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UPDATE 1-Colombia's Ecopetrol Q1 net profit more than doubles

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(Adds details, quotes)

By Oliver Griffin, Noe Torres and Valentine Hilaire

BOGOTA/MEXICO CITY, May 10 (Reuters) - Colombia's majority state-owned oil company Ecopetrol on Tuesday reported that first-quarter net profit more than doubled to 6.57 trillion pesos ($1.6 billion), boosted by higher oil prices.

The oil company's first-quarter earnings before interest, taxes, depreciation and amortization (EBITDA) rose 94% to 15.9 trillion pesos, it said.

A price surge boosted by the war in Ukraine helped drive the company's profit, Chief Executive Felipe Bayon said in a statement to Colombia's financial regulator, though he warned of inflationary and cost challenges.

"Although high prices have favored our income, they have also generated challenges in terms of inflation and high energy costs added to the logistical crisis at the international level, which are beginning to put pressure on operating costs and lead times for completing projects," he said.

Ecopetrol's results follow those of regional peers Mexico's Petroleos Mexicanos, known as Pemex, and Brazilian counterpart Petroleo Brasileiro SA, which is referred to as Petrobras.

The Brazilian company posted a quarterly net income of just under $9 billion, beating analysts' expectations, while Pemex reported a swing to a first-quarter net profit of around $6 billion.

Ecopetrol's first-quarter sales rose 89% to 32.5 trillion pesos, the company added.

Production in the first quarter rose to 692,100 barrels of oil equivalent per day (boed), up from 675,700 boed in the first quarter of 2020, Ecopetrol said.

The company in February estimated 2022 production of between 700,000 and 705,000 boed.

($1 = 4,085.76 Colombian pesos) (Reporting by Oliver Griffin, Noe Torres and Valentine Hilaire; Editing by Christian Plumb)