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Ecopetrol’s earnings in the first quarter of the year were only $ 133,000 million, with a reduction of 95% compared to the same period of the previous year.
The President of Ecopetrol, Felipe Bayón, stated that without accounting adjustment, profits reached 1.1 trillion.
He said this situation is product of the collapse in crude oil prices in international markets, that affected the company at the start of 2020.
He clarified that, in the first quarter, the average production of the Ecopetrol Group reached 735,000 barrels per dayThat is, 7,000 more barrels versus the first quarter of 2019, despite public order events and the start of deterioration in the market environment.
He added that the “environment of low oil prices and weak demand determine a new reality to which we must adapt. This is why we have decided to advance in additional interventions, with the aim of ensuring a sustainable operation and positive cash flow in a price environment of between 30 and 40 USD / Bl during 2020 ”.
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