EC - Ecopetrol plans up to $6.2B in spending next year

Ecopetrol ( NYSE: EC ) said Friday it plans to spend as much as 30T pesos (~$6.2B) in 2023, with the main focus on energy security rather than energy transition.

The Colombian majority state-owned oil company said it expects to invest 16T-19T pesos to boost energy security and financial stability as well as the country's trade balance, while driving 6T-9T pesos to fund its energy transition.

The company's commitment to gas self-sufficiency includes up to 4T pesos for exploration and production projects in the Piedemonte Llanero, Continental Caribbean and Caribbean Offshore.

Ecopetrol ( EC ) forecasts production of 720K-725K boe/day in 2023 and refining throughput of 420K-430K bbl/day, with transported volumes exceeding 1M bbl/day.

Ecopetrol ( EC ) reported last month that Q3 net profits more than doubled to 9.5T pesos .

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