BOGOTA, Nov 13 (Reuters) - Colombia's majority

state-owned oil producer Ecopetrol on Wednesday

reported a 28% drop in third-quarter net profit to 3.65 trillion

pesos ($826.95 million) from the same period last year, chiefly

citing a fall in the value of the Colombian peso.

Total sales meanwhile slipped 1.5% to 34.61 trillion pesos

in the July through September period, even as output rose

slightly, Ecopetrol said in a statement.

In the first nine months of 2024, Ecopetrol's net profit

fell 26% versus the year-earlier period to 11.04 trillion pesos.

"If our accounting were not in pesos but in dollars, we

would be reporting a net profit today not of 11 trillion but of

practically 16 trillion pesos," Ecopetrol chief executive

Ricardo Roa said during a press conference, referring to the

nine-month figure.

"If you take away or normalize the impact of the exchange

rate, that affects these results by 67%," he said.

Along with the impact of the stronger dollar on the

Colombian peso, Ecopetrol said the results were also affected by

weaker oil prices and inflation.

The company's earnings before interest, taxes, depreciation

and amortization (EBITDA) - a key metric for analysts - fell 13%

in the third quarter versus the year earlier period to 14

trillion pesos, Ecopetrol said.

EBITDA in the nine months ended Sept. 30 declined 13% to

42.3 trillion pesos, the company said.

Ecopetrol's total production in the third quarter rose by

1.8% year-on-year to 754,400 barrels of oil equivalent per day

(boepd), pushed higher by the company's operations in the

Permian basin in the United States.

The company plans to invest between 23 trillion and 27

trillion pesos in 2024.

($1 = 4,413.79 Colombian pesos)