Ecopetrol Announces Nomination of Candidate for Board of Directors

Ecopetrol Announces Changes in the Board of Directors

PR Newswire

BOGOTA, Colombia, March 5, 2025

BOGOTA, Colombia, March 5, 2025 /PRNewswire/ — Ecopetrol S.A. (; ) announces the resignation of Dr. Edwin Palma Egea, which was submitted today to the Board of Directors and effective as of March 6, 2025.

As a result, the Board of Directors appointed Ms. Angela María Robledo Gómez to replace Dr. Palma as a member of the Business Committee during its session on March 5, 2025. As of March 6, 2025, the Business Committee will be composed of the following members of the Board of Directors:

• Mónica de Greiff Lindo (Chairperson)
• Angela María Robledo Gómez
• Álvaro Torres Macías
• Gonzalo Hernández Jiménez
• Guillermo García Realpe

Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector.

This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements.

For more information, please contact:

Head of Capital Markets

Carolina Tovar Aragón

Email: investors@ecopetrol.com.co

Head of Corporate Communications (Colombia)

Marcela Ulloa

Email: marcela.ulloa@ecopetrol.com.co

View original content to download multimedia:https://www.prnewswire.com/news-releases/ecopetrol-announces-changes-in-the-board-of-directors-302393966.html

SOURCE Ecopetrol S.A.

Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index down 0.3% and the Energy Select Sector SPDR Fund (XLE) falling 1.3%.

The Philadelphia Oil Service Sector index shed 0.3%, and the Dow Jones US Utilities index declined 0.7%.

West Texas Intermediate crude oil fell 2.7% to $66.39 a barrel, while global benchmark Brent dropped 2.3% to $69.38 a barrel. Henry Hub natural gas futures rose 2.1% to $4.44 per 1 million BTU.

In corporate news, Expro shares rose 1.8% after the company won more than $10 million contracts from OMV Petrom for the Neptun Deep gas project in the Black Sea.

BP's strategic review of its Castrol unit has received attention from Saudi Aramco, which is weighing a potential offer for the lubricant assets, Bloomberg reported. BP added 1.6%.

Phillips 66 said it's ready to engage "constructively" and find a "path forward" with activist fund Elliott Investment Management, even though the fund "showed no genuine interest in engagement." Phillips 66 shares were falling 2%.

Ecopetrol shares rose 2.4% after it reported lower Q4 net income and revenue that still topped analysts' expectations.

Energy stocks were in the red Wednesday afternoon, with the NYSE Energy Sector Index falling 1.5% and the Energy Select Sector SPDR Fund (XLE) dropping 2.7%.

The Philadelphia Oil Service Sector index shed 1.8%, and the Dow Jones US Utilities index was down 1.2%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 3.6 million barrels in the week ended Feb. 28 following a decrease of 2.3 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 3.6 million barrels after a 2.3 million barrel decrease in the previous week, a larger gain than the 800,000 barrel increase expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was falling 3.1% to $66.16 a barrel while the global benchmark Brent crude contract was dropping 2.6% to $69.21 a barrel. Henry Hub natural gas futures rose 2.3% to $4.45 per 1 million BTU.

In corporate news, BP's strategic review of its Castrol unit has received attention from Saudi Aramco, which is weighing a potential offer for the lubricant assets, Bloomberg reported. BP shares were up 0.9%.

Phillips 66 said Wednesday it's ready to engage constructively and find a "path forward" with activist fund Elliott Investment Management, even though the fund "showed no genuine interest in engagement." Phillips 66 shares were falling 3.6%.

Ecopetrol shares rose 1.5% after it reported lower Q4 net income and revenue that still topped analysts' expectations.

Energy stocks were declining premarket Wednesday, with The Energy Select Sector SPDR Fund down 1%.

The United States Oil Fund was down 2.6% and the United States Natural Gas Fund was 0.8% higher.

Front-month US West Texas Intermediate crude oil was down 2.4% at $66.62 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 1.8% to reach $69.73 per barrel, and natural gas futures were 1.7% higher at $4.42 per 1 million British Thermal Units.

Ecopetrol shares were up over 3% after the company reported lower Q4 net income and revenue that still topped analysts' expectations.

VAALCO Energy shares were 0.5% higher after the company said it has entered a new six-year revolving credit facility with an initial commitment of $190 million that can go up to $300 million.

Liberty Energy said it has acquired IMG Energy Solutions, which develops distributed power systems. Liberty Energy shares were down 0.7% pre-bell.

Energy stocks declined premarket Wednesday as the Energy Select Sector SPDR Fund (XLE) fell by 0.6% recently.

