Ecopetrol - EC STOCK NEWS

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.

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.