- The adjustments to Ecopetrol’s 2016 Investment Plan are part of the measures taken by Ecopetrol to navigate the low crude oil price environment, ensure capital discipline and focus on cash generation and the financial sustainability of the Ecopetrol Group.
- In 2016, the capital expenditures will be between US$3.0 and US$3.4 billion.
- With this level of investment, the Ecopetrol Group expects to produce approximately 715 thousand barrels of petroleum equivalent per day during 2016.
- The Ecopetrol Group will focus its investments on the most profitable exploration and production opportunities and on completing the transportation and refinery projects currently under way.
Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) (“Ecopetrol” or the “Company”) reports that in light of the current low crude oil price environment, and with the aim of protecting the Company’s cash flow and financial sustainability, its Board of Directors approved an adjustment to the 2016 Investment Plan, from US$4.8 billion, as approved on December 2015, to a range between US$3.0 and US$3.4 billion.