Establishment of the Business Committee of the Board of Directors of Ecopetrol S.A.

Rhea-AI Summary

Ecopetrol S.A. (NYSE: EC) announced the resignation of board member Juan Emilio Posada Echeverri and the establishment of a new Business Committee on June 9, 2022. The committee, chaired by Carlos Gustavo Cano, includes Hernando Ramirez, Sergio Restrepo, Esteban Piedrahita, and Cecilia Maria Velez. As Colombia's largest company, Ecopetrol produces over 60% of the country's hydrocarbons and engages in various international ventures. The press release also contains forward-looking statements regarding the company's growth prospects, operational results, and potential market conditions affecting it.

Positive

• Formation of a new Business Committee with experienced members.
• Carlos Gustavo Cano's chairmanship may bring fresh perspectives.

Negative

• Resignation of a board member might raise concerns about continuity.

BOGOTÁ, June 13, 2022 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) informs that, given the resignation of Juan Emilio Posada Echeverri from the Board of Directors of the company, the board, in its session on June 9, 2022, approved the new members of the Business Committee, which is formed as follows:

BUSINESS COMMITTEE

• Carlos Gustavo Cano
• Hernando Ramirez
• Sergio Restrepo
• Esteban Piedrahita
• Cecilia Maria Velez

Note: In bold is the Director who chairs the Committee.

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

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SOURCE Ecopetrol S.A.

FAQ

What prompted the formation of the new Business Committee at Ecopetrol?

The formation follows the resignation of Juan Emilio Posada Echeverri from the Board of Directors.

Who are the members of the new Business Committee at Ecopetrol?

The committee includes Carlos Gustavo Cano (chair), Hernando Ramirez, Sergio Restrepo, Esteban Piedrahita, and Cecilia Maria Velez.

What is the significance of the Business Committee for Ecopetrol's future?

The Business Committee is expected to guide the company's strategic direction and operational efficiency.

When was the Business Committee established for Ecopetrol?

The committee was established on June 9, 2022.