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Colombia-based oil company Ecopetrol SA (NYSE:EC) Board of Directors approved maintaining investment levels between 23 and 27 trillion pesos in 2024.
A significant portion of this investment is allocated towards profitable production, with daily averages ranging from 725,000 to 730,000 equivalent barrels. This includes refinery loads between 420,000 and 430,000 barrels per day and daily transportation of over one million barrels.
In 2024, it is estimated that approximately 360 development wells will be drilled, with 74% of these in Colombia and 26% in the Permian Basin.
Notably, over 40% of the plan will concentrate on the energy transition, including efforts in low emissions, decarbonization, electrical transmission, and enhancing natural gas supplies.
The 2024 – 2026 plan includes commercial and operational efficiency goals, expenditure control, and austerity measures totaling around 7 billion pesos.
Price Action: EC shares are trading higher by 1.55% at $12.81 on Friday.
Posted In: EC
