(Reuters) – Colombia’s majority state-owned oil producer Ecopetrol on Wednesday reported that its third-quarter net profit fell 28% to 3.65 trillion pesos ($826.95 million) compared to the same period last year, citing changes to oil prices and inflation.
Total sales meanwhile slipped 1.5% to 34.61 trillion pesos in the July through September period, Ecopetrol said in a statement.
In the first nine months of 2024, Ecopetrol’s net profit fell 26% versus the year-earlier period to 11.04 trillion pesos.
Ecopetrol’s total production in the third quarter rose by 1.8% year-on-year to 754,400 barrels of oil equivalent per day (boepd), pushed higher by the company’s operations in the Permian basin in the United States.
The company plans to invest between 23 trillion and 27 trillion pesos in 2024.
($1 = 4,413.79 Colombian pesos)
Brazil Energy Insight 
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