Tag: Ecopetrol

(Energy Analytics Institute, Aaron Simonsky, 5.Nov.2018) — Colombia’s state oil company Ecopetrol installed a series of barriers in a rural area of the Tibú municipality (Norte de Santander) in an effort to contain an oil spill in the Tibú River.

The spill originated over the weekend when stolen crude oil that was being stored in a pool overflowed into the river, reported the daily newspaper El Tiempo. Armed groups in the area often illegally store stolen oil in pools, which they later used to process cocaine, according to the daily.

Ecopetrol personnel conducted a fly over of the affected area and verified the spill occurred near the village of Campo Seis, and to confirm the spill didn’t correspond to an criminal act directed against its infrastructure.

The environmental emergency was reported on Saturday Nov. 3 by communities officials from the Catatumbo region, according to the daily.

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Ecopetrol Cleans Spill After Bomb Attack On Cano Limon Pipeline

(Reuters, 1.Nov.2018) — Colombian state-run oil company Ecopetrol will likely invest between $3 billion and $3.5 billion in 2019, the same figure as forecast for this year, its chief executive officer said on Thursday.

The spending is the backbone of an ambitious plan to boost production and explore for more oil to replenish dwindling reserves. The company has said it will drill 620 wells and double the number of rigs in operation this year.

Ecopetrol still plans to reach $3 billion to $3.5 billion in investments this year, though it had spent just $1.79 billion through the third quarter, executives said on an investor call after the company released third-quarter results on Wednesday.

“We need to keep doing more work internally, but the idea is that we will be in that range of $3 to $3.5 billion for this year. It’s the range with which we’ll possibly enter next year and which in some way denotes stability in operations,” CEO Felipe Bayon said.

Ecopetrol’s board is still in the process of approving that investment for 2019, a spokesman said.

The company is working to lessen the effects of social protests, which temporarily shuttered three fields in February and kept the first-quarter investment to just over $400 million, Chief Financial Officer Jaime Caballero said on the call.

“We are implementing initiatives to quickly execute projects and to mitigate the impact of the social and environmental contingencies that materialized in the first half of the year,” Caballero said.

The company had cut its investment forecast for 2018 from $3.5 billion to $4 billion in August because of the protests and other spending delays.

Net profit jumped 177 percent to more than $866 million in the third quarter, while consolidated oil and gas production climbed to 724,000 barrels per day (bpd), just under the company’s 725,000-bpd goal for the year.

Output has so far not been affected by nearly continuous attacks on the Cano Limon-Covenas pipeline from leftist guerrilla group the National Liberation Army.

The pipeline, which can transport up to 210,000 bpd, has been offline for much of this year because of bombings and illegal taps.

Production from the Cano Limon field, operated by Occidental Petroleum Corp, has been routed through a second pipeline.

Ecopetrol has reserves equivalent to about seven years of production, well below the average of nearly 12 years for the world’s top oil and gas companies.

(Reporting by Julia Symmes Cobb and Nelson Bocanegra; Editing by Helen Murphy and Jeffrey Benkoe)

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(Energy Analytics Institute, Piero Stewart, 1.Nov.2018) — Colombia’s state oil company Ecopetrol is boasting a 67% exploration success rate based on six completed wells thus far in 2018.

Of the six wells, two were abandoned and 4 were successful, reported the company in its third quarter results update. Three other wells are still under evaluation.

Ecopetrol aims to drill a 12 exploratory wells in 2018.

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Ecopetrol Profit Nearly Triples On Oil Price Boost

(Ecopetrol, 25.Oct.2018) — Ecopetrol S.A. announces that on October 31st, 2018 after market close, it will release its financial and operating results for the third quarter of 2018.

On Thursday, November 01st, Ecopetrol’s senior management will host two conference calls to review the results. Please find below the timing, dial-in and links to access the conferences:

Participants from different countries may look for different international numbers to the ones mentioned above by consulting the following link: http://web.meetme.net/r.aspx?p=12&a=UDWttmnRSqdRpg

The earnings release, slide presentation and live webcast of the conference calls will be available on Ecopetrol’s website: www.ecopetrol.com.co and at the following links:

http://event.onlineseminarsolutions.com/wcc/r/1860357-1/DC064C359529BAB504745883599DDE54 (Spanish)

http://event.onlineseminarsolutions.com/wcc/r/1860384-1/9677D33EF14DF374F0373FF46368B3AE (English)

Please verify in advance proper operation of the webcast in your browser. We recommend the usage of the latest versions of Internet Explorer, Google Chrome y Mozilla Firefox.

The replay of the calls will be available on Ecopetrol’s website (www.ecopetrol.com.co).

