Ecopetrol Stock Price, News & Analysis

Ecopetrol (NYSE: EC) announced key appointments to its Board of Directors' committees following their November 28-29, 2024 session. Álvaro Torres Macías was appointed as Chairperson of the Audit and Risk Committee, Guillermo García Realpe joined the Business Committee, Ángela María Robledo Gómez became Chairperson of the Corporate Governance and Sustainability Committee, and Gonzalo Hernández Jiménez joined the Compensation, Nomination, and Culture Committee. The Board also authorized hiring an independent financial advisor for the Audit and Risk Committee.

Ecopetrol (NYSE: EC) has completed the early redemption of its 5.375% notes due 2026. The company paid USD 1,007.63 per USD 1,000 of principal, totaling USD 450,579,892 plus accrued interest. This strategic move eliminates all outstanding amounts of these notes and reduces the company's refinancing risk until 2028. The action aligns with Ecopetrol's financial plan and previous announcements made in October 2024 regarding the proactive management of 2026 maturities.

Ecopetrol (NYSE: EC) has released its fourth TCFD report detailing climate change management developments from 2023 through H1 2024. The report follows Financial Stability Board's Task Force recommendations, focusing on Governance, Strategy, Risks, and Metrics and Targets.

As Colombia's largest company and a major integrated energy player in the Americas, Ecopetrol controls over 60% of Colombia's hydrocarbon production and logistics. The company has expanded its presence through a 51.4% stake in ISA, gaining positions in energy transmission across Brazil, Chile, Peru, and Bolivia. Ecopetrol also maintains strategic operations in the US Permian basin and Gulf of Mexico, and Brazil.

Fitch Ratings has maintained Ecopetrol's global credit rating at BB+ with a stable outlook, while downgrading its Standalone Credit Profile (SCP) from 'bbb' to 'bbb-'. The agency affirmed the national long-term rating at 'AAA (col)' and short-term rating at 'F1+(col)'. The rating reflects Ecopetrol's position as Colombia's leading oil and gas producer and its significant energy transmission business through ISA subsidiary. Fitch highlighted the company's strategic importance and solid financial profile, with the SCP remaining within Investment Grade range.

Ecopetrol (NYSE: EC) has announced a schedule adjustment for its third quarter 2024 financial results conference call due to the U.S. Standard Time change. The virtual conference, which will feature broadcasts in both Spanish and English, is set for Thursday, November 14, 2024, at 9:00 AM (Colombia/NY Time). The company will discuss its Q3 2024 financial and operating results through a webcast accessible via a provided link. Ecopetrol maintains its position as Colombia's largest company, controlling over 60% of the country's hydrocarbon production and holding significant stakes in energy transmission through ISA.

Ecopetrol (NYSE: EC) announces a favorable ruling from the Santa Marta Tribunal regarding an appeal against a claim filed by the Indigenous Council of Taganga. The Tribunal partially overturned a previous ruling that had suspended exploration and production at the Tayrona exploratory drilling area's Uchuva 2 well. The Ministry of Interior must now assess the necessity of a prior consultation with the indigenous community within one month. This decision allows Ecopetrol and Petrobras International Braspetro B.V. to resume drilling operations important for Colombia's energy security.

Ecopetrol (NYSE: EC) has scheduled the release of its Q3 2024 financial and operating results for Wednesday, November 13, 2024, after market close. The company will host a virtual conference call on Thursday, November 14, 2024, at 9:00 AM Colombian Time (10:00 AM NY Time) to discuss the results. The call will be available in both Spanish and English, with participants able to ask questions through the webcast platform. The earnings release, presentation, and webcast recording will be accessible on Ecopetrol's website.

Ecopetrol (NYSE: EC) has announced the full redemption of its outstanding 5.375% notes due June 2026. The redemption, scheduled for November 21, 2024, covers USD 447,168,000 in outstanding notes. The redemption price is expected to be USD 1,010.31 per USD 1,000 principal amount, plus accrued interest of USD 21.35 per USD 1,000, totaling approximately USD 461.3 million. This action aligns with the company's financial plan and debt management strategy.

Ecopetrol S.A. (NYSE: EC) has announced the results and settlement of its cash tender offer for any and all of its outstanding 5.375% Notes due 2026. The offer expired on October 16, 2024, at 5:00 p.m., New York City time. Ecopetrol accepted for purchase all $802,832,000 in principal amount of Securities validly tendered and not withdrawn, paying a Total Consideration of $1,011.90 per $1,000 principal amount on October 21, 2024 (Settlement Date).

The company satisfied all conditions of the offer, including the pricing and closing of a concurrent offering of notes. Ecopetrol intends, but is not obligated, to redeem all or a portion of the remaining outstanding Securities. BBVA Securities Inc., J.P. Morgan Securities , and Santander US Capital Markets served as Dealer Managers for the offer.