Minority Shareholders nominate candidate to Ecopetrol's Board of Directors

Rhea-AI Summary

Ecopetrol S.A. (NYSE: EC) has announced that minority shareholders have nominated Dr. Carlos Gustavo Cano Sanz to the Board of Directors. This nomination follows the subscription of the Declaration of the Nation as majority shareholder. Ecopetrol, Colombia's largest company, is a key player in energy production, holding significant stakes in hydrocarbon production, logistics, and refining. The company has expanded its reach in energy transmission through the acquisition of ISA shares and operates internationally in the U.S., Brazil, and Mexico, among others.

Positive

• Nomination of Dr. Carlos Gustavo Cano Sanz expected to bring fresh perspectives to the Board.
• Ecopetrol maintains its position as a leading integrated energy company in the Americas.

Negative

• Potential concerns about continuity and experience gaps with the new Board nomination.

BOGOTÁ, Colombia, Oct. 7, 2022 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reports that together with the subscription of the Declaration of the Nation as majority shareholder and according to the procedure established, the representatives of the minority shareholders, formally informed the Company that they had agree to nominate Dr. Carlos Gustavo Cano Sanz as their candidate to Board of Directors.

The complete text of the document signed by the minority shareholders may be consulted at the following link: https://files.ecopetrol.com.co/web/esp/acta-postulaci%C3%B3n-candidato-jd-minoritarios.pdf

This URL is intended to be an inactive textual reference only. It is not intended to be an active hyperlink to Ecopetrol's website and the information on the website, which may be accessible through a hyperlink resulting from this URL, is not and shall not be deemed to be incorporated into this Form 6-K.

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 further information, contact:

Head of Capital Markets
Tatiana Uribe Benninghoff
Email: investors@ecopetrol.com.co

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

View original content:https://www.prnewswire.com/news-releases/minority-shareholders-nominate-candidate-to-ecopetrols-board-of-directors-301644107.html

SOURCE Ecopetrol S.A.

FAQ

What is the recent Board nomination at Ecopetrol about?

Minority shareholders have nominated Dr. Carlos Gustavo Cano Sanz to Ecopetrol's Board of Directors.

What impact does the new Board nomination have on Ecopetrol?

The nomination may introduce new perspectives but raises questions about continuity and experience.

When was the Board nomination announced?

The Board nomination was reported on October 7, 2022.

What is Ecopetrol's role in the energy sector?

Ecopetrol is Colombia's largest company and plays a significant role in hydrocarbon production, logistics, and refining.