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(Ecopetrol, 9.Aug.2018) – Ecopetrol S.A. announced that on August 14, 2018 after market close, it will release its financial and operating results for the second quarter of 2018. On Wednesday, August 15th, Ecopetrol’s senior management will host two conference calls to review the results. Please find below the timing, dial-in and links to access the conferences:

Participants from different countries may look for different international numbers to the ones mentioned above by consulting the following link:

http://web.meetme.net/r.aspx?p=12&a=UXzQuWKCgSyMQL

The earnings release, slide presentation and live webcast of the conference calls will be available on Ecopetrol’s website: www.ecopetrol.com.co and at the following links:

http://event.onlineseminarsolutions.com/wcc/r/1806327-1/E934C8DEA7B6C6E444887579EE01B359 (Spanish)

http://event.onlineseminarsolutions.com/wcc/r/1806354-1/B163754F8BF385987B8E2BFC078C5A8F (English)

Please verify in advance proper operation of the webcast in your browser. We recommend the usage of the latest versions of Internet Explorer, Google Chrome and Mozilla Firefox.

The replay of the calls will be available on Ecopetrol’s website (www.ecopetrol.com.co).

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(Energy Analytics Institute, Piero Stewart, 6.Jul.2018) – Colombia’s state oil company Ecopetrol will prepay the entire syndicated loan it entered into in 2013 with local banks.

The loan was scheduled to be amortized up to 2025, announced Ecopetrol in an official statement.

As stipulated in the loan agreement, Ecopetrol can at any time pay off all the principal voluntarily, with no penalty whatsoever, subject to at least 30 calendar days’ advance notice to the lenders. Pursuant thereto, the prepayment will be made August 6, 2018 in the total amount of COP$1,430,333,333,333, which includes principal and interest.

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(Energy Analytics Institute, Ian Silverman, 30.Jun.2018) – Ecopetrol announced an oil spill of 125 barrels into the Magdalena River.

The spill occurred while repair activities were being conducted to an underwater pipeline that transports crude from the auxiliary station of the municipality of Cantagallo (Bolívar) to the Isla 6 station located in the town of Puerto Wilches (Santander). The incident, which occurred on June 13, 2018, caused oil to spill into the Magdalena River, reported the daily newspaper El Tiempo.

The estimates, of the barrel amounts, were made utilizing hydraulic simulation computer tools, data about the length and altitude of the pipeline, pressure, the observed failure area of the pipeline, fluid characteristics, water cut of the transported fluid, the time at which the event started, as well as filling volume during commissioning.

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(Energy Analytics Institute, Ian Silverman, 28.Jun.2018) – Authorization has been granted to a director to sell shares of Ecopetrol S.A.

The Board of Directors of the Ecopetrol has unanimously authorized company Director Dr. Héctor Manosalva Rojas to sell 49,380 of his shares in Ecopetrol.

The transaction was authorized under Article 404 of the Colombian Commercial Code (Código de Comercio), reported the state oil company in an official statement.

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(Energy Analytics Institute, Ian Silverman, 28.Jun.2018) – Colombia’s state oil company has filed a collective labor agreement claim with the Ministry of Labor.

As prescribed by law, signatories of collective labor agreements are authorized to state their intentions to amend them through a claim and, if petitions are filed by the unions, the company, in this case Ecopetrol, and the union organizations would have to initiate negotiations for a new collective labor agreement, reported the company in an official statement.

The collective labor agreement between Ecopetrol and its direct employees is for a four (4) year period that began in 2014 and expires on June 30, 2018. Therefore, as explained in the paragraph above, the purpose of the claim filed by Ecopetrol is to state its intention to modify certain provisions of the agreement, consistent with the company’s growth and future prospects.

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(Energy Analytics Institute, Ian Silverman, 20.Jun.2018) – Colombia’s state oil company Ecopetrol S.A. announced it will prepay all loans entered into in 2013 with international banks and guaranteed by the US Export-Import Bank, which had been subject to a payment schedule to 2023.

The loan agreements allow Ecopetrol to prepay without penalty all principal on the interest payment dates, which are scheduled for July 6 and 25, 2018. Total principal plus accrued interest owed is $155,979,564, the company announced in an official statement.

Ecopetrol said it is able to make this prepayment due to its cash position of COP 16.6 billion as of the first quarter of 2018. The Colombian company expects this cash position will remain strong and thus allow it to better confront crude price volatility scenarios and be prepared to seize opportunities that might arise for inorganic growth.

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(Energy Analytics Institute, Jared Yamin, 27.May.2018) ‐- Thefts of elements from producing wells coupled with infrastructure sabotage at the Tibú field in the municipality by the same name in Northern Santander continue to harm the environment and neighboring communities.

