Ecopetrol S.A - EC STOCK NEWS

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.

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.