Ecopet cuts but Lat Am state oil looks cheap
Colombia’s Ecopetrol became the first of Latin America’s big national oil companies to launch an action plan to combat the continued fall in oil prices as it looks to preserve cash.
Latin America’s oil-orientated economies have made the region doubly vulnerable to the recent market crash, and state-owned Ecopetrol reacted quickly. It announced a $1.2bn decrease in its 2020 investment plan on Tuesday, reducing the range to $3.3bn-$4.3bn.It also proposed a Ps3tr ($750m) cost cutting exercise and said ...
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