The United States Oil Fund (USO) was down 2.2% and the United States Natural Gas Fund (UNG) was 1.6% higher.

Front-month US West Texas Intermediate crude oil was down 2% at $66.91 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 1.5% to $69.96 per barrel, and natural gas futures were 1.8% higher at $4.43 per 1 million British Thermal Units.

Ecopetrol shares were up 1.5% after the company reported lower Q4 net income and revenue that still topped analysts' expectations.

Ecopetrol S.A.: STRONG OPERATIONAL AND FINANCIAL GOAL ACHIEVEMENT

PR Newswire

BOGOTA, Colombia, March 4, 2025

BOGOTA, Colombia , March 4, 2025 /PRNewswire/ — 2024 concluded with a robust operating performance that boosted our results across the company aligned with the goals set out at the beginning of the year. We introduced a solid financial and investment plan for 2025, which is the result of a rigorous planning process of the entire Ecopetrol Group, aiming to create sustainable value for our shareholders. Through our efficiencies program on EBITDA, capex and working capital, we achieved historic optimizations for COP 5.3 trillion.

In 2024, we registered revenues of COP 133.3 trillion, net income of COP 14.9 trillion, an EBITDA of COP 54.1 trillion, and an EBITDA margin of 41%. The gross debt/EBITDA ratio was 2.2 times and the return on capital employed (ROACE) was 10.2%. We invested USD 6,119 million (COP 24.9 trillion), with organic investments of USD 5,880 million (COP 23.9 trillion) and inorganic growth of USD 239 million (COP 1 trillion). We contribute to the country with total transfers to our shareholders amounting COP 42 trillion.

In the hydrocarbons business line, we highlight a 104% reserve replacement, incorporating 260 MBPE. Our consolidated current assets reached a reserves replacement ratio of 111% and in Colombia 121%, proving their potential. Furthermore, thanks to the closing of the transaction with Repsol, where we became the sole owner of the CPO-09 field, we added 32 MBPE to our reserves. The average reserve life stands at 7.6 years, of which 7.8 years correspond to liquids and 6.7 years to gas. Moreover, we highlight the extension of the Joint Venture in the Permian. Our production's positive performance, stood at 746 kboed, exceeding the year's expectations, representing a 1.2% increase compared to the previous year. Additionally, in the midstream we surpassed our target with transported volumes of 1,119 kbd (+5.8) and in the downstream, we successfully completed the annual plan of plant shutdowns and major maintenances, achieving a refining throughput of 414 kbd (-5.8), highlighting an operational availability of 94.5%

These results were also supported by an effective commercial strategy, where crude oil inventory realization allowed ending the year without inventories in transit. The accounting differential of the crude oil basket was USD 6.5/bl compared to USD 8.7/bl in 2023. This improvement was achieved through our geographic diversification enhanced by our trading branches in Colombia, United States and Singapore, capturing market opportunities, and maximizing benefits for the Group. In the same vein, in 4Q24, third party crude trading operations were carried out with WTI Midland, Vasconia, and Oriente crude oils, for a total of 1.6 million barrels destined to USA, Africa, and Jamaica, leveraging the business strategic goals, and allowing us to improve Ecopetrol's position as for intermediate and light crude oil.

As regards to Energies for the Transition, we emphasize an energy optimization of 4,17 PJ with an impact on 349,735 tons of CO2e, and savings around COP 128 billion in the operations of the Ecopetrol Group. Further, in 4Q24, we stress the approval of Phase III of the Coral project, with a production capacity up to 880 tons per day of green hydrogen at the Cartagena Refinery.

Finally, in Transmission and Toll Roads, ISA was awarded the first tender of the Transmission Mission Plan of the Mining-Energy Planning Unit (UPME) to guarantee and secure the reliability of the electrical system of the Colombian Caribbean coast. Likewise, we recognize the ISA's relevant contribution to the Ecopetrol's Group EBITDA.

Looking ahead in 2025, we will continue adding value and profitability to our shareholders based on strict capital discipline, efficiencies and the strengthening of our traditional business to reinforce energies for the transition. All the above, framed in a solid corporate governance and robust institutional framework. I thank all the employees of the Ecopetrol Group for their hard work in 2024 and encourage them to keep moving forward along this new year.

Ricardo Roa Barragán

President of Ecopetrol S.A.

The Ecopetrol Business Group achieved: i) the highest production level in the last 9 years at 746 kboed, ii) a record sales volume of 1,012 kboed, iii) high levels of capital investment amounting to USD 6.1 billion, iv) efficiencies incorporation by COP 5.3 trillion and, v) a reserve replacement ratio of 104%. These achievements enabled the EBITDA generation of COP 54.1 trillion, a net income attributable to shareholders of COP 14.9 trillion and an EBITDA margin of 41%, in an environment of lower prices, inflation and external challenges.

