Ecopetrol Stock Price, News & Analysis

Ecopetrol (NYSE: EC) has submitted its annual Report on the Implementation of Best Corporate Practices ('Código País') to Colombia's Financial Superintendency, covering governance practices implemented throughout 2024. The report was digitally signed by the Legal Representative and is publicly available through both Ecopetrol's website and the Financial Superintendency portal.

As context, Ecopetrol stands as Colombia's largest company and a major integrated energy player in the Americas, employing over 18,000 people. The company controls more than 60% of Colombia's hydrocarbon production and holds dominant positions in transportation, logistics, refining, petrochemicals, and gas distribution. Through its 51.4% ownership in ISA, Ecopetrol has expanded into energy transmission, real-time systems management, and highway concessions. Internationally, it operates in strategic basins across the Americas and maintains leading positions in power transmission across several South American countries.

Ecopetrol (NYSE: EC) announces a significant legal victory as the Court of the Southern District of New York denied Chicago Bridge & Iron Company's request to vacate the June 2, 2023 arbitration award regarding the EPC Contract for Refinería de Cartagena (Reficar). The court's decision fully confirms the arbitration award, following a previous decision by the Court of the Netherlands on March 21, 2024, regarding CB&I's financial restructuring plan.

This ruling concludes a lengthy legal process where Reficar successfully defended its interests and those of its shareholders, including the Republic of Colombia. The dispute centered around the expansion and modernization of the Cartagena refinery, involving Reficar and CB&I entities.

Ecopetrol (NYSE: EC) has announced key changes in its senior management team. Walter Fabián Canova, Vice President of Refining and Industrial Processes, will end his employment on January 15, 2025, after seven years with the company. Felipe Trujillo López, current Vice President of Commercial and Marketing, will temporarily take over as Vice President of Refining and Industrial Processes.

Julio César Herrera will serve as interim Vice President of Commercial and Marketing starting January 15, 2025. Herrera brings over 30 years of oil and gas industry experience, having worked with ExxonMobile, BP, and Ecopetrol, most recently as General Manager of Ecopetrol US Trading.

Ecopetrol is Colombia's largest company and a major integrated energy player in the Americas, employing over 18,000 people. It controls more than 60% of Colombia's hydrocarbon production and holds a 51.4% stake in ISA, maintaining significant presence in energy transmission across Latin America.

Ecopetrol (EC) has announced a temporary agreement with JPMorgan Chase Bank N.A. to reduce the conversion cost for ADR transactions by 50%. This measure will be effective until July 10, 2025, aiming to benefit investors trading Ecopetrol's ADRs in the United States.

As background, Ecopetrol is Colombia's largest company and a major integrated energy player in the Americas, employing over 18,000 people. The company controls more than 60% of Colombia's hydrocarbon production and holds leading positions in petrochemicals and gas distribution. Through its 51.4% stake in ISA, Ecopetrol has expanded into energy transmission and infrastructure operations across Latin America, including Brazil, Chile, Peru, and Bolivia. The company also maintains strategic operations in the US Permian basin and Gulf of Mexico, Brazil, and Mexico.

Ecopetrol (NYSE: EC) has announced an agreement to acquire Repsol's 45% stake in the Exploration and Production Contract for Block CPO-09. The transaction's final closing is pending approvals from the Superintendence of Industry and Commerce and the National Hydrocarbons Agency (ANH). Ecopetrol, Colombia's largest company, controls over 60% of the country's hydrocarbon production and holds leading positions in petrochemicals and gas distribution. The company also owns 51.4% of ISA, maintaining significant presence in energy transmission across Brazil, Chile, Peru, and Bolivia.

Ecopetrol (NYSE: EC) has successfully negotiated the acquisition of Repsol's remaining 45% stake in block CPO-09, located in Colombia's Meta department. This strategic transaction makes Ecopetrol the sole owner of the asset, which spans across multiple municipalities in the Piedemonte Llanero region.

The acquisition is expected to add 41 million barrels to Ecopetrol's reserves and increase daily production by 7,000 barrels of oil. The deal, executed under Ecopetrol's right of first refusal within the Joint Operating Agreement, follows Repsol's previously announced transaction with Geopark on November 29. The completion of the transaction requires approval from the National Hydrocarbons Agency and the Superintendency of Industry and Commerce.

Ecopetrol (NYSE: EC) announced key management changes effective January 18, 2025. Germán González Reyes will conclude his role as Secretary General and Acting Director of Institutional Relations and Communications on January 17, 2025. The Board has appointed Cristina Toro Restrepo as Acting Secretary General, Rodolfo García Paredes as Acting Corporate Legal Vice President, and Diana Marcela Jiménez as Acting Director of Institutional Relations and Communications. Additionally, Jaime Andrés García was appointed as the main legal representative for procurement of goods and services.

Ecopetrol is Colombia's largest company, controlling over 60% of the country's hydrocarbon production and leading in petrochemicals and gas distribution. The company owns 51.4% of ISA and operates internationally in strategic basins across the Americas.

Ecopetrol announces its 2025 investment budget of 24-28 trillion pesos, with 76% (20.3T pesos) allocated to hydrocarbon production targeting 740,000-745,000 barrels of oil equivalent daily. The plan includes refinery operations of 415,000-420,000 barrels daily and transportation of 1.13-1.17M barrels daily. At projected Brent price of $73/barrel, EBITDA margin is estimated at 39% with 35T pesos in transfers to the Nation. Energy transition and transmission projects will receive 6.5T pesos (24%). The company plans to drill 455-465 development wells and 10 exploration wells, with significant investments in gas production and infrastructure maintenance.

Ecopetrol (NYSE: EC) announced key appointments to its Board of Directors' committees following their November 28-29, 2024 session. Álvaro Torres Macías was appointed as Chairperson of the Audit and Risk Committee, Guillermo García Realpe joined the Business Committee, Ángela María Robledo Gómez became Chairperson of the Corporate Governance and Sustainability Committee, and Gonzalo Hernández Jiménez joined the Compensation, Nomination, and Culture Committee. The Board also authorized hiring an independent financial advisor for the Audit and Risk Committee.