Ecopetrol S.A. announced plans to cut approximately 1 trillion Colombian pesos, equivalent to $233 million USD, in costs and expenses. This strategic decision comes as the company navigates a period of lower oil prices.
Chief Executive Ricardo Roa stated that Ecopetrol would also introduce more flexibility into its investment plan for the current year. These measures are aimed at mitigating the impact of market volatility on the company's financial performance.
The cost-cutting initiative underscores Ecopetrol's commitment to maintaining financial discipline and operational efficiency in a challenging crude price environment.
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