Welcome to our dedicated page for Ecopetrol S.A news (Ticker: EC), a resource for investors and traders seeking the latest updates and insights on Ecopetrol S.A stock.
Ecopetrol S.A. (NYSE: EC) is Colombia's largest and primary petroleum company, actively engaged in a diverse set of commercial and industrial activities within the energy sector. With operations spanning across the exploration, production, refining, and marketing of hydrocarbons, Ecopetrol also delves into the electric power transmission, road infrastructure projects, and telecommunications services. The company operates through four key business segments: Exploration and Production, Transport and Logistics, Refining and Petrochemical, and Electric Power Transmission and Toll Roads Concessions. The majority of its revenue is generated from the Refining and Petrochemical segment.
Founded as Empresa Colombiana de Petróleos S.A., Ecopetrol stands as a vital entity in Colombia's economy, responsible for over 60% of the nation's hydrocarbon production. Their influence extends to various international markets through strategic drilling and exploration operations in the United States, Brazil, and Mexico. The acquisition of a 51.4% stake in ISA has diversified Ecopetrol's operations into energy transmission and road concessions across several South American countries, including Chile, Peru, and Bolivia.
Recent developments include the approval of a financial restructuring plan for Chicago Bridge & Iron Company N.V. (
Ecopetrol S.A. announced the appointment of Ricardo Roa Barragán as the new CEO, effective by April 30, 2023. This decision was made during a Board of Directors meeting on April 11, 2023, following a thorough evaluation process supported by the Compensation, Nomination and Culture Committee and an international headhunting firm. Roa Barragán, a mechanical engineer with over 30 years of experience, has held key positions in the energy sector, including CEO of Grupo Energía de Bogotá. His leadership comes at a time when Ecopetrol plays a critical role in Colombia's energy landscape, managing over 60% of the country's hydrocarbon production and maintaining a strong international presence in strategic basins.
Ecopetrol S.A. announced on March 31, 2023, the composition of its Board committees following a recent meeting. The Audit and Risk Committee will be led by Luis Alberto Zuleta, while the New Business Committee will be chaired by Saúl Kattan. Other committees include the Corporate Governance and Sustainability Committee, led by Esteban Piedrahita, and the Remuneration, Nomination, and Culture Committee, presided over by Mauricio Cabrera. Additionally, the HSE and Technology and Innovation Committees will also have new leadership. These appointments are effective immediately, signaling a potential shift in corporate governance and strategic direction for the company.
Ecopetrol S.A. held its General Shareholders' Meeting on March 31, 2023, where significant decisions were made. Shareholders approved a historic total dividend of COP 593 per share, amounting to COP 24.38 trillion, to be distributed in three installments throughout 2023. The meeting also confirmed the election of the Board of Directors, with a 99.98% approval rate. Financial results from December 31, 2022, report revenues of COP 159.5 trillion and net income of COP 33.4 trillion, showcasing a 73.8% revenue growth. The firm Ernst & Young was appointed as the external auditor for the 2021-2025 term.
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