Ecopetrol reports on the protocolization of the amendment of its bylaws

Rhea-AI Summary

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) has completed the amendment of its bylaws, officially registered on June 18, 2024, following approvals from shareholders on March 22, 2024, and bondholders on May 29, 2024. Ecopetrol, Colombia's largest company and a major integrated energy player in the Americas, employs over 18,000 people and produces more than 60% of Colombia's hydrocarbons. The company has diversified operations including energy transmission, real-time system management, and road concessions through its majority stake in ISA. Internationally, it operates in strategic basins and the power transmission business across the Americas. The company highlights that its future projections depend on market conditions and other factors, subject to change without notice.

Positive

• Amendment of bylaws officially registered, aligning with corporate governance practices.
• Shareholder and bondholder approvals demonstrate stakeholder support.
• Ecopetrol is a leading energy company in Colombia, producing over 60% of the nation’s hydrocarbons.
• International operations in the US, Brazil, and Mexico, enhancing global footprint.
• Majority stake in ISA strengthens position in energy transmission and infrastructure management.

Negative

• Future projections are highly dependent on market conditions, regulations, and the Colombian economy.
• Statements regarding business prospects are based on managerial expectations and subject to change without notice.

BOGOTA, Colombia, June 21, 2024 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company") informs that the amendment of its bylaws relating to its corporate purpose was registered before the Chamber of Commerce of Bogotá D.C. and is contained in Public Deed No. 1273 of June 18, 2024, of Notary 52 of the Circuit of Bogota. This amendment was approved by the general shareholders meeting in ordinary session on March 22, 2024 and by the bondholders meetings on May 29, 2024.

The approvals of the amendment of its bylaws, as well as the complete text of such reform, were informed through this medium in press releases dated March 23 and May 29 of this year.

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

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SOURCE Ecopetrol S.A.

FAQ

What amendment did Ecopetrol make to its bylaws?

Ecopetrol amended its bylaws to update its corporate purpose, officially registered on June 18, 2024.

When did Ecopetrol's shareholders approve the bylaw amendment?

Ecopetrol's shareholders approved the amendment in a meeting on March 22, 2024.

What percentage of Colombia's hydrocarbon production is Ecopetrol responsible for?

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

Where does Ecopetrol have international operations?

Ecopetrol has international operations in the United States, Brazil, and Mexico.

What is the stock symbol for Ecopetrol?

The stock symbol for Ecopetrol is EC.

What is ISA's role in Ecopetrol's operations?

ISA, of which Ecopetrol owns 51.4%, strengthens its position in energy transmission, real-time systems management, and road concessions.

What factors could affect Ecopetrol’s future projections?

Ecopetrol’s future projections depend on market conditions, regulations, competition, and the performance of the Colombian economy and industry.