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Just as we were about to write about the impact of taxes on Ecopetrol’s 3Q23 results, the Colombian Constitutional Court decides to undo the royalty no-deductibility rule from last December’s tax reform. Instead, we will briefly discuss the tax impact and then focus on ECP’s results, which got the press’s negative attention. Very happy to have to reorient this article in return for what we estimated as US$2B of less tax.

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