Ecopetrol announces nomination of candidate to its Board of Directors

Rhea-AI Summary

Ecopetrol S.A. (NYSE: EC) has announced the nomination of Sandra Ospina Arango to its Board of Directors, with support from representatives of hydrocarbon-producing departments. This decision was made following the Declaration of the Nation, confirming Ecopetrol’s commitment to strengthen its governance. The company, a leading energy player in Colombia and the Americas, operates over 60% of the nation’s hydrocarbon production. It has significant international interests, including in the U.S. and Brazil. The press release highlights the potential for enhanced leadership and strategic direction.

Positive

• Nomination of Sandra Ospina Arango to the Board of Directors may bring fresh perspectives.
• Strengthened governance aligns with Ecopetrol's strategic goals.

Negative

• The transition may disrupt existing board dynamics.
• Concerns regarding continuity and experience gaps with new board member.

BOGOTÁ, Colombia, Oct. 7, 2022 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reports that together with the subscription of the Declaration of the Nation as majority shareholder and according to the established procedure, the current representatives of the hydrocarbon producing departments in which Ecopetrol operates, signed a document through which they unanimously agreed to nominate Mrs. Sandra Ospina Arango as their candidate to the Board of Directors.

The signed document may be consulted at the following link: https://files.ecopetrol.com.co/web/esp/acta-postulaci%C3%B3n-candidato-jd-departamentos-productores.pdf

This URL is intended to be an inactive textual reference only. It is not intended to be an active hyperlink to Ecopetrol's website and the information on the website, which may be accessible through a hyperlink resulting from this URL, is not and shall not be deemed to be incorporated into this Form 6-K.

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 further information, contact:

Head of Capital Markets
Tatiana Uribe Benninghoff
Email: investors@ecopetrol.com.co

Head of Corporate Communications
Mauricio Tellez
Email: mauricio.tellez@ecopetrol.com.co

View original content:https://www.prnewswire.com/news-releases/ecopetrol-announces-nomination-of-candidate-to-its-board-of-directors-301644115.html

SOURCE Ecopetrol S.A.

FAQ

What is the recent management change at Ecopetrol?

Ecopetrol has nominated Sandra Ospina Arango to its Board of Directors, following the Declaration of the Nation.

Who is Sandra Ospina Arango?

Sandra Ospina Arango is the newly nominated candidate for Ecopetrol's Board of Directors, selected by representatives from hydrocarbon-producing departments.

How does the nomination of Sandra Ospina Arango impact Ecopetrol?

The nomination aims to strengthen governance and bring new strategic insights, although it may also raise concerns about board continuity.

When was the nomination of the new board member announced?

The nomination was announced on October 7, 2022.