BOGOTA, Nov 7 (Reuters) - Colombia's majority state-owned oil firm Ecopetrol (ECO.CN) on Tuesday posted third-quarter net profit that was down 47% from a year earlier, citing crude prices that lagged behind 2022 highs while output kept growing.

Ecopetrol, which pumps the bulk of Colombia's oil, a key national export, reported a 5.09 trillion peso ($1.28 billion) profit from July to September. Revenues fell 19% from a year ago to 35.1 trillion pesos.

Results were in line with company forecasts of a quarterly profit of 5 trillion to 6 trillion pesos from revenues of 32 trillion to 36 trillion pesos.

Third-quarter earnings before interest, taxes, depreciation and amortization (EBITDA) landed at 16.04 trillion pesos, at the high end of a 14 trillion peso to 16.5 trillion peso forecast.

Production in the quarter rose 2.8% to an average of 740,8000 barrels of oil equivalent per day (boed), the company said.

Average production for the year through Sept. 30 rose 3.3% to 729,500 boed.

Ecopetrol's average crude prices fell 16% from a year earlier to $77.8 per barrel, while Brent crude, a global benchmark, fell 12% to $85.9 per barrel.

Crude oil exports during the three-month period dipped 2.7% to an average of 406,500 barrels per day (bpd). But petroleum product shipments during the period rose by more than a quarter to reach 114,900 bpd, according to the company's report.

Weighed by lower crude prices as well as higher borrowing costs and fears of economic slowdown, Ecopetrol's earnings have slumped from the records notched in 2022, while remaining well above levels reached in previous years.

Colombia is among Latin America's larger oil producers, pumping fewer barrels than regional heavyweights Brazil and Mexico, but more than Argentina or Ecuador.

Mexican peer Pemex (PEMX.UL) posted a $4.5 billion quarterly loss late last month. read more

($1 = 3,975.09 Colombian pesos)

https://www.reuters.com/markets/commodities/third-quarter-profit-colombias-ecopetrol-falls-47-2023-11-07/