Ecopetrol SA's joint venture with Occidental Petroleum in the Permian Basin continues to generate outstanding operational and financial results for the Colombian state-owned energy giant.
Ecopetrol's net production from the JV averaged 66,400 boe/d in 2023, up 76% compared to 2022, while EBITDA was $799 million in 2023, up 24% compared to 2022. Ecopetrol said gross production from the JV reached a record of 103,000 boe/d on Dec. 9.
The so-called Rodeo partnership was officially launched in 2019. Occidental owns 51% in the JV, while Ecopetrol owns the remaining 49%.
Ecopetrol's overall production, which comes mainly from Colombia, was 737,000 boe/d in 2023 compared to 709,000 boe/d in 2022 and 724,000 boe/d in 2019. the company reported Feb. 29 in its fourth quarter of 2023 financial press release.
Recommended Reading
U.S. Shale-catters to IPO Australian Shale Explorer on NYSE
2024-05-04 - Tamboran Resources Corp. is majority owned by Permian wildcatter Bryan Sheffield and chaired by Haynesville and Eagle Ford discovery co-leader Dick Stoneburner.
1Q24 Dividends Declared in the Week of April 29
2024-05-03 - With earnings season in full swing, upstream and midstream companies are declaring quarterly dividends. Here is a selection of dividends announced in the past week.
Tellurian Reports Driftwood LNG Progress Amid Low NatGas Production
2024-05-02 - Tellurian’s Driftwood LNG received an extension through 2029 with authorization from the Federal Energy Regulatory Commission and the U.S. Army Corps of Engineers.
Zeta Energy Appoints Michael Everett as COO
2024-05-02 - Prior to joining Zeta Energy, a lithium-sulfur battery developer, Michael Everett previously served as president and COO at Advanced Battery Concepts.
Granite Ridge Resources Declares Quarterly Dividend
2024-02-20 - Granite Ridge Resources’ dividend is payable March 15.