Statement on Decision by the Attorney General's Office

Rhea-AI Summary

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News Market Reaction – EC

+2.88%

1 alert

+2.88% News Effect

On the day this news was published, EC gained 2.88%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Employees: more than 19,000 Hydrocarbon production share: more than 60% ISA ownership: 51.4% +2 more

5 metrics

Employees more than 19,000 Company workforce size mentioned in description

Hydrocarbon production share more than 60% Share of Colombia’s hydrocarbon production

ISA ownership 51.4% Stake in ISA’s shares after acquisition

Court number 35th Court of Guarantees Court overseeing the proceeding in Bogotá

Board meeting date March 11, 2026 Plenary meeting where board discussed protocol

Market Reality Check

Price: $13.86 Vol: Volume 3,587,615 vs 20-da...

normal vol

$13.86 Last Close

Volume Volume 3,587,615 vs 20-day average 3,436,631 (relative volume 1.04, modestly elevated). normal

Technical Price $13.56 is trading above the 200-day MA of $9.90 and near the 52-week high of $13.575.

Peers on Argus

EC gained 5.12% with regional integrated peers also higher: CVE +4.36%, YPF +4.8...

EC gained 5.12% with regional integrated peers also higher: CVE +4.36%, YPF +4.86%, IMO +2.51%, SU +1.76%, PBR +3.77%. Despite broad strength, the governance-focused headline makes EC’s move more company-specific.

Historical Context

5 past events · Latest: Mar 05 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 05	ESG/climate disclosure	Neutral	+8.8%	Publication of 2025 social, environmental and climate chapter under regulatory guidance.
Mar 04	Dividend proposal	Positive	+8.8%	Board-approved 2025 earnings distribution and COP 110 per share dividend proposal.
Mar 02	Results schedule	Neutral	+2.6%	Announcement of Q4 and full-year 2025 results release and conference call dates.
Feb 19	Board changes	Neutral	-0.6%	Election of new board chair, vice chair and committee assignments following meetings.
Feb 19	Reserves update	Positive	-0.6%	Reported 1,944.2 mmboe proven reserves and 121% replacement ratio, highest in four years.

Pattern Detected

Recent news has often seen positive or neutral fundamentals met with generally positive price reactions, with one notable divergence on reserves data.

Recent Company History

Over the last month, Ecopetrol has released several updates on results, dividends, sustainability, reserves and governance. On March 4–5, 2026, 2025 results and the 2025 earnings distribution proposal coincided with strong +8.8% moves. Earlier, on February 19, 2026, proven reserves of 1,944.2 mmboe and a 121% replacement ratio drew a mildly negative reaction of -0.64%. Today’s legal/governance statement follows this active period of fundamental disclosures.

Market Pulse Summary

This announcement details criminal charges against Ecopetrol’s president and outlines the board’s re...

Analysis

This announcement details criminal charges against Ecopetrol’s president and outlines the board’s response, including an internal investigation and review of his continuity. It highlights the presumption of innocence while signaling close monitoring of financial information for potential impacts on the company’s securities. Investors may watch for the board’s formal decision, any changes in governance structures, and subsequent disclosures tied to regulatory or legal developments involving senior management.

Key Terms

attorney general's office, influence peddling, public servant, fiduciary duty, +4 more

8 terms

attorney general's office regulatory

"Ecopetrol S.A. ... reports that the Attorney General's Office, as part of an investigation..."

The attorney general's office is the chief public legal authority for a state or country that enforces laws, represents the public in court, and investigates wrongdoing like fraud, consumer abuse or unfair business practices. For investors it matters because investigations, lawsuits or enforcement actions from this office can lead to fines, operational limits or reputational damage that reduce a company’s earnings and can move its stock price—think of it as a neighborhood watchdog whose complaints can force costly fixes.

influence peddling regulatory

"charges against him for his alleged responsibility for the crime of influence peddling..."

Influence peddling is the practice of using a person’s political, business, or social connections to sway decisions or secure favors for a third party in exchange for money, gifts, or other benefits. Investors care because it creates legal and reputational risk—like hiring a well-connected referee to tilt a game—which can lead to fines, lost contracts, management changes, and sudden drops in share value if discovered.

public servant regulatory

"for the crime of influence peddling by a public servant."

A public servant is an individual employed by a government or its agencies to deliver services, enforce laws, or make and carry out public policy on behalf of citizens. Investors pay attention to public servants because their decisions—issuing permits, setting rules, awarding contracts, or enforcing regulations—can change a company’s costs, market access, or legal risks; think of them as referees and rule‑makers whose calls can alter a business’s playbook.

fiduciary duty regulatory

"in compliance with its fiduciary duty under Law 222 of 1995, Law 964 of 2005..."

