Ecopetrol cuts $1.2 billion from 2020 investment plan

Ecopetrol SA has cut its 2020 investment plan by $1.2 billion to $3.3-4.3 billion in response to current market conditions. The production target for 2020 remains unchanged at 745,000-760,000 boe/d.

Ecopetrol currently has available committed credit facilities of $665 million with international banks and terms for an additional committed facility have been agreed, for $990 billion (COP) with local banks, which is currently pending authorization from the Ministry of Finance and Public Credit.