Ecopetrol's Future Uncertain Amid Intimidation
This is a Ecopetrol news story, published by Yahoo Finance, that relates primarily to Gustavo Petro news.
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Ecopetrol sharesReuters
•Turmoil at Colombia's Ecopetrol raises profit fears ahead of US investment decision
76% Informative
Alleged interference by Colombian President Gustavo Petro fuels fears about Ecopetrol 's future profits.
Petro halted deal with Occidental to buy 30% of shale producer CrownRock in August .
President has said he wants to increase use of renewable energy and lessen reliance on fossil fuels.
CEO Ricardo Roa has denied accusations of poor management and said Petro does not meddle in company affairs.
Ecopetrol's joint operation with Occidental in Texas accounted in 2023 for a tenth of its earnings before interest, taxes, depreciation and amortization and much of the company's increased output in recent quarters .
If the company opts out of the deal, it could have a knock-on effect on Colombia 's economy.
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