To date in 2018, Colombia’s state oil company Ecopetrol has registered 428 offenses, of which 246 include illegal valve connections that have led to the loss of an estimated 30,447 barrels of petroleum, announced the company in a post on its website. This compares to 202 illegal connections detected in the same period in 2017.

In terms of the environment, an estimated 98 incidents have been reported in 2018, which affected more than 11,700 square meters of ground cover and 5,700 square meters of different bodies of water.

Ecopetrol announced that some 127 offenses related to the operation of 59 producing and injector wells have been detected, including thefts of equipment such as solar panels, pipes, transformers, cables, and electric systems, among other materials.

Besides the cost aspect, these actions continue to produce negative environmental impacts and/or increase the possibility of incidents that could result in injuries or loss of life to people in/and around the area, Ecopetrol concluded.

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(Reuters, 4.May.2018) – Ecopetrol, Colombia’s state-run oil company, said on Thursday that its first quarter net profit rose to 2.6 trillion pesos ($923.3 million), up 195 percent from the same period in 2017, thanks to improved efficiencies and higher crude prices.

The results were the best first quarter showing in four years, the company said in a regulatory filing.

Ecopetrol plans to invest between $3.5 billion and $4 billion during 2018, as it reboots production and exploration after being battered by the global fall in crude prices.

Consolidated oil and gas production in the first quarter fell to 701,000 barrels per day (bpd) because of February protests that led to blocked roads and the temporary closure of some fields, the company said.

Despite the output fall, Ecopetrol said it would not change its production goal for the year.

“We’re keeping our yearly production goal at between 715,000 and 725,000 barrels per day,” chief executive Felipe Bayon said in the statement.

Ecopetrol produced an average of 715,000 bpd in 2017.

Earnings before interest, taxes, depreciation and amortization in January to March increased by 23 percent compared with the same quarter in 2017, to 7.15 trillion pesos, the company said.

Total sales in the first quarter were up 9.5 percent compared with the same period last year, to 14.6 trillion pesos.

The company will hold a call with investors about the results on Friday.
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(Energy Analytics Institute, Jared Yamin, 15.Apr.2018) ‐- During the first three months of 2018, Ecopetrol reported its highest quarterly net income in the last four years.

Colombia’s state oil company Ecopetrol announced its net income rose 195% in the first quarter of 2018 to COL$2,625 billion Colombian pesos compared to COL$886 billion in the first quarter of 2017, the company reported in a Twitter post.

The company reported quarterly net income of COL$363 billion in the same period in 2016 and COL$160 billion in the same period in 2015.

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(Reuters, 3.Apr.2018) – Colombia’s attorney general’s office on Monday launched an investigation to determine whether officials from state-run oil company Ecopetrol could be held criminally responsible for a oil spill of 550 barrels in Santander province.

The Lisama 158 well, which was in the process of being shut down because of low production, leaked crude into a ravine over a three-week period, contaminating the water and affecting animal and plant life.

“The investigation will seek to establish if individual officials from Ecopetrol were responsible and could be penalized,” an official from the attorney general’s office told Reuters.

The country’s procurator general – which has the power to remove officials from their jobs – and the environmental licensing agency are also conducting investigations into the leak.

Ecopetrol Chief Executive Officer Felipe Bayon Pardo told journalists late on Monday the company will cooperate fully with all three investigations.

“We will do everything necessary to re-establish environmental and social conditions in the area. It’s our commitment and we will invest the human, financial and technological resources which are required,” said Bayon.
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(Efe, 23.Mar.2018) – The world must accelerate its transition from a carbon-based to a clean energy-based economy to put the brakes on a climate catastrophe that already causes 4.8 million deaths annually, the director of an organization that aims to facilitate understanding of global climate change said Friday at a conference in this northern Colombian city.

Klimaforum Latinoamerica Network Director Manuel Guzman Hennessey made his remarks during a panel discussion on the final day of a Colombian Natural Gas Association (Naturgas) conference in Cartagena.

He said that when the current fossil-fuels-based energy model was developed “no was thinking about creating an economy that would kill people.”

But the pollution and climate change stemming from greenhouse gas emissions have caused a catastrophic situation, according to the expert.

“The problem with this economy is that it causes 4.8 million deaths each year worldwide,” Guzman Hennessey said at Congreso Naturgas 2018, citing World Bank figures.

He added that the situation would grow more severe, with a much worse financial and human toll, if effective measures are not taken.

Guzman Hennessey said the world must devote 1.7 percent of global gross domestic product to address climate change-triggered catastrophes.

He added that at the present pace by 2030 climate change-induced disasters will cause agricultural damage, flooding and other phenomena that plunge some 100 million people into poverty.

“If we as a civilization are not able to stop this, before 2030 we’ll need to invest 3.2 percent of global GDP in dealing no longer with 4.8 million deaths but between 6.5 and 7 million deaths each year,” Guzman Hennessey said, referring to World Bank projections.

