Ecopetrol S.A - EC STOCK NEWS

Ecopetrol announced on April 21, 2021, the appointment of Luis Guillermo Echeverri as President and Carlos Gustavo Cano as Vice-president. The Board of Directors also approved the reconstitution of several committees: Compensation, Nomination and Culture; Technology and Innovation; Corporate Governance and Sustainability; and HSE. Echeverri will chair the Technology and Innovation Committee, while Esteban Piedrahita will lead the Corporate Governance and Sustainability Committee. These changes aim to strengthen leadership and enhance operational performance.

Ecopetrol S.A. has filed its annual report on Form 20-F for the fiscal year ending December 31, 2020, with the U.S. SEC. This filing meets the company's reporting obligations to the SEC, NYSE, bondholders, and lenders. The report includes audited financial statements compliant with IFRS for the years 2018 to 2020. Ecopetrol is Colombia's largest firm, also active in the U.S., Brazil, and Mexico. The company operates significant oil infrastructure and is expanding its bio-fuels share. Investors can request free copies of the financial statements via email.

Ecopetrol S.A. held its General Shareholders' Meeting on March 26, 2021, where key decisions were made. Shareholders approved a dividend distribution of 17 pesos per share, scheduled for April 22, 2021. The company appointed its Board of Directors, including non-independent and independent representatives. Ernst & Young Audit S.A.S was chosen as the external auditor for 2021 and potentially for 2022. Furthermore, revisions to the company's bylaws were proposed for future ratification.

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announced the formation of a Special Committee by its Board of Directors to evaluate the potential acquisition of a 51.4% stake in ISA, currently held by the Ministry of Finance and Public Credit. The committee will assess the valuation and price range of the potential transaction and provide recommendations to the Board. It comprises independent board members, including Santiago Perdomo as chair. Ecopetrol is Colombia's largest firm and a major player in the global oil industry.

Ecopetrol S.A. (NYSE: EC) has announced its commitment to achieving net zero carbon emissions by 2050, aligning with its climate change mitigation efforts and energy transition strategy. By 2030, the company aims to reduce its CO2e emissions by 25% from a 2019 baseline for Scopes 1 and 2, and 50% across all emissions (Scopes 1, 2, and 3) by 2050. This strategy will be reported periodically alongside earnings results, as part of Ecopetrol's broader corporate strategy and energy transition roadmap.

Ecopetrol S.A. (NYSE: EC) has announced the unanimous nomination of Mr. Hernando Ramirez as a candidate for its Board of Directors. This decision comes from representatives of the hydrocarbon-producing departments, under the agreement of the Nation's Declaration as the majority shareholder. The nomination will be forwarded to the Ministry of Finance and Public Credit for review. Ecopetrol, Colombia's largest firm, plays a crucial role in the oil sector, contributing over 60% of the nation's production and expanding its operations in the U.S., Brazil, and Mexico.

Ecopetrol S.A. (BVC: EC; NYSE: EC) announced amendments to its bylaws, set to be reviewed at the General Shareholders' Meeting on March 26, 2021. The complete text of these amendments has been published and is available online. As Colombia's largest company, Ecopetrol plays a significant role in the oil sector, contributing over 60% of the country’s production. The company operates key facilities across Colombia and internationally, with a growing focus on biofuels. The upcoming meeting will be crucial for shareholders to understand potential implications for the company’s governance.

Ecopetrol S.A. has proposed a 2020 earnings distribution of $17 pesos per share, constituting 41.41% of its net income of 1.69 trillion Colombian pesos. The General Shareholders Meeting on March 26, 2021 will consider this proposal. The company has also suggested an occasional reserve of up to 5.38 trillion pesos to enhance financial sustainability. The dividend payment is scheduled for April 22, 2021. As Colombia's largest firm, Ecopetrol continues to operate significantly in various international markets.

Ecopetrol S.A. reported its financial results for Q4 and the full year 2020, revealing a significant decline in performance compared to 2019. Total sales dropped by 23.6% in Q4 and 29.4% for the year, totaling COP 50,027 billion. Net income attributable to owners fell by 83.2% in Q4 and by 87.3% annually, reaching COP 1,688 billion. Operating income decreased by 74.3% in Q4 and 65.6% year-over-year. The EBITDA margin declined to 30.5% from 38.6%. The results reflect substantial challenges faced during the year, particularly due to various impacts from the global oil market and operational costs.