Ecopetrol Reports CVM Decision on Appeal Related to the Tender Offer

Rhea-AI Summary

Ecopetrol (NYSE: EC) reported that its Brazilian subsidiary Ecopetrol Investimentos do Brasil received an official letter from the Brazilian Securities and Exchange Commission (CVM) stating that the CVM Board ruled in favor of Ecopetrol Investimentos in the administrative appeal related to its public tender offer for the acquisition of shares (OPAV).

According to Ecopetrol, the CVM also declared the prior suspension of the OPAV ineffective and granted Ecopetrol Investimentos until July 22, 2026 to amend and publish the OPAV offer document, including a new auction date. The company plans to keep the market informed of material developments.

Positive

• CVM appeal decision favorable to Ecopetrol Investimentos on OPAV
• Prior OPAV suspension declared ineffective by CVM
• CVM sets July 22, 2026 deadline to amend and publish offer document, enabling process to advance

Negative

• None.

News Market Reaction – EC

-1.13%

-1.13% Session close to close

In the Jul 16 session, EC declined 1.13%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Official letter number: No. 160/2026/CVM/SRE/GER-1 CVM board session date: July 14, 2026 Letter receipt date: July 15, 2026 +4 more

7 metrics

Official letter number No. 160/2026/CVM/SRE/GER-1 CVM letter on OPAV appeal

CVM board session date July 14, 2026 Date CVM ruled on appeal

Letter receipt date July 15, 2026 Ecopetrol Investimentos received CVM decision

OPAV amendment deadline July 22, 2026 Deadline to amend and publish OPAV document

Employees more than 19,000 employees Company size description

Hydrocarbon production share more than 60% Share of Colombia’s hydrocarbon production

ISA ownership 51.4% Stake in ISA’s shares

Historical Context

5 past events · Latest: Jul 01 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 01	Government receivable payment	Positive	+1.5%	Government settled FEPC receivable of about COP 1 trillion to the group.
Jun 17	Credit rating affirmation	Positive	-0.8%	S&P affirmed global rating at BB- with stable outlook and bb+ SCP.
Jun 15	Union agreement	Neutral	-5.4%	Six-year collective bargaining agreement reached with USO and other unions.
May 28	CEO leave adjustment	Neutral	-1.0%	Board postponed CEO’s unpaid leave; acting CEO maintained for continuity.
May 26	Brazil acquisition tender	Positive	+7.3%	Launched Brazil tender offer for Brava Energia shares with control potential.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent news has more often aligned with price moves, though labor and rating updates have produced occasional divergences.

Key Terms

public tender offer, forward-looking statements

2 terms

public tender offer financial

"administrative appeal filed in connection with the public tender offer for the acquisition of shares"

A public tender offer is a formal, public proposal by an individual or company to buy a specified number of shares from existing shareholders at a stated price and within a fixed time window. Like someone offering to buy neighbors’ houses at a set price, it can change who controls the company, influence the market price of the stock, and gives shareholders a clear, time-limited chance to sell their shares under the offered terms.

forward-looking statements regulatory

"This release contains statements that may be considered forward-looking statements within the meaning"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BOGOTA, Colombia, July 16, 2026 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announces that on July 15, 2026, Ecopetrol Investimentos do Brasil ("Ecopetrol Investimentos"), a controlled company of Ecopetrol S.A., received Official Letter No. 160/2026/CVM/SRE/GER-1, through which the Brazilian Securities and Exchange Commission ("CVM") informed that its Board of Commissioners, in its ordinary session held on July 14, 2026, ruled in favor of Ecopetrol Investimentos regarding the administrative appeal filed in connection with the public tender offer for the acquisition of shares (OPAV).

In its Official Letter, the CVM also states that the suspension previously imposed on the OPAV is ineffective and grants Ecopetrol Investimentos until July 22, 2026, to amend and publish the OPAV offer document, including, among other matters, the new date for the auction.

Ecopetrol will continue to keep the market duly informed of any material developments related to this transaction.

------------------------------------- 

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 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 release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements.

For more information, please contact:

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

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

View original content to download multimedia:https://www.prnewswire.com/news-releases/ecopetrol-reports-cvm-decision-on-appeal-related-to-the-tender-offer-302827632.html

SOURCE Ecopetrol S.A.

FAQ

What did the CVM decide about Ecopetrol (EC) and the OPAV tender offer on July 2026?

The CVM Board ruled in favor of Ecopetrol Investimentos in the administrative appeal regarding the OPAV tender offer. According to Ecopetrol, this decision removed the previous suspension and allows the tender process to move forward, subject to updating and publishing the offer document.

Is the suspension of Ecopetrol’s OPAV tender offer in Brazil still in effect?

No, the prior suspension of the OPAV tender offer was declared ineffective by the CVM. According to Ecopetrol, this means Ecopetrol Investimentos can proceed, provided it amends and republishes the offer document, including setting a new auction date.

What deadline did the CVM give Ecopetrol Investimentos to amend the OPAV offer document?

The CVM granted Ecopetrol Investimentos until July 22, 2026 to amend and publish the OPAV offer document. According to Ecopetrol, the updated document must also include, among other items, a new date for the auction related to the tender offer.

How does the CVM decision impact Ecopetrol (EC) shareholders and the OPAV process?

The decision allows the OPAV tender offer process to resume, subject to updated documentation. According to Ecopetrol, the lifting of the suspension and approval of the appeal are key steps for continuing the planned share acquisition in Brazil via Ecopetrol Investimentos.

Will Ecopetrol provide further updates on the OPAV tender offer after the CVM ruling?

Yes, Ecopetrol stated it will continue to keep the market duly informed of any material developments. According to Ecopetrol, investors can expect additional communications as Ecopetrol Investimentos amends and publishes the OPAV offer document and sets the new auction date.

Which Ecopetrol subsidiary is responsible for the OPAV tender offer in Brazil?

The OPAV tender offer is being conducted by Ecopetrol Investimentos do Brasil, a controlled company of Ecopetrol. According to Ecopetrol, this subsidiary received the CVM’s official letter with the favorable appeal ruling and the deadline to update and publish the offer document.