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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 has received authorization from the Financial Superintendence of Colombia to renew its Program for Issuance and Placement of Domestic Public Debt Bonds and Commercial Paper for an additional five years, until December 22, 2027. This program, which originally began in August 2013, still has a remaining balance of COP 2.1 trillion. However, the authorization does not obligate Ecopetrol to issue any debt and future offerings will depend on favorable market conditions.
Ecopetrol S.A. has secured a USD 1.0 billion credit agreement with The Bank of Nova Scotia and Sumitomo Mitsui Banking Corporation to manage its 2023 debt maturities. The loan, with conditions including a variable interest rate of SOFR + 210 basis points, will be amortized in equal semiannual installments over the final two years. This refinancing effort is authorized by the Ministry of Finance and Public Credit, aimed at substituting a previous USD 665 million loan and addressing maturities related to the Cartagena Refinery.
Ecopetrol's Board of Directors has approved a general investment plan for 2023, allocating between COP 25.3 trillion and COP 29.8 trillion to support the company’s energy transition and security initiatives. The plan emphasizes low-emission projects, with about 23% of the budget aimed at diversifying into hydrogen, renewables, and carbon capture, targeting nearly 400,000 tons of CO2 reduction and incorporating 900 MW of renewable energy by 2025. The hydrocarbons segment projects production between 720,000 and 725,000 barrels equivalent per day, while social investments focus on regional development.
Ecopetrol S.A. (NYSE: EC) announced that Fitch Ratings has reaffirmed its credit rating at BB+ with a stable outlook. Additionally, the company's stand-alone credit rating was set at bbb. The agency praised Ecopetrol's strong liquidity, backed by cash generation, access to capital markets, and sound debt structure. The Colombian government's significant stake (88.5%) in the company was also recognized as a critical factor. Ecopetrol is a leading energy company in Colombia, covering over 60% of the country's hydrocarbon production.
Ecopetrol S.A. (NYSE: EC) has established a new subsidiary, Ecopetrol US Trading LLC, in Delaware. This entity will focus on the international marketing of refined products, crude oil, and natural gas. Fully owned by Ecopetrol through its subsidiary, Ecopetrol USA Inc., the initiative aims to enhance the company's sales and marketing within North America and Europe. The creation of this subsidiary complements the existing Ecopetrol Trading Asia, reinforcing the company's international commercial strategy and fostering growth opportunities during the energy transition.
Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) will release its third quarter 2022 financial and operational results on November 8, 2022, after market close. Senior management will host conference calls on November 9, 2022, with sessions in Spanish and English to discuss the results. Interested participants can access webcasts through provided links and join via specified telephone lines. Ecopetrol, the largest company in Colombia, plays a crucial role in hydrocarbon production and energy transmission across the American continent.
Ecopetrol S.A. announced the election of Carlos Gustavo Cano Sanz as Chairman and Mauricio Cabrera Galvis as Vice Chairman of the Board of Directors following an Extraordinary Shareholders' Meeting on October 24, 2022. The Board also confirmed committee memberships including Audit and Risk, Business, Corporate Governance and Sustainability, Compensation, Nomination and Culture, HSE, and Technology and Innovation. María Paula Camacho Rozo has been appointed Vice President of Corporate Affairs and Secretary General. The management team, led by President Felipe Bayón Pardo, received the Board's support.
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.
Ecopetrol S.A. (NYSE: EC) has announced the nomination of Sandra Ospina Arango to its Board of Directors, with support from representatives of hydrocarbon-producing departments. This decision was made following the Declaration of the Nation, confirming Ecopetrol’s commitment to strengthen its governance. The company, a leading energy player in Colombia and the Americas, operates over 60% of the nation’s hydrocarbon production. It has significant international interests, including in the U.S. and Brazil. The press release highlights the potential for enhanced leadership and strategic direction.
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.
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