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Ecopetrol S.A. (NYSE: EC) is Colombia's largest and primary petroleum company, actively engaged in a diverse set of commercial and industrial activities within the energy sector. With operations spanning across the exploration, production, refining, and marketing of hydrocarbons, Ecopetrol also delves into the electric power transmission, road infrastructure projects, and telecommunications services. The company operates through four key business segments: Exploration and Production, Transport and Logistics, Refining and Petrochemical, and Electric Power Transmission and Toll Roads Concessions. The majority of its revenue is generated from the Refining and Petrochemical segment.
Founded as Empresa Colombiana de Petróleos S.A., Ecopetrol stands as a vital entity in Colombia's economy, responsible for over 60% of the nation's hydrocarbon production. Their influence extends to various international markets through strategic drilling and exploration operations in the United States, Brazil, and Mexico. The acquisition of a 51.4% stake in ISA has diversified Ecopetrol's operations into energy transmission and road concessions across several South American countries, including Chile, Peru, and Bolivia.
Recent developments include the approval of a financial restructuring plan for Chicago Bridge & Iron Company N.V. (
Ecopetrol S.A. (EC) has announced its General Shareholders' Meeting scheduled for March 28, 2025, at 9:00 a.m., to be held at the Centro Internacional de Negocios y Exposiciones (Corferias) in Bogota. Key agenda items include the presentation and approval of the 2024 Integrated Management Report, financial statements, profit distribution, election of the Statutory Auditor for 2025-2029, and election of Board Members.
Shareholders can exercise their inspection rights from March 6, 2025, and the meeting will be broadcast live via streaming. The company will implement electronic voting, requiring shareholders to bring smart mobile devices. Alternative voting mechanisms will be available for those without suitable devices. Shareholders unable to attend can appoint proxies, with power-of-attorney templates available on Ecopetrol's website.
Ecopetrol (NYSE: EC) has announced measures approved by its Board of Directors to ensure proper shareholder representation at the upcoming Ordinary General Shareholders' Meeting on March 28, 2025. The key measures include: informing shareholders about proxy representation rights, validating proxy assignments, preventing company administrators and employees from influencing shareholder votes or suggesting representatives, and restricting proxy grants to those linked to administration or employees.
The Vice-Presidency of Legal Affairs and Secretariat will oversee proxy review and verification. These measures were adopted on February 21, 2025. Ecopetrol, Colombia's largest company, maintains dominant positions in hydrocarbon production, transportation, and refining, controlling over 60% of these operations in Colombia. The company also holds a 51.4% stake in ISA, participating in energy transmission and infrastructure projects across the Americas.
Ecopetrol Group (NYSE: EC) announced its proven reserves of oil, condensates, and natural gas as of December 31, 2024, reaching 1,893 MBOE, a slight increase of 10 MBOE from 2023. The company achieved a 104% reserve replacement ratio with an average reserve life of 7.6 years.
The Group incorporated 260 MBOE of proven reserves in 2024, the highest in three years, comprising 244.3 MBOE crude oil and 15.3 MBOE gas. Organic growth contributed 231 MBOE through new projects and enhanced recovery initiatives, while inorganic growth added 29 MBOE, including the acquisition of Repsol's 45% stake in the CPO-09 block.
The reserves were valued at a Brent reference price of USD 79.7/bbl, compared to USD 82.8/bbl in 2023. Of the total reserves, 80% are liquids and 20% are gas, with 89% located in Colombia and 11% in the United States.
Ecopetrol (NYSE: EC) has scheduled the release of its Q4 and full-year 2024 financial and operating results for Tuesday, March 4, 2025, after market close. The company will host a virtual conference call on Wednesday, March 5, 2025, at 9:00 AM (Colombia/NY time) to discuss the results.
The conference will be broadcast in both Spanish and English through a webcast platform where participants can submit questions. The earnings release, presentation slides, and conference recording will be available on Ecopetrol's website.
Ecopetrol is Colombia's largest company and a major integrated energy player in the Americas, employing over 19,000 people. It controls more than 60% of Colombia's hydrocarbon production and holds a 51.4% stake in ISA, with operations spanning energy transmission, real-time systems management, and highway concessions. The company also maintains strategic positions in drilling and exploration across the US, Brazil, and Mexico.