Congreso Naturgas 2018 concludes Friday after three days of debates on the use of natural gas as a transition fuel between oil and coal, the most contaminating energy sources, and clean energy sources such as solar and wind.

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(Ecopetrol, 27.Feb.2017) – The Chief Executive Officer of Ecopetrol S.A. announced details of the Annual General Shareholders’ Meeting held on March 31, 2017 at the International Center of Business and Exhibitions (Centro Internacional de Negocios y Exposiciones, Corferias), Bogotá, Colombia.

The agenda for the meeting included:

— Safety guidelines

— Quorum Verification

— Opening by the Chief Executive Officer

— Approval of the Agenda

— Appointment of the Meeting’s President

— Appointment of the Commission in charge of scrutinizing elections and polling

— Appointment of the Commission in charge of reviewing and approving the minutes of the meeting

— Presentation of the report concerning the Board of Directors’ activities, the Board’s evaluation of the Chief Executive Officer’s performance, as well as the company’s compliance with the corporate governance code

— Presentation of 2016 performance report by the Board of Directors and by the Chief Executive Officer

— Review and consideration of financial statements and consolidated financial statements as of December 31, 2016

— Review of the External Auditor’s Report

— Approval of reports presented by the Management, and the External Auditor and approval of Financial Statements

— Approval of proposal for dividend distribution

— Election of the External Auditor and assignment of remuneration

— Election of the Board of Directors

— Propositions and miscellaneous

As from March 8, 2017, shareholders will exercise the right to inspect the books and documents that the Colombian Commercial Code refers to. This information may be consulted at the company’s main offices (Cra. 7 No. 37-69 Bogota, Colombia), in a time schedule from 7:30 a.m. to 4:00 p.m. 2015 performance report may be consulted on Ecopetrol web site.

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(Ecopetrol S.A., 24.Jun.2016) – Ecopetrol S.A. announced that it launched ‘Ronda Campos 2016,’ a public and competitive bidding process, the objective of which is to offer to oil and gas companies Ecopetrol’s stake and interests in 20 production assets located in the regions of Catatumbo, the Magdalena Middle and Upper Valley, Llanos and Putumayo.

‘Ronda Campos 2016’ is part of Ecopetrol’s new strategy for 2015-2020, which is based on creating sustainable value and more efficient operation of assets. One of the objectives of the ‘Ronda Campos 2016’ is the rotation of Ecopetrol’s portfolio in search of the greatest profitability for its shareholders.

The business opportunities offered have development potential in primary recovery and improved recovery. The fields are located near logistical facilities, which are an added attraction for small- and medium-sized oil and gas companies.

The process, which was presented to industry representatives, is a public bidding process addressed to national and international companies that would like to strengthen their position in Colombia or that seek to expand their operations in the country.

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(Ecopetrol S.A., 7.Jun.2016) – Ecopetrol S.A. announced that its Board of Directors, in a session held on June 6, 2016, approved the implementation of “Hedge of a net investment in a foreign operation” accounting as established under the International Accounting Standard IAS 39 (paragraph 102) and Decrees 2420 and 2496 of 2015 regarding International Financial Reporting Standards (IFRS). The decision seeks to reduce the volatility within the nonoperational results of the company due to the effects of fluctuations in foreign exchange rates.

The net investment hedge will apply to a portion of the foreign currency investments that the Company owns and whose functional currency is the U.S. dollar, with the hedging instrument being the portion of our dollar denominated debt that generated a net liability position by the end of May.

As from the adoption of net investment hedge accounting, the effect of fluctuations in the foreign exchange rate on the hedged instrument will be recognized as Other Comprehensive Income (OCI) in Equity, where currently the foreign exchange effect on subsidiaries which have the U.S. dollar as their functional currency is recorded when accounted under the equity method. This policy is subject to a test of effectiveness and the ineffective portion will be recognized in profit or loss.

The amounts recognized in OCI will be taken into profit and loss only if and at such time the investments designated for purposes of the net investment hedge are sold. In the meantime such fluctuations will remain in Equity, even after debt payments are made.

The net investment hedge will be applied prospectively from June 7, 2016. This accounting change will be treated alike for both Colombian IFRS and IFRS as issued by the IASB.

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(Ecopetrol S.A., 27.Apr.2016) – Ecopetrol S.A. announced that in light of the current low crude oil price environment, and with the aim of protecting the company’s cash flow and financial sustainability, its Board of Directors approved an adjustment to the 2016 Investment Plan, from $4.8 billion, as approved on December 2015, to a range between $3 and $3.4 billion.

2016 is a year of transition for the Ecopetrol Group, during which investments will be made to finish transportation projects and complete the start up the new Cartagena Refinery. Starting in 2017, the company will dedicate a larger portion of its investments to the exploration and production segments.

