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Ecopetrol (NYSE:EC) mentioned Wednesday it’ll activate a contingency financing plan to make sure continued capital spending whereas it waits for Colombia’s authorities to pay greater than 14T pesos (~$3.45B) owed to the corporate, Reuters experiences.
The debt owed by the federal government corresponds to Colombia’s Fund for Stabilization of Gasoline Costs, which reduces the influence of worldwide oil market volatility on native gasoline costs.
“With the clear purpose of not compromising the continuing funding plan, we’ve got activated a contingent financing plan for eventual non permanent liquidity shortfalls,” CFO Jaime Caballero mentioned through the firm’s earnings convention name, noting he considers the state of affairs “transitory.”
Ecopetrol (EC) invested $986M throughout Q1, the very best stage for the interval in seven years, and money stream on the finish of the quarter the quarter totaled 16.5T pesos (~$4B), double the quantity within the year-earlier interval.
Ecopetrol (EC) reported Q1 web revenue greater than doubled to six.57T pesos ($1.6B) from 3.09T pesos a 12 months earlier.
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