Ecopetrol SA (EC) Q4 2019 Earnings Call Transcript

Ecopetrol SA (EC) Q4 2019 Earnings Call Transcript

Good morning, everyone, and welcome to Ecopetrol's earnings conference call and webcast in which we will discuss the main operational and financial results after of Ecopetrol for the fourth quarter and full year 2019.. Ecopetrol assumes no responsibility in the event that digital results are different from the projections shared on this conference call.. We will begin the presentation with the main achievements of the year 2019, followed by the business highlights and financial results under international Financial reporting standards.. We continue to deliver strong results, along with a sustainable growth despite a volatile environment.. In terms of reserves, I am pleased to announce that we've replaced 169% of our production, the highest replacement ratio in the last nine years, and we also exceeded our target of replacing 100% of our production.. In production, we reached 725,000 barrels of oil equivalent per day, this allowed us to be in the middle of the range of 720,000 to 730,000 barrels per day equivalent that we set at the beginning of the year.. As part of the commitment to capital discipline and cost efficiency by the end of 2019, our group achieved cumulative efficiencies for the year of COP3.3 trillion exceeding the