Ecopetrol - EC STOCK NEWS

Ecopetrol announced that Felipe Bayón Pardo will serve as CEO until March 31, 2023. His leadership since September 2017 has brought significant achievements, including excellent financial results and improved energy security in Colombia. Under his guidance, Ecopetrol has committed to a carbon-neutral future by 2050 and has made strides in technological transformations and diversity programs. The company also successfully acquired 51.4% of ISA shares, enhancing its position in decarbonization and electrification. The Board of Directors will select a new CEO following a rigorous process.

Ecopetrol S.A. (NYSE: EC) announced the filing of a petition from coexisting unions regarding its Collective Bargaining Agreement, which expires on December 31, 2022. The current agreement, signed in 2018 for a term of four and a half years, allows parties to express intent to modify it through a petition. If unions present demands, Ecopetrol will enter negotiations for a new agreement. As Colombia's largest company, Ecopetrol plays a significant role in the energy sector, overseeing over 60% of the country's hydrocarbon production.

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.