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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 (BVC: ECOPETROL; NYSE: EC) announced measures to ensure adequate representation of shareholders at the extraordinary General Shareholders' Meeting on October 24, 2022. The Board approved actions including informing shareholders about their rights to appoint proxies and verifying compliance with legal proxy requirements. Ecopetrol emphasized that employees would not recommend specific votes or proposals and that the Legal Affairs Vice Presidency is tasked with supervising proxy reviews. The announcement aims to uphold shareholder interests and corporate governance standards.
The CEO of Ecopetrol invites shareholders to an Extraordinary General Shareholders' Meeting on October 24, 2022, at 8:00 a.m. in Bogotá. The agenda includes safety guidelines, quorum verification, and the election of Board Members. The meeting will be streamed live on Ecopetrol's website, and shareholders unable to attend may use a proxy form available online. Strict compliance with attendance guidelines is advised, including health and safety measures against COVID-19.
Ecopetrol S.A. (NYSE: EC) has fully disbursed a USD 1.2 billion credit facility to facilitate the early repayment of its ISA Acquisition Loan. This payment totals USD 3.2 billion, leaving a balance of USD 472 million due in August 2023. The transaction, which adheres to necessary approvals, will not increase Ecopetrol's debt levels and is part of a broader debt management strategy aimed at reducing refinancing needs for 2023. Ecopetrol continues to hold significant positions in hydrocarbon production and energy transmission across the Americas.
Ecopetrol S.A. (NYSE: EC) announced that Moody's has affirmed its global credit rating at Baa3 with a negative outlook and downgraded its individual rating (BCA) from Ba1 to Ba3. Moody's believes Ecopetrol can meet its financial obligations amidst volatile crude oil prices, citing access to capital markets and a committed credit facility of USD 1.2 billion. The downgrade was influenced by upcoming debt maturities in 2023 and potential shifts in energy policies.
Ecopetrol S.A. (NYSE: EC) announced its withdrawal from electric energy commercialization, following the acquisition of 51.4% of Interconexión Eléctrica S.A. E.S.P. To meet its non-regulated energy demand, it signed a contract with Gecelca S.A. E.S.P. that extends until December 31, 2036. This competitive contract aims to optimize costs for the Ecopetrol Group's energy needs. The contract's pricing is based on domestic market energy costs, and execution will begin after regulatory procedures are finalized.
Ecopetrol S.A. (NYSE: EC) announced the successful drilling of the Gorgon-2 well, confirming the presence of gas in ultra-deep waters off the southern Colombian Caribbean coast. Located approximately 70 kilometers offshore, at a depth of 2,400 meters, this well reinforces previous gas discoveries in the region. Ecopetrol and Shell jointly explore this area, highlighting the potential for enhanced energy security and future gas exports, supporting Ecopetrol's energy transition strategy.
Ecopetrol S.A. (BVC: EC; NYSE: EC) announced record-breaking financial results for Q2 2022, reporting total sales of COP 43.9 trillion, a 125.7% increase from Q2 2021. Net income soared to COP 10.5 trillion, a 187.3% increase year-over-year. EBITDA reached COP 22.2 trillion with a margin of 50.6%. The results are attributed to high international crude oil prices and a strong commercial strategy. The company also achieved a decline in emissions intensity and continued its exploration efforts, particularly in gas and renewables, supporting its long-term energy transition goals.
Ecopetrol has announced the discovery of a significant natural gas accumulation in the Uchuva-1 exploratory well located in the Tayrona Block, Colombia. The well, drilled in deep waters, involves Petrobras as the operator (44.4% stake) and Ecopetrol (55.6% stake). This discovery aligns with Ecopetrol's 2040 energy transition strategy and enhances prospects for new exploration in the northern Caribbean region. The company plans to validate the gas accumulation's dimensions to further develop this find.
Ecopetrol S.A. (NYSE: EC) will disclose its second quarter 2022 financial and operating results on August 3, 2022, after market close. Two conference calls will be conducted on August 4: one in Spanish at 08:00 AM CO Time and 10:00 AM CO Time in English. Interested participants can access the webcasts and dial-in options via Ecopetrol's website. The company plays a critical role in Colombia's economy, producing over 60% of the country's hydrocarbons and holding significant positions in energy transmission and international exploration.
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