In exploration and production, resources will be allocated to the development of principal fields and the assessment of exploratory findings. 93 percent of funds will be invested in Colombia and the rest overseas.

The resources required for the investment plan will be obtained from internal cash generation, divestment of non-strategic assets and financing. Financing needs for 2016 remain within the range of $1.5 billion and $1.9 billion for the Ecopetrol Group.

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(Ecopetrol S.A., 14.Aug.2015) – Due to the resignation of Mr. Gonzalo Restrepo Lopez and the election of his replacement, the CEO of Ecopetrol S.A. hereby calls on Shareholders to attend the extraordinary shareholders’ meeting to be held on 4.Sep.2015, starting at 7:30 a.m. at Ecopetrol’s auditorium located in Cra.13 No. 36 – 24, Bogota, Colombia.

The agenda of the meeting will be: – Safety guidelines, – Quorum verification, – Opening by the CEO of Ecopetrol, – Approval of the agenda, – Appointment of the President for the meeting, – Appointment of the Commission in charge of scrutinizing elections and polling, – Appointment of the Commission in charge of reviewing and approving the minutes of the meeting, and – Election of the Board of Directors (originated in the vacant position due to the resignation of Mr. Gonzalo Restrepo Lopez as director of the Board).     The resumes of the current directors and the candidate nominated by the majority shareholder to fill the vacant position are available on Ecopetrol’s Web site.

Shareholders that are not able to attend the Shareholders’ Meeting may be represented through a proxy, granted in writing, pursuant to the requirements provided for under Colombian Corporate Law. In order to facilitate the fulfillment of these requirements, shareholders are allowed to download from the website, various proxy models that have been designed for each relevant case.

Except for the cases of legal representation, officers and employees of Ecopetrol shall not be entitled to represent shares other than their own, while in exercise of their posts, nor shall be allowed to substitute the powers of attorney conferred upon them.

In all events, shareholders’ representation shall be subject to the rules set forth under Colombian Corporate Law and Securities Regulations, concerning illegal, unauthorized and unsafe practices by the issuers of securities.

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(Ecopetrol S.A., 19.Jul.2015) – Ecopetrol reports that, at the Board of Directors’ meeting on July 17, 2015, the Board of Directors decided as follows:

— To accept the resignation of Mr. Gonzalo Restrepo Lopez as member and chairman of the Board of Directors.

The Board of Directors gave special recognition to Mr. Restrepo’s work as chairman, in which he placed his unique human, managerial and leadership qualities at Ecopetrol’s service. The Board of Directors wishes him success in his new endeavor as a member of the government’s negotiating team in the peace process in Havana.

— To appoint Mr. Luis Fernando Ramirez, an independent Director, as the new chairman of the Board of Directors.

— To appoint the engineer Hector Manosalva Rojas, currently Ecopetrol’s Vice President of Development and Production, as the second alternate to Ecopetrol’s President.

— To appoint Ms. Juliana Alban as Corporate Vice President of Compliance, who will also act as the company’s Compliance Officer.

The Corporate Vice Presidency of Compliance is a unit that was recently approved within Ecopetrol’s organizational structure with the purpose of ensuring the highest standards of compliance and internal controls on the management of the company.

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(Ecopetrol S.A., 24.Jun.2015) – Ecopetrol S.A. at the direction of the Finance Superintendence, hereby publishes the earnings distribution proposal that was approved by the Shareholders Assembly of 26.Mar.2015.

Accordingly, regarding the capitalization of the occasional reserve by means of an increase in the nominal value of each of our shares from COP$250 to COP$609, which was approved by 99.9942882% of the shares represented at the meeting on March 26, 2015 , Ecopetrol reports that of the total capitalized amount of COP$14,760,894,745,774, 13.1%, or COP$1,938,434,206,789, corresponds to earnings for the year 2014 that were allocated within the 2014 Earnings Distribution Proposal for the building up of occasional reserves, and 86.9%, or COP$12,822,460,538,985, correspond to reserves of prior fiscal.

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(Ecopetrol, 26.May.2015) – Ecopetrol S.A.’s Board of Directors approved a new corporate strategy aimed at guaranteeing the company’s long-term sustainability, in which value generation based on efficient barrels and shareholder return become a priority.

Within a complex international price environment, the new strategy defines that Ecopetrol will be focused on oil and gas exploration and production, while seeking operational excellence in transportation, refining and petrochemical areas. The strategy also pursues the achievement of structural efficiencies, to allow the Group to increase its competitive levels in order to reach the best international standards.

In exploration, the Ecopetrol Group will build a portfolio that is robust and diversified, focused on high potential basins in Colombia and abroad, which is designed to increase significantly the Group’s contingent resources and reserves. In addition, the exploratory team based in Houston and Bogota will be strengthened by the addition of world-class human talent with proven track record.

