Ecopetrol publishes financial information for the year 2023

Rhea-AI Summary

Ecopetrol S.A. announces the publication of its financial statements for December 2023, complying with Colombian regulations. Ecopetrol is a major energy company in Colombia with significant operations in hydrocarbon production, transportation, logistics, refining, and international ventures in the Americas.

Financial Analyst

The publication of Ecopetrol S.A.'s consolidated and separate financial statements is a significant event for stakeholders, as it provides a comprehensive view of the company's financial health and performance over the past fiscal year. The financial statements are essential for assessing the company's profitability, cash flows and overall financial stability. Investors and analysts can use this information to make informed decisions regarding investment strategies. The disclosed financials can also have implications for the company's stock price on both the BVC and NYSE, as they reflect the company's ability to generate revenue and manage expenses in its operations across the American continent.

Furthermore, the company's dominant position in Colombia's hydrocarbon sector and its diversified portfolio, including the recent acquisition of ISA's shares, suggest a strategic expansion that could impact future revenue streams and investment opportunities. The financial statements will provide insights into the initial performance of these acquisitions and their contribution to Ecopetrol's bottom line.

Energy Sector Analyst

Ecopetrol's activities in the integrated energy sector, particularly in hydrocarbon production, transportation, logistics and refining, as well as its expansion into energy transmission and road concessions, position it as a key player in the American energy market. The company's performance, as revealed in the financial statements, can serve as an indicator of the broader sector's health and trends. Its operations in strategic basins, including the United States, Brazil and Mexico, highlight the importance of geopolitical factors and commodity prices on its financial outcomes.

Investors will be interested in how Ecopetrol is navigating the volatile oil market and whether its diversification strategy is mitigating risks associated with price fluctuations. Additionally, the company's involvement in renewable energy and infrastructure projects could be indicative of long-term strategic shifts in response to global energy transition trends.

Market Research Analyst

Analyzing Ecopetrol's financial statements provides critical insights into market dynamics, competitive positioning and potential growth areas. Investors should pay close attention to the company's capital expenditures, research and development investments and any disclosed risks or uncertainties that may affect future operations. The financial performance in the petrochemicals and gas distribution segments, as well as the company's expansion into telecommunications through ISA, offers a glimpse into the diversification of revenue sources, which is important for resilience in a fluctuating market.

Understanding the company's market share and strategic initiatives in various segments can help forecast potential market movements and identify investment opportunities. The financial results will also influence market sentiment, potentially affecting the stock's liquidity and volatility in the short term.

BOGOTA, Colombia, March 27, 2024 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announces that, in accordance with External Circular 012 of 2022 issued by the Superintendency of Finance of Colombia, has published the consolidated and separate financial statements as of 31 December 2023, which can be consulted in Spanish at the following link:

https://www.superfinanciera.gov.co/SIMEV2/informacionrelevantegeneral

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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 forward-looking statements which are based on current expectations and assumptions about future events and which can be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "anticipate", "estimate", "intend", "continue", or "believe" or other words of similar import, and which forward-looking statements also include certain projections, forecasts, budgets and other estimates. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the Ecopetrol's control. Ecopetrol does not undertake any obligation to provide any additional information or to update this press release or to correct any inaccuracies that may become apparent, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.

For more information, please contact:

Head of Capital Markets
Carolina Tovar Aragón
Email: investors@ecopetrol.com.co

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

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SOURCE Ecopetrol S.A.

What financial statements did Ecopetrol publish?

Ecopetrol published its consolidated and separate financial statements as of 31 December 2023.

Where can the financial statements be accessed?

The financial statements can be accessed in Spanish at the following link: https://www.superfinanciera.gov.co/SIMEV2/informacionrelevantegeneral

What is Ecopetrol's role in Colombia?

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

In which countries does Ecopetrol have international operations?

Ecopetrol has operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, with a stake in strategic basins and energy transmission businesses.

What recent acquisition did Ecopetrol make?

Ecopetrol acquired 51.4% of ISA's shares, expanding its presence in energy transmission, real-time systems management, and highway concessions.