Decisions Adopted by the Shareholders in Ordinary General Meeting held on March 27, 2026

Rhea-AI Summary

Ecopetrol (NYSE:EC) held its Ordinary General Shareholders' Meeting on March 27, 2026, approving the 2025 Integrated Management Report, audited individual and consolidated financial statements, and corporate governance report.

Shareholders approved a COP $121 per share ordinary dividend, a COP $20.7 trillion occasional reserve, and the merger with Parque Solar Portón del Sol S.A.S.; a Colfondos bylaw amendment was rejected.

Positive

• Dividend of COP $121 per share approved for shareholders
• Occasional reserve creation of COP $20.7 trillion to support strategic flexibility
• Merger approved between Ecopetrol and Parque Solar Portón del Sol S.A.S.
• Audited financial statements (individual and consolidated) approved for 2025

Negative

• Majority shareholder timing splits payment: COP $4.0 trillion by April 30, 2026 and remainder by June 30, 2026
• Colfondos proposal to amend bylaws rejected (99.22% abstention recorded against proposal)

Key Figures

Ordinary dividend: COP $121 per share Dividend proposal - Ecopetrol: COP 110 per share Dividend proposal - third party: COP 130 per share +5 more

8 metrics

Ordinary dividend COP $121 per share Approved 2025 profit distribution to shareholders

Dividend proposal - Ecopetrol COP 110 per share Alternative profit distribution proposal presented to shareholders

Dividend proposal - third party COP 130 per share Shareholder proposal for higher single-installment dividend

Majority shareholder payment COP $4.0 trillion Dividend amount expected by April 30, 2026

Occasional reserve COP $20.7 trillion Reserve created to provide flexibility for company strategy

Hydrocarbon production share More than 60% Ecopetrol’s share of Colombia’s hydrocarbon production

Stake in ISA 51.4% Ownership of ISA’s shares following acquisition

Employees More than 19,000 Ecopetrol workforce size referenced in company description

Market Reality Check

Price: $14.98 Vol: Volume 6,507,695 is 1.68x...

high vol

$14.98 Last Close

Volume Volume 6,507,695 is 1.68x the 20-day average of 3,872,051, indicating elevated trading interest ahead of and around the meeting decisions. high

Technical Price at $14.98 is trading above the 200-day MA of $10.25 and sits 2.54% below the 52-week high of $15.37.

Peers on Argus

EC gained 1.42% while key integrated peers (CVE, IMO, SU, PBR) showed declines b...

1 Up

EC gained 1.42% while key integrated peers (CVE, IMO, SU, PBR) showed declines between about -0.1% and -2.39%. Only YPF showed upside in the momentum scan, so today’s move appears more company-specific than sector-driven.

Historical Context

5 past events · Latest: Mar 25 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 25	Board statement	Neutral	+2.3%	Board of Directors issued a formal statement to the market.
Mar 12	Regulatory statement	Neutral	+2.9%	Company commented on a decision by the Attorney General's Office.
Mar 05	ESG/climate report	Neutral	+8.8%	Published 2025 chapter on social, environmental, and climate matters.
Mar 04	Dividend proposal	Positive	+8.8%	Board outlined 2025 earnings distribution and proposed ordinary dividend.
Mar 02	Earnings call dates	Neutral	+2.6%	Announced schedule for Q4 and full-year 2025 results and conference call.

Pattern Detected

Recent governance, distribution, and disclosure news over March 2026 has consistently coincided with positive price reactions, suggesting investors have rewarded clarity on dividends, earnings distribution, and corporate communications.

Recent Company History

Over the last month, Ecopetrol has released several governance and distribution-related updates. On Mar 2 it scheduled its Q4 and 2025 results call, followed by a 2025 earnings distribution proposal on Mar 4 that outlined net income, available funds, and a proposed dividend. Subsequent news covered ESG/climate disclosures, a statement by the board, and regulatory statements. Each event saw a positive price reaction, providing context for the latest shareholder meeting decisions on dividends, reserves, and a merger.

Market Pulse Summary

This announcement details binding shareholder decisions: approval of the 2025 Integrated Management ...

Analysis

This announcement details binding shareholder decisions: approval of the 2025 Integrated Management Report, audited financial statements, an ordinary dividend of COP $121 per share, creation of a COP $20.7 trillion occasional reserve, and a merger with Parque Solar Portón del Sol S.A.S. It also confirms rejection of a bylaws amendment proposal. Investors may watch future disclosures on capital allocation, integration of the solar asset, and how the new reserve supports Ecopetrol’s long-term strategy.

Key Terms

merger agreement, consolidated financial statements

2 terms

merger agreement regulatory

"approved the merger, as well as the Merger Agreement and its annexes"

A merger agreement is a binding contract that lays out the exact terms for two companies to combine, including the price, what each side will deliver, and the conditions that must be met before the deal is completed. Investors care because it sets the timetable, payouts and risks — like a blueprint or prenup that shows whether the deal is likely to close, how ownership will change, and what could cancel or alter the payout they expect.

consolidated financial statements financial

"presentation of the individual and consolidated financial statements"

Consolidated financial statements combine the financial results of a parent company and all the companies it controls into one set of reports, like showing the whole family’s budget instead of each person’s separate accounts. For investors this matters because it gives a complete picture of assets, debts, revenue and cash flow across the entire group, helping assess true size, risk and profitability without missing or double-counting related activity.

