Ecopetrol

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Ecopetrol SA
Ecopetrol.jpg
Founded 1948
Headquarters Bogotá, Colombia
Key People President and CEO Javier G. Gutierrez
Products Petroleum products
Website http://www.ecopetrol.com.co/english/

Petroleum giant Ecopetrol is Colombia's largest publicly traded company although it was until recently completely controlled by Colombia's government. Ecopetrol holds the largest weighting in most Colombian stock indexes including the official IGBC Index but profits are down as crude oil stays low.

Background

Empresa Colombiana de Petróleos, today called Ecopetrol, began in 1948 and was ratified as a state-owned corporation in 1970, reverting to a stockholding company in 2003.[1] Today Ecopetrol is the fourth-largest oil company in Latin America is also among the top 40 oil companies in the world. The company also operates Colombia's largest oil refinery and accounts for 60% of Colombia's total oil production.[2]

Ecopetrol dominates the Colombia Stock Exchange and its main benchmark, the [[IGBC Index]. In fall of last year Ecopetrol comprised over 37% of the index's total weighting, well ahead of second-placed Bancolombia's preferred and regular shares.[3] Ecopetrol also holds the highest individual-stock weighting of rival Colombia stock market benchmark the FTSE Colombia 20 Index, with 20%.[4] Ecopetrol raised US$2.8 billion from an IPO of 10% of the government's stake in 2007[5] and currently has a market capitalization of around US$37 billion.

Key people

Ecopetrol President and Chief Executive Officer Javier G. Gutierrez won appointment in January 2007 after first joining the company in 1975 in its planning department.[6] He has received a number of business accolades including Best Enterprise Leader in 2002 and a ranking as one of Colombia's top 10 executives in 2005. He holds a Master's degree in industrial engineering from the Universidad de los Andes and a degree in finance from Universidad EAFIT.

Latest news

Colombia investment analysts expect Ecopetrol's quarterly profits to continue their decline as crude oil prices remain well below last year's market highs, with Q1 2009 profits tipped to be 34% less than Q1 2008.[7] Ecopetrol's 2008 Q4 profit fell 73% compared to the Q4 2007 while the company's pre-tax earnings dropped 52% over the same period.[8]

References

  1. Our History. Ecopetrol.
  2. Ecopetrol and Talisman increase their oil exploratory activity in Peru. Ecopetrol.
  3. The Colombia stock market and IGBC index: An overview. IncakolaNews.com.
  4. FTSE COLOMBIA 20 INDEX. FTSE.com.
  5. Ecopetrol Lists American Depositary Shares on the New York Stock Exchange. Ecopetrol.
  6. Javier G. Gutierrez. Forbes.
  7. Colombia's Ecopetrol 1Q Net Pft Seen Falling On Low Oil Price. Dow Jones.
  8. Ecopetrol Reports Fourth Quarter and Full Year 2008 Results. Ecopetrol.