Bloomberg News

Colombian Stocks: Ecopetrol Advances; Pacific Rubiales Declines

October 25, 2011

Oct. 25 (Bloomberg) -- The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 12:32 p.m. local time.

The IGBC Index fell 0.6 percent to 13,523.60, while the Colcap Index fell 0.4 percent to 1,628.54.

Ecopetrol SA (ECOPETL CB), Colombia’s largest oil company, rose 0.5 percent to 4,030 pesos after third-quarter profit more than doubled on record production and rising prices.

Net income climbed to 4.15 trillion pesos ($2.2 billion) from 1.79 trillion pesos a year earlier, as production rose 16 percent, the Bogota-based company said yesterday in a statement after the market closed.

Pacific Rubiales Energy Corp. (PREC CB), the Toronto-based oil producer that operates fields in Colombia, fell 1.4 percent to 46,360 pesos. About 4,000 Rubiales workers began a protest at two of Colombia’s main oil fields, demanding a pay raise for those who weren’t covered by a wage agreement reached earlier this year, La Republica newspaper reported, citing Rodolfo Vecino, head of the Petroleum Industry Workers Union.

--Editors: Richard Richtmyer, Glenn J. Kalinoski

To contact the reporter on this story: Blake Schmidt in Bogota at bschmidt16@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


China's Killer Profits
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus