May 7 (Reuters) - Colombia's majority state-owned oil

producer Ecopetrol reported its first-quarter net profit fell

29.1% to 4.01 trillion Colombian pesos ($1.03 billion) compared

to the same period last year, the company said on Tuesday.

The Bogota-based company's revenue totaled 31.30 trillion

pesos during the January-to-March period, down 19.4% from a year

ago, it said in a filing to Colombia's stock exchange.

Net profit came in under the forecast of 4.73 trillion pesos

from analysts polled by LSEG.

Production in the first quarter rose to total 741,100

barrels of oil equivalent per day (boed), up 3.0% from 719,400

boed pumped during the first quarter of 2023.

The company raised its outlook for production this year

to a range of 730,000 to 735,000 boed, up from a previous range

of 725,000 to 730,000 boed.

Ecopetrol is the largest oil and gas producer in

Colombia, one of Latin America's mid-range drillers, behind

regional heavyweights Brazil and Mexico.

($1 = 3,894.23 Colombian pesos)