- Colombia's Ecopetrol (NYSE:EC) says it plans a $4.8B capital spending plan for 2016, a 40% reduction from expected 2015 spending.
- EC says its plan will allow for maintaining average production of ~755K boe/day, similar to 2015 results.
- EC also says progress achieved in its business transformation plan will yield optimizations and projected savings of $760M in 2015.