Resignation of Ecopetrol's Board Member

Rhea-AI Summary

Ecopetrol S.A. (EC) announced the resignation of Juan Emilio Posada Echeverri from its Board of Directors on June 6, 2022. This change in leadership may influence the company's strategic direction and governance. As the largest integrated energy company in Colombia, Ecopetrol plays a crucial role in the hydrocarbon sector and has significant operations across various markets in the Americas. The company is involved in oil exploration and production as well as energy transmission through its acquisition of 51.4% of ISA's shares.

Positive

• New board member may bring fresh perspectives to Ecopetrol's strategy.
• Strong leadership potential to enhance governance and decision-making.

Negative

• Concerns about continuity and experience gaps in the Board of Directors.

BOGOTÁ, Colombia, June 8, 2022 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) informs that Juan Emilio Posada Echeverri resigned as an independent member of the Board of Directors of the Company on June 6, 2022. 

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Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 18,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector. This press release contains business prospect statements, operating and financial result estimates, and statements related to Ecopetrol's growth prospects. These are all projections and, as such, they are based solely on the expectations of the managers regarding the future of the company and their continued access to capital to finance the company's business plan. The realization of said estimates in the future depends on the behavior of market conditions, regulations, competition, the performance of the Colombian economy my and the industry, among other factors, and are consequently subject to change without prior notice.

This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward -looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements.

For more information, please contact: 

Head of Capital Markets 
Tatiana Uribe Benninghoff 
Email: investors@ecopetrol.com.co

Head of Corporate Communications 
Mauricio Téllez 
Email: mauricio.tellez@ecopetrol.com.co 

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SOURCE Ecopetrol S.A.

FAQ

Who resigned from Ecopetrol's Board of Directors?

Juan Emilio Posada Echeverri resigned from Ecopetrol's Board of Directors on June 6, 2022.

What are the implications of Juan Emilio Posada Echeverri's resignation for Ecopetrol?

The resignation may impact the company's governance and strategic direction moving forward.

When was the resignation of the Ecopetrol board member announced?

The resignation was announced on June 8, 2022.

How does Ecopetrol's leadership structure influence its business operations?

The leadership structure directly impacts the company's strategic decisions, growth prospects, and overall governance.