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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 diesel Ecopetrol distributed across Colombia in September had an average of 17 parts per million, just north of the 15 ppm limit mandated in the United States.

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

To formalize an agreement announced last week, the heads of Ecopetrol and USO sat down yesterday to sign the deal.

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 new deal with the Petroleum Industry’s Workers Union (USO) lasts through 2022. Workers will receive a raise of the inflation rate plus 1.21% in 2018 and inflation plus 1.7% in the next four years.

Ecopetrol says it may draw upon the credit line to strengthen its "liquidity position in the face of eventual growth opportunities" or "mitigate risks associated to unexpected fluctuations in crude prices."

USO said this week that it had presented a proposal to Ecoptrol that included a request for higher salary and improved benefits for some 35,000 direct and contracted workers. 

Within this role, Caballero will be the compliance agent for financial reporting to the Colombian Finance Superintendency.