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Ecopetrol SA ( (EC) ) has provided an update.
In 2024, Ecopetrol Group replaced 104% of its production, marking a significant achievement by doubling the proven reserves compared to 2023. The proven reserves totaled 1,893 million barrels of oil equivalent (MBOE), with 89% from Colombian fields and 11% from the U.S. This strategic increase underscores Ecopetrol’s focus on long-term sustainability. The reserves were certified using SEC standards and valued at a Brent price of USD 79.7 per barrel. The addition of 260 MBOE in proven reserves was the highest in three years and included strategic acquisitions, such as a 45% stake from Repsol in the CPO-09 block, further consolidating Ecopetrol’s assets in Colombia.
More about Ecopetrol SA
Ecopetrol is the largest company in Colombia and a significant integrated energy company in the Americas, employing over 19,000 people. The company is responsible for more than 60% of Colombia’s hydrocarbon production and plays a leading role in petrochemicals, gas distribution, and energy transmission. Internationally, Ecopetrol has stakes in the U.S., Brazil, Mexico, and other countries, focusing on drilling, exploration, and power transmission.
YTD Price Performance: 33.09%
Average Trading Volume: 2,446,751
Technical Sentiment Consensus Rating: Strong Sell
Current Market Cap: $22.51B
Learn more about EC stock on TipRanks’ Stock Analysis page.
