Colombia’s State-Controlled Ecopetrol Announces 137% Earnings Increase

Ecopetrol, Colombian state-controlled oil company and the world 4th largest oil producer, announced net earnings increase of 137% for its second quarter of operations.  The company also announced plans to fund an $80billion strategic plan through debt and internal resources.

The dramatic growth in earnings, tripling from the same period last year, are a result of higher oil prices internationally and less operational expenses.  Oil prices have averaged $78 per barrel versus $53 for the same time last year, a 40% increase.