Minority Shareholders Nominate Candidate for Board of Directors

Rhea-AI Summary

Ecopetrol (NYSE: EC) announced that minority shareholders have nominated Dr. Luis Felipe Henao Cardona as their candidate to the Board of Directors, following the Nation's declaration as majority shareholder.

Ecopetrol is Colombia's largest company and a major integrated energy player in the Americas, employing over 19,000 people. The company controls more than 60% of Colombia's hydrocarbon production and logistics systems, while maintaining strong positions in petrochemicals and gas distribution. Through its 51.4% ownership in ISA, Ecopetrol has expanded into energy transmission and infrastructure management across multiple South American countries.

The company's operations span strategic basins across the Americas, including the Permian Basin and Gulf of Mexico in the US, as well as Brazil and Mexico. Through ISA, Ecopetrol holds significant positions in power transmission across Brazil, Chile, Peru, and Bolivia, along with interests in road concessions and telecommunications.

BOGOTA, Colombia, March 6, 2025 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company") announces that, in accordance with the declaration of the Nation as the majority shareholder and following the established procedure therein, the representatives of the minority shareholders formally informed the Company that they had agreed to nominate Dr. Luis Felipe Henao Cardona as their candidate to the Board of Directors.

See the full text of the document signed attached to this communication. (Available in Spanish)

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:

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 

 

View original content:https://www.prnewswire.com/news-releases/minority-shareholders-nominate-candidate-for-board-of-directors-302394696.html

SOURCE Ecopetrol S.A.

FAQ

Who did minority shareholders nominate to Ecopetrol's (EC) Board of Directors in March 2025?

Dr. Luis Felipe Henao Cardona was nominated as the minority shareholders' candidate to Ecopetrol's Board of Directors.

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

Ecopetrol controls more than 60% of Colombia's hydrocarbon production and logistics systems.

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

Ecopetrol owns 51.4% of ISA's shares.

In which international markets does Ecopetrol (EC) have drilling and exploration operations?

Ecopetrol operates in the United States (Permian Basin and Gulf of Mexico), Brazil, and Mexico.