Ecopetrol - EC STOCK NEWS

Ecopetrol has proposed a 2022 earnings distribution for its upcoming General Shareholders' Meeting on March 30, 2023. The proposal includes a total net income of COP 33.41 trillion and an allocation of COP 32.05 trillion available to shareholders. The ordinary dividend payout is COP 487 per share (60% of net income), complemented by an extraordinary dividend of COP 106 per share (13% of net income), totaling COP 593 per share, the highest in the company's history. Payments will be made in three installments from April to December 2023.

Ecopetrol reported impressive financial results for Q4 and full year 2022, showing significant growth in sales, net income, and EBITDA. Total sales surged by 24.9% in Q4 and 73.8% for the year, reaching COP 39.7 trillion and COP 159.5 trillion, respectively. Net income attributable to owners increased by 12.7% in Q4 and 100.1% annually, totaling COP 33.4 trillion. Key metrics also included a 104% Reserve Replacement Ratio and a production rate of 709.5 mboed. The company invested COP 23.4 trillion in 2022, while contributing COP 42.4 trillion to Colombia's economy through dividends, royalties, and taxes. Ecopetrol continues expanding in low-emission energy and hydrogen production, reinforcing its commitment to sustainability.

The CEO of Ecopetrol has called for a General Shareholders' Meeting on March 30, 2023, in Bogotá. The agenda includes key topics such as the presentation of the 2022 Integrated Management Report, approval of the audited financial statements for December 31, 2022, and the election of Board Members for the 2021-2025 period. Shareholders can attend in person or via streaming, with electronic voting options available. The right to inspect company documents starts on March 8, 2023. Detailed instructions for attendance and representation are specified in the announcement.

Ecopetrol S.A. (NYSE: EC) announced on February 24, 2023, measures to ensure proper representation of shareholders at the upcoming Ordinary General Shareholder's Meeting on March 30, 2023. The Board of Directors mandated management to inform shareholders about proxy rights, validate proxy assignments, and ensure no conflicts of interest arise from management or employees. Key actions include abstaining from influencing proxy selections and validating the proxies' legal requirements. These steps aim to uphold transparency and integrity during the meeting, ensuring fair shareholder engagement in decision-making processes.

The Ecopetrol Group reported an increase in proven hydrocarbon reserves to 2,011 million barrels of oil equivalent (MBOE) by the end of 2022, marking the highest level in eight years. The Reserve-Replacement Ratio (RRR) was 104%, indicating that production was fully replaced with an additional 4%. Key developments include the incorporation of 249 MBOE of proven reserves, with 215 MBOE attributed to the management of development fields, and 89% of reserves originating from Colombia. The reserves were valued based on a Brent price of 97.9 USD per barrel, significantly higher than 69.2 USD in 2021.

Ecopetrol S.A. (NYSE: EC) announced that it will publish its financial and operational results for the fourth quarter and full year 2022 on February 28, 2023, after market close. Following the announcement, senior management will host two conference calls on March 1, 2023, at 08:00 a.m. (Spanish) and 10:00 a.m. (English) Colombian time, to discuss the results. The earnings release and live webcast will be accessible on Ecopetrol's website. As the largest company in Colombia, Ecopetrol plays a crucial role in the country's hydrocarbon production and is heavily involved in energy transmission across Latin America.

Ecopetrol S.A. (BVC: EC; NYSE: EC) has addressed local media reports about the resignation of Carlos Gustavo Cano from its Board of Directors, stating that they have not received any official communication regarding such a resignation. The company emphasizes its commitment to fulfilling disclosure obligations and will convey any significant news in a timely manner. As Colombia's largest company, Ecopetrol significantly contributes to the country's hydrocarbon production and holds vital positions in energy sectors across the Americas, including oil and gas exploration and power transmission.

Ecopetrol has announced a cash tender offer for its 5.875% Senior Notes due 2023, intending to buy up to $1 billion of its outstanding debt. The offer, announced on January 30, 2023, will expire on February 13, 2023, unless extended. Holders who tendered by January 30, 2023, will receive a total consideration that includes a $30 early tender premium per $1,000 principal amount. The total amount of Notes outstanding is $1.8 billion, with a maximum tender amount set at $1 billion. The offer is managed by Citigroup Global Markets, which also serves as the dealer manager. Detailed terms are outlined in the Offer to Purchase documentation.

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.