EC - Ecopetrol sees 2022 capex of $4.8B-$5.8B

Ecopetrol (NYSE:EC) unveils capital spending plans of $4.8B-$5.8B for 2022, in support of expected production of 700K-705K bbl/day of hydrocarbons, representing a ~3% gain over 2021's anticipated output of 680K boe/day. The guidance is part of Ecopetrol's three-year investment plan, which will see $12B-$15B pumped into the company during 2021-23. Ecopetrol says its capex will be financed with its own resources without the need to take on debt under a scenario where Brent oil prices average $63/bbl in 2022. The company says 63% of capex proposed for next year will go towards exploration and production, 20% is allocated to ISA projects, and 17% to refining, transportation and other sectors. Earlier this year, Ecopetrol agreed to buy the Colombian government's 51.4% stake in the ISA conglomerate for ~$3.6B.

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Ecopetrol sees 2022 capex of $4.8B-$5.8B