Ecopetrol (NYSE: EC) has successfully completed the acquisition of Repsol's remaining 45% stake in the CPO-09 Block for $452 million USD, achieving 100% ownership of this strategic asset in Colombia's Piedemonte Llanero. The transaction was finalized on February 5, 2025, following regulatory approval from the Superintendency of Industry and Commerce and the National Hydrocarbons Agency's formal amendment to the Hydrocarbon Exploration and Production Contract.
The CPO-09 block, located in Meta department across nine municipalities, strengthens Ecopetrol's position in the Llanos Orientales basin. This acquisition consolidates Ecopetrol's regional presence, where it already operates several key fields including Akacias, Chichimene, Castilla, and others. The deal reinforces the company's commitment to Colombia's energy future and highlights hydrocarbons' role in energy transition projects and national energy sustainability.
Ecopetrol (NYSE: EC) has announced an extension of its development plan with Occidental Petroleum (OXY) in the Permian Basin's Midland area. The agreement includes a drilling plan for 34 new wells between April 2025 and June 2026, supplementing the current development plan for early 2025.
For 2025, Ecopetrol Permian's plan for both Midland and Delaware sub-basins encompasses drilling approximately 91 development wells, with an estimated investment of $885 million and targeted average annual production of 90,000 barrels of oil equivalent per day. The companies maintain a separate contract for Delaware sub-basin development until 2027, with the possibility of future extensions subject to market conditions.
Ecopetrol (NYSE: EC) announced organizational changes approved by its Board of Directors on January 31, 2025, aligned with its '2040 Energy that Transforms' strategy. The restructuring aims to strengthen business line management, maintain competitive returns, and separate management from execution activities.
Key changes include: The Corporate Legal Vice Presidency's expansion to include General Secretariat functions, with María Cristina Toro Restrepo confirmed as Corporate Legal Vice President and General Secretary; Rafael Ernesto Guzmán Ayala's appointment as Executive Vice President of Hydrocarbons; and the renaming of Upstream Vice Presidency to Exploration, Development, and Production Vice Presidency, led by Juan Carlos Hurtado Parra.
Ecopetrol, Colombia's largest company, controls over 60% of national hydrocarbon production and leads in petrochemicals and gas distribution. Through its 51.4% stake in ISA, it operates in energy transmission and infrastructure across Latin America, with additional operations in the US, Brazil, and Mexico.
Ecopetrol (NYSE: EC) has submitted its annual Report on the Implementation of Best Corporate Practices ('Código País') to Colombia's Financial Superintendency, covering governance practices implemented throughout 2024. The report was digitally signed by the Legal Representative and is publicly available through both Ecopetrol's website and the Financial Superintendency portal.
As context, Ecopetrol stands as Colombia's largest company and a major integrated energy player in the Americas, employing over 18,000 people. The company controls more than 60% of Colombia's hydrocarbon production and holds dominant positions in transportation, logistics, refining, petrochemicals, and gas distribution. Through its 51.4% ownership in ISA, Ecopetrol has expanded into energy transmission, real-time systems management, and highway concessions. Internationally, it operates in strategic basins across the Americas and maintains leading positions in power transmission across several South American countries.
Ecopetrol (NYSE: EC) announces a significant legal victory as the Court of the Southern District of New York denied Chicago Bridge & Iron Company's request to vacate the June 2, 2023 arbitration award regarding the EPC Contract for Refinería de Cartagena (Reficar). The court's decision fully confirms the arbitration award, following a previous decision by the Court of the Netherlands on March 21, 2024, regarding CB&I's financial restructuring plan.
This ruling concludes a lengthy legal process where Reficar successfully defended its interests and those of its shareholders, including the Republic of Colombia. The dispute centered around the expansion and modernization of the Cartagena refinery, involving Reficar and CB&I entities.
Ecopetrol (NYSE: EC) has announced key changes in its senior management team. Walter Fabián Canova, Vice President of Refining and Industrial Processes, will end his employment on January 15, 2025, after seven years with the company. Felipe Trujillo López, current Vice President of Commercial and Marketing, will temporarily take over as Vice President of Refining and Industrial Processes.
Julio César Herrera will serve as interim Vice President of Commercial and Marketing starting January 15, 2025. Herrera brings over 30 years of oil and gas industry experience, having worked with ExxonMobile, BP, and Ecopetrol, most recently as General Manager of Ecopetrol US Trading.
Ecopetrol is Colombia's largest company and a major integrated energy player in the Americas, employing over 18,000 people. It controls more than 60% of Colombia's hydrocarbon production and holds a 51.4% stake in ISA, maintaining significant presence in energy transmission across Latin America.
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