Ecopetrol Publishes The Text Of The Amendment To Its Bylaws That Will Be Submitted For Consideration At Its General Shareholder's Meeting

Rhea-AI Summary

Ecopetrol S.A. (NYSE: EC) has announced the submission of bylaw amendments for consideration at its General Shareholders' Meeting scheduled for March 30, 2022. The company, Colombia's largest and a major energy player in the Americas, plays a crucial role in the country's hydrocarbon production, responsible for over 60% of it. The announcement details the amendments’ text, which is accessible online. As a leader in various energy sectors both domestically and internationally, Ecopetrol continues to navigate the complexities of market conditions while focusing on growth prospects.

Positive

• Ecopetrol is Colombia’s largest company, crucial for over 60% of the country's hydrocarbon production.
• The company has expanded its operations across the Americas, including stakes in strategic basins in the United States, Brazil, and Mexico.
• Ecopetrol's acquisition of 51.4% of ISA's shares enhances its position in energy transmission and related sectors.

Negative

• The company's future growth prospects are uncertain and heavily reliant on market conditions, regulations, and the performance of Colombia's economy.

BOGOTÁ, Colombia, Feb. 24, 2022 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) informs that it has released the text of the amendments to its bylaws that will be submitted for consideration at the General Shareholders' Meeting, which will be held on March 30, 2022.

The text can be found in the following link:
https://files.ecopetrol.com.co/web/esp/220224%20Bylaws%20Ecopetrol%20(2%20columnas).pdf 

Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 17,000 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, 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
Tatiana Uribe Benninghoff
Email: investors@ecopetrol.com.co  

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

View original content:https://www.prnewswire.com/news-releases/ecopetrol-publishes-the-text-of-the-amendment-to-its-bylaws-that-will-be-submitted-for-consideration-at-its-general-shareholders-meeting-301490319.html

SOURCE Ecopetrol S.A.

FAQ

What amendments will Ecopetrol submit at the March 30, 2022 shareholders' meeting?

Ecopetrol will submit amendments to its bylaws for approval at the General Shareholders' Meeting on March 30, 2022.

Where can I find the text of Ecopetrol's bylaw amendments?

The text of the bylaw amendments can be found on Ecopetrol's official website via the provided link.

What is Ecopetrol's role in Colombia's hydrocarbon production?

Ecopetrol is responsible for over 60% of Colombia's hydrocarbon production, making it a key player in the sector.

What international operations does Ecopetrol engage in?

Ecopetrol has drilling and exploration operations in the U.S. (Permian Basin and Gulf of Mexico), Brazil, and Mexico.

How does the recent announcement affect Ecopetrol's growth prospects?

The announcement highlights uncertainties in growth prospects, as they depend on various market and economic factors.