Ecopetrol S.A.’s Revenue by Segment (2018-2022)

This statistic highlights Ecopetrol S.A.’s Revenue by Segment, split across Downstream, Midstream, and Upstream, reported quarterly from Q1 2018 onwards.

Ecopetrol S.A.’s Revenue by Segment

(All figures are in USD billions, except percentages)

As shown in the table, the Revenue has experienced a number of changes. The entire revenue grew in Q4 2022 compared to Q4 2021, increasing by 23.68% on a year-on-year basis. However, revenue fell from $53,910 billion in Q3 2022 to $48,130 billion in Q4 2022, a fall in percentage of roughly 10.72% on a quarter-on-quarter basis.

Downstream:

Downstream has the highest contribution of 47.9% in revenue by segment. The revenue in Q4 2021 was $15,938 billion, while in Q4 2022, it was $23,064 billion, an increase of 44.72% on a year-on-year basis. Revenue from Downstream increased from $3,661 billion in Q3 2022 to $23,064 billion in Q4 2022, representing a huge rise of 530% on a quarter-on-quarter basis.

Midstream:

Midstream makes for 8.5% of total revenue by segment. Revenue increased by 21.16% year-on-year basis from Q4 2021 to Q4 2022, from $3,373 billion to $4,087 billion. Midstream’s revenue drastically dropped from $24,574 billion in Q3 2022 to $4,087 billion in Q4 2022, a drop of 83.36% on a quarterly basis.

Upstream:

Upstream has the second most contribution of 43.6% in revenue breakdown. The revenue in Q4 2021 was $19,603 billion, while in Q4 2022, it was $20,979 billion, an increase of 7% on a year-on-year basis. Revenue from upstream decreased from $25,675 billion in Q3 2022 to $20,979 billion in Q4 2022, representing a decline of 22.38% on a quarter-on-quarter basis.

Elimination:

Data for Elimination is not available on a regular basis.

About Ecopetrol S.A.

Ecopetrol S.A. is Colombia’s largest oil firm and one of the largest in Latin America. It is a vertically integrated oil and gas corporation that engages in hydrocarbon exploration, production, refining, transportation, and marketing. Colombia’s state-owned Ecopetrol was founded there in 1951. It has developed and expanded through time to become a significant participant in the oil and gas sector.

The largest refinery in Colombia, the Barrancabermeja Refinery, is one of many that Ecopetrol runs there. These refineries transform crude oil into refined goods including jet fuel, gasoline, and diesel. Throughout Colombia, Ecopetrol also maintains a sizable network of retail stores and gas stations.

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