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EC<>Ecopetrol's jump in reserves fails to impress

Ecopetrol (NYSE:EC) slipped in today's trade despite reporting a 5.7% Y/Y increase in proved reserves to 2.08B boe at the end of 2014, with 70% coming from oil and the remaining 30% from natural gas.
Colombia's largest energy company added 355M barrels to its proven reserves and added 1.46 barrels for each of 243M barrels it produced last year, increasing its reserves/production ratio to 8.6 years.
But investors were not cheered, as the bulk of the increase came from revisions to existing reserves rather than new discoveries.
Separately, EC reportedly is close to choosing between two candidates for its new CEO; one of the two is Colombia's former Finance Minister Juan Carlos Echeverry.