Decisions of Ecopetrol S.A.'s Board of Directors

Rhea-AI Summary

Ecopetrol S.A. announced on March 31, 2023, the composition of its Board committees following a recent meeting. The Audit and Risk Committee will be led by Luis Alberto Zuleta, while the New Business Committee will be chaired by Saúl Kattan. Other committees include the Corporate Governance and Sustainability Committee, led by Esteban Piedrahita, and the Remuneration, Nomination, and Culture Committee, presided over by Mauricio Cabrera. Additionally, the HSE and Technology and Innovation Committees will also have new leadership. These appointments are effective immediately, signaling a potential shift in corporate governance and strategic direction for the company.

Positive

• New committee appointments may bring fresh perspectives and strengthen leadership.
• Leadership changes could enhance strategic focus on business growth.

Negative

• Management changes may raise concerns about continuity and experience gaps.

BOGOTÁ, Colombia, March 31, 2023 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) informs that the Board of Directors, in its meeting held on March 31, 2023, approved the composition of its committees as follows:

AUDIT AND RISK COMMITTEE

• Luis Alberto Zuleta (President)
• Juan José Echavarría
• Sandra Ospina
• Claudia González

NEW BUSINESS COMMITTEE

• Saúl Kattan (President)
• Esteban Piedrahita
• Gonzalo Hernández
• Mauricio Cabrera
• Sandra Ospina
• Mónica de Greiff
• Claudia González

CORPORATE GOVERNANCE AND SUSTAINABILITY COMMITTEE

• Esteban Piedrahita (President)
• Gonzalo Hernández
• Mónica de Greiff
• Claudia González
• Luis Alberto Zuleta
• Juan José Echavarría

REMUNERATION, NOMINATION, AND CULTURE COMMITTEE

• Mauricio Cabrera (President)
• Mónica de Greiff
• Saúl Kattan
• Juan José Echavarría

HSE COMMITTEE

• Sandra Ospina (President)
• Claudia González
• Luis Alberto Zuleta
• Mónica de Greiff
• Mauricio Cabrera

TECHNOLOGY AND INNOVATION COMMITTEE

• Saúl Kattan (President)
• Esteban Piedrahita
• Sandra Ospina

These appointments are effective as of the date hereof.

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Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 18,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector. This press release contains business prospect statements, operating and financial result estimates, and statements related to Ecopetrol's growth prospects. These are all projections and, as such, they are based solely on the expectations of the managers regarding the future of the company and their continued access to capital to finance the company's business plan. The realization of said estimates in the future depends on the behavior of market conditions, regulations, competition, and the performance of the Colombian economy and the industry, among other factors, and are consequently subject to change without prior notice.

This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, reserves, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements.

For more information, please contact:

Head of Capital Markets (a)
María Catalina Escobar
Email: investors@ecopetrol.com.co

Head of Corporate Communications (a)
Juan Guillermo Londoño
Correo electrónico: juan.londono@ecopetrol.com.co

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SOURCE Ecopetrol S.A.

FAQ

What are the new committee compositions at Ecopetrol as of March 31, 2023?

The new committee compositions include Luis Alberto Zuleta as President of the Audit and Risk Committee and Saúl Kattan as President of the New Business Committee, among others.

How might the leadership changes at Ecopetrol affect the company's strategy?

The leadership changes could potentially enhance strategic focus and foster new growth initiatives within the company.

What is the significance of the appointed committee leaders for Ecopetrol?

The appointed leaders are expected to drive the company's governance and strategic initiatives, impacting overall business direction.