President of Low-Emissions Solutions, we welcome David Riano. David has more than 28 years of experience in the energy sector and has held positions in various companies in the energy market, such as Transportadora de Gas Internacional TGI, Empresa de Energia de Cundinamarca, Gas Natural Penoza, Red de Energia del Peru, Filial ISA, and government entities, making him a key leader to drive our low emission solution business line and advance the energy transition in a responsible and profitable manner.
I thank David, Milena, and the other senior managers for their commitment to bring new knowledge and experience. I would like to take this opportunity to thank each of our employees because it is you who make these results possible. Let's move on to the next slide, please. I want to start by highlighting the excellent operating performance achieved during the quarter. We achieved an average of 741,000 barrels of oil equivalent per day, a figure we had not seen since the last quarter of 2015, and volumes transported and cargoes higher than the same quarter of the previous year. This reaffirms our commitment to the Company's core business. Besides, in recent months, we have achieved significant milestones that we wish to highlight. In early October, we confirmed the presence of natural gas in deep waters in the South Caribbean of Colombia in the Glaucus I, while emphasizing the importance of the gas province in the region and our active exploration portfolio.
This achievement joins a major exploration campaign with 10 wells declared successful so far in 2023. Our accounts receivable from the Fuel Price Stabilization Fund continue to decrease, COP 16.4 trillion offset by dividends to the nation so far this year, a cash payment of COP 1.9 trillion, and the smallest difference between the export parity gas line price and the local price, highlighting Ecopetrol's active management and the nation's commitment. This has resulted in a 34% lower accumulation than in the same period last year. Also, I want to emphasize the commemoration of our 15 years on the New York Stock Exchange with an Investor Day, reaffirming our strategy for 2040 energy that transforms. We highlight the launch of operations of our new trading subsidiary, Ecopetrol U.S. Trading, in Houston, Texas, in October.
See also 25 Best Selling Items on Facebook Marketplace and 25 Least Forested Countries in Europe.
To continue reading the Q&A session, please click here.
