Research Desk Line-up: Imperial Oil Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 28, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Ecopetrol S.A. (NYSE: EC), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=EC, following the Company's posting of its financial results on August 08, 2017, for the second quarter fiscal 2017 (Q2 FY17). The Bogotá, Colombia's-based Company reported 11.9% y-o-y growth in total sales, while its net income surged 65.8% y-o-y. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Major Integrated Oil & Gas industry. Pro-TD has currently selected Imperial Oil Limited (NYSE American: IMO) for due-diligence and potential coverage as the Company announced on July 28, 2017, its financial results for Q2 2017. Register for a free membership today, and be among the early birds that get access to our report on Imperial Oil when we publish it.
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In Q2 FY17, Ecopetrol total sales was COP13.15 trillion, which came in above COP11.75 trillion recorded at the end of Q2 FY16. During the quarter, the Company benefitted from higher weighted average basket of crude, gas, and products, which helped the Company to boost up its sale by COP1.89 trillion.
The petroleum Company's consolidated net income increased to COP1.48 trillion in Q2 FY17 from COP989 billion in last year's comparable quarter. Furthermore, the Company's net income attributable to owners of Ecopetrol came in at COP1.31 trillion for Q2 FY17 compared to COP787 billion in Q2 FY16.
For the reported quarter, the company's the cost of sales came in at COP9.23 trillion versus COP8.35 trillion in Q2 FY16. Ecopetrol reported gross profit of COP3.93 trillion in Q2 FY17, rising 15.3% from COP3.40 trillion in Q2 FY16. In the reported quarter, the Company's operating expenses declined to COP657 billion from COP923 billion in the prior year's comparable quarter. The company's operating income grew 31.7% to COP3.27 trillion during Q2 FY17 from COP2.48 trillion in Q2 FY16. EBITDA was COP5.61 trillion for Q2 FY17 versus COP4.52 trillion in Q2 FY16. Additionally, EBITDA margin improved 42.7% during Q2 FY17 from 38.5% in Q2 FY16.
During the reported quarter, total sales volume were 944.3 thousand barrels of oil equivalents per day (MBOED) compared to 946.9 MBOED in Q2 FY16. Local sales accounted for 392.7 MBOED in Q2 FY17 compared to 372.5 MBOED in the last year's same quarter. Moreover, total export sales was 551.6 MBOED during Q2 FY17 compared to 574.4 MBOED in Q2 FY16.
During Q2 FY17, Exploration and Production segment's total sales came in at COP8.51 trillion versus COP6.75 trillion in Q2 FY16. The segment reported operating income of COP1.70 trillion in Q2 FY17 compared to COP698 billion in Q2 FY16. Furthermore, the segment's EBITDA came in at COP3.38 trillion, or 39.7% of segment's sales in Q2 FY17 compared to COP1.99 trillion, or 29.4% of segment's sales, in Q2 FY16.
Ecopetrol's Refining & Petrochemicals segment's total sales for the reported quarter were COP6.63 trillion, which came in above the COP5.93 trillion recorded in year ago comparable quarter. The segment's operating loss stood at COP107 billion for Q2 FY17 versus operating profit of COP118 billion in Q2 FY16. Additionally, the segment's EBITDA stood at COP272 billion, or 4.1% of segment's sales, for Q2 FY17 versus COP625 billion, or a 10.5% of segment's sales, in the prior year corresponding period.
For the reported period, Transport and Logistics segment's total sales grew marginally to COP2.55 trillion from COP2.57 trillion in Q2 FY16. The segment's operating profit was COP1.68 trillion for Q2 FY17 which also came in below the COP1.72 trillion reported in Q2 FY16. Moreover, the segment's EBITDA came in at COP1.96 trillion, or 77.1% of segment's sales, in Q2 FY17 versus COP1.96 trillion, or 76.4% of segment's sale, in the previous year comparable quarter.
In the quarter ended on June 30, 2017, Ecopetrol generated COP1.50 trillion in cash from operating activities compared to COP773 billion in the prior year's same quarter. The Company's cash and cash equivalents balance stood at COP6.25 trillion as on June 30, 2017, compared to COP8.17 trillion at the close of books on March 31, 2017. Furthermore, the Company reported loans and borrowings of COP42.19 trillion as on June 30, 2017, compared with COP46.32 trillion as on March 31, 2017.
At the closing bell, on Friday, August 25, 2017, Ecopetrol's stock slightly climbed 0.43%, ending the trading session at $9.24. A total volume of 2.12 million shares have exchanged hands, which was higher than the 3-month average volume of 861.94 thousand shares. The Company's stock price advanced 0.76% in the past six months and 0.98% in the previous twelve months. Moreover, the stock gained 2.10% since the start of the year. The stock is trading at a PE ratio of 21.59 and has a dividend yield of 1.73%. The stock currently has a market cap of $19.03 billion.
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