Ecopetrol and OXY agree to extend their development plan in the Midland area of the Permian Basin

Core Viewpoint - Ecopetrol S.A. and Occidental Petroleum Corp have agreed to extend their development plan for the Rodeo Midland Basin LLC in the Permian Basin, Texas, which includes a new drilling plan for 34 wells from April 2025 to June 2026 [1][2]. Group 1: Development Plans - The new agreement includes a drilling plan for 34 wells scheduled between April 2025 and June 2026, in addition to ongoing operations in early 2025 [2]. - Ecopetrol Permian's 2025 plan for the Midland and Delaware sub-basins will involve drilling approximately 91 development wells with an estimated investment of $885 million, targeting an average annual production of about 90,000 barrels of oil equivalent per day [4]. Group 2: Operational Performance - After five years of operations, Ecopetrol Permian and Occidental Petroleum have reported positive operational and financial results in the Permian Basin, contributing to the overall performance of the Ecopetrol Group [3]. Group 3: Company Overview - Ecopetrol is the largest company in Colombia and a major integrated energy player in the Americas, responsible for over 60% of Colombia's hydrocarbon production and holding significant positions in petrochemicals and gas distribution [5]. - The company has expanded its international presence with operations in strategic basins across the Americas, including the Permian Basin and the Gulf of Mexico, and has interests in energy transmission and telecommunications in several South American countries [5].