Eco Press has not set their biography yet

Ecopetrol S.A. Announce the Composition of its Board of Directors

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announces the composition of its Board of Directors as of March 31, 2016:

Representatives from the Government of Colombia:

  • Minister of Finance and Public Credit
  • Director of the National Planning Department

Independent representatives:

  • Gustavo Adolfo Carvajal Sinisterra
  • Jorge G. Pinzón Sánchez
  • Jaime Ardila Gómez
  • Carlos Cure Cure
  • Joaquín Moreno Uribe
  • Horacio Ferreira Rueda (representative from the hydrocarbons producing provinces)
  • Roberto Steiner Sampedro (representative of the minority shareholders)

Bogota, March 31, 2016

Continue reading
875 Hits

Plan for Distribution of Profits for 2015 Fiscal Year

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company") announces that, at the General Shareholders' Meeting held on March 31, 2016, the shareholders have approved the plan for distribution of profits. Given that the 2015 fiscal year resulted in a net loss for the Company, there will not be a distribution of profits to Ecopetrol's shareholders.

The Company will absorb the net loss for the 2015 fiscal year through its legal reserve, pursuant to Article 456 of the Code of Commerce.

Bogota, March 31, 2016

Click here to download full article

 

Continue reading
545 Hits
0 Comments

Ecopetrol Announces the Results of Second Stage of the Equity Divestment Plan of Shares Owned by Ecopetrol S.A. in Interconexión Eléctrica S.A. E.S.P.

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reports that on March 11 of 2016 through the X-STREAM trading system of the Colombian Stock Exchange (Bolsa de Valores de Colombia S.A.), the first bidding session was held for the second stage of the program to divest and sell 58,925,480 of Ecopetrol’s shares of the company Empresa Interconexión Eléctrica S.A. E.S.P. The bidding session was declared void.

The Equity Divestment Plan was approved by the National Government through Decree 1800 of 2015, and in eveloping the second stage Ecopetrol is authorized to hold up to three (3) additional bid procedures, at the time and in the manner indicated in the Notice of Start of the Second Stage.

The documentation regarding the offer may be found on Ecopetrol's web page at www.ecopetrol.com.co at the link:
http://www.ecopetrol.com.co/wps/portal/es/ecopetrol-web/relacion-inversionistas/para-elaccionista/Enajenacion-adjudicacion-acciones-ISA/ 

Bogota, March 14, 2016

Continue reading
724 Hits

Ecopetrol Group Announces Its Results for the Fourth Quarter of 2015 and the Year Ended December 31, 2015

  • Amid a challenging environment, the Corporate Group´s production reached 761 mboed, a 5 mboed increase compared with 2014.
  • Annual savings of COP$2.8 trillion help mitigate the impact of falling prices.
  • Refining Margin increased by 16% in 2015 vs 2014.
  • In line with the industry trend, the lower oil prices and impairments (accounting adjustment under IFRS) led to the recording of a net loss of COP$3.9 trillion pesos in 2015. Without impairments, the net income would have been COP$2.4 trillion pesos.

Bogota, March 6, 2016. Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announced today Ecopetrol Group’s financial results for the fourth quarter and full year 2015, prepared and filed in Colombian pesos (COP$) and under International Financial Reporting Standards (IFRS) applicable in Colombia.

Click here to download full article

Continue reading
719 Hits

Distribution Proposal for Fiscal Year 2015

The management of Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) (“Ecopetrol” or the “Company”) hereby presents its plan for the distribution of profits of the Company, which will be submitted for consideration at the General Shareholders' Assembly scheduled to take place on March 31, 2016.

Click here to download full article

Continue reading
789 Hits

2015 Ecopetrol's Proven Reserves Reach 1,849 Million Barrels of Oil Equivalent

  • Higher efficiency mitigated lower crude oil prices
  • Cost optimization and increased efficiency were confirmed by certifying firms
  • Good performance of heavy crude oil fields
  • The average reserve life is equivalent to 7.4 years

Ecopetrol (BVC: ECOPETROL; NYSE: EC; TSX: ECP) announced today its proven reserves (1P, according to the international designation) of crude oil, condensate and natural gas owned by the company, including its interest in affiliates and subsidiaries, as of December 31, 2015.

Click here to download full article

Continue reading
870 Hits

Ecopetrol S.A. voluntarily delists its ADRs from the Toronto Stock Exchange

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) (“Ecopetrol” or the “Company) reports that the ADRs of the Company will be delisted from the Toronto Stock Exchange at the close of markets on Wednesday, March 2, 2016, following the voluntary delisting decision announced to the market on February 17, 2016.

