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With the culmination of the purchase of a controlling 51.4% stake in Interconexión Eléctrica ("ISA"), the quarterly figures include the consolidated results of this subsidiary for one month.

The president of Colombia’s largest company, oil giant Ecopetrol (NYSE: EC)) is facing arrest after a judge in the capital of Colombia’s Nariño department issued a warrant for his detention.

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

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

The Colombian government, which owns the vast majority of Ecopetrol shares, will receive a dividend of $1.17 billion USD (3.2 trillion pesos).

The environmental harm is ongoing, and Ecopetrol’s response to the catastrophe has drawn widespread criticism.

The wells are held jointly with U.S.-based Occidental Petroleum Corp. and have hit a combined 2,800 barrels per day in testing.

The net profit of 6.62 trillion pesos ($2.3 billion USD) is more than four times above the results of 2016 and the highest since 2013.

Ecopetrol has a 50% stake in the discovery, which is lighter than typical heavy Colombian oil, according to the company.

The two state oil companies have already partnered to look for resources off the coast of Mexico.