In production, Ecopetrol will be focused on efficient barrels production, in major profitable fields, while carrying out a comprehensive program to increase the recovery factor. It will seek to increase average annual production between 1% and 2%, reaching a total of approximately 870 thousand barrels of oil equivalent per day by 2020, with an EBITDA target of more than $30/bbl in a price scenario for Brent crude of between $70/bbl and $80/bbl.

As for the company’s reserves, the objective is to increase proved reserves by 1,700 million barrels of oil equivalent by 2020.       In the transportation segment, the company will dedicate its efforts to increase efficiency in order to achieve international operating standards. The plan includes Cenit´s consolidation, the affiliate that will ensure the transportation of national crude, with a special focus on heavy crudes, as well as transportation of refined products for the Colombian market.

In refining and petrochemical, the strategy contemplates the start-up of the new Cartagena refinery during the 4Q:15, execution of an ambitious efficiency plan that will improve the competitiveness of existing assets and the promotion of the necessary regulatory conditions to ensure the business’s profitability within a framework of financial selfsustainability.

Ecopetrol will focus on profitable investments, at an average estimated level of $6,000 million per year through 2020, oriented toward high value projects that contribute to the execution of the new strategy.

The company will prioritize the protection of available cash for its operations, maintaining its access to local and international capital markets in competitive conditions. The preservation of business and finance metrics that credit rating agencies consider will be a priority to maintain our current credit rating.

The company will continue its program to divest non-strategic assets, as announced with regard its stake in EEB and ISA, among others, as well as nonstrategic exploration and production assets.

The strategy is based on producing efficient, clean and profitable barrels, which generate returns for our shareholders, interested groups and Colombians. The perspective toward 2020 will be to attempt to double the 2014 return on capital employed.

To support its strategy, in the beginning of 2015, Ecopetrol initiated a transformation plan that provides structural efficiencies to obtain annual savings close to $1,000 million in the period 20152020. This plan contemplates fundamental changes within the company, including its business, project management and technology segments as well as relationship with local communities and active portfolio management.

The plan also provides a cultural transformation that encourages and promotes the attainment of results and is based on the principles of integrity, collaboration and creativity.

Ecopetrol will prioritize innovation and knowledge generation. In the new strategy, technology and information systems will be focused on leveraging key business projects, especially in exploration and production.

The Ecopetrol Group is committed to production with zero accidents and environmental incidents, with a solid regional presence, prompt decisionmaking, with satisfied and committed employees, and a harmonious, mutually beneficial relationship with local communities.

Ecopetrol’s new strategy and the transformation plan that supports it, have as their goal the company’s reinvention in order to successfully compete in a challenging international environment.

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(Ecopetrol S.A., 14.Apr.2015) – Ecopetrol S.A., as part of the procedures required for keeping available debt alternatives to finance its investment plan, has obtained authorization from the Ministry of Finance and Public Credit, pursuant to Resolution 0928 of 10.Apr.2015, to arrange for debt issuances in international capital markets in an aggregate amount of up to $3.175 billion.

This authorization in itself does not constitute an issuance of securities or a financing operation. Therefore, Ecopetrol must complete in due course all of the necessary approval procedures with the Ministry of Finance and Public Credit, as well as Ecopetrol’s own Board of Directors, before any debt issuance may be covered by this authorization.

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(Ecopetrol S.A., 28.Mar.2015) – Ecopetrol S.A. hereby reports that, at the shareholders’ meeting held on March 26, 2015 , the following amendments to the rules and procedures governing our shareholders’ meetings were approved in order to implement the corporate governance practices recommended by the Superintendence of Finance in the New Code of Corporate Best Practices of Colombia.

The approved amendments are the following:

Voting on amendments to the bylaws: a new paragraph has been adopted providing that, in the event of a proposed amendment to the bylaws, there shall be a separate vote on any specific article being amended whenever such a vote is requested by a shareholder or group of shareholders representing at least 5% of the share capital during a shareholders’ meeting (Article 3, paragraph 1).

Increase of the advance notice time for convening ordinary and extraordinary meetings: the required advance notice for convening ordinary meetings has been increased from twenty (20) business days to thirty (30) calendar days and the required advance notice for convening extraordinary meetings has been increased from eight (8) calendar days to fifteen (15) calendar days (Article 4).

Dispensing with advanced submission of proxies: repeal of Article 7 section 4, which related to the previous proxy review stage.

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(Energy Analytics Institute, Piero Stewart, 26.Mar.2015) – External issues deprived Ecopetrol of the ability to produce 64,000 barrels per day (b/d) in 2014 as follows:

An estimated 28,000 b/d was not produced due to community protests; 13,000 b/d was not produced due to terrorist acts on oil installations while 9,000 b/d was not produced due lack of or delays obtaining environmental permits, reported the daily newspaper El Espectador.

