
Ecopetrol said gross production from the JV reached a record of 103,000 boe/d on Dec. 9. (Source: Shutterstock)
Ecopetrol SA's joint venture with Occidental Petroleum in the Permian Basin continues to generate outstanding operational and financial results for the Colombian state-owned energy giant.
Ecopetrol's net production from the JV averaged 66,400 boe/d in 2023, up 76% compared to 2022, while EBITDA was $799 million in 2023, up 24% compared to 2022. Ecopetrol said gross production from the JV reached a record of 103,000 boe/d on Dec. 9.
The so-called Rodeo partnership was officially launched in 2019. Occidental owns 51% in the JV, while Ecopetrol owns the remaining 49%.

Ecopetrol's overall production, which comes mainly from Colombia, was 737,000 boe/d in 2023 compared to 709,000 boe/d in 2022 and 724,000 boe/d in 2019. the company reported Feb. 29 in its fourth quarter of 2023 financial press release.
Recommended Reading
Not Sweating DeepSeek: Exxon, Chevron Plow Ahead on Data Center Power
2025-02-02 - The launch of the energy-efficient DeepSeek chatbot roiled tech and power markets in late January. But supermajors Exxon Mobil and Chevron continue to field intense demand for data-center power supply, driven by AI technology customers.
Murphy Shares Drop on 4Q Miss, but ’25 Plans Show Promise
2025-02-02 - Murphy Oil’s fourth-quarter 2024 output missed analysts’ expectations, but analysts see upside with a robust Eagle Ford Shale drilling program and the international E&P’s discovery offshore Vietnam.
Oil, Gas and M&A: Banks ‘Hungry’ to Put Capital to Work
2025-01-29 - U.S. energy bankers see capital, generalist investors and even an appetite for IPOs returning to the upstream space.
Riverstone’s Leuschen Plans to IPO Methane-Mitigation-Focused SPAC
2025-01-21 - The SPAC will be Riverstone Holdings co-founder David Leuschen’s eighth, following the Permian Basin’s Centennial Resources, the Anadarko’s Alta Mesa Holdings and the Montney’s Hammerhead Resources.
Utica Oil Player Ascent Resources ‘Considering’ an IPO
2025-03-07 - The 12-year-old privately held E&P Ascent Resources produced 2.2 Bcfe/d in the fourth quarter, including 14% liquids from the liquids-rich eastern Ohio Utica.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.