Welcome to our dedicated page for Ecopetrol S.A news (Ticker: EC), a resource for investors and traders seeking the latest updates and insights on Ecopetrol S.A stock.
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. (
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Ecopetrol reported a positive net incorporation of 119 MBPE in 2023, with a 43% increase in organic incorporation compared to 2022. The Reserve Replacement Ratio was 48%, with 7.6 years average reserve life. 89% of reserves are in Colombia, and 11% in the US.
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Ecopetrol S.A. achieved the second-best financial results in its history in 2023 despite challenges like lower oil prices, inflation, and higher taxes. The company capitalized on OPEC+ cuts and strong refined product differentials. They reported a net profit of COP 19.1 trillion, an EBITDA of COP 60.7 trillion, and an EBITDA margin of 42%. Key achievements include record production, transport volumes, and refining throughput. In 2023, they issued international bonds, transferred COP 58 trillion to the Nation, and maintained a strong financial position.
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Ecopetrol S.A. proposes the distribution of 2023 earnings, with a net income of COP 19.06 trillion. The proposal includes an ordinary dividend of COP 278 per share and an extraordinary dividend of COP 34 per share, totaling COP 312 per share. The company plans to pay dividends in three installments to minority shareholders and in full to the majority shareholder by December 31, 2024. Additionally, an occasional reserve of COP 11.99 trillion is allocated to enhance financial sustainability.
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Ecopetrol's subsidiary Refineria de Cartagena S.A.S. (Reficar) receives approval for restructuring plan from UK court, potentially gaining 19.9% of McDermott International Ltd.'s common stock. Ecopetrol, a major energy company in Colombia, operates in various segments domestically and internationally.
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Ecopetrol S.A. reports the formalization of the amendment to its Bylaws, approved by the General Assembly of Shareholders. The company is a major player in Colombia's energy sector and holds significant positions in various segments. The press release includes business prospects, financial estimates, and growth projections.
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Ecopetrol S.A. announces the release of its financial results for Q4 and full year 2023, with a virtual conference call scheduled for March 1, 2024. The company is a major energy player in Colombia and the Americas, with diverse operations in hydrocarbon production, transportation, logistics, and more. Ecopetrol also has international investments in key energy sectors. The press release includes forward-looking statements about the company's growth and financial performance.
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Ecopetrol S.A. announces measures to ensure shareholder representation at the upcoming General Shareholders' Meeting. The company aims to inform shareholders of their rights, validate proxy assignments, and avoid influencing proxy selection. These measures were approved by the Board of Directors to enhance transparency and fairness in the shareholder representation process.
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Ecopetrol S.A. calls for a General Shareholders Meeting on March 22, 2024, in Bogota, D.C. The agenda includes safety guidelines, financial statements approval, profit distribution, board members election, and more. Shareholders can participate via streaming and electronic voting.
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Ecopetrol S.A. submitted the 'Código País' report, detailing corporate governance practices adopted and implemented in 2023. The report is available for viewing on the company's website and the Financial Superintendence of Colombia's website. The company is a major energy player in Colombia and the American continent, with operations in hydrocarbon production, transportation, logistics, refining, petrochemicals, and gas distribution. Ecopetrol also operates internationally, with investments in strategic basins and energy transmission in the United States, Brazil, and Mexico. The press release includes forward-looking statements related to business prospects and financial results, emphasizing that these are projections based on management's expectations and are subject to change based on market conditions, competition, and industry performance.
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Ecopetrol S.A. announced the results of a cash tender offer to purchase its outstanding 4.125% Notes due 2025. The Offer expired on January 16, 2024, and all Securities validly tendered were accepted for purchase. Ecopetrol also intends to deposit funds with The Bank of New York Mellon as security for the benefit of holders of the Securities not tendered pursuant to the Offer. BBVA Securities Inc., BofA Securities, Inc., and Citigroup Global Markets, Inc. served as Dealer Managers for the Offer.
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FAQ
What is the current stock price of Ecopetrol S.A (EC)?
The current stock price of Ecopetrol S.A (EC) is $7.92 as of November 15, 2024.
What is the market cap of Ecopetrol S.A (EC)?
The market cap of Ecopetrol S.A (EC) is approximately 16.3B.
What does Ecopetrol S.A. do?
Ecopetrol S.A. is engaged in the exploration, production, refining, transportation, and marketing of hydrocarbons and their derivatives. The company also focuses on electric power transmission, road infrastructure projects, and telecommunications services.
What are the key business segments of Ecopetrol?
Ecopetrol operates through four main business segments: Exploration and Production, Transport and Logistics, Refining and Petrochemical, and Electric Power Transmission and Toll Roads Concessions.
How did Ecopetrol perform financially in the first quarter of 2024?
Ecopetrol reported a revenue of COP 31.3 trillion and a net profit of COP 4.0 trillion for the first quarter of 2024, showcasing its operational resilience despite global economic challenges.
What recent achievements has Ecopetrol made?
Recent achievements include the approval of a financial restructuring plan for CB&I N.V. and the distribution of dividends approved at the General Ordinary Shareholders' Meeting.
What initiatives is Ecopetrol undertaking to promote sustainability?
Ecopetrol is committed to sustainability, reflected in its reductions in greenhouse gas emissions and the launch of the first solar farm in a refinery in Latin America.
What international operations does Ecopetrol have?
Ecopetrol has strategic drilling and exploration operations in the United States, Brazil, and Mexico, and through its subsidiary ISA, it engages in power transmission and road concessions in several South American countries.
How many employees does Ecopetrol have?
Ecopetrol employs over 18,000 talented individuals.
What is the significance of Ecopetrol's acquisition of ISA?
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.
Who can I contact for more information about Ecopetrol?
For more information, you can contact Carolina Tovar Aragón, Head of Capital Markets, at investors@ecopetrol.com.co, or Marcela Ulloa, Head of Corporate Communications, at marcela.ulloa@ecopetrol.com.co.
What role does Ecopetrol play in Colombia's energy sector?
Ecopetrol is responsible for over 60% of Colombia's hydrocarbon production and plays a leading role in the nation's transportation, logistics, and refining systems.
Ecopetrol S.A