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During 2020, Latin American oil and gas companies' profitability is expected to decline to one third of 2019 levels, while cash flow is expected to remain under pressure through 2021 as recovery will likely be protracted, according to a new Fitch Ratings report.

Shell, the operator of the exploration plan, and Chevron both hold a 45% interest in the block. With the deal, Ecopetrol now holds the remaining 10% stake.

Frontera's oil-price hedges have now expired, and it believes that this will be a boon for future earnings as it tries to further move beyond its most trying financial times.

"We were able to capture the profit coming from the higher international oil prices," said Ecopetrol CEO Felipe Bayón.

The find came at the Acorazado-1 exploration well and marked the Canadian oil company’s fourth discovery in 2018.

Colombian state-controlled oil company Ecopetrol (NYSE: EC) (BVC: ECOPETROL) was among the exploration block winners today at an auction in Brazil and now holds the rights to a portion of the oil extracted from the Santos basin off the coast of South America’s largest...

The next step for the well will be to run and cement a liner in preparation for further testing, which is expected to take “several weeks,” said Frontera.

Following an initial eight-month term, the credit facility is expected to be extended to two years “upon satisfaction of certain extension conditions."

Despite high oil prices, Frontera realized just $249.5 million USD in sales in the quarter compared to $316.6 million USD in the first quarter of 2017.

Despite a major oil spill and below-target production, Ecopetrol reported its best quarterly results in four years amid higher oil prices.