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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.

The 55-kilometer pipeline, with an 8-inch diameter, will span the distance from the town of Chinchiná in Caldas to Pereira.

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

Production was also up 4.1% over February of this year due to the reopening of several oilfields.

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.

At a shareholder meeting today, Ecopetrol appointed its board of directors and external auditor for 2018.

The well is 55% owned by Ecopetrol with the remaining 45% stake held by Repsol subsidiary Talisman Colombia Oil & Gas Ltd.

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.