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0 0 -0.00157853196527226 0 -0.00552486187845292 -0.00552486187845292 0.000789265982636272 0.00868192580899773
Stock impact report

Ecopetrol Eyes Oil Output Boost As Iran Crisis Pushes Up Prices [Yahoo! Finance]

Ecopetrol S.A. American Depositary Shares (EC) 
Company Research Source: Yahoo! Finance
Benchmark Brent crude has surged to its highest level in more than a year following U.S.-Israel strikes on Iran and disruptions to exports from the Persian Gulf. Brent climbed to more than $85 per barrel this week, up from roughly $70 before the conflict erupted on February 28. Ecopetrol CEO Ricardo Roa told analysts during the company's quarterly earnings call that the firm is closely watching market developments and could adjust capital spending to take advantage of stronger prices. “We will of course be reviewing the situation,” Roa said. “If we see the potential for higher investments we will adjust our capex to be on the higher range of our guidance, with the capability of increasing production on a short term basis.” Ecopetrol has budgeted between $5.4 billion and $6.7 billion in capital expenditures this year. About 57% of that spending is allocated to exploration and production, while power subsidiary ISA accounts for roughly 25%. Downstream operations represent 7%, mid Show less Read more
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