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
1301 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
916 Hits

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
1096 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
1087 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
1177 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
1246 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
947 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
1096 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
1122 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
1125 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
892 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
852 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
899 Hits