Ecopetrol Stock Price, News & Analysis

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC), a leading energy company in Colombia, has received authorization from the Ministry of Finance and Public Credit (MHCP) to secure a loan of up to one trillion Colombian pesos (COP). The loan will be conducted with Banco de Bogotá (COP 642 billion), Banco de Occidente (COP 208 billion), and Banco Popular (COP 150 billion). The loan term is seven years, with a two-year grace period and repayment in ten equal semi-annual installments. The interest rate will be indexed to the IBR. This loan aligns with the company’s 2024 financing plan and will be used for non-investment expenses, including paying existing financial commitments. Ecopetrol highlights that the terms obtained demonstrate strong support from the financial sector.

Ecopetrol has announced organizational changes to align with its 'Energy that Transforms' 2040 strategy. The board of directors approved several adjustments during an extraordinary session on June 6, 2024, to enhance efficiency and agility. Major changes include renaming various vice-presidencies and merging others, such as the Health, Safety, and Environmental Vice-Presidency with the Vice-Presidency of Territorial and Sustainable Development into a new Corporate Vice-Presidency of Territorial Transformation and Health, Safety, and Environmental Matters. These adjustments aim to strengthen business management and streamline operations, effective July 1, 2024. Ecopetrol is a major player in Colombia's energy sector and has significant international operations. The company’s plans and projections are subject to market conditions, regulatory changes, and economic factors.

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) held second-call ordinary bondholder meetings on May 29, 2024, for bonds issued in 2010 and 2013. These meetings, convened by Alianza Valores Fiduciaria and Itaú Fiduciaria Colombia, aimed to approve a statutory amendment endorsed by Ecopetrol's General Shareholders on March 22, 2024. For the 2013 bond issuance, a quorum of 59.92% was reached, with key votes showing over 86% approval. For the 2010 bonds, the quorum was 82.68%, but the amendment approval saw only 51.69% in favor. Overall, the statutory amendment was approved by 63.51% and 54.50% of the total principal amounts for the 2010 and 2013 issues, respectively. Ecopetrol, Colombia's largest company, is a key player in the energy sector with operations across the Americas, including exploration, transmission, and refining.

Ecopetrol S.A. announced the registration of amendments to its bylaws with the Chamber of Commerce of Bogotá, effective March 29, 2024. Approved by the General Shareholders' Assembly on March 22, 2024, these amendments are recorded in Public Deed No. 3136, executed on May 21, 2024. These changes do not include the corporate purpose amendment previously approved. Ecopetrol, Colombia's largest company, plays a important role in hydrocarbon production and has significant stakes in energy, petrochemicals, and gas distribution. The company also holds substantial international assets, including energy transmission and road concessions in various countries. The press release includes forward-looking statements based on managerial expectations and is subject to market, regulatory, and economic conditions.

Moody's has downgraded Ecopetrol's global credit rating from Baa3 to Ba1 while changing its outlook from negative to stable. The agency also reduced Ecopetrol's individual rating from Ba3 to B1, citing concerns about debt management, dividend distribution, and cash generation expectations for 2025. Despite the downgrade, Moody's acknowledged Ecopetrol's strong position as Colombia's leading oil and gas producer and its significant power transmission business. The company benefits from stable cash flows through subsidiaries Interconexión Eléctrica S.A. E.S.P. and Cenit SAS, and it remains supported by access to global capital markets and backing from the Colombian government. Ecopetrol is Colombia's largest company and a major energy player in the Americas, with expansive operations in oil, gas, petrochemicals, and power transmission, both domestically and internationally.

Ecopetrol, the largest energy company in Colombia, reports that the Superintendency of Industry and Commerce (SIC) has opened an investigation against the company and its subsidiaries. The probe, initiated through Resolution No. 20884, focuses on alleged infringements of competition laws related to helicopter service contracting between 2011 and 2023. The charges, including both principal and subsidiary charges, involve Ecopetrol, Cenit Transporte y Logística de Hidrocarburos, and Oleoducto Central, along with specific individuals. The company has been mandated to publish the investigation notice in a widely read newspaper within five business days of notification. Ecopetrol intends to respond to these charges following due process. The investigation allows competitors, consumers, and others with direct interest to contribute evidence within 15 business days. This development highlights potential legal and financial risks for Ecopetrol and its shareholders, amidst its extensive operations across the Americas.

Ecopetrol has announced a second call for its bondholders to attend ordinary meetings after the initial quorum was not met. These meetings, for bonds issued in 2010 and 2013, are scheduled for May 29, 2024. The agenda includes verifying the quorum, reading and approving the agenda, appointing assembly officials, and discussing a statutory reform approved by the shareholders on March 22, 2024. The 2013 bonds have amounts outstanding of COP 347,500 million and COP 262,950 million, with terms of 15 and 30 years respectively. The 2010 bonds have an outstanding amount of COP 284,300 million with a 30-year term. The reform relates to modifying Ecopetrol's corporate purpose. Fitch Ratings will present their opinions at the meetings.

Ecopetrol announced the ordinary meetings for bondholders of its 2010 and 2013 local bonds held on May 20, 2024. The meetings were organized by Alianza Valores Fiduciaria S.A. and Itaú Fiduciaria Colombia S.A, but both failed to meet the 80% quorum needed to approve a statutory reform. A second meeting will be scheduled and announced on May 21, 2024. Ecopetrol, Colombia's largest company, operates extensively in the energy sector, including hydrocarbon production, refining, petrochemicals, and energy transmission. The company's international operations extend to the US, Brazil, and Mexico, with significant stakes in power transmission across several South American countries. The press release also contains forward-looking statements about Ecopetrol's business and financial prospects, which are subject to market conditions and regulatory changes.

Ecopetrol S.A. calls holders of its domestic public debt to consider statutory reforms. Meetings scheduled for May 20, 2024. Bonds issued in 2010 and 2013 with specific characteristics. Includes agenda items like quorum verification, approval of agenda, and more. Ecopetrol, the largest company in Colombia, engages in energy production, refining, petrochemicals, and gas distribution. International operations in the US, Brazil, and Mexico. Business prospects statement included.