Ecopetrol has announced a 2016 capital program of US$4.8 billion and production guidance of 755,000 boe/d, which is in line with our expectations. FirstEnergy is currently forecasting 2016e capital expenditures of US$4.8 billion and production of 750,000 boe/d. For 2016e, we are forecasting cash flow of approximately US$3.4 billion, which is insufficient to cover capital expenditures of US$4.8 billion and estimated dividends of US$1.9 billion. The cash shortfall of approximately US$3.3 billion i ....