Ecopetrol S.A. (NYSE:EC) Q2 2023 Earnings Call Transcript August 9, 2023 10:00 AM ET
Company Participants
Ricardo Roa - Chief Executive Officer
Diana Escobar - Vice President of Sustainable Development
Jaime Caballero - Chief Financial Officer
Yeimy Baez - Vice President of Low-emission Solutions
Alberto Consuegra - Chief Operating Officer
Conference Call Participants
Andres Cardona - TD Bank
Daniel Guardiola - BTG
Andres Duarte - Corficolombiana
Bruno Montanari - Morgan Stanley
Luis Carvalho - UBS
Operator
[Call Starts Abruptly]
And Operational Results for the Second Quarter of 2023. There will be a question-and-answer 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 risks or uncertainties that could materialize. As a result, Ecopetrol assumes no responsibility in the event that future results are different from the projections shared on this conference call.
The call will be led by Mr. Ricardo Roa, CEO of Ecopetrol; Diana Escobar, Vice President of Sustainability Development, Yeimy Baez, Vice President of Low-emission Solutions, Alberto Consuegra, COO and Jaime Caballero, CFO. Thank you for your attention. Mr. Roa, you may begin your conference.
Ricardo Roa
Good morning, everyone, and welcome to the Ecopetrol Group's second quarter 2023 conference call to present our operational and financial results. We appreciate your participation. First, I would like to highlight the dedication of our entire team, which has allowed us to achieve outstanding operating results in such a challenging market environment.
Second quarter production average 728,000 barrels of oil equivalent per day with a yearly increase of 23,000 barrels versus the second quarter of 2022. And the highest quarterly figure in the last three years. This dynamism is a result of the strongest execution of our operation and increased production from strategic fields, including Cano Sur and Rubiales in Colombia and Permian in the United States. These fields have played a crucial role in supporting our growth, allowing us to meet our production targets for the year today.
In the second quarter of this year, we recorded revenues of COP34.3 trillion, EBITDA of COP14.6 trillion, and net incomes of COP4.1 trillion. These figures are consistent with the 2023 financial plan. These results are supported by: Firstly, an enhanced operating performance through record in production, pumping lots in zone of our transportation system and refining throughputs, and clean fuel pollution loads in our refineries. Secondly, the exceptional results in Permian, Recetor, ISA, and Ecopetrol trade in Asia. Firstly, a positive impact of the exchange rate from sales and an efficient commercial strategy.