The Board of Directors of Ecopetrol S.A. announces on the execution of operation to sanction the theft and smuggling of hydrocarbons

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Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reiterates its collaboration with authorities in the 'Bunkering Imperio' operation and emphasizes no evidence implicating the company in criminal proceedings. The company is committed to preventing the smuggling and theft of hydrocarbons. Ecopetrol is the largest company in Colombia and a major integrated energy company in the American continent, with significant operations domestically and internationally.

BOGOTA, Colombia, July 31, 2023 /PRNewswire/ -- Considering the information known to public, the Board of Directors of Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC, "Ecopetrol" or the "Company") reiterates the press release issued by the company yesterday, which stated that Ecopetrol, Cenit and Oleoducto de Colombia have actively collaborated with the different authorities for the execution of the "Bunkering Imperio" operation.

In addition, the Board of Directors hereby informs that: 

1. Based on external verifications and information coming from the collaborative efforts between the Ecopetrol Group, the Judicial Investigation Directorate and the Carabineros and Environmental Protection Directorate of the National Police, to date, there is no evidence implicating either the administrations or the officers of the Ecopetrol Group;
2. Ecopetrol, Cenit and Oleoducto de Colombia have been recognized as victims in the corresponding criminal proceedings; and
3. The company will continue to work with the authorities to sanction and prevent the smuggling and theft of hydrocarbons.

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, and the performance of the Colombian economy 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 (a)
Carolina Tovar Aragón
Email: investors@ecopetrol.com.co

Head of Corporate Communications
Marcela Ulloa 
Email: marcela.ulloa@ecopetrol.com.co

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SOURCE Ecopetrol S.A.

FAQ

What is the 'Bunkering Imperio' operation?

The 'Bunkering Imperio' operation is a collaborative effort between Ecopetrol, Cenit, and Oleoducto de Colombia with different authorities to prevent the smuggling and theft of hydrocarbons.

What is Ecopetrol's position in the Colombian energy industry?

Ecopetrol is responsible for over 60% of hydrocarbon production in Colombia, with leading positions in transportation, logistics, hydrocarbon refining, petrochemicals, and gas distribution.

Where does Ecopetrol operate internationally?

Ecopetrol has operations in strategic basins in the United States, Brazil, and Mexico, as well as a stake in energy transmission, management of real-time systems, and road concessions in South American countries.

What are the projections and estimates mentioned in the press release?

The press release contains business prospect statements, operating and financial result estimates, and growth prospects for Ecopetrol, all of which are based on the expectations of the company's managers regarding its future and access to capital.

What factors could impact the realization of the company's estimates?

Market conditions, regulations, competition, the performance of the Colombian economy and the industry, among other factors, could impact the realization of Ecopetrol's estimates.