Welcome to our dedicated page for Ecopetrol news (Ticker: EC), a resource for investors and traders seeking the latest updates and insights on Ecopetrol stock.
Ecopetrol S.A. (NYSE: EC) is presented in its disclosures as the largest company in Colombia and one of the main integrated energy companies in the American continent. The news flow around Ecopetrol reflects its broad role in hydrocarbons, power transmission, road concessions, and its growing focus on renewable energy and energy transition.
News items for Ecopetrol commonly cover board of directors’ decisions, changes in committee composition, and appointments to key corporate roles, illustrating how the company manages governance across the Ecopetrol Group. Releases also describe collective bargaining processes and renegotiations of chapters of the Collective Bargaining Agreement with labor organizations, conducted under the Colombian Labor Code and overseen by the Ministry of Labor.
Another recurring theme in Ecopetrol’s news is its energy transition strategy. The company has reported the acquisition of a large solar project portfolio in Colombia and negotiations for additional solar photovoltaic projects, as well as the start of operations of the La Iguana Solar Farm to support refinery power needs and decarbonization efforts. These updates are linked to its 2040 strategy referred to as "Energy that Transforms" and to targets for self-generated renewable energy.
Operational and financial updates are also central to Ecopetrol’s news releases. The company publishes quarterly financial results, highlighting sales revenues, EBITDA, net income, production levels, transported volumes, and refining throughput, along with commentary on market conditions and efficiency programs. It also communicates investment plans across hydrocarbons, power transmission, roads, and energy transition projects.
Investors and observers who follow Ecopetrol news can use this page to monitor governance decisions, labor relations, strategic transactions, renewable energy initiatives, and periodic financial and operating performance updates, as disclosed by the company and furnished through its official channels.
Ecopetrol S.A. announced on March 31, 2023, the composition of its Board committees following a recent meeting. The Audit and Risk Committee will be led by Luis Alberto Zuleta, while the New Business Committee will be chaired by Saúl Kattan. Other committees include the Corporate Governance and Sustainability Committee, led by Esteban Piedrahita, and the Remuneration, Nomination, and Culture Committee, presided over by Mauricio Cabrera. Additionally, the HSE and Technology and Innovation Committees will also have new leadership. These appointments are effective immediately, signaling a potential shift in corporate governance and strategic direction for the company.
Ecopetrol S.A. held its General Shareholders' Meeting on March 31, 2023, where significant decisions were made. Shareholders approved a historic total dividend of COP 593 per share, amounting to COP 24.38 trillion, to be distributed in three installments throughout 2023. The meeting also confirmed the election of the Board of Directors, with a 99.98% approval rate. Financial results from December 31, 2022, report revenues of COP 159.5 trillion and net income of COP 33.4 trillion, showcasing a 73.8% revenue growth. The firm Ernst & Young was appointed as the external auditor for the 2021-2025 term.
Ecopetrol S.A. (NYSE: EC) has been undergoing an administrative visit from the Superintendence of Industry and Commerce (SIC) in Bogotá, Colombia, starting March 30, 2023. The SIC's visit aims to assess potential infringements against competition regulations, although it is currently in a preliminary stage with no formal investigation or sanctions in place. Ecopetrol has expressed full cooperation during the SIC's inquiries, emphasizing its commitment to free competition. The company has refrained from disclosing specific details of the visit to maintain legal confidentiality. As the largest Colombian company, Ecopetrol contributes significantly to the hydrocarbon sector and energy production in the region.
Ecopetrol S.A. has filed its annual report under Form 20-F for the fiscal year ended December 31, 2022, with the U.S. Securities and Exchange Commission. This filing fulfills its obligations to the SEC, NYSE, bondholders, and investors. The report includes audited financial statements compliant with International Financial Reporting Standards (IFRS) for 2020, 2021, and 2022. Investors can request a hard copy of the financial statements. The 2022 Form 20-F is available online at the SEC website. Ecopetrol is Colombia's largest company, responsible for over 60% of the nation's hydrocarbon production, and is involved in various sectors across the Americas.
Ecopetrol S.A. announced on March 24, 2023, the appointment of Alberto Consuegra Granger as interim CEO, effective April 1, 2023. He brings over 30 years of experience in the energy sector, having joined the company in 2016 as VP of Supply and Services. The Board continues to seek a permanent CEO with assistance from an international headhunter. Ecopetrol is the largest company in Colombia, handling over 60% of hydrocarbon production and involved in multiple sectors including energy transmission and petrochemicals. The company has significant operations in the Americas and is subject to various market risks affecting future growth.
Ecopetrol S.A. (NYSE: EC) announced on March 24, 2023, that it is not pursuing an acquisition of Monómeros Colombo Venezolanos S.A. despite recent media speculation. This clarification aligns with its 2040 strategy and business plan. As the largest company in Colombia, Ecopetrol plays a crucial role in the energy sector, accounting for over 60% of the country’s hydrocarbon production. The press release also contained forward-looking statements about the company's growth prospects and investment plans, highlighting potential risks related to market conditions, oil prices, and the performance of the Colombian economy.
Ecopetrol S.A. announced on March 17, 2023, that it has received authorization from the Ministry of Finance and Public Credit to secure a one trillion Colombian pesos (COP) line of credit from Bancolombia. This five-year credit line will refinance debt maturing in 2023, ensuring that funds will be used solely for existing credit obligations. The successful arrangement demonstrates strong confidence from the financial sector in Ecopetrol's debt management strategy, which is pivotal for the company’s sustainability. The credit line will be available until December 16, 2024, with capital repayment due at maturity, under a variable interest rate agreement.
Ecopetrol has proposed a 2022 earnings distribution for its upcoming General Shareholders' Meeting on March 30, 2023. The proposal includes a total net income of COP 33.41 trillion and an allocation of COP 32.05 trillion available to shareholders. The ordinary dividend payout is COP 487 per share (60% of net income), complemented by an extraordinary dividend of COP 106 per share (13% of net income), totaling COP 593 per share, the highest in the company's history. Payments will be made in three installments from April to December 2023.
Ecopetrol reported impressive financial results for Q4 and full year 2022, showing significant growth in sales, net income, and EBITDA. Total sales surged by 24.9% in Q4 and 73.8% for the year, reaching COP 39.7 trillion and COP 159.5 trillion, respectively. Net income attributable to owners increased by 12.7% in Q4 and 100.1% annually, totaling COP 33.4 trillion. Key metrics also included a 104% Reserve Replacement Ratio and a production rate of 709.5 mboed. The company invested COP 23.4 trillion in 2022, while contributing COP 42.4 trillion to Colombia's economy through dividends, royalties, and taxes. Ecopetrol continues expanding in low-emission energy and hydrogen production, reinforcing its commitment to sustainability.
The CEO of Ecopetrol has called for a General Shareholders' Meeting on March 30, 2023, in Bogotá. The agenda includes key topics such as the presentation of the 2022 Integrated Management Report, approval of the audited financial statements for December 31, 2022, and the election of Board Members for the 2021-2025 period. Shareholders can attend in person or via streaming, with electronic voting options available. The right to inspect company documents starts on March 8, 2023. Detailed instructions for attendance and representation are specified in the announcement.
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