Shares of Colombian oil company Ecopetrol SA (EC) plummeted 5.09% in Friday's trading session following the release of its third quarter earnings report.
After the market close on Thursday, Ecopetrol reported net income of 2.56 trillion Colombian pesos ($692.4 million) for Q3, falling short of analyst estimates of 2.65 trillion pesos. The result also marked a significant decline from 3.65 trillion pesos in the same quarter last year.
While revenue came in at 29.84 trillion pesos, beating expectations of 29.37 trillion pesos, it still represented a decrease from 34.61 trillion pesos in Q3 2024. The company faced challenges including lower crude oil prices and reduced production volumes compared to the prior year period.
Investors reacted negatively to the earnings miss, sending Ecopetrol's stock sharply lower in heavy trading. The 5.09% decline was one of the worst single-day performances for the stock in recent months, reflecting disappointment in the company's profitability despite the revenue beat.