Ecopetrol S.A. reports on the registry of the amendments of the Company's bylaws approved by the General Shareholders Assembly

Rhea-AI Summary

Ecopetrol S.A. announced the registration of amendments to its bylaws with the Chamber of Commerce of Bogotá, effective March 29, 2024. Approved by the General Shareholders' Assembly on March 22, 2024, these amendments are recorded in Public Deed No. 3136, executed on May 21, 2024. These changes do not include the corporate purpose amendment previously approved. Ecopetrol, Colombia's largest company, plays a important role in hydrocarbon production and has significant stakes in energy, petrochemicals, and gas distribution. The company also holds substantial international assets, including energy transmission and road concessions in various countries. The press release includes forward-looking statements based on managerial expectations and is subject to market, regulatory, and economic conditions.

Positive

• Ecopetrol successfully registered an amendment to its bylaws.
• The company is a major player in hydrocarbon production, responsible for over 60% in Colombia.
• Ecopetrol holds leading positions in petrochemicals and gas distribution.
• Significant international presence in the energy and road concession sectors.
• Continued strategic investments, including a 51.4% stake in ISA.

Negative

• The press release contains forward-looking statements subject to market and economic uncertainties.
• Corporate purpose amendment was not included in the recent registration.

BOGOTA, Colombia , May 30, 2024 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company") reports that the amendment to its bylaws has been registered with the Chamber of Commerce of Bogotá on March 29, 2024. This amendment was approved by the General Shareholders' Assembly in an ordinary session held on March 22, 2024, and is contained in Public Deed No. 3136 of May 21, 2024, executed by Notary 68 of the Bogotá D.C. District. This register does not include the corporate purpose amendment approved by the General Meeting of Shareholders mentioned above.

The complete text of the bylaws amendment was shared on March 22, 2024 through this medium.

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 amendments did Ecopetrol register on March 29, 2024?

Ecopetrol registered amendments to its bylaws approved by the General Shareholders' Assembly on March 22, 2024.

Does the amendment include any change to Ecopetrol's corporate purpose?

No, the recent amendment does not include the corporate purpose change previously approved.

What percentage of hydrocarbon production in Colombia is Ecopetrol responsible for?

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

What are Ecopetrol's key international operations?

Ecopetrol operates in energy transmission, real-time systems management, and road concessions in various countries across the American continent.

What significant stake does Ecopetrol hold through its acquisition?

Ecopetrol holds a 51.4% stake in ISA, which includes power transmission and road concessions.

What factors can affect Ecopetrol's forward-looking statements?

Market conditions, regulations, competition, and economic performance in Colombia and the industry can affect these statements.