Ecopetrol S.A - EC STOCK NEWS

Ecopetrol S.A. announced details regarding the proposed distribution of an occasional reserve during an Extraordinary Shareholders' Meeting, requested by its majority shareholder, the Ministry of Finance and Public Credit of Colombia. The total available reserve is $8.89 trillion, with a distribution amount of $6.91 trillion, equating to $168 per share for approximately 41.12 billion shares. This distribution is set for June 30, 2022, and will not require cash outflow from the company.

Ecopetrol S.A. (NYSE: EC) will announce its first quarter 2022 financial and operating results on May 10, 2022, after market close. Senior management will hold two conference calls on May 11, one in Spanish at 8:00 a.m. Colombia Time and another in English at 10:00 a.m. Colombia Time. Investors can access the earnings release and webcast through Ecopetrol's website. The company remains a key player in Colombia's hydrocarbon production and holds strategic interests across the Americas, impacting its growth trajectory.

Ecopetrol reported strong financial results for Q1 2022, demonstrating a significant revenue increase of 89% from the previous year, totaling COP 32.5 trillion. Net income rose 116.8% to COP 6.6 trillion, with an EBITDA margin of 49%. The quarterly average production reached 692 mboed, bolstered by operational successes in the Permian and exploratory wells. However, rising costs due to inflation and international crises pose challenges. The company aims to mitigate these through cost-saving measures and continued monitoring of market conditions.

Ecopetrol S.A. (EC) has been sanctioned by the Agencia Nacional de Licencias Ambientales (ANLA) for environmental violations related to the Poliducto Andino project. The penalty, confirmed in Resolution 881 on May 3, 2022, amounts to COP$1,308,660,854. Although Ecopetrol respects ANLA's decision, the company maintains that it acted within regulatory bounds and is considering legal options against the sanction. As Colombia's largest company, it significantly contributes to the local hydrocarbon industry and holds strategic positions in energy markets across the Americas.

Ecopetrol S.A. (NYSE: EC) will release its Q1 2022 financial results on May 10, 2022, after market close. Following the release, conference calls will take place on May 11, one in Spanish at 08:00 a.m. and another in English at 10:00 a.m. (Colombian Time). The calls will provide insights into the company's performance and future outlook. Interested parties can join via specified dial-in numbers and access the webcast through links provided in the announcement.

Ecopetrol S.A. announced the divestment of its 51.8% equity stake in Inversiones de Gases de Colombia S.A. (Invercolsa) during a board meeting on April 29, 2022. This strategic decision aims to eliminate a non-core asset and reallocate capital towards opportunities that align with its 2040 Strategy, focusing on energy transition and growth. The divestment requires governmental approvals and compliance with Law 26 of 1995. Ecopetrol plays a significant role in Colombia's hydrocarbons sector and holds key positions in various energy markets across the Americas.

Ecopetrol S.A. (NYSE: EC) announced it has been sanctioned with a fine of US $4,550 by the Agencia Nacional de Hridorcarburos (ANH) due to an untimely submission of the Report of Work Subsequent to Official Completion - Form 10CR related to Well RB 1237H. The infraction pertains to regulations set forth in article 40 of Resolution 181495 of 2009. While the company intends to comply with the ANH's ruling, it is preparing legal actions to contest the decision, asserting its commitment to regulatory compliance.

Ecopetrol S.A. (NYSE: EC) has filed its annual report on Form 20-F for the fiscal year ending December 31, 2021, with the SEC. This filing fulfills its reporting obligations to the SEC and NYSE, including audited financial statements for 2019, 2020, and 2021 prepared in accordance with IFRS. The report emphasizes Ecopetrol's position as Colombia's largest energy company, responsible for over 60% of the country's hydrocarbon production. Investors can request a hard copy of the financial statements. The 2021 Form 20-F is available on the SEC's website.

Ecopetrol S.A. reported the approval of a total dividend of COP$280 per share during its General Shareholders' Meeting on March 30, 2022. This includes an ordinary dividend of COP$243 and an exceptional dividend of COP$37, amounting to approximately COP$11.5 trillion in total dividend distribution. Payments will be made to minority shareholders on April 21, 2022, while the majority shareholder will receive payment by September 30, 2022. The release also highlights Ecopetrol's significant role in Colombia's economy, representing over 60% of hydrocarbon production.