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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) announced that minority shareholders nominated Dr. Carlos Gustavo Cano Sanz for a position on the Board of Directors. This nomination aligns with the Declaration of the Nation as the majority shareholder. The nomination agreement will be reviewed and submitted to the Colombian Ministry of Finance for further processing. Ecopetrol, Colombia's largest firm and a major player in the global oil industry, actively operates in multiple regions including the U.S., Brazil, and Mexico, while also expanding its bio-fuel share.
Ecopetrol S.A. (NYSE: EC) has approved measures to ensure shareholder representation at its Ordinary General Shareholder's Meeting on March 26, 2021, per the Financial Superintendency of Colombia's regulations. Key directives include informing shareholders about proxy rights, verifying compliance with proxy requirements, and ensuring neutrality among company employees regarding voting recommendations. The General Secretary will oversee compliance with these measures. Ecopetrol, a major integrated oil company, plays a significant role in Colombia's oil production and is expanding its bio-fuel share.
Ecopetrol S.A. has announced its Annual General Shareholders' Meeting will be held remotely on March 26, 2021, at 9 a.m.. Key agenda items include safety guidelines, quorum verification, and presentations of the 2020 performance report and financial statements. Shareholders can participate through proxies beginning March 10 until March 25. Additionally, mechanisms are provided for submitting proposals and interventions, with a focus on ensuring shareholders' rights. The meeting will be streamed live on Ecopetrol's website.
Ecopetrol S.A. (NYSE: EC) announced a decrease in its consolidated proven reserves to 1,770 million barrels of oil equivalent (MBOE) as of December 31, 2020, down by 6.5% from 2019. The drop was attributed to a 32% decline in hydrocarbon prices, with a Brent price of US$43 per barrel in 2020 compared to US$63 in 2019. The reserves replacement ratio stood at 48%, with liquids making up 71% of the total. Despite the decline, new drilling projects added 114 MBOE, and enhancements in recovery led to an increase of 113 MBOE.
Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) will release its financial and operating results for the fourth quarter and full year 2020 on February 23, 2021.
Additionally, the company will detail its 2021-2023 Business Plan. Conference calls will be held on February 24 to discuss the results and future perspectives, with sessions in both Spanish and English. Access information for the earnings release, slide presentation, and live webcast will be available on Ecopetrol's website following the announcement.
Ecopetrol S.A. (NYSE: EC) announced the signing of an Exclusivity Agreement with Colombia's Ministry of Finance on February 12, 2021. This agreement allows Ecopetrol to commence non-binding discussions for acquiring 51.4% of Interconexión Eléctrica S.A. (ISA). The exclusivity period will last until June 30, 2021, unless mutually extended, during which Ecopetrol will conduct due diligence on ISA. This strategic move aims to strengthen Ecopetrol's position as a leading integrated oil company in Latin America.
Ecopetrol S.A. has been fined COP$ 3.86 billion by Colombia's National Environmental Licensing Authority (ANLA) due to oil seepage from the Lisama 158 Well in March 2018. This decision, issued on February 9, 2021, partially reduces a previous sanction of COP$ 5.16 billion. As part of its Environmental Recovery Plan, Ecopetrol has implemented cleaning and wildlife recovery initiatives, and has invested COP$ 23.77 billion in 33 projects. The company is currently monitoring environmental quality and is considering whether to appeal ANLA's decision.
Ecopetrol confirms it has received a written communication from Colombia's Ministry of Finance regarding its bid for 51.4% of ISA's shares. Signed exclusivity contract requires Ecopetrol to finalize the bid submitted on January 27, 2021, within the first half of 2021. The Ministry reserves the right to adjust the price based on appraisal and due diligence outcomes. As Colombia's largest firm, Ecopetrol significantly influences the region's oil sector and is expanding into bio-fuels, while facing various market and regulatory conditions that could impact its future performance.
Ecopetrol S.A. (NYSE: EC) has signed a Share Purchase Agreement with De Jong Capital LLC, selling its 50% stake in Offshore International Group (OIG). This divestment comes as part of Ecopetrol's strategy to offload non-strategic assets, aiming for cash protection and sustainable growth. The sale was carried out successfully amidst competitive bidding for OIG, which includes Savia (Peru) among its subsidiaries. Accounting reclassifications have been made in accordance with IFRS 5, reflecting the transaction's completion.
Ecopetrol S.A. (NYSE: EC) announced the completion of its transaction with Shell, whereby Shell acquired a 50% stake in three Colombian Caribbean gas blocks: Fuerte Sur, Purple Angel, and COL-5. This deal, first disclosed on February 7, 2020, aims to bolster Ecopetrol's growth in reserves and production. Strengthening collaboration with Shell, a key partner in offshore development, aligns with Ecopetrol's strategic goals. The company remains a leading oil producer in Colombia and Latin America, with ongoing operations in Brazil, Peru, and the United States.
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