Bogotá D.C., Colobmia, Dec. 1, 2020 /PRNewswire/ -- Ecopetrol (BVC: ECOPETROL; NYSE: EC) reports that the rating agency, Fitch Ratings, has affirmed the Company's credit rating at BBB- with a negative outlook and its standalone credit profile (without incorporating government support) at bbb.

In its statement, Fitch highlighted the Company's strategic importance for the country, its ability to maintain a solid financial profile, as well as its resilience in confronting the decrease in international oil prices during 2020. Likewise, it emphasized its strong capital structure which provided the Company flexibility during the crisis.

The rating agency highlighted Ecopetrol's liquidity profile, supported by its cash generation, strong access to capital markets and adequate debt maturity profile.

Additionally, Fitch highlighted the Company's strong linkage to the Republic of Colombia. The negative outlook is in line with Colombia's sovereign rating (BBB-/ negative outlook).

Ecopetrol is the largest company in Colombia; it is a comprehensive oil chain company, one of the 40 largest oil companies in the world, and one of the top four in Latin America. In addition to Colombia, where it generates more than 60% of domestic production, it has exploration and production activities in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol owns the largest refinery in Colombia, most of the country's oil and pipeline network and is significantly increasing its participation in the biofuel sector.

This press release includes statements on business prospects, estimates for operating and financial results and statements related to Ecopetrol's growth prospects. All of them are projections and, as such, are based solely on its Director's expectations on the future of the Company and their continued access to capital in order to finance the Company's business plan. The future realization of these estimates depends on market behavior, regulations, competition, and performance conditions of the Colombian economy and industry, among other factors; and as such, they are subject to change without notice.

For more information please contact:

Juan Pablo Crane de Narváez
Head of Capital Markets
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Jorge Mauricio Tellez
Media Relations (Colombia)
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

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SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, Nov.17, 2020 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) hereby discloses the press release issued by its subsidiaries Cenit Transporte y Logística de Hidrocarburos S.A.S. and Oleoducto Bicentenario de Colombia S.A.S., announcing that they have reached an agreement with Frontera Energy Corporation for the joint filing of a petition for a binding settlement which, upon completion and approval by the competent Colombian court, will resolve all the disputes pending among them related to the Bicentenario Pipeline and the Caño Limón – Coveñas Pipeline.

The arrangement is conditional upon certain regulatory approvals, including approval of the settlement arrangement as a conciliation under Colombian law, which requires an opinion from the Attorney General´s Office (Procuraduría General de la Nación) and approval of the Administrative Tribunal of Cundinamarca.

CENIT AND BICENTENARIO ANNOUNCE AGREEMENT WITH FRONTERA TO SETTLE THEIR PENDING TRANSPORTATION DISPUTES IN COLOMBIA

Cenit Transporte y Logística de Hidrocarburos S.A.S. ("CENIT") and Oleoducto Bicentenario de Colombia S.A.S. ("Bicentenario") announced today that they have reached an agreement with Frontera Energy Corporation ("Frontera"), for the joint filing of a petition for a binding settlement which, upon completion and approval by the competent Colombian court, will resolve all the disputes pending among them, related to the Bicentenario Pipeline ("BIC Pipeline") and the Caño Limón – Coveñas Pipeline ("CLC Pipeline"), and will terminate al the pending arbitration proceedings related to such disputes. All the Frontera subsidiaries involved in those proceedings are also parties to the agreement, and references to Frontera include such subsidiaries. All financial amounts in this news release are in United States dollars, unless otherwise stated.

The parties consider that this transaction eliminates any uncertainty related to the potential outcomes of the disputes, thus protecting the interests of all the parties and those of their stakeholders. The settlement will also create new business opportunities for the parties involved.

The settlement arrangement includes a full and final mutual release upon closing of all present and future amounts claimed by all parties in respect of the terminated transportation contracts for both the CLC Pipeline and the BIC Pipeline, and also in respect of contracts related to the use of additional facilities.

The transaction does not include any cash payments between the parties, except for Frontera's release of its interests in a trust fund (restricted cash) of approximately $28 million created as a collateral for one of the claims. Frontera will transfer to CENIT its 43.03% interest in Bicentenario, any related outstanding Bicentenario dividends, and will deliver to Bicentenario the BIC Pipeline line fill, also allowing Bicentenario to set-off a portion of its syndicated debt against certain account receivables outstanding in favor of Frontera.  The claims released by Frontera include recovery of the letters of credit drawn by Bicentenario in 2018 and all other claims that have been asserted by Frontera against Bicentenario.

Frontera will also enter into new transportation contracts with CENIT and its subsidiaries Bicentenario and Oleoducto de los Llanos Orientales S.A. ("ODL").

The new ODL transportