Ecopetrol S.A. submitted the Report on the Implementation of Best Corporate Practices - "Código País" for FY2024

Rhea-AI Summary

Ecopetrol (NYSE: EC) has submitted its annual Report on the Implementation of Best Corporate Practices ('Código País') to Colombia's Financial Superintendency, covering governance practices implemented throughout 2024. The report was digitally signed by the Legal Representative and is publicly available through both Ecopetrol's website and the Financial Superintendency portal.

As context, Ecopetrol stands as Colombia's largest company and a major integrated energy player in the Americas, employing over 18,000 people. The company controls more than 60% of Colombia's hydrocarbon production and holds dominant positions in transportation, logistics, refining, petrochemicals, and gas distribution. Through its 51.4% ownership in ISA, Ecopetrol has expanded into energy transmission, real-time systems management, and highway concessions. Internationally, it operates in strategic basins across the Americas and maintains leading positions in power transmission across several South American countries.

Positive

• Controls over 60% of Colombia's hydrocarbon production
• Diversified operations across energy transmission, logistics, and infrastructure through ISA acquisition
• Strong international presence in strategic basins across Americas
• Leading positions in power transmission across multiple South American countries

Negative

• None.

BOGOTÁ, Colombia , Jan. 30, 2025 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC), submitted today the Report on the Implementation of Best Corporate Practices – "Código País" - to the Financial Superintendency of Colombia. The report describes the corporate governance practices adopted and implemented by the company between January 1, 2024 and December 31, 2024. The Código Pais Survey was digitally signed by the Legal Representative.

For more information, please consult the report at the following link:

https://www.ecopetrol.com.co/wps/portal/Home/es/ResponsabilidadEtiqueta/Gobernabilidad/ResCorpMediciones/ 

Likewise, you may consult the report on the website of the Financial Superintendence of Colombia through the following link:

https://www.superfinanciera.gov.co/publicacion/10085968. Access route: Generate Report to File/2023/Public Entities/ Ecopetrol S.A.

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

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 business prospect statements, operating and financial result estimates, and statements related to Ecopetrol's growth prospects. These are all projections and, as such, they are based solely on the expectations of the managers regarding the future of the company and their continued access to capital to finance the company's business plan. The realization of said estimates in the future depends on the behavior of market conditions, regulations, competition, and the performance of the Colombian economy and the industry, among other factors, and are consequently subject to change without prior notice. 

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: 

Head of Capital Markets (A)
Cristhian Vicente Prado Castillo
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-sa-submitted-the-report-on-the-implementation-of-best-corporate-practices--codigo-pais-for-fy2024-302364885.html

SOURCE Ecopetrol S.A.

FAQ

What corporate governance report did Ecopetrol (EC) submit in January 2025?

Ecopetrol submitted the Report on the Implementation of Best Corporate Practices ('Código País') to Colombia's Financial Superintendency, covering governance practices implemented throughout 2024.

What percentage of Colombia's hydrocarbon production does Ecopetrol (EC) control?

Ecopetrol controls more than 60% of Colombia's hydrocarbon production and leads in transportation, logistics, and hydrocarbon refining systems.

What is Ecopetrol's (EC) ownership stake in ISA?

Ecopetrol owns 51.4% of ISA's shares, giving it participation in energy transmission, real-time systems management, and highway concessions.

How many employees does Ecopetrol (EC) have as of 2024?

Ecopetrol employs more than 18,000 people across its operations.