The ADRs will continue to trade on the New York Stock Exchange under the trading symbol “EC”.

Bogota, February 25, 2016

Click here to download full article

Continue reading
571 Hits

Ecopetrol continues the financing of its 2016 investment plan with a local bank loan for COP$990 billion

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) (“Ecopetrol” or the “Company”) reports that on February 23, 2016, it signed a bilateral commercial loan agreement with Bancolombia S.A. for COP$990 billion (Approximately USD$300 million).

The Company fulfilled all the procedures and approvals required by the relevant government authorities in Colombia, including receipt of Resolution of Authorization No. 445 of February 22, 2016 from the Ministry of Finance and Public Credit.

Click here to download full article

Continue reading
725 Hits

Ecopetrol Announces New Savings of COP$1.6 trillion for 2016

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) reports that during 2015 the Corporate Group achieved its savings goals for a total of COP$2.8 trillion, of which COP$2.2 trillion corresponded to the parent company.

Given the challenging price environment observed since the beginning of 2016, Ecopetrol S.A. announces that it will seek to save an additional COP$1.6 trillion through the present year.

In order to accomplish this, the company has adopted a new series of savings and austerity measures aimed at optimizing cash flow and reducing costs of all of its processes. The measures will help mitigate the impact of the drop in international crude prices on production and reserves, allowing for the continued production of profitable barrels and the value creation for shareholders and Colombian citizens.

Click here to download full article

Continue reading
756 Hits

Ecopetrol Discloses Minority Shareholders' Agreement

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) (“Ecopetrol” or the “Company”) reports that representatives of the minority shareholders with the largest holdings of the Company’s shares have submitted a "Shareholders' Agreement", subscribed by five pension and retirement funds, in which such minority shareholders have nominated Mr. Roberto Steiner Sampedro as an independent member of the Board of Directors of the Company.

ursuant to the Majority Shareholder’s Declaration, the nomination of Mr. Steiner as an independent member of the Board of Directors and representative of the minority shareholders is to be included as the ninth item in the program of the Ministry of Finance and Public Credit that will be submitted for consideration at the General Shareholders' Assembly.

Bogota, February 5, 2016

Click here to download full article

Continue reading
769 Hits

Standard and Poors Reafirms Ecopetrol S.A.'s International Rating of BBB

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) (“Ecopetrol” or the “Company”) reports that the risk rating agency Standard and Poors has maintained Ecopetrol's long-term foreign currency rating at BBB and has downgraded its outlook from stable to negative. Therefore, the Company retains its investment grade rating.

In its report, Standard and Poors emphasizes the austerity and cost efficiency measures taken by the Company to address and mitigate the effects of the current low oil price environment. It also notes the very high likelihood that, given Ecopetrol’s strategic importance for Colombia, the Colombian government would provide assistance to the Company if needed.

Click here to download full article

Continue reading
506 Hits

New Company of the Ecopetrol S.A. Group to Handle Offshore Operations

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) reports that Hocol Petroleum Limited, a fully-owned subsidiary of Ecopetrol S.A., has formed a new company, Ecopetrol Costa Afuera Colombia S.A.S., as approved by Hocol Petroleum Limited’s board of directors.

The new company will be responsible for offshore exploration and production activities in Colombia, which are currently being carried out by Ecopetrol S.A. as operator and nonoperator.

Click here to download full article

Continue reading
489 Hits

Moody's downgrades rating of Ecopetrol S.A but conserves its investment grade rating

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) reports that the credit rating agency Moody's Investors Service downgraded the Company’s rating from Baa2 to Baa3 and placed the Company’s outlook under review. The Company remains investment grade under the new rating. In addition, Ecopetrol’s baseline credit assessment, which does not include implicit government support, was downgraded from baa3 to ba3.

The downgrade of the Company’s rating reflects a persistent environment of low oil prices, which will continue to negatively affect the Company's cash flow and financial indicators.

The complete report can be found at www.moodys.com.

Bogota, January 18, 2016

Click here to download full article

Continue reading
512 Hits

Fitch Affirms Ecopetrol's Local and International Ratings

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) reports that the credit rating agency Fitch Ratings has affirmed Ecopetrol S.A.'s foreign and local currency credit ratings at 'BBB' and ‘BBB+', respectively. Concurrently, Fitch has affirmed the company's national scale short and long-term ratings of 'F1+(col) and 'AAA(col). The rating outlook for all credit ratings is stable.

According to Fitch, "Ecopetrol's ratings reflect its close linkage with the Republic of Colombia, which owns 88.5% of the company, due to its strategic importance to the country."

