11-7-13 6:13 AM EST | Email Article

By Sarah Kent

 

LONDON--Colombia's state-run oil company Ecopetrol SA (EC) said Thursday that its oil exports to Asia increased significantly in the last year as demand from the U.S. fell.

Between January and September the company exported an average of 156,000 barrels a day to Asia compared to exports of 90,000 barrels a day in 2012.

Exports to the U.S., on the other hand, declined from 259,000 barrels a day to 219,000 barrels a day.

A boom in shale production in the U.S. has seen the country's demand for oil imports tumble in the recent years, upsetting traditional trade routes and forcing oil producers to find new markets.

However, competition to gain a foothold in the Asian market, where demand is growing, is fierce.

"It's not really easy to increase exports to Asia, but it's effective," said Ecopetrol's Chief Executive Javier Gutierrez during an investor day in London Thursday.

The company is targeting production of nearly 800,000 barrels of oil equivalent a day this year, Mr. Gutierrez said.

Outside Colombia, Ecopetrol is also involved in exploration and production activities in Brazil, Peru and the U.S. Gulf Coast.

 

Write to Sarah Kent at sarah.kent@wsj.com

 

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


(END) Dow Jones Newswires

November 07, 2013 06:13 ET (11:13 GMT)

Copyright (c) 2013 Dow Jones & Company, Inc.
Add a Comment

News   More...

Legacy Oil + Gas Inc. announces over 20% increase in 2013 year-end reserves and net asset value per share, top quartile recycle ratios and provides operational update ()
Brazil Set to Become Net Oil Exporter Again Next Year (2014/4/11)
Xumanii International Holdings Corp(R) Live Broadcast Viewership Numbers of Last Night's Presentation of the "Space Migration Tour" Starring Mac Miller Show a Significant Increase ()
PhytoSPHERE Systems, a CannaVest Corp. Subsidiary, Significantly Increased Hemp Oil Production for 2014 (2014/2/5)
The TJX Companies, Inc. Reports Fiscal 2014 EPS Growth of 15% over 24% Increase Last Year on an Adjusted Basis; Announces New $2.0 Billion Stock Repurchase Program; Plans 21% Increase in Dividend (2014/2/26)
Methode Electronics, Inc. Reports Fiscal 2014 Second-Quarter Sales Improve 47 Percent Year Over Year; Earnings per Share Increase Nearly Four Fold Excluding Last Year's Legal Settlement ()
American Express Fourth Quarter EPS Rises to $1.21 from $0.56 Last Year; Revenues and Loans Increase as Card Member Spending Ends Year on Strong Note; Credit Indicators Remain at Historical Lows; Operating Expenses Well Contained in the Quarter (2014/1/16)
Macy’s, Inc. Reports Third Quarter Earnings of 47 Cents Per Share, an Increase of 31% Over Last Year, on Comparable Sales Growth of 3.5% ()
Destination Maternity Reports 14% Increase In Q1 Non-GAAP Earnings Per Share Compared To Last Year (2014/1/30)
Record Cold Temps Cause 20 Percent Increase in Winter Usage Over Last Year (2014/3/4)
Start Premium Trial Register For Free

P F Fund Financial Data (13,000+ funds)
P F Stock Financial Data (7,000+ stocks)
P F Stock and Fund Screeners (basic)
P F Investing Articles and Market Commentary
P F Articles Archive (>30 days)
P F Discuss (dozens of stock, fund, bond, and general bulletin boards)
P F Portfolio Manager (basic)
P F Morningstar Investment Classroom
P F Access Your Portfolio Anytime, Anywhere via Your Mobile Device
P   Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)
P   Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)
P   Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)
P   Portfolio Monitor (monthly and on-demand personalized portfolio statements)
P   Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)
P   Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters
P   Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)
P   Discounts on Morningstar newsletters, books, seminars, and more

Sign-up to Morningstar


Basic Access

Articles and Videos
Morningstar video reports, articles, data, and tools. Dig into our lineup of e-newsletters and investing classroom courses outlining sensible strategies for maximizing your investments.
Morningstar Discuss
Follow the buzz on individual stocks or fund families. Plus, read the latest posts from Morningstar members and analysts.
Portfolio Manager
Track your investments and watch lists with our Portfolio Manager. Customize your view with our comprehensive stock, fund, and ETF data.

Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.

Unlimited Access

Analyst Research
Gather in-depth, actionable insight on over 3,700 stock and mutual funds covered by Morningstar analysts. View our mutual fund Analyst Reports favored by professionals, savvy experienced investors, and new investors researching options for retirement savings, college plans, or other investment needs.
Portfolio X-Ray®
Ensure your portfolio is positioned exactly how you want with Morningstar's X-Ray Interpreter and Stock Intersection tools. A Barron's "Best of the Web" award winner for five years running, X-Ray Interpreter goes under the hood of your portfolio to provide a useful allocation, sector, and geographic analysis. And you can discover how much of a stock you really own, individually and through mutual funds, with Stock Intersection.
Investment Picks
Find new 5-star stocks (greatly undervalued companies) to consider daily. Our 5-star stock rating is a proven winner, consistently beating benchmarks like the S&P 500. Plus, browse our Fund Analyst Picks and Stewardship Grades to find shareholder-friendly mutual funds that are poised for outperformance.
Portfolio Monitor
Get a clear view of your investments with personalized reports about your portfolio. Receive monthly statements and generate reports on-demand to help you stay on track to meet your investment goals.

Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.

Content Partners
Morningstar - 2013/11/7 - Ecopetrol: Oil Exports to Asia saw "Significant Increase" in Last Year
Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol |  Title Star Rating |  Category |  Total Assets |  Top Holdings |  Top Sectors |  Symbol |  Name Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol / Ticker |  Title Star Rating |  Category |  Total Assets |  Symbol / Ticker |  Name Title |  Date |  Author |  Collection |  Popularity |  Interest Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Author |  Collection |  Interest |  Popularity

Previous: Ecopetrol, Talisman say Colombia Oil Area Commercially Viable  |  Next: Ecopetrol's Extraordinary Shareholders' Meeting