Felipe Bayón to Head Ecopetrol until 31 March 2023

(Ecopetrol, 27.Jan.2023) — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) informs that Felipe Bayón Pardo will lead the company as CEO until 31 March 2023.

The Board of Directors recognized Felipe Bayón Pardo’s achievements during his leadership as CEO of Ecopetrol since September 2017.

Under his tenure, the company achieved excellent operating and financial results that brought significant benefits in terms of energy security and contributed to reducing social gaps in the country, always having as a guiding principle the people’s lives.

The Board highlighted his leadership in turning Ecopetrol into a benchmark-setting diversified energy group in Latin America, committed to energy transition and with a robust 2040 long-term strategy ‘Energy that Transforms’ that responds to the current challenges in environmental, social, and governance matters to enable the company to continue the path of sustainable and profitable growth.

Under Felipe Bayón, the Ecopetrol Group also became a pioneer in the region by setting the ambitious goal of reducing net carbon emissions to zero by 2050, as well as designing and implementing its strategic plan for the development of low-emission hydrogen. He also led a profound technological transformation to have more agile and streamlined processes in the company and was a strong advocate of diversity and inclusion programs.

He also led Ecopetrol’s acquisition of 51.4% of ISA‘s shares, one of the most relevant transactions in the western hemisphere in 2021, which acquisition has already rendered visible results for the Ecopetrol Group in decarbonization and electrification.

During his presidency, important offshore gas discoveries were made, such as Gorgon-2 and Uchuva-1, which ratified the existence of a gas province in the Caribbean Sea, which will be fundamental to preserving Colombia’s energy security in the future, and the completion of the capacity expansion of the Cartagena Refinery, to meet the growing demand for refined products. He also led a comprehensive program to raise the quality of the company’s fuel products to meet international standards.

Felipe was key in leading the company through highly complex international challenges over the last years, such as the oil price crisis that arose during the Covid-19 pandemic, while adhering to the highest industry safety standards, and meeting the country’s fuel demand.

Ecopetrol expresses its gratitude to Felipe Bayón for his leadership and achievements and wishes him success in his new professional endeavors.

The selection process and appointment of Ecopetrol’s new CEO by the Board of Directors will be based on a rigorous selection process, in accordance with the company’s Succession Policy for the President.