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. (NYSE: EC) has announced plans to prepay USD 500 million of its USD 1 billion outstanding balance on a loan agreement with international banks. This prepayment, scheduled for October 18, 2024, will be funded by a USD 250 million external credit from Sumitomo Mitsui Banking and USD 250 million from available cash. The move is part of Ecopetrol's integral debt management strategy, aiming to reduce financial expenses and improve credit metrics. This decision demonstrates the company's solid cash position and ability to optimize financing sources, ultimately increasing shareholder returns.
Ecopetrol S.A. (NYSE: EC) has announced a cash tender offer to purchase any and all of its outstanding 5.375% Notes due 2026. The offer expires on October 15, 2024, at 5:00 p.m., New York City time, unless extended or terminated earlier. The Total Consideration for each $1,000 principal amount of Securities will be calculated based on a Fixed Spread over the Reference Yield of the U.S. Treasury Security.
The offer is part of a concurrent offering of new notes by Ecopetrol. The settlement date is expected to be October 18, 2024. Following the offer, Ecopetrol intends to redeem any remaining outstanding Securities. The offer is subject to certain conditions, including a Financing Condition related to the new notes offering.
BBVA Securities Inc., J.P. Morgan Securities , and Santander US Capital Markets are serving as Dealer Managers for the offer.
Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) has announced a permanent appointment in its senior management. Juan Carlos Hurtado Parra has been named as the Vice President of the Upstream segment, effective October 1, 2024. Hurtado Parra, who has been leading the department since June 15, brings 27 years of industry experience to the role.
As Vice President of Upstream, Hurtado Parra will be responsible for increasing company reserves, decarbonizing operations, strengthening the gas portfolio, and driving the traditional business to ensure energy security and support the transition. Ecopetrol, Colombia's largest company, is a major integrated energy company in the Americas, with operations spanning hydrocarbon production, transportation, logistics, refining, and petrochemicals.
Ecopetrol S.A. (NYSE: EC) has announced a name change for its offshore exploration projects in the Colombian Caribbean. This decision comes in compliance with a ruling by the Fourth Labor Court of the Santa Marta Circuit. The project formerly known as 'Uchuva' will now be called SIRIUS, while the project previously referred to as 'Tayrona' will be renamed GUA-OFF-0.
These changes apply to all mentions in the Securities Market Information System (SIMEV) and the SEC's Electronic Data Gathering and Analysis Retrieval (EDGAR) system. The renaming was done in collaboration with Petrobras, Ecopetrol's partner in these projects. Ecopetrol, Colombia's largest company, is a major integrated energy company in the Americas, with significant operations in hydrocarbon production, transportation, refining, and petrochemicals.
Ecopetrol S.A. (NYSE: EC) has successfully settled a partial make whole of its international notes due 2026. The company repurchased US$250 million of the original US$1.5 billion notes issued in 2015. The repurchase price was US$1,014.41 per US$1,000 of principal, totaling US$253,602,675.24 plus accrued interest. This action, announced on August 6, 2024, aligns with Ecopetrol's financial plan and demonstrates its commitment to proactively refinancing its 2026 maturities.
Ecopetrol, Colombia's largest company, is a major integrated energy player in the Americas. It dominates Colombia's hydrocarbon production, transportation, and refining sectors, and has expanded its portfolio to include energy transmission and road concessions through its acquisition of ISA shares.
Ecopetrol S.A. (NYSE: EC) announced the resignation of two independent board members, Juan José Echavarría and Luis Alberto Zuleta, effective upon approval of previous meeting minutes. Their resignation letter reveals a disagreement over a major acquisition project in the Permian Basin, which was initially approved but later halted due to President Gustavo Petro's objections. The project, involving 20-30% of Occidental Petroleum's Crownrock assets, was seen as important for Ecopetrol's future but faced concerns over fracking, increased leverage, and foreign investment. The resignations highlight potential impacts on Ecopetrol's finances and its significant contributions to Colombia's economy, including 4% of GDP and 10-15% of national revenues annually.
Ecopetrol S.A. (NYSE: EC) has announced significant changes in its senior management. The Board of Directors has appointed David Alfredo Riaño Alarcón, Camilo Barco Muñoz, and Cristina Toro Restrepo as alternate legal and commercial representatives. Additionally, Nicolás Azcuénaga Ramírez will be leaving his position as Corporate Vice President of Strategy and New Businesses on September 15, 2024. Julián Lemos Valero will take over as acting Corporate Vice President of Strategy and New Businesses from September 16, 2024.
Ecopetrol, Colombia's largest company, is a major integrated energy player in the Americas, with operations spanning hydrocarbon production, transportation, refining, and petrochemicals. The company also holds a significant stake in ISA, expanding its presence in energy transmission and infrastructure across South America.
Ecopetrol (NYSE: EC) has received authorization from Colombia's Ministry of Finance and Public Credit to execute a $250 million loan agreement with Sumitomo Mitsui Banking The loan, expected to have a 5-year term with principal payable at maturity and a variable interest rate, will be used for non-investment expenses, including repayment of financial commitments maturing in 2026.
The agreement includes standard default clauses and will be governed by New York State law. This move aligns with Ecopetrol's position as Colombia's largest company and a major integrated energy player in the Americas, with significant operations in hydrocarbon production, transportation, refining, and petrochemicals, as well as recent expansions into power transmission and infrastructure through its acquisition of ISA shares.
Ecopetrol Group reported Q2 2024 results, facing challenges like peso revaluation and lower refined product prices. Key highlights:
- Revenue: COP 32.6 trillion
- EBITDA: COP 14.1 trillion
- Net income: COP 3.4 trillion
- EBITDA margin: 43%
Operational achievements include:
- Production: 758 kboed (+30.2)
- Transported volumes: 1,152 kbd (+54.7)
- Refinery throughputs: 424 kbd (-3.4)
The Uchuva-2 delineation well confirmed gas discovery in the Caribbean Offshore. FEPC balance decreased by 61% YoY. The company paid COP 10.6 trillion in dividends and reduced emissions by 136,408 tCO2e in H1 2024.
Ecopetrol S.A. (NYSE: EC) has announced a partial redemption of U.S.$250 million of its 5.375% Notes due 2026. The redemption, scheduled for September 5, 2024, is part of the company's comprehensive debt management strategy. The redemption price will be approximately U.S.$1,014.95 per U.S.$1,000 principal amount, plus accrued and unpaid interest, totaling about U.S.$1,025.25 per U.S.$1,000 principal amount.
This move aligns with Ecopetrol's financial plan and demonstrates its proactive approach to managing refinancing of 2026 maturities. Ecopetrol, Colombia's largest company, is a major integrated energy player in the Americas, with significant operations in hydrocarbon production, transportation, refining, and petrochemicals.
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