EC - Ecopetrol: Compelling Outlook Clouded By Near-Term Headwinds

• Ecopetrol’s gradual transition is a long-term positive, but the planned production ramp-up could disappoint and raises the dilution risk.
• The ESG transition plan could also change drastically depending on the upcoming election outcome.
• While the core business still offers attractive economics, the relative valuation premium likely accounts for the positives.

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