Fiduciary duty is the legal and ethical obligation of someone who manages money or makes decisions on behalf of others to act honestly, loyally, and in the best financial interest of those people. Think of it like a trusted guardian managing a household budget who must put the family's needs ahead of their own; for investors, it reduces the risk of conflicts of interest, mismanagement, or self-dealing and helps protect their assets and returns.

code of good governance regulatory

"Law 964 of 2005, and the Code of Good Governance, it plans to continue..."

A code of good governance is a publicly shared set of practical principles and recommended behaviors that guide how a company is run, covering board duties, executive accountability, financial reporting, risk oversight and fair treatment of shareholders. It matters to investors because it signals how reliably management will protect shareholder interests and reduce surprises; think of it as a maintenance manual and rules of the road that make a business easier to trust and value.

internal investigation regulatory

"This protocol provides for an internal investigation and evaluation of the allegations."

A company-run review carried out to find out whether employees, policies or operations broke rules, made mistakes, or exposed the firm to risk. Think of it as an internal health check or house inspection that gathers facts, interviews people and collects documents so management can fix problems, comply with laws and decide whether to disclose issues publicly. Investors care because findings can lead to fines, lawsuits, strategy changes or damage to reputation that affect a company’s value.

presumption of innocence regulatory

"does not undermine Mr. Ricardo Roa's presumption of innocence."

Presumption of innocence is the legal principle that a person is considered not guilty of a crime until a court proves otherwise. For investors, it matters because allegations or investigations against executives or companies should not be treated as conclusive evidence of wrongdoing; think of it like a neutral scoreboard that prevents markets or contracts from permanently penalizing someone before the facts are established, helping avoid rushes to judgment that can unfairly damage value and reputation.

due process regulatory

"respects Ricardo Roa's presumption of innocence and his right to due process."

Due process is the legal requirement that government agencies, regulators, or courts follow fair, established procedures before taking actions that affect a company or an individual's rights—such as imposing fines, revoking licenses, or conducting enforcement actions. For investors, it matters because it provides predictability and protection: like a referee following the rulebook, due process helps ensure decisions are reasoned, transparent, and open to appeal, which can reduce surprise losses and legal risk.

AI-generated analysis. Not financial advice.

BOGOTÁ, Colombia, March 12, 2026 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reports that the Attorney General's Office, as part of an investigation into Ecopetrol's President Ricardo Roa, has decided to bring charges against him for his alleged responsibility for the crime of influence peddling by a public servant. This proceeding was held before the 35th Court of Guarantees of Bogotá.

Under Colombian law, the indictment is an act of communication that formally links Mr. Ricardo Roa to the criminal proceedings, discloses the facts under investigation and their legal consequences, and activates his right to defense.  This proceeding does not amount to a conviction or a decision on the merits and does not undermine Mr. Ricardo Roa's presumption of innocence.

The Board of Directors respects Ricardo Roa's presumption of innocence and his right to due process. At a plenary meeting held on March 11, 2026, the Board of Directors determined that, in compliance with its fiduciary duty under Law 222 of 1995, Law 964 of 2005, and the Code of Good Governance, it plans to continue to act in accordance with due diligence and an established protocol. This protocol provides for an internal investigation and evaluation of the allegations.

The Board of Directors has been informed by management and supported by national and international firms. The Board of Directors plans to continue to deliberate to adopt a formal decision on the compatibility of Mr. Ricardo Roa's continuity with Ecopetrol's regulatory obligations, in accordance with Board of Directors' duties.

The Board of Directors will continue to closely and judiciously monitor the financial information in order to analyze it and take corrective measures to address the impact that the President's situation could have on the company's securities.

The Board of Directors is committed to ensuring the confidence of investors and stakeholders, as well as the financial sustainability, values, and governance of Ecopetrol.

Ecopetrol is Colombia's largest company and one of the leading integrated energy companies in the Americas, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of hydrocarbon production, most of the hydrocarbon transportation, logistics, and refining system, and has leading positions in petrochemicals and gas distribution. With the acquisition of 51.4% of ISA's shares, it participates in energy transmission, real-time systems management (XM), and the Barranquilla-Cartagena coastal road concession. Internationally, Ecopetrol has a presence in strategic basins in the Americas, with E&P operations in the United States (Permian Basin and Gulf of Mexico), Brazil, and Mexico. Through ISA and its subsidiaries, it holds leading positions in the energy transmission business in Brazil, Chile, Peru, and Bolivia, as well as in road concessions in Chile and telecommunications.

For more information, please contact:

Investor Relations Department
Email: investors@ecopetrol.com.co

Media Relations (Colombia)
Marcela Ulloa Beltrán
Email: marcela.ulloa@ecopetrol.com.co

View original content:https://www.prnewswire.com/news-releases/statement-on-decision-by-the-attorney-generals-office-302712753.html

SOURCE Ecopetrol S.A.