BOGOTA, May 6 (Reuters) - Colombia's majority

state-owned oil producer Ecopetrol reported on Tuesday

a 22% net profit slump in the first quarter, pointing to

geopolitical tensions weighing down global oil prices.

"We are facing an environment affected by external

variables, geopolitical tensions and principally a strong impact

of the fall in Brent crude prices," CEO Ricardo Roa said in a

statement.

The company said an economic slowdown in China as well as

the United States' widespread tariff threats had hit crude

prices, while uncertainty on production licenses in Venezuela

and sanctions on certain oil imports added to the sector's

challenges.

Net profits for the firm hit 3.13 trillion pesos ($730.5

million) in the first three months of 2025, compared to the 4.01

trillion it reported a year earlier, while total sales came in

at 31.37 trillion pesos, a hairbreadth above the same quarter of

2024.

In a press conference, Roa said the company had taken a 1.2

trillion peso hit to its bottom line due to a higher tax burden

resulting from a decree by President Gustavo Petro that aims to

address violence in the north-eastern region of Catatumbo.

The company's earnings before interest, taxes, depreciation,

and amortization (EBITDA) meanwhile fell 6.9% in the first three

months of 2025 versus the same period last year to 13.26

trillion pesos, while its EBITDA margin contracted 3.2%.

Ecopetrol, whose shares are 88.5% held by the Colombian

government, said total production in the period edged up 0.6%

year-on-year to 745,400 barrels of oil equivalent per day.

It closed the first quarter with 17 billion pesos in cash

and invested close to $1.22 billion, while advancing with the

drilling of four of 10 wells planned for this year.

One well was successful, it said, while two are under

evaluation and one was found to by dry.

Roa added that Ecopetrol would continue to develop offshore

gas projects off the country's Caribbean coast after partner

Shell withdrew, saying he considered the fields

"economically and technically viable."

Ecopetrol is also advancing with talks over other

non-conventional energy projects, he said.

($1 = 4.283,62 Colombian pesos)