BOGOTA, Colombia, May 20, 2024 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol") reports that on May 20, 2024, the ordinary meetings for bondholders of Ecopetrol's 2010 and 2013 local bonds were held, in accordance with the notices published on May 9, 2024 by Alianza Valores Fiduciaria S.A. and Itaú Fiduciaria Colombia S.A., as representatives of the 2010 bonds and the 2013 bonds, respectively, in a widely circulated newspaper. Itaú Fiduciaria Colombia S.A. held the meeting for bondhol ...

BOGOTA, Colombia, May 10, 2024 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) informs that, in light of the statutory reform approved by its Shareholders' during their ordinary meeting held on March 22, 2024, its local bondholders are summoned to consider said reform, in compliance with Colombian regulations applicable to securities issuers, particularly Article 6.4.1.1.42 of Decree 2555 of 2010. For this purpose, Itaú Fiduciaria Colombia S.A. and Alianza Valores Fiduciaria S.A., entities acting ...

On the renewable energy incorporation we announced the inauguration of the Cartagena solar firm making it for the first in a refinery in Latin America with a solar powered plant. In the social feed during the first quarter of the year COP 65.8 billion were executed in social, environmental and relationship investments and 50 projects were developed through the tax for works mechanisms for a value of COP 431.6 billion, since the beginning of the mechanisms. Through the social gas line, we achieved the connec ...

BOGOTA, Colombia, May 7, 2024 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol", the "Company", the "Ecopetrol Group", or the "Group") announced today the financial results of the Ecopetrol Group for the first quarter of 2024, prepared in accordance with International Financial Reporting Standards applicable in Colombia.We began 2024 with outcomes that highlight our operational prowess and our initiatives to achieve a fair energy transition. During the 1Q24, we navigated an environmen ...

Here are three stocks with buy rank and strong income characteristics for investors to consider today, May 1:Ecopetrol S.A. (EC) : This integrated energy company has witnessed the Zacks Consensus Estimate for its current year earnings increasing 10.8% the last 60 days.This Zacks Rank #1 company has a dividend yield of 18.2%, compared with the industry average of 5%.The Western Union Company (WU) : This money movement and payment services provider has witnessed the Zacks Consensus Estimate for its current ye ...

Here are three stocks with buy rank and strong value characteristics for investors to consider today, May 1:International Consolidated Airlines Group (ICAGY) : This transportation company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 3.3% over the last 60 days.International Consolidated Airlines Group has a price-to-earnings ratio (P/E) of 4.71 compared with 7.90 for the industry. The company possesses a Value Score of A.Ecopetrol S.A. (EC) ...

BOGOTA, Colombia, April 26, 2024 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announces that the Board of Directors, at its meeting held on April 26, 2024, made the following appointments in property: 1. Felipe Trujillo López as Vice President Commercial and Marketing, effective as of this date. Dr. Trujillo has been in charge of this Vice-Presidency since January 20, 2024. He is an Industrial Engineer from Universidad Javeriana, specialist in Strategic Marketing from CESA and Master in Busines ...

BOGOTA, Colombia, April 25, 2024 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announces that after market close on Tuesday, May 7, 2024, it will release its financial and operating results for the first quarter of 2024.On Wednesday, May 8, 2024, Ecopetrol's senior management will host a single virtual conference call to review the results, with transmission in Spanish and English. Please find below the time and links to access the conference:Conference Call 09:00 a.m. Col Time 10:00 a.m. NY Tim ...

BOGOTÁ, Colombia, April 18, 2024 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) informs the filing of its annual report under Form 20-F for the fiscal year ended December 31, 2023, with the U.S. Securities and Exchange Commission (the "SEC"). With the filing of its annual report under Form 20-F, the Company complies with its reporting obligations with the SEC, the New York Stock Exchange (NYSE), bondholders, and investors. The annual report includes, among others, the financial statements of Ecop ...