Table 1: Financial Summary Income Statement - Ecopetrol Group

 
  Billion (COP)    4Q 2024  4Q 2023    ($)       (%)     12M 2024  12M 2023    ($)       (%) 
-----------------  -------  -------  -------  ---------  --------  --------  -------  --------- 
Total revenue       34,792   34,794      (2)    (0.0 %)   133,328   143,079  (9,751)    (6.8 %) 
 Depreciation, 
  amortization 
  and depletion      3,789    3,540      249      7.0 %    14,646    13,205    1,441     10.9 % 
 Variable costs     14,092   14,224    (132)    (0.9 %)    50,545    55,906  (5,361)    (9.6 %) 
 Fixed costs         6,313    5,543      770     13.9 %    21,290    19,067    2,223     11.7 % 
Total cost of 
 sales              24,194   23,307      887      3.8 %    86,481    88,178  (1,697)    (1.9 %) 
Gross income        10,598   11,487    (889)    (7.7 %)    46,847    54,901  (8,054)   (14.7 %) 
=================  =======  =======  =======  =========  ========  ========  =======  ========= 
Operating and 
 exploratory 
 expenses            1,657    3,787  (2,130)   (56.2 %)     9,254    11,155  (1,901)   (17.0 %) 
Operating income     8,941    7,700    1,241     16.1 %    37,593    43,746  (6,153)   (14.1 %) 
=================  =======  =======  =======  =========  ========  ========  =======  ========= 
Financial result, 
 net               (2,376)  (1,486)    (890)     59.9 %   (8,519)   (5,665)  (2,854)     50.4 % 
Share of profit 
 of companies          262      199       63     31.7 %       764       805     (41)    (5.1 %) 
Income before 
 income tax          6,827    6,413      414      6.5 %    29,838    38,886  (9,048)   (23.3 %) 
=================  =======  =======  =======  =========  ========  ========  =======  ========= 
Provision for 
 income tax        (2,502)    (454)  (2,048)    451.1 %  (10,921)  (14,692)    3,771   (25.7 %) 
Consolidated net 
 income              4,325    5,959  (1,634)   (27.4 %)    18,917    24,194  (5,277)   (21.8 %) 
=================  =======  =======  =======  =========  ========  ========  =======  ========= 
Non-controlling 
 interest          (1,132)    (851)    (281)     33.0 %   (4,680)   (4,243)    (437)     10.3 % 
Net income 
 attributable to 
 owners of 
 Ecopetrol before 
 impairment          3,193    5,108  (1,915)   (37.5 %)    14,237    19,951  (5,714)   (28.6 %) 
=================  =======  =======  =======  =========  ========  ========  =======  ========= 
(Expense) income 
 from impairment 
 of long-term 
 assets                876  (2,087)    2,963  (142.0 %)       867   (2,098)    2,965  (141.3 %) 
Deferred tax on 
 impairment          (171)    1,207  (1,378)  (114.2 %)     (169)     1,209  (1,378)  (114.0 %) 
Net income 
 attributable to 
 owners of 
 Ecopetrol           3,898    4,228    (330)    (7.8 %)    14,935    19,062  (4,127)   (21.7 %) 
=================  =======  =======  =======  =========  ========  ========  =======  ========= 
 
EBITDA              11,877   12,251    (374)    (3.1 %)    54,143    60,718  (6,575)   (10.8 %) 
EBITDA Margin       34.1 %   35.2 %        -    (1.1 %)    40.6 %    42.4 %        -    (1.8 %) 
=================  =======  =======  =======  =========  ========  ========  =======  ========= 
 

The figures included in this report are audited and are expressed in billions of Colombian pesos (COP), or United States dollars (USD), or thousands of barrels of oil equivalent per day (kboed) or tons and are indicated as such when applicable. For the purposes of presentation, certain figures in this report were rounded to the nearest decimal place.

Forward-looking Statements: This release may contain forward-looking statements related to business prospects, estimates for operating and financial results, and growth of Ecopetrol. These are projections and, as such, are based solely on management's expectations regarding the future of the Company and its permanent access to capital to fund its business plan. Such forward-looking statements depend, basically, on changes in market conditions, government regulations, competitive pressures, the performance of the Colombian economy and the industry, without limitation thereto; therefore, they are subject to change without prior notice.

Contact: investors@ecopetrol.com.co

View original content to download multimedia:https://www.prnewswire.com/news-releases/ecopetrol-sa-strong-operational-and-financial-goal-achievement-302392380.html

SOURCE Ecopetrol S.A.