ECOPETROL ANNOUNCES NAME CHANGE FOR OFFSHORE PROJECTS

Rhea-AI Summary

Ecopetrol S.A. (NYSE: EC) has announced a name change for its offshore exploration projects in the Colombian Caribbean. This decision comes in compliance with a ruling by the Fourth Labor Court of the Santa Marta Circuit. The project formerly known as 'Uchuva' will now be called SIRIUS, while the project previously referred to as 'Tayrona' will be renamed GUA-OFF-0.

These changes apply to all mentions in the Securities Market Information System (SIMEV) and the SEC's Electronic Data Gathering and Analysis Retrieval (EDGAR) system. The renaming was done in collaboration with Petrobras, Ecopetrol's partner in these projects. Ecopetrol, Colombia's largest company, is a major integrated energy company in the Americas, with significant operations in hydrocarbon production, transportation, refining, and petrochemicals.

Positive

• Compliance with legal requirements, potentially avoiding future legal issues
• Collaboration with partner Petrobras in renaming projects, indicating good business relationships

Negative

• Potential confusion or disruption in market communication due to project name changes

BOGOTA, Colombia, Sept. 24, 2024 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) informs that, in compliance with the ruling issued by the Fourth Labor Court of the Santa Marta Circuit, the names "Uchuva" and "Tayrona" will no longer be used to refer to its offshore exploration projects in the Colombian Caribbean, nor any project in which the Company is involved. This mention of the former names is made only once to comply with the court's order.

In collaboration with Petrobras, Ecopetrol's partner in these projects, it has been agreed that the first project will now be referred to as SIRIUS, and the second as GUA-OFF-0.

Going forward, any previous mentions of the old names by Ecopetrol in the Securities Market Information System (SIMEV) and in the Electronic Data Gathering and Analysis Retrieval (EDGAR) in the SEC will be understood to refer to the SIRIUS and GUA-OFF-0 projects in their respective contexts.

Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 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, 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.

For more information, please contact:

Head of Capital Markets (a)
Lina María Contreras Mora
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 are the new names for Ecopetrol's (EC) offshore exploration projects in Colombia?

The offshore exploration project formerly known as 'Uchuva' is now called SIRIUS, and the project previously referred to as 'Tayrona' has been renamed GUA-OFF-0.

Why did Ecopetrol (EC) change the names of its offshore projects?

Ecopetrol changed the names to comply with a ruling issued by the Fourth Labor Court of the Santa Marta Circuit, which mandated that the previous names 'Uchuva' and 'Tayrona' could no longer be used for these projects.

How will the name changes affect Ecopetrol's (EC) previous filings and reports?

Any previous mentions of the old names in the Securities Market Information System (SIMEV) and the SEC's EDGAR system will now be understood to refer to the SIRIUS and GUA-OFF-0 projects in their respective contexts.

Who is Ecopetrol's partner in the renamed offshore exploration projects?

Ecopetrol's partner in the renamed offshore exploration projects is Petrobras. The two companies collaborated on the renaming process.