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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) 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.
Ecopetrol S.A. (NYSE: EC) has announced the results and settlement of its cash tender offer for any and all of its outstanding 5.375% Notes due 2026. The offer expired on October 16, 2024, at 5:00 p.m., New York City time. Ecopetrol accepted for purchase all $802,832,000 in principal amount of Securities validly tendered and not withdrawn, paying a Total Consideration of $1,011.90 per $1,000 principal amount on October 21, 2024 (Settlement Date).
The company satisfied all conditions of the offer, including the pricing and closing of a concurrent offering of notes. Ecopetrol intends, but is not obligated, to redeem all or a portion of the remaining outstanding Securities. BBVA Securities Inc., J.P. Morgan Securities , and Santander US Capital Markets served as Dealer Managers for the offer.
Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) has announced a new senior management appointment effective October 16, 2024. Carlos Mauricio Avila Saldarriaga has been appointed as Vice President of Subsidiaries and Assets with Partners. Carlos is a Petroleum Engineer with over 28 years of experience in the hydrocarbons sector. He has held leadership roles in companies such as Occidental de Colombia Inc., Halliburton, and Frontera Energy.
Carlos's expertise includes structuring portfolios, performing technical and economic-financial valuations of projects, and leading interactions with diverse stakeholders. He has consolidated high-performing teams and developed national and international exploration and production businesses. Ecopetrol, the largest company in Colombia, is responsible for more than 60% of the country's hydrocarbon production and holds leading positions in various energy sectors.
Ecopetrol S.A. (NYSE: EC) has announced the pricing of its cash tender offer for any and all of its outstanding 5.375% Notes due 2026. The offer expires on October 16, 2024, at 5:00 p.m., New York City time. The Total Consideration for the Securities is $1,011.90 per $1,000 principal amount, based on a Fixed Spread of +45 basis points over the Reference Yield of 4.507%.
The settlement date is expected to be October 21, 2024. Ecopetrol intends to accept for payment and pay the Total Consideration for Securities validly tendered and not validly withdrawn at or prior to the Expiration Time. The offer is conditioned upon the satisfaction of certain conditions, including a Financing Condition related to a concurrent offering of new notes.
Ecopetrol S.A. (NYSE: EC) announces the postponement of the Price Determination Time and extension of the Expiration Time, Guaranteed Delivery Date, and Settlement Date for its cash tender offer to purchase any and all of its outstanding 5.375% Notes due 2026. Key updates include:
- New Price Determination Time: 10:00 a.m., New York City Time on October 16, 2024
- New Expiration Time: 5:00 p.m., New York City Time on October 16, 2024
- New Guaranteed Delivery Date: 5:00 p.m., New York City Time on October 18, 2024
- New Settlement Date: Expected to be October 21, 2024
The offer is conditioned upon the satisfaction of certain conditions, including the Financing Condition related to a concurrent offering of new notes. Holders who have previously validly tendered their Securities do not need to re-tender. The offer remains subject to the terms and conditions set forth in the Offer to Purchase dated October 8, 2024.
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