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Others with outlook drops include Seguros Generales Suramericana, Confianza, ISA, EPM, and Enel Americas.

The net profit of 6.62 trillion pesos ($2.3 billion USD) is more than four times above the results of 2016 and the highest since 2013.

Ecopetrol claimed proven reserves of 1.659 billion barrels of oil equivalent at the end of 2017, up from the 1.598 billion barrels in 2016.

The abduction reportedly occurred around 7:30 am on the day that the UN head arrived in Colombia to discuss the nation’s peace process.

President Santos recalled the nation's peace negotiator from Ecuador and told the military to "act with force and respond to this ELN aggression."

Ecopetrol has a 50% stake in the discovery, which is lighter than typical heavy Colombian oil, according to the company.

From Odebrecht and the Panama Papers to court and Congress officials accepting bribes, Colombians are increasingly fed up with their nation's pervasive corruption.

The exploration plan calls for drilling at least 620 development wells and 12 exploration wells, an increase of around 140 wells over 2017.

Ecopetrol says the main purpose of the the new subsidiary “will be energy generation, conversion, and marketing."

The two state oil companies have already partnered to look for resources off the coast of Mexico.