Ecopetrol Stock Price, News & Analysis

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.

Ecopetrol (NYSE: EC) has completed the early redemption of its 5.375% notes due 2026. The company paid USD 1,007.63 per USD 1,000 of principal, totaling USD 450,579,892 plus accrued interest. This strategic move eliminates all outstanding amounts of these notes and reduces the company's refinancing risk until 2028. The action aligns with Ecopetrol's financial plan and previous announcements made in October 2024 regarding the proactive management of 2026 maturities.

Ecopetrol (NYSE: EC) has released its fourth TCFD report detailing climate change management developments from 2023 through H1 2024. The report follows Financial Stability Board's Task Force recommendations, focusing on Governance, Strategy, Risks, and Metrics and Targets.

As Colombia's largest company and a major integrated energy player in the Americas, Ecopetrol controls over 60% of Colombia's hydrocarbon production and logistics. The company has expanded its presence through a 51.4% stake in ISA, gaining positions in energy transmission across Brazil, Chile, Peru, and Bolivia. Ecopetrol also maintains strategic operations in the US Permian basin and Gulf of Mexico, and Brazil.

Fitch Ratings has maintained Ecopetrol's global credit rating at BB+ with a stable outlook, while downgrading its Standalone Credit Profile (SCP) from 'bbb' to 'bbb-'. The agency affirmed the national long-term rating at 'AAA (col)' and short-term rating at 'F1+(col)'. The rating reflects Ecopetrol's position as Colombia's leading oil and gas producer and its significant energy transmission business through ISA subsidiary. Fitch highlighted the company's strategic importance and solid financial profile, with the SCP remaining within Investment Grade range.