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(Ecopetrol S.A., 26.Mar.2015) – Ecopetrol S.A. hereby reports that, at the Shareholders’ General Assembly held on March 26, 2015, the following changes were made to its bylaws:

1. The following corporate governance practices recommended by the Superintendence of Finance in the New Code of Corporate Best Practices of Colombia have been adopted:

— Extension of the deadline for convening ordinary and extraordinary meetings (amendment to Articles 19 and 20).

— Majority of the Board of Directors to be comprised of independent directors (amendment to paragraph 1, Article 23).

— Possibility of carrying out different types of evaluations of the Board of Directors (amendment to paragraph 5, Article 23).

— Reference to guidelines regulating the appointment and duties of the President of the Board of Directors and the Secretary of the Board of Directors (new paragraph 6, Article 23).

— Modification in the name of the Audit Committee of the Board of Directors in order to make explicit its risk management role (amendment to Paragraph 27.1 of Article 27).

— Obligation to comply with voluntarily adopted corporate governance practices (new Article 52).

2. The company’s reserves accounts amounting to COP$14.76 trillion were capitalized by increasing the nominal value of shares from COP$250 to COP$609 per share. This capitalization demonstrates the confidence of investors in the Company and boosts its long term financial sustainability.

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(Energy Analytics Institute, Ian Silverman, 26.Mar.2015) – Ecopetrol continues to be a solid company with many growth opportunities in its different business segments, said Ecopetrol’s outgoing president Javier Genaro Gutiérrez said during his presentation of the company’s financial and operational results

“We have made adjustments on all fronts to overcome the drop in international prices and maintain production levels. We are also strengthening our exploration and production portfolio,” he added.

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(Energy Analytics Institute, Piero Stewart, 25.Mar.2015) – Ecopetrol’s shareholder assembly approved a dividend equivalent to 70 percent of the 7.81 billion peso profit obtained in 2014.

The total dividend was for 5.47 billion or 133 pesos per share, of which 4.8 billion was destined for the government and 0.670 billion pesos was destined for minority shareholders, reported the daily newspaper El Tiempo.

In comparison to 2013, the 397,122 minority shareholders at 31 December 2014, the 2014 dividend was 0.560 billion pesos or 45.5 percent lower than the prior year.

At 31 December 2013, Ecopetrol had 425,840 shareholders. However, by 31 December 2014, an estimated 28,700 Ecopetrol shareholders had sold their shares, leaving 397,122 shareholders.

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(Ecopetrol S.A., 2.Mar.2015) – Ecopetrol announces its results for the fourth quarter of 2014 and the full year 2014.

– Net proven reserves of crude oil, condensate and natural gas owned by the company, including its interest in affiliates and subsidiaries, as of December 31, 2014, were 2,084 million barrels of oil equivalent (mmboe), a 5.7% increase compared to 1,972 mmboe in 2013. The reserve replacement ratio in 2014 was 146%, up from the 139% reported in 2013. The reserves/production ratio increased to 8.6 years.

– In the fourth quarter of 2014, the production recovery trend was reinforced, with growth of 1.4% compared to the third quarter 2014, reaching 765.1 mboed, thanks to improved environment conditions and continued development of projects at the Castilla and Chichimene fields. For the full year 2014, average production was 755.4 mboed, a decline of 4.2% versus 2013, due to environment, public order and operating issues that were particularly challenging in the second quarter.

– Net income in 2014 was COP$7,813 billion, 41% below that of 2013, primarily the result of the drop in sale prices, lower volumes sold and the cost increase.

Ecopetrol S.A. announced its audited financial results, both consolidated and unconsolidated, for the fourth quarter and full year 2014, prepared and filed in Colombian pesos (COP$) in accordance with the Public Accountancy Legal Framework (Regimen de Contabilidad Publica, RCP) of Colombia’s General Accounting Office.     Some figures in this release are presented in U.S. dollars (US$), as indicated. The financial results in the main body of this report have been rounded to one decimal place. Figures presented in COP$ billion are equivalent to COP$1 thousand million (COP$1,000,000,000). Additionally, some 2013 figures have been reclassified to be comparable to those of 2014.

In the opinion of Ecopetrol’s CEO, Javier Gutierrez:

“In 2014, we obtained important achievements, such as the discoveries in offshore exploratory blocks; the strengthening of the transportation segment, which continues the optimizations needed to achieve competitive margins at the level of the best in the industry; and the generation of positive EBITDA in the refining segment as we enter the final phase of the Cartagena Refinery project.     Affiliates of the Corporate Group contributed to the positive results. Ecopetrol America Inc. reached a production of 7.7 mboed in the fourth quarter of 2014, thereby beginning to generate revenues that will allow its future sustainability. As far as petrochemicals, Propilco significantly increased its earnings, benefiting from better international prices of raw material and higher volumes of propylene supply from the Barrancabermeja refinery.

