Ecopetrol S.A. (NYSE:EC) Q4 2023 Earnings Call Transcript March 1, 2024 9:00 AM ET
Company Participants
Ricardo Roa - CEO
Alberto Consuegra - COO
David Riano - VP of Low Emission Solutions
Milena Lopez - CFO
Conference Call Participants
Ricardo Sandoval - Bancolombia
Andres Duarte - Corficolombiana
Juan Jose Munoz - BTG Pactual
Andres Cardona - Citibank
Katherine Ortiz - Corredores Davivienda
Bruno Montanari - Morgan Stanley
Rodrigo Almeida - Banco Santander
Alejandra Andrade - JPMorgan
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 fourth quarter and year-end 2023. There will be a questions-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; Alberto Consuegra, COO; David Riano, Vice President of Low Emission Solutions; and Milena Lopez, CFO. Thank you for your attention.
Mr. Roa, you may begin your conference.
Ricardo Roa
Good morning, everyone. With regards to the 2023 results call, a year of significant achievements [Technical Difficulty] by goals and progress in energy transition projects. We will have marked numerous operational records and value generation, overcoming a more challenging market environment. In 2023, we strengthened the traditional hydrocarbon business across all its segments. In 2023, we are strengthened the traditional hydrocarbon business, across all its sectors. We closed the year with a production of 757,000 barrels of oil equivalent per day, a figure not seen in eight years supported by our fields in Colombia and the Permian subsidiary contributing 9% to the total produce. We transport 1,130,000 barrels per day with 306,000 barrels per day through pipelines, the highest in the group's history.
In refining, we achieved an unprecedented financial performance with over [COP73.3 trillion] (ph) in EBITDA, the highest refining load in history of 120 barrels per day, [Technical Difficulty] continues to supply and operation of the Cartagena refinery plant interconnection, IPCC. We achieved an exploratory [Technical Difficulty] 50% above industry standard, highlighting milestone like Glaucus-1 announced earlier and Orca Norte-1, the first deepwater well 100% drilled by Ecopetrol which confirm the presence of two gas accumulations in reservoirs different from the Orca-1 discovery. This expands our offshore gas potential, referring our commitment to the countries and energy security.