Click here to download full article

Continue reading
582 Hits

Ecopetrol announces US$4.8 billion investment plan for 2016

  • Carrying forward a plan focused on cost reductions and achieving efficiencies to deal with international price conditions.
  • Business Group setting daily output target of 755,000 barrels of oil equivalent, similar to 2015 production.
  • Business Transformation Plan continues to strengthen its results, allowing structural savings of more than US$760 million.

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) reports that its Board of Directors approved the Ecopetrol Group 2016 Investment Plan for US$4.8 billion.

Click here to download full article

Continue reading
744 Hits

Ecopetrol Group Announces Its Results for the Third Quarter of 2015

  • Ecopetrol Corporate Group’s results for the third quarter of 2015 registered an EBITDA of COP$4.7 trillion pesos and earnings of COP$654 billion pesos.
  • Ecopetrol S.A. achieves COP$1.6 trillion pesos in savings against the 2015 guidance of COP$1.4 trillion.
  • The Corporate Group’s production during the first nine months of the year reached 761 mboed, an increase of 9 mboed versus the same period of 2014.

Click here to download full article

Continue reading
725 Hits

Ecopetrol Announces the Results of Second Stage of the Equity Divestment Plan of Shares Owned by Ecopetrol S.A. in EEB

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) reports that today the auction was held corresponding to the Second Stage of the Equity Divestment Plan of the Empresa de Energía de Bogota S.A. E.S.P. shares owned by Ecopetrol. The 278,255,586 shares were offered at a price of COP$1,815. The auction was declared void.

In order to continue the sale process, Ecopetrol is entitled to hold up to three (3) additional auctions, at a time and in a manner determined in the Notification of Commencement of the Second Stage.

This announcement is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, or an exemption from registration. No public offering of securities has been or will be made in the United States and, accordingly, the securities will not be registered under the U.S. Securities Act of 1933. This announcement is being issued pursuant to Rule 135e of the U.S. Securities Act of 1933.

Bogota, October 9, 2015

Click here to download full article

Continue reading
769 Hits

Ecopetrol S.A. informs on amendments to the Prospectus of Local Bonds issued in 2010

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) hereby informs that through the Resolution 1135 of August 18, 2015, the Superintendency of Finance amended the Article first of the Resolution 2176 of November 11, 2010, by which authorized the registration in the Registro Nacional de Valores y Emisores and the public offering of local bonds issued by Ecopetrol S.A., in order to establish ALIANZA FIDUCIARIA S.A. as the new legal representative of bondholders.

In connection with such approval, Ecopetrol S.A. issued the Addendum 1 through which it amended the front page and paragraph 3.16 of the Prospectus of Local Bonds issued in 2010, citing Alianza Fiduciaria S.A. as the new legal representative of bondholders.

The Prospectus and the Addendum 1 are available in the following link: http://www.ecopetrol.com.co/wps/portal/es/ecopetrol-web/relacion-inversionistas/rentafija/bonos-en-colombia/emision-2010/

Bogota, September 10, 2015

Click here to download full article

Continue reading
698 Hits

Ecopetrol S.A.'s Board of Directors Authorizes Creation of New Subsidiary on Free Trade Zone to Conduct Offshore Operations

The Board of Directors of Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP), in its meeting held on August 14, 2015, authorized the creation of a Colombian company indirectly wholly owned by Ecopetrol S.A.

The creation of the new subsidiary seeks to develop offshore activities in Colombia, which the company currently carries out as operator and non-operator, and take advantage of the benefits of Decree 2682/14, "pursuant to which the conditions and requirements are established for declaring the existence of Permanent Offshore Free Trade Zones".

Once the new company is created, the ANH’s approval will be sought in order to assign Ecopetrol S.A.'s contractual rights under the exploration and production contracts of the offshore blocks in which it is operator and non-operator.

Bogota, August 19, 2015

Click here to download full article

Continue reading
708 Hits

Ecopetrol Corporate Group Announces Its Results for the Second Quarter and the First Half of 2015

  • The Group’s consolidated net earnings1 was COP$1.5 trillion in the second quarter of 2015, a substantial increase when compared with the previous quarter.
  • The Corporate Group’s production grew 5% compared with the second quarter of 2014, reaching an average of 768 mboed.
  • The Barrancabermeja refinery’s refining margin reached US$17.2 per barrel.

Bogota, August 5, 2015. Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) announced today Ecopetrol Corporate Group’s financial results for the second quarter and the first half of 2015, prepared and filed in Colombian pesos (COP$) and on the basis of International Financial Reporting Standards (IFRS).

Click here to download full article

Continue reading
689 Hits