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Ecopetrol | 6-K: Report of foreign private issuer [Rules 13a-16 and 15d-16]

SEC announcement ·  Mar 1 14:40
Summary by Moomoo AI
Ecopetrol S.A., Colombia's largest integrated energy company, reported its proven reserves as of December 31, 2023. The company registered 1,883 million barrels of oil equivalent (Mboe), maintaining the average levels of the last nine years. Despite a 15.5% decrease in the Brent reference price, Ecopetrol achieved an organic incorporation of 307 MBPE, a 43% increase from the previous year, due to new projects and enhanced recovery prospects. However, economic factors and technical conditions led to a decrease in reserve incorporation by 188 MBPE, resulting in a net positive incorporation of 119 MBPE. The Reserve Replacement Ratio (RRR) for 2023 was 48%, and the average reserve life for the Ecopetrol Group is 7.6 years, with 89% of reserves located in Colombia and 11% in the United States. Proven developed reserves grew by approximately 4% compared to 2022, reflecting the company's improved execution capacity. The report, filed with the SEC for February 2024, was audited by three independent firms and is based on SEC standards and methodology.
Ecopetrol S.A., Colombia's largest integrated energy company, reported its proven reserves as of December 31, 2023. The company registered 1,883 million barrels of oil equivalent (Mboe), maintaining the average levels of the last nine years. Despite a 15.5% decrease in the Brent reference price, Ecopetrol achieved an organic incorporation of 307 MBPE, a 43% increase from the previous year, due to new projects and enhanced recovery prospects. However, economic factors and technical conditions led to a decrease in reserve incorporation by 188 MBPE, resulting in a net positive incorporation of 119 MBPE. The Reserve Replacement Ratio (RRR) for 2023 was 48%, and the average reserve life for the Ecopetrol Group is 7.6 years, with 89% of reserves located in Colombia and 11% in the United States. Proven developed reserves grew by approximately 4% compared to 2022, reflecting the company's improved execution capacity. The report, filed with the SEC for February 2024, was audited by three independent firms and is based on SEC standards and methodology.
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