EC - Ecopetrol surges after surprise Colombia presidential election result

Ecopetrol (NYSE:EC) +14.5% in Tuesday's trading after pro-business candidate Rodolfo Hernandez surprisingly won a place in Colombia's presidential election runoff, reducing the chances that leftist Gustavo Petro will become the next president. Petro, who won 40% of votes in Sunday's first round, has promised to overhaul Colombia's the private pension system, raise taxes and phase out oil and coal production, which are the country's main exports. Hernandez, who polled a surprisingly strong 28% on Sunday and already has been endorsed by many former center-right candidates, is broadly seen as friendlier to the market, which was closed on Monday. Separately, Ecopetrol's (EC) VP of gas told Reuters the company plans to step up oil and gas production, aiming to boost output by more than 40% to ~1M boe/day by 2030. The projects are part of Ecopetrol's (EC) plan to ramp up gas production to 30% of its portfolio over the next

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Ecopetrol surges after surprise Colombia presidential election result