Colombia's majority state-owned oil company, Ecopetrol , reported on Monday a 95% fall in first-quarter net profit, which came in at 133 billion pesos ($34.3 million), following a sharp drop in global oil prices.
), reported on Monday a 95% fall in first-quarter net profit, which came in at 133 billion pesos , following a sharp drop in global oil prices.
Ecopetrol’s results came shortly after Mexico’s Petróleos Mexicanos PEMX.UL, or Pemex, reported a roughly $24 billion first-quarter loss and Brazil’s Petrobras scrapped its debt reduction target. Earnings before interest, taxes, depreciation and amortization declined by 29% in the three months ended March 31 to 5.257 trillion pesos, the company said in a statement.Colombia cut its forecasted oil production for the year at the end of April to around 850,000 barrels a day from a previous forecast of 900,000 barrels, if oil prices stay near $35 a barrel.
Bayon told a virtual news conference that output for the year would be negatively affected by low prices.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Carrefour Brasil's first-quarter profit slides as taxes, expenses offset COVID-19 salesBrazilian food retailer Carrefour Brasil SA on Monday reported a 15.8% drop in first-quarter net income, hurt by higher taxes and financial expenses despite double-digit sales growth driven partly by the coronavirus outbreak.
Read more »
Amazon's Summer Midi Dress Section Is Massive, but These 17 Picks Are the PrettiestWith low prices like this, you can buy a few.
Read more »
Investors search for bargains in energy sector minefieldInvestors are rummaging through battered energy stocks to play a potential rebound in oil prices, just weeks after crude futures traded below zero for the first time ever.
Read more »
Jolted by pandemic, Malaysia first-quarter GDP seen shrinking for first time in decade: pollMalaysia's economy is expected to have contracted for the first time in more than a decade in the first quarter as the coronavirus crisis shattered private consumption and external demand.
Read more »
Marriott quarterly profit misses lowered estimates as bookings plungeMarriott International Inc fell short of already drastically lowered expectations for quarterly profit on Monday, as bookings plunged due to coronavirus-led travel restrictions.
Read more »