AI-generated analysis. Not financial advice.

BOGOTA, Colombia, March 30, 2026 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announces that its Ordinary General Shareholders' Meeting took place on March 27, 2026, at 9:21 a.m., after the Company duly convened the meeting in accordance with all applicable legal and bylaw requirements. During the meeting, shareholders voted on each item on the agenda as detailed below:

1. 1. Approval of the Agenda
      
      The shareholders approved the agenda proposed for the meeting.
      
      
   2. Appointment of the Chairman of the General Shareholders' Meeting
      
      The shareholders appointed Mr. Germán Ávila, Minister of Finance and Public Credit, as Chairman of the General Shareholders' Meeting.
      
      
   3. Appointment of the Elections and Vote-Counting Committee of the General Shareholders' Meeting
      
      The shareholders appointed the Elections and Vote-Counting Committee, as proposed by shareholder Amparo del Pilar González.
      
      
   4. Appointment of the Committee for the Review and Approval of the Minutes of the General Shareholders' Meeting
      
      The shareholders appointed the Committee for the Review and Approval of the minutes, as proposed by shareholder Edisson Forero.
      
      
   5. Approval of the Board of Directors' Corporate Governance Report
      
      Dr. Luis Felipe Henao Cardona, Chairman of the Corporate Governance and Sustainability Committee, presented a summary of the report on compliance with and implementation of corporate governance practices, in accordance with the Company's Bylaws, Ecopetrol's internal regulations, and the recommendations of the Colombian Code of Best Corporate Practices (Código País).
      The shareholders approved the report.
      
      This report is included in the Integrated Management Report for the year 2025.
      
      
   6. Approval of the 2025 Integrated Management Report
      
      The President of Ecopetrol presented the most relevant aspects of the 2025 Integrated Management Report. The shareholders  approved the report, which is available on the Company's corporate website: https://www.ecopetrol.com.co/wps/portal/Home/es/Inversionistas/Asambleageneraldeaccionistas/asambleaordinaria2026/ 
      
      
   7. Approval of the Audited Individual and Consolidated Financial Statements
      
      The Company made a general presentation of the individual and consolidated financial statements. The shareholders approved these financial statements, which are available on the Company's corporate website: https://www.ecopetrol.com.co/wps/portal/Home/es/Inversionistas/Asambleageneraldeaccionistas/asambleaordinaria2026/
      
      Additionally, the 2025 Integrated Management Report includes the individual and consolidated financial statements.
      
      
   8. Presentation and Approval of the Proposal for the Distribution of Profits to Ecopetrol Shareholders
      
      The shareholders approved the profit distribution proposal that the Ministry of Finance and Public Credit, acting on behalf of the Nation, submitted. The proposal provides for an ordinary dividend of one hundred twenty-one Colombian pesos (COP $121) per share.
      
      The Company expects to pay the dividend to minority shareholders in a single installment no later than April 30, 2026. For the majority shareholder, the Company expects to pay four trillion Colombian pesos (COP $4.0 trillion) no later than April 30, 2026, and to pay the remaining balance no later than June 30, 2026. The shareholders also approved the creation of an occasional reserve in the amount of COP $20.7 trillion, intended to provide flexibility in the execution of the Company's strategy.
      
      
   9. Consideration and Approval of the Merger and the Merger Agreement to Be Entered Into Between Ecopetrol (Surviving Entity) and Parque Solar Portón del Sol S.A.S. (Absorbed Entity)
      
      The General Shareholders' Meeting approved the merger, as well as the Merger Agreement and its annexes, executed between Ecopetrol S.A. (as the surviving entity) and Parque Solar Portón del Sol S.A.S. (as the absorbed entity).
      
      
   10. Request for Consideration and Approval of a Bylaws Amendment Submitted by Pension Funds Managed by Colfondos S.A. Pensiones y Cesantías – ACCAI (Colfondos)
       
       Colfondos proposed amendments to Articles 13, 15, and 30 of the Company's Bylaws and requested that the General Secretariat carry out the corresponding updates, register them with the Chamber of Commerce, and publish the updated text on the official website.
       However, shareholders did not approve this proposal.

