Decisions of the Board of Directors of Ecopetrol S.A.

Rhea-AI Summary

Ecopetrol S.A. (NYSE: EC) announced the appointment of independent Director Gonzalo Hernández Jiménez to its Audit and Risk Committee by the Board of Directors on June 28, 2024. Hernández joins the committee, which includes Luis Alberto Zuleta Jaramillo (Chairman), Álvaro Torres Macías, Guillermo García Realpe, Angela María Robledo Gómez, and Juan José Echavarría Soto. Ecopetrol is Colombia's largest company, responsible for over 60% of the nation's hydrocarbon production, and it holds significant positions in petrochemicals and gas distribution. Internationally, Ecopetrol operates in energy transmission, real-time system management, and road concessions across the American continent. The company emphasizes its growth prospects and future performance based on market conditions and access to capital.

Positive

• Appointment of Gonzalo Hernández Jiménez may strengthen the Audit and Risk Committee with fresh perspectives.
• Ecopetrol maintains significant roles in key energy and hydrocarbon sectors in Colombia and internationally.
• The company's strategic stakes in the American continent could enhance its growth prospects.

Negative

• Future performance is heavily reliant on market conditions, regulations, and the Colombian economy, which introduces risk and uncertainty.

BOGOTA, June 28, 2024 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company") informs that the Board of Directors, at its meeting held on June 28, 2024, appointed independent Director Gonzalo Hernández Jiménez as a member of the Audit and Risk Committee of the Board of Directors.

The members of the Audit and Risk Committee are:

• Luis Alberto Zuleta Jaramillo (Chairman)
• Álvaro Torres Macías
• Guillermo García Realpe
• Angela María Robledo Gómez
• Juan José Echavarría Soto
• Gonzalo Hernández Jiménez

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, 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
Carolina Tovar Aragón
Email: investors@ecopetrol.com.co

Head of Corporate Communications
Marcela Ulloa
Email: marcela.ulloa@ecopetrol.com.co

View original content:https://www.prnewswire.com/news-releases/decisions-of-the-board-of-directors-of-ecopetrol-sa-302186247.html

SOURCE Ecopetrol S.A.

FAQ

Who was appointed to the Audit and Risk Committee of Ecopetrol on June 28, 2024?

Gonzalo Hernández Jiménez was appointed to the Audit and Risk Committee on June 28, 2024.

What is the stock symbol for Ecopetrol?

Ecopetrol's stock symbol is EC.

What are the significant sectors Ecopetrol operates in?

Ecopetrol operates in hydrocarbon production, petrochemicals, gas distribution, energy transmission, and road concessions.

How much of Colombia's hydrocarbon production is Ecopetrol responsible for?

Ecopetrol is responsible for more than 60% of Colombia's hydrocarbon production.

What are some of the international operations of Ecopetrol?

Ecopetrol has operations in energy transmission, real-time systems, and road concessions in the USA, Brazil, Mexico, Chile, Peru, and Bolivia.