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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 S.A. (NYSE: EC) has announced plans to prepay USD 500 million of its USD 1 billion outstanding balance on a loan agreement with international banks. This prepayment, scheduled for October 18, 2024, will be funded by a USD 250 million external credit from Sumitomo Mitsui Banking and USD 250 million from available cash. The move is part of Ecopetrol's integral debt management strategy, aiming to reduce financial expenses and improve credit metrics. This decision demonstrates the company's solid cash position and ability to optimize financing sources, ultimately increasing shareholder returns.
Ecopetrol S.A. (NYSE: EC) has announced a cash tender offer to purchase any and all of its outstanding 5.375% Notes due 2026. The offer expires on October 15, 2024, at 5:00 p.m., New York City time, unless extended or terminated earlier. The Total Consideration for each $1,000 principal amount of Securities will be calculated based on a Fixed Spread over the Reference Yield of the U.S. Treasury Security.
The offer is part of a concurrent offering of new notes by Ecopetrol. The settlement date is expected to be October 18, 2024. Following the offer, Ecopetrol intends to redeem any remaining outstanding Securities. The offer is subject to certain conditions, including a Financing Condition related to the new notes offering.
BBVA Securities Inc., J.P. Morgan Securities , and Santander US Capital Markets are serving as Dealer Managers for the offer.
Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) has announced a permanent appointment in its senior management. Juan Carlos Hurtado Parra has been named as the Vice President of the Upstream segment, effective October 1, 2024. Hurtado Parra, who has been leading the department since June 15, brings 27 years of industry experience to the role.
As Vice President of Upstream, Hurtado Parra will be responsible for increasing company reserves, decarbonizing operations, strengthening the gas portfolio, and driving the traditional business to ensure energy security and support the transition. Ecopetrol, Colombia's largest company, is a major integrated energy company in the Americas, with operations spanning hydrocarbon production, transportation, logistics, refining, and petrochemicals.
Ecopetrol S.A. (NYSE: EC) has announced a name change for its offshore exploration projects in the Colombian Caribbean. This decision comes in compliance with a ruling by the Fourth Labor Court of the Santa Marta Circuit. The project formerly known as 'Uchuva' will now be called SIRIUS, while the project previously referred to as 'Tayrona' will be renamed GUA-OFF-0.
These changes apply to all mentions in the Securities Market Information System (SIMEV) and the SEC's Electronic Data Gathering and Analysis Retrieval (EDGAR) system. The renaming was done in collaboration with Petrobras, Ecopetrol's partner in these projects. Ecopetrol, Colombia's largest company, is a major integrated energy company in the Americas, with significant operations in hydrocarbon production, transportation, refining, and petrochemicals.
Ecopetrol S.A. (NYSE: EC) has successfully settled a partial make whole of its international notes due 2026. The company repurchased US$250 million of the original US$1.5 billion notes issued in 2015. The repurchase price was US$1,014.41 per US$1,000 of principal, totaling US$253,602,675.24 plus accrued interest. This action, announced on August 6, 2024, aligns with Ecopetrol's financial plan and demonstrates its commitment to proactively refinancing its 2026 maturities.
Ecopetrol, Colombia's largest company, is a major integrated energy player in the Americas. It dominates Colombia's hydrocarbon production, transportation, and refining sectors, and has expanded its portfolio to include energy transmission and road concessions through its acquisition of ISA shares.
Ecopetrol S.A. (NYSE: EC) announced the resignation of two independent board members, Juan José Echavarría and Luis Alberto Zuleta, effective upon approval of previous meeting minutes. Their resignation letter reveals a disagreement over a major acquisition project in the Permian Basin, which was initially approved but later halted due to President Gustavo Petro's objections. The project, involving 20-30% of Occidental Petroleum's Crownrock assets, was seen as important for Ecopetrol's future but faced concerns over fracking, increased leverage, and foreign investment. The resignations highlight potential impacts on Ecopetrol's finances and its significant contributions to Colombia's economy, including 4% of GDP and 10-15% of national revenues annually.
Ecopetrol S.A. (NYSE: EC) has announced significant changes in its senior management. The Board of Directors has appointed David Alfredo Riaño Alarcón, Camilo Barco Muñoz, and Cristina Toro Restrepo as alternate legal and commercial representatives. Additionally, Nicolás Azcuénaga Ramírez will be leaving his position as Corporate Vice President of Strategy and New Businesses on September 15, 2024. Julián Lemos Valero will take over as acting Corporate Vice President of Strategy and New Businesses from September 16, 2024.
Ecopetrol, Colombia's largest company, is a major integrated energy player in the Americas, with operations spanning hydrocarbon production, transportation, refining, and petrochemicals. The company also holds a significant stake in ISA, expanding its presence in energy transmission and infrastructure across South America.
Ecopetrol (NYSE: EC) has received authorization from Colombia's Ministry of Finance and Public Credit to execute a $250 million loan agreement with Sumitomo Mitsui Banking The loan, expected to have a 5-year term with principal payable at maturity and a variable interest rate, will be used for non-investment expenses, including repayment of financial commitments maturing in 2026.
The agreement includes standard default clauses and will be governed by New York State law. This move aligns with Ecopetrol's position as Colombia's largest company and a major integrated energy player in the Americas, with significant operations in hydrocarbon production, transportation, refining, and petrochemicals, as well as recent expansions into power transmission and infrastructure through its acquisition of ISA shares.
Ecopetrol Group reported Q2 2024 results, facing challenges like peso revaluation and lower refined product prices. Key highlights:
- Revenue: COP 32.6 trillion
- EBITDA: COP 14.1 trillion
- Net income: COP 3.4 trillion
- EBITDA margin: 43%
Operational achievements include:
- Production: 758 kboed (+30.2)
- Transported volumes: 1,152 kbd (+54.7)
- Refinery throughputs: 424 kbd (-3.4)
The Uchuva-2 delineation well confirmed gas discovery in the Caribbean Offshore. FEPC balance decreased by 61% YoY. The company paid COP 10.6 trillion in dividends and reduced emissions by 136,408 tCO2e in H1 2024.
Ecopetrol S.A. (NYSE: EC) has announced a partial redemption of U.S.$250 million of its 5.375% Notes due 2026. The redemption, scheduled for September 5, 2024, is part of the company's comprehensive debt management strategy. The redemption price will be approximately U.S.$1,014.95 per U.S.$1,000 principal amount, plus accrued and unpaid interest, totaling about U.S.$1,025.25 per U.S.$1,000 principal amount.
This move aligns with Ecopetrol's financial plan and demonstrates its proactive approach to managing refinancing of 2026 maturities. Ecopetrol, Colombia's largest company, is a major integrated energy player in the Americas, with significant operations in hydrocarbon production, transportation, refining, and petrochemicals.
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