Ecopetrol Announces Nomination of Candidate for Board of Directors

Rhea-AI Summary

Ecopetrol (NYSE: EC) has announced that representatives of hydrocarbon-producing departments have unanimously nominated Dr. Ricardo Rodriguez Yee as their candidate to the Board of Directors. This nomination follows the declaration of the Nation as the majority shareholder.

Ecopetrol stands as Colombia's largest company and a major integrated energy player in the Americas, employing over 19,000 people. The company controls more than 60% of Colombia's hydrocarbon production and leads in petrochemicals and gas distribution. Through its 51.4% ownership in ISA, Ecopetrol has expanded into energy transmission and infrastructure management across multiple South American countries.

The company maintains strategic operations in the United States (Permian basin and Gulf of Mexico), Brazil, and Mexico, while also holding significant positions in power transmission across Brazil, Chile, Peru, and Bolivia through ISA and its subsidiaries.

Positive

• Controls 60%+ of Colombia's hydrocarbon production
• Diversified operations across Americas through ISA ownership (51.4%)
• Strong market presence in multiple energy sectors
• 19,000+ employee workforce

Negative

• None.

BOGOTA, Colombia, March 6, 2025 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company") announces that, in accordance with the declaration of the Nation, as the majority shareholder and following the established procedure therein, representatives of the hydrocarbon producing departments in which Ecopetrol operates have unanimously agreed to nominate Dr. Ricardo Rodriguez Yee as their candidate to the Board of Directors.

See the document signed by the representatives of the departments attached below. (Available in Spanish)

Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 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 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 (Colombia)
Marcela Ulloa
Email: marcela.ulloa@ecopetrol.com.co 

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SOURCE Ecopetrol S.A.

FAQ

Who is the new Board of Directors nominee for Ecopetrol (EC)?

Dr. Ricardo Rodriguez Yee has been unanimously nominated by representatives of hydrocarbon-producing departments as their candidate to Ecopetrol's Board of Directors.

What percentage of Colombia's hydrocarbon production does Ecopetrol (EC) control?

Ecopetrol controls more than 60% of Colombia's hydrocarbon production, including most transportation, logistics, and hydrocarbon refining systems.

What is Ecopetrol's (EC) ownership stake in ISA?

Ecopetrol owns 51.4% of ISA's shares, giving it control over energy transmission and infrastructure management operations.

In which international markets does Ecopetrol (EC) currently operate?

Ecopetrol operates in the United States (Permian basin and Gulf of Mexico), Brazil, and Mexico, with additional presence through ISA in Brazil, Chile, Peru, and Bolivia.