Upcoming AWS Coverage on Aegean Marine Petroleum Network Post-Earnings Results

LONDON, UK / ACCESSWIRE / November 23, 2016 / Active Wall St. announces its post-earnings coverage on Ecopetrol S.A. (NYSE: EC). The company posted its financial results for the third quarter and first nine months of 2016, prepared and expressed in billions of Colombian pesos (COP) pursuant to International Financial Reporting Standards (IFRS) applicable in Colombia. Register with us now for your free membership at: http://www.activewallst.com/register/.

One of Ecopetrol's competitors within the Major Integrated Oil & Gas space, Aegean Marine Petroleum Network Inc. (NYSE: ANW), reported on November 16, 2016, its financial and operating results for Q3 ended September 30, 2016. AWS will be initiating a research report on Aegean Marine Petroleum Network in the coming days.

Today, AWS is promoting its earnings coverage on EC; touching on ANW. Get our free coverage by signing up to:

http://www.activewallst.com/registration-3/?symbol=EC

http://www.activewallst.com/registration-3/?symbol=ANW

Earnings Reviewed

During Q3 2016, the Ecopetrol Group reported sales of COP 12.18 trillion, down 6.3% compared to sales of COP 13.00 trillion in Q3 2015. The company reported Q3 2016 EBITDA of COP 4.9 trillion and an EBITDA margin of 40.1% compared to EBITDA of COP 4.70 trillion and an EBITDA margin of 36.1% in the year earlier quarter. Q3 2016 operating income totaled COP$12.2 trillion, up 4% increase over Q2 2016, largely due to a 2.8% increase in sales volumes. The spreads versus Brent remained at $9 per barrel, due to company's strategy of exporting to high value markets as the U.S.

The net profit attributed to Ecopetrol's shareholders in Q3 2016 totaled COP 229 billion, declining 65.0% from net income of COP 654 billion in Q3 2015. The company's production grew by 3.9% during Q3 2016 compared to Q2 2016, reaching a level of 723 thousand equivalent barrels of oil per day. This increase was in part, by the reversion of the Rubiales field and the start of production at Gunflint in the US Gulf of Mexico.

For Q3 2016, Ecopetrol's cost of sales totaled COP$8.7 trillion, down COP$324 billion from Q3 2015. The net decrease was attributed to lower cost due to the results in our 50,000 barrels per day volumes of imported fuel giving the commissioning of the Cartagena Refinery and less frequent use of tanker trucks and cost reductions achieved through the company's austerity and structural savings plans.

Cash Flow & Balance Sheet

Ecopetrol Group's cumulative savings totaling COP 1.9 trillion for the year exceeded the target savings of COP 1.6 trillion set for 2016. Of these savings, the transformation plan managed to consolidate cumulative structural savings of COP 1.6 trillion within the first nine months of 2016 (COP 617 billion during Q3 2016); and the Group achieved COP 300 billion in non-structural reductions.

Ecopetrol Group reported cumulative savings for the year including COP 563 billion from the heavy crude dilution initiative and COP 203 billion from line maintenance in the Midstream segment. The savings achieved contributed to mitigate the impact on the Company's costs from the reversion of the Rubiales field and the start-up of the Cartagena refinery, as well as its seasonal trend which consistently shows higher execution in the second semester each year.

Ecopetrol Group ended Q3 2016 with cash position of COP 7.7 trillion, which allowed the company to prepay a COP 990 billion loan that it had contracted with Bancolombia at the beginning of 2016.

Investment Plan

On November 21st, 2016 Ecopetrol announced that its Board of Directors has approved an investment plan for approximately USD 3,500 million for 2017. This plan addresses the goals set forth in the 2020 Business Plan, allocating more than 80% of investments to profitable exploration and production projects. The company stated that more than 95% of investments will be made in Colombia, with the remainder made abroad.

Stock Performance

At the close of trading session on November 22, 2016, Ecopetrol's stock price marginally fell 0.83% to end the day at $8.32. A total volume of 892.23 thousand shares were exchanged during the session. The stock currently has a market cap of $17.37 billion and has a dividend yield of 12.50%.

Active Wall Street:

Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

AWS has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst, for further information on analyst credentials, please email info@activewallst.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: info@activewallst.com
Phone number: 1-858-257-3144

Office Address: 3rd floor, 207 Regent Street, London, W1B 3HH, United Kingdom

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Active Wall Street