The shareholders voted on the agenda items as follows:

Matter submitted for consideration by the General Shareholders' Meeting	Agenda proposed by Ecopetrol in the notice of meeting	Agenda proposed in the notice of meeting, including the item regarding the President's resignation	Blank vote	Abstention
Approval of the agenda	93.69422215 %	0.00356336 %	0.00004189 %	6.3021726 %

Matter submitted for consideration by the General Shareholders' Meeting	Significance of the affirmative vote	Significance of the negative vote	Blank vote	Abstention
Appointment of the Chair of the General Shareholders' Meeting	95.67111213 %	0.00158671 %	0.00019837 %	4.3271028 %
Appointment of the Election and Ballot Counting Committee of the General Shareholders' Meeting	95.73857915 %	0.00120232 %	0.00020311 %	4.26001542 %
Appointment of the Committee for the Review and Approval of the Minutes of the General Shareholders' Meeting	99.9713716 %	0.0010562 %	0.00018081 %	0.02739139 %
Approval of the Board of Directors' Report on Corporate Governance	95.68114896 %	4.26811301 %	0.05064543 %	0.0000926 %
Approval of the 2025 Integrated Management Report	95.66650238 %	4.27560784 %	0.05067245 %	0.00721732 %
Approval of the audited individual and consolidated financial statements2	97.40315769 %	2.53925455 %	0.05063641 %	0.00652545 %

Matter submitted for consideration by the General Shareholders' Meeting	Proposal 1: Ecopetrol: Distribute 110 pesos per share and pay dividends to all shareholders in a single installment no later than April 30, 2026	Proposal 2 National Government – Ministry of Finance and Public Credit: Distribute 121 pesos per share, with dividends to minority shareholders to be paid in a single installment no later than April 30, 2026, while the majority shareholder is to receive a payment of four trillion pesos ($4.0 trillion) no later than April 30, 2026, and the remaining amount no later than June 30, 2026	Proposal 3 (Pablo Emilio Martínez Corredor) To distribute 130 pesos per share and to pay dividends to shareholders in a single installment no later than April 30, 2026	Abstention	Blank Vote
Presentation and approval of the proposed profit distribution plan for Ecopetrol shareholders	8.72404226 %	90.91514288 %	0.29664358 %	0.01358579 %	0.05058549 %

Matter submitted for consideration by the General Shareholders' Meeting	Significance of the affirmative vote	Significance of the negative vote	Blank vote	Abstention
Consideration and approval of the merger and the merger agreement to be entered into between Ecopetrol (the acquiring company) and Parque Solar Portón del Sol S.A.S. (the acquired company)	99.26774214 %	0.68162423 %	0.05058601 %	0.00004761 %
Request for consideration and approval of a bylaw amendment by pension funds managed by Colfondos S.A. Pensiones y Cesantías – ACCAI (Colfondos)	0.69508317 %	0.08493806 %	0.00001195 %	99.21996682 %

Ecopetrol is Colombia's largest company and one of the leading integrated energy companies in the Americas, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of hydrocarbon production, most of the hydrocarbon transportation, logistics, and refining system, and has leading positions in petrochemicals and gas distribution. With the acquisition of 51.4% of ISA's shares, it participates in energy transmission, real-time systems management (XM), and the Barranquilla-Cartagena coastal road concession. Internationally, Ecopetrol has a presence in strategic basins in the Americas, with E&P operations in the United States (Permian Basin and Gulf of Mexico), Brazil, and Mexico. Through ISA and its subsidiaries, it holds leading positions in the energy transmission business in Brazil, Chile, Peru, and Bolivia, as well as in road concessions in Chile and telecommunications.

For more information, please contact:

Investor Relations Department
Email: investors@ecopetrol.com.co  

Media Relations (Colombia)
Marcela Ulloa Beltrán
Email: marcela.ulloa@ecopetrol.com.co

View original content to download multimedia:https://www.prnewswire.com/news-releases/decisions-adopted-by-the-shareholders-in-ordinary-general-meeting-held-on-march-27-2026-302729141.html

SOURCE Ecopetrol S.A.

FAQ

What dividend did Ecopetrol (EC) approve at the March 27, 2026 shareholders' meeting?

Ecopetrol approved an ordinary dividend of COP $121 per share for 2026. According to the company, minority shareholders will be paid in a single installment no later than April 30, 2026, while the majority shareholder receives staged payments through June 30, 2026.

When will Ecopetrol (EC) pay the approved COP $121 per share dividend to minority shareholders?

Minority shareholders are expected to receive the dividend in a single installment by April 30, 2026. According to the company, that payment deadline applies specifically to non‑majority shareholders as part of the approved distribution plan.

What is the COP $20.7 trillion occasional reserve approved by Ecopetrol (EC)?

The shareholders approved creating an occasional reserve of COP $20.7 trillion to provide strategic execution flexibility. According to the company, the reserve is intended to support the firm's strategy and operational financing options.

Did Ecopetrol (EC) approve a merger at the March 27, 2026 meeting and with which company?

Yes. Shareholders approved the merger of Ecopetrol (surviving entity) with Parque Solar Portón del Sol S.A.S.. According to the company, the Merger Agreement and annexes were authorized by the General Shareholders' Meeting.

What did shareholders decide about the Colfondos bylaw amendment proposal for Ecopetrol (EC)?

Shareholders rejected the Colfondos proposal to amend Articles 13, 15, and 30 of the bylaws. According to the company, the proposal failed, and the General Secretariat will not implement those requested amendments.

Were Ecopetrol's (EC) 2025 audited financial statements approved at the March 27, 2026 meeting?

Yes. The General Shareholders' Meeting approved the audited individual and consolidated financial statements for 2025. According to the company, these statements are included in the 2025 Integrated Management Report and are publicly available.