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Ecopetrol Misses Estimates as Oil Fall Blunts Cost Cutting

  • Net income fell to 787 billion pesos in second quarter
  • Average estimate among analysts was 995 billion pesos
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Ecopetrol SA, Colombia’s state-controlled oil producer, reported profit that missed analysts’ estimates as slumping crude prices overshadowed efforts to lower costs.

Net income fell to 787 billion Colombian pesos ($269 million) in the second quarter from 1.51 trillion pesos in the same period last year, the Bogota-based producer said Tuesday in a statement distributed by PRNewswire. The average estimate among four analysts tracked by Bloomberg was 995 billion pesos.