Ecopetrol's Board of Directors Appointment

Rhea-AI Summary

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announced on October 24, 2022, the appointment of its Board of Directors during an extraordinary General Shareholder's Meeting. The new board includes both non-independent representatives, such as Mónica de Greiff Lindo and Gonzalo Hernández Jiménez, and independent representatives like Gabriel Mauricio Cabrera Galvis and Sandra Ospina Arango. As Colombia's largest company, Ecopetrol plays a significant role in the hydrocarbon sector, accounting for over 60% of national production and boasting a substantial international presence in key energy markets.

Positive

• Appointment of a diverse Board of Directors expected to bring fresh perspectives and strengthen leadership.

Negative

• Potential concerns about continuity due to changes in board leadership.

BOGOTÁ, Colombia, Oct. 24, 2022 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) informs that at the extraordinary General Shareholder's Meeting held on October 24, 2022, its Board of Directors was appointed as follows:

Non-Independent Representatives:

• Mónica de Greiff Lindo
• Gonzalo Hernández Jiménez

Independent Representatives:

• Gabriel Mauricio Cabrera Galvis
• Carlos Gustavo Cano Sanz
• Saúl Kattan Cohen
• Sandra Ospina Arango
• Luis Santiago Perdomo Maldonado
• Esteban Piedrahíta Uribe
• Sergio Restrepo Isaza

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, the performance of the Colombian economy my 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/ecopetrols-board-of-directors-appointment-301657820.html

SOURCE Ecopetrol S.A.

FAQ

What changes were made to Ecopetrol's board of directors on October 24, 2022?

Ecopetrol appointed new members to its Board of Directors during an extraordinary General Shareholder's Meeting on October 24, 2022, including both non-independent and independent representatives.

Who are the new independent representatives on Ecopetrol's board?

The new independent representatives include Gabriel Mauricio Cabrera Galvis, Carlos Gustavo Cano Sanz, Saúl Kattan Cohen, Sandra Ospina Arango, Luis Santiago Perdomo Maldonado, Esteban Piedrahíta Uribe, and Sergio Restrepo Isaza.

How does the board of directors' change impact Ecopetrol's strategy?

The board of directors' change may influence Ecopetrol's strategy by introducing new perspectives and potentially enhancing decision-making processes.

What is the significance of Ecopetrol's board composition?

The board's composition reflects a commitment to both independent oversight and operational experience, crucial for navigating market conditions and regulatory environments.

How does Ecopetrol's new board affect its operational focus?

The newly appointed board could realign Ecopetrol's operational focus by leveraging its diverse expertise in energy production, management, and strategic planning.