The Corporate Group’s average yearly production was 755.4 mboed, 33 mboed below that of the previous year, due to operating environment situations (-22 mboed), attacks (-5 mboed), environmental constraints (-9.5 mboed), offset by the increase in production of affiliates and subsidiaries (+3.5 mboed).

The average sales price of the basket of Ecopetrol crude, gas and products was US$10.6 per barrel lower than in 2013, which, coupled with a 7% devaluation of the average exchange rate, had a significant impact on our financial results.     It is important to mention that the exchange rate has two effects on the company’s financial results: regarding operations, a higher exchange rate has a positive effect given that 60% of our sales are dollar denominated, although some of our purchases are also dollar denominated, but in a lower share; on the other hand, devaluation has a negative impact on non-operational results due to the Colombian peso valuation of the dollar denominated debt.

Our net income in 2014 was COP$7,813 billion, 41% below that of 2013. This decline is explained by several factors, starting with the 7% drop in our revenues, in line with the decrease in production volumes and prices. Cost of sales, specifically variable costs, decreased 2% as a result of lower purchase price of crude, gas and products, offset by higher purchase volumes of naphtha as crude diluent. As for fixed costs, there was an increase of 18%, the result basically of the inclusion of transportation costs based on the Ship or Pay (SoP) fee as part of the implementation of the new transportation model beginning with the start-up of Cenit in April of 2013 (total fixed costs increased COP$1.7 trillion, of which COP$1.23 trillion correspond to the SoP fee). It should be noted that these additional costs generated by the new transportation business model are offset by the operating income of our affiliate Cenit. As a result of all of the above factors and variables, gross income decreased 23%.

Operating income for the year decreased 30%, affected additionally by higher exploratory expenditures resulting from an extended campaign, which in total had a higher cost of COP$646 billion more than the prior year. Furthermore, in a downward price situation as seen since mid-2014, it was necessary to revise the value of assets, inventories and oil investments. This analysis reflected adjustments in operating expenditures from oil investments and decline in the valuation of assets for a total of COP$571 billion.

Non-operating variables also affected results negatively, due mainly to higher expenditures derived from U.S. dollar-denominated debt interest and higher expenditures because of the difference in exchange rate on the outstanding debt balance.

Taking into account the above, pre-tax net income fell 36%, which, combined with a higher effective tax rate at 40.48% levels (compared to 34.48% in 2013), resulted in net income for the period of COP$7,813 billion, a decrease of 41% compared to that of 2013. EBITDA margin was 39%, a very competitive level compared to other companies in the industry.

In the fourth quarter of 2014, there were several important highlights among which I will mention the following:

In production, the field Chichimene set a record in production of 80 thousand barrels a day, and we began 8 secondary improved recovery pilots, bringing the total pilots underway for the year to 13.

In exploration, we announced two discoveries: 1) the well Orca in offshore waters of Colombia, offering a promising perspective for this basin; and 2) the well Nueva Esperanza-1, confirming the potential of the CPO-09 block in Meta province. These two discoveries add to others announced in 2014 in Colombia (Tibirita, Golosa and Cacica) and the U.S. Gulf Coast (Leon and Rydberg).

In transportation, we completed the expansion of the Ocensa Delta Project and began the operation of 23,500 additional barrels per day in the SantiagoPorvenir system.

In refining, we obtained 96.3% completion of the Cartagena refinery modernization project.

In December, we announced our investment plan for 2015 of US$7.86 billion, in accordance with the current price situation and in line with the strategy of value generation and emphasis on production.

Ecopetrol is a company that responds swiftly to challenging situations. For this reason, we have initiated a cost and expenditure optimization plan in pursuit of structural savings and economies of scale that allow us to operate in a cost-effective manner, within a context of low prices, which will continue to affect financial results in 2015, but without compromising the strength and sustainability.

Regarding the claims of possible illegal payments on behalf of third parties to former employees of Ecopetrol, we want to emphasize that we have a zero tolerance corruption policy and therefore we have filed a complaint to the authorities, we have collaborated on a timely basis with the judicial system in order to clarify such events and so that those responsible be convicted, as well as imposing internal sanctions and penalties. During the last years Ecopetrol has strengthened its internal control system, of which the Ethics and Compliance office is part of, in order to prevent, detect and penalize inappropriate behaviors that affect our ethics and Corporate Governance. The Board of Directors, the senior management, and all of the employees are committed in this anticorruption crusade.”

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