Ecopetrol S.A - EC STOCK NEWS

Moody's has downgraded Ecopetrol's global credit rating from Baa3 to Ba1 while changing its outlook from negative to stable. The agency also reduced Ecopetrol's individual rating from Ba3 to B1, citing concerns about debt management, dividend distribution, and cash generation expectations for 2025. Despite the downgrade, Moody's acknowledged Ecopetrol's strong position as Colombia's leading oil and gas producer and its significant power transmission business. The company benefits from stable cash flows through subsidiaries Interconexión Eléctrica S.A. E.S.P. and Cenit SAS, and it remains supported by access to global capital markets and backing from the Colombian government. Ecopetrol is Colombia's largest company and a major energy player in the Americas, with expansive operations in oil, gas, petrochemicals, and power transmission, both domestically and internationally.

Ecopetrol, the largest energy company in Colombia, reports that the Superintendency of Industry and Commerce (SIC) has opened an investigation against the company and its subsidiaries. The probe, initiated through Resolution No. 20884, focuses on alleged infringements of competition laws related to helicopter service contracting between 2011 and 2023. The charges, including both principal and subsidiary charges, involve Ecopetrol, Cenit Transporte y Logística de Hidrocarburos, and Oleoducto Central, along with specific individuals. The company has been mandated to publish the investigation notice in a widely read newspaper within five business days of notification. Ecopetrol intends to respond to these charges following due process. The investigation allows competitors, consumers, and others with direct interest to contribute evidence within 15 business days. This development highlights potential legal and financial risks for Ecopetrol and its shareholders, amidst its extensive operations across the Americas.

Ecopetrol has announced a second call for its bondholders to attend ordinary meetings after the initial quorum was not met. These meetings, for bonds issued in 2010 and 2013, are scheduled for May 29, 2024. The agenda includes verifying the quorum, reading and approving the agenda, appointing assembly officials, and discussing a statutory reform approved by the shareholders on March 22, 2024. The 2013 bonds have amounts outstanding of COP 347,500 million and COP 262,950 million, with terms of 15 and 30 years respectively. The 2010 bonds have an outstanding amount of COP 284,300 million with a 30-year term. The reform relates to modifying Ecopetrol's corporate purpose. Fitch Ratings will present their opinions at the meetings.

Ecopetrol announced the ordinary meetings for bondholders of its 2010 and 2013 local bonds held on May 20, 2024. The meetings were organized by Alianza Valores Fiduciaria S.A. and Itaú Fiduciaria Colombia S.A, but both failed to meet the 80% quorum needed to approve a statutory reform. A second meeting will be scheduled and announced on May 21, 2024. Ecopetrol, Colombia's largest company, operates extensively in the energy sector, including hydrocarbon production, refining, petrochemicals, and energy transmission. The company's international operations extend to the US, Brazil, and Mexico, with significant stakes in power transmission across several South American countries. The press release also contains forward-looking statements about Ecopetrol's business and financial prospects, which are subject to market conditions and regulatory changes.

Ecopetrol S.A. calls holders of its domestic public debt to consider statutory reforms. Meetings scheduled for May 20, 2024. Bonds issued in 2010 and 2013 with specific characteristics. Includes agenda items like quorum verification, approval of agenda, and more. Ecopetrol, the largest company in Colombia, engages in energy production, refining, petrochemicals, and gas distribution. International operations in the US, Brazil, and Mexico. Business prospects statement included.

Ecopetrol announced the financial results of the Ecopetrol Group for the first quarter of 2024. Despite challenges like energy cost increases and lower refined product prices, the company maintained operational resilience. They achieved COP 31.3 trillion in revenue, COP 14.2 trillion in EBITDA, and a net profit of COP 4.0 trillion. Notably, the company increased production targets for 2024 and made advancements in environmental initiatives, social investments, and corporate governance.

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) has announced several senior management changes, including key appointments in the areas of Commercial and Marketing, Human Resources, and Legal roles. Felipe Trujillo López, Victoria Irene Sepúlveda Ballesteros, and María Cristina Toro Restrepo have been appointed to important positions within the company, showcasing their expertise and experience in their respective fields. Additionally, the company expressed gratitude to Alberto Enrique Consuegra Granger for his contributions as Chief Operating Officer. The press release also highlighted appointments in legal representation, reinforcing Ecopetrol's commitment to strategic growth and operational excellence.

Ecopetrol, the largest company in Colombia, will release its first quarter 2024 financial results on May 7, 2024, followed by a virtual conference call on May 8, 2024, in both Spanish and English. The company operates in various energy sectors and holds leading positions in Colombia's hydrocarbon production, petrochemicals, and gas distribution. Ecopetrol also has international operations in the United States, Brazil, and Mexico. The press release contains forward-looking statements regarding the company's growth prospects.

Ecopetrol S.A. has filed its 20-F Annual Report with the SEC for the fiscal year ended December 31, 2023. The report includes audited financial statements, compliant with IFRS, certified by Ernst & Young Audit S.A.S. The company's annual report ensures compliance with reporting obligations to SEC, NYSE, bondholders, and investors. Ecopetrol is the largest company in Colombia, engaged in various energy sectors domestically and internationally.