Ecopetrol dispels local news media reports regarding the resignation of a member of the Board of Directors

Rhea-AI Summary

Ecopetrol S.A. (BVC: EC; NYSE: EC) has addressed local media reports about the resignation of Carlos Gustavo Cano from its Board of Directors, stating that they have not received any official communication regarding such a resignation. The company emphasizes its commitment to fulfilling disclosure obligations and will convey any significant news in a timely manner. As Colombia's largest company, Ecopetrol significantly contributes to the country's hydrocarbon production and holds vital positions in energy sectors across the Americas, including oil and gas exploration and power transmission.

Positive

• Ecopetrol maintains strong leadership stability with the current Board of Directors.
• The company continues to comply with disclosure obligations, ensuring transparency.
• Ecopetrol's substantial role in energy production reinforces its market position.

Negative

• Media speculation about board member resignation may create uncertainty among investors.

BOGOTA, Colombia, Feb. 17, 2023 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) informs that, in connection with local news media reports regarding the resignation of Carlos Gustavo Cano from its Board of Directors, that to date, the Company has not received any such communication to that effect from the director. 

Any news will be communicated by Ecopetrol in compliance with its disclosure obligations.

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 (a) 
Maria Catalina Escobar Hoyos 
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 did Ecopetrol say about Carlos Gustavo Cano's resignation?

Ecopetrol stated they have not received any official communication regarding Carlos Gustavo Cano's resignation from the Board of Directors.

How does Ecopetrol respond to media reports about its leadership?

Ecopetrol emphasizes its commitment to disclosure obligations and will communicate any significant news as required.

What is Ecopetrol's role in Colombia's energy sector?

Ecopetrol is Colombia's largest company and is responsible for over 60% of the country's hydrocarbon production.

What impact might a board member resignation have on Ecopetrol?

Speculation about board changes can lead to investor uncertainty, potentially affecting stock performance.