See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
ConocoPhillips (COP) - free report >>
Occidental Petroleum Corporation (OXY) - free report >>
We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
ConocoPhillips (COP) - free report >>
Occidental Petroleum Corporation (OXY) - free report >>
Image: Bigstock
Ecopetrol (EC) Eyes 100 Permian Well Drillings by 2021-End
Ecopetrol S.A. (EC - Free Report) intends to drill 100 wells in the prolific Permian Basin — one of the most lucrative shale plays in the United States — by the end of next year, per Reuters. Felipe Bayon, the CEO of the Colombia-based energy company, stated in the virtual Asia Pacific Petroleum Conference that production in the basin will likely rise on the back of improving global crude prices.
Notably, Ecopetrol drilled 22 wells from last November to this June. Due to the coronavirus pandemic, production from the basin decreased. When WTI Crude price plummeted to historic lows in late-April, several upstream companies operating in the basin had to curtail production. However, with recovering prices, companies like EOG Resources, Inc. (EOG - Free Report) , ConocoPhillips (COP - Free Report) and others started resuming output.
Ecopetrol intends to drill 22 more wells this year. Importantly, the company created a strategic alliance with Occidental Petroleum Corporation (OXY - Free Report) last November to develop unconventional reservoirs in thousands of acres of the Permian Basin.
Ecopetrol managed to avoid shutdowns amid the pandemic as demand from China-based refiners drew significant Colombian crude supply. The growing market of Asia is a major importer of Ecopetrol’s crude oil. The company is trying to capture more demand through expanding sales to South Korea and India.
Moreover, Felipe Bayon anticipates Colombia’s diesel and gasoline demand to recover to pre-pandemic levels by 2020-end or early-2021. However, jet fuel demand is expected to take more time to recover.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>