The stock slid 3.2 percent to 4,180 pesos at the close in Bogota, the lowest since Dec. 19, 2011.
Net income for the quarter was 3.41 trillion pesos ($1.86 billion), down 20 percent from the year earlier and below the average 3.99 trillion pesos of five analysts’ estimates in a Bloomberg survey. The Bogota-based company reported earnings after the market closed on May 3.
Oil futures on the New York Mercantile Exchange closed up 55 cents, or 0.6 percent, to $96.16 a barrel, the highest settlement since April 2. Ecopetrol is the world’s eighth- largest oil company by market value.
“The lower oil prices in Q2 bring increased risks for weaker Q2 results,” Citigroup analysts Pedro Medeiros and Fernando Valle said today in an e-mailed report, adding that the earnings miss may increase the chance of a reduced dividend.
Quarterly sales fell 7.1 percent from a year earlier to 16.75 trillion pesos. Output rose 6.4 percent to 790,800 barrels of oil equivalent a day, from 743,400 barrels a year earlier.
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