Corporate Structure and Strategy - Ecopetrol reported a total of 41,116,694,690 common shares outstanding as of the end of the fiscal year 2023[5]. - The company is classified as a large accelerated filer, indicating a significant market presence and compliance with reporting requirements[10]. - Ecopetrol's corporate strategy includes a focus on energy transition and generating value through TESG (Technology, Environment, Social, and Governance) initiatives[14]. - The company is committed to research and development, focusing on innovative technologies to improve operational performance and sustainability[14]. - The company has established joint ventures and contractual arrangements to optimize resource utilization and expand its market reach[14]. - The company is focused on forming strong joint ventures with international oil companies to enhance operational expertise and technology[127]. Investment Plans and Financials - The 2024 investment plan aims to enhance operational efficiency and expand production capabilities, aligning with the company's long-term growth objectives[14]. - The 2024 investment plan is budgeted between USD 5.6 billion and USD 6.6 billion, focusing on energy security and transition[63]. - The company expects to invest approximately USD 3.9 billion in hydrocarbon production and exploration in 2024, targeting organic production levels of 725,000 to 730,000 barrels of oil equivalent per day[63]. - The investment plan allocates resources to unconventional renewable energy, targeting a reduction of nearly one million tons of CO₂ equivalent emissions between 2024 and 2026[68]. - Approximately USD 1.4 billion is allocated for electric power transmission, telecommunications, and toll roads, with USD 1.2 billion supporting the energy transmission business[69]. - The 2024 Investment Plan includes approximately USD 911 million in sustainability investments, with 36% for climate change initiatives and 24% for water management[70]. - The company maintains a dividend policy of 40% to 60% of operating results, with expected annual transfers to the Nation between COP 13 trillion and COP 20 trillion[62]. Production and Operational Performance - Oil and gas production increased to 736.6 mboed in 2023, up from 709.5 mboed in 2022, representing a growth of 3.1%[34]. - Refinery throughput rose to 422,623 bpd in 2023, compared to 360,451 bpd in 2022, marking an increase of 17.3%[34]. - The average daily crude oil production in Colombia by Ecopetrol S.A. was 498.7 thousand bopd in 2023, representing a year-on-year increase of 1.2%[148]. - The average daily production of natural gas by Ecopetrol S.A. reached 129.17 thousand boepd in 2023, a decrease of 2.6% compared to 2022[155]. - The total gross production of Ecopetrol Group in Colombia was 663.3 thousand boepd, slightly up from 662.4 thousand boepd in 2022[139]. - The total number of gross development wells owned and operated by Ecopetrol in Colombia decreased to 336 in 2023 from 412 in 2022, a reduction of approximately 18.4%[167]. Reserves and Exploration - Proved oil and gas reserves decreased to 1,883 mmboe in 2023 from 2,011 mmboe in 2022, a decline of 6.4%[34]. - The 1P reserves replacement ratio was 48% in 2023, down from 104% in 2022, indicating a significant decrease in reserve replacement[34]. - The number of exploratory wells drilled was 26 in 2023, a decrease from 29 in 2022, reflecting a reduction of 10.3%[34]. - The company drilled and completed 336 development wells in 2023, primarily in the Andina Oriente region[143]. - The company is advancing the Pau Brasil-1 well in Brazil's Santos Basin, expected to be drilled in the first semester of 2024, considered a high-impact well[129]. Market Conditions and Economic Factors - The average exchange rate for 2023 was COP 4,330.14 per USD 1.00, impacting financial results[27]. - The ongoing geopolitical tensions, including the Russian invasion of Ukraine, may affect operational performance and market conditions[30]. - The Colombian economy grew at a rate of 0.6% in 2023, significantly lower than the 7.5% growth rate in 2022[42]. - In 2023, the average Brent oil price was USD 82.17/Bl, a decrease of USD 16.88/Bl compared to 2022[36]. - Global oil demand increased by 1.9 million barrels per day in 2023, surpassing the pre-pandemic growth rate of 1.2 million barrels per day[37]. - OPEC+ supply was 1.5 million barrels per day lower than in 2022, with cuts reaching 2.2 million barrels per day[39]. Environmental and Regulatory Compliance - Ecopetrol is subject to various regulations governing exploration, production, and environmental standards, which are integral to its operational framework[14]. - The long-term strategy aims for a 55% reduction in methane emissions by 2030 and net-zero carbon emissions by 2050[45]. - The company plans to invest over USD 300 million in low-emission businesses over the next three years, including green hydrogen projects[54]. - The company is focused on managing risks related to climate change and cybersecurity as part of its strategic initiatives[30].