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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 (NYSE: EC) announced key management changes effective January 18, 2025. Germán González Reyes will conclude his role as Secretary General and Acting Director of Institutional Relations and Communications on January 17, 2025. The Board has appointed Cristina Toro Restrepo as Acting Secretary General, Rodolfo García Paredes as Acting Corporate Legal Vice President, and Diana Marcela Jiménez as Acting Director of Institutional Relations and Communications. Additionally, Jaime Andrés García was appointed as the main legal representative for procurement of goods and services.
Ecopetrol is Colombia's largest company, controlling over 60% of the country's hydrocarbon production and leading in petrochemicals and gas distribution. The company owns 51.4% of ISA and operates internationally in strategic basins across the Americas.
Ecopetrol announces its 2025 investment budget of 24-28 trillion pesos, with 76% (20.3T pesos) allocated to hydrocarbon production targeting 740,000-745,000 barrels of oil equivalent daily. The plan includes refinery operations of 415,000-420,000 barrels daily and transportation of 1.13-1.17M barrels daily. At projected Brent price of $73/barrel, EBITDA margin is estimated at 39% with 35T pesos in transfers to the Nation. Energy transition and transmission projects will receive 6.5T pesos (24%). The company plans to drill 455-465 development wells and 10 exploration wells, with significant investments in gas production and infrastructure maintenance.
Ecopetrol (NYSE: EC) announced key appointments to its Board of Directors' committees following their November 28-29, 2024 session. Álvaro Torres Macías was appointed as Chairperson of the Audit and Risk Committee, Guillermo García Realpe joined the Business Committee, Ángela María Robledo Gómez became Chairperson of the Corporate Governance and Sustainability Committee, and Gonzalo Hernández Jiménez joined the Compensation, Nomination, and Culture Committee. The Board also authorized hiring an independent financial advisor for the Audit and Risk Committee.
Ecopetrol (NYSE: EC) has completed the early redemption of its 5.375% notes due 2026. The company paid USD 1,007.63 per USD 1,000 of principal, totaling USD 450,579,892 plus accrued interest. This strategic move eliminates all outstanding amounts of these notes and reduces the company's refinancing risk until 2028. The action aligns with Ecopetrol's financial plan and previous announcements made in October 2024 regarding the proactive management of 2026 maturities.
Ecopetrol (NYSE: EC) has released its fourth TCFD report detailing climate change management developments from 2023 through H1 2024. The report follows Financial Stability Board's Task Force recommendations, focusing on Governance, Strategy, Risks, and Metrics and Targets.
As Colombia's largest company and a major integrated energy player in the Americas, Ecopetrol controls over 60% of Colombia's hydrocarbon production and logistics. The company has expanded its presence through a 51.4% stake in ISA, gaining positions in energy transmission across Brazil, Chile, Peru, and Bolivia. Ecopetrol also maintains strategic operations in the US Permian basin and Gulf of Mexico, and Brazil.
Fitch Ratings has maintained Ecopetrol's global credit rating at BB+ with a stable outlook, while downgrading its Standalone Credit Profile (SCP) from 'bbb' to 'bbb-'. The agency affirmed the national long-term rating at 'AAA (col)' and short-term rating at 'F1+(col)'. The rating reflects Ecopetrol's position as Colombia's leading oil and gas producer and its significant energy transmission business through ISA subsidiary. Fitch highlighted the company's strategic importance and solid financial profile, with the SCP remaining within Investment Grade range.
Ecopetrol (NYSE: EC) has announced a schedule adjustment for its third quarter 2024 financial results conference call due to the U.S. Standard Time change. The virtual conference, which will feature broadcasts in both Spanish and English, is set for Thursday, November 14, 2024, at 9:00 AM (Colombia/NY Time). The company will discuss its Q3 2024 financial and operating results through a webcast accessible via a provided link. Ecopetrol maintains its position as Colombia's largest company, controlling over 60% of the country's hydrocarbon production and holding significant stakes in energy transmission through ISA.
Ecopetrol (NYSE: EC) announces a favorable ruling from the Santa Marta Tribunal regarding an appeal against a claim filed by the Indigenous Council of Taganga. The Tribunal partially overturned a previous ruling that had suspended exploration and production at the Tayrona exploratory drilling area's Uchuva 2 well. The Ministry of Interior must now assess the necessity of a prior consultation with the indigenous community within one month. This decision allows Ecopetrol and Petrobras International Braspetro B.V. to resume drilling operations important for Colombia's energy security.
Ecopetrol (NYSE: EC) has scheduled the release of its Q3 2024 financial and operating results for Wednesday, November 13, 2024, after market close. The company will host a virtual conference call on Thursday, November 14, 2024, at 9:00 AM Colombian Time (10:00 AM NY Time) to discuss the results. The call will be available in both Spanish and English, with participants able to ask questions through the webcast platform. The earnings release, presentation, and webcast recording will be accessible on Ecopetrol's website.
Ecopetrol (NYSE: EC) has announced the full redemption of its outstanding 5.375% notes due June 2026. The redemption, scheduled for November 21, 2024, covers USD 447,168,000 in outstanding notes. The redemption price is expected to be USD 1,010.31 per USD 1,000 principal amount, plus accrued interest of USD 21.35 per USD 1,000, totaling approximately USD 461.3 million. This action aligns with the company's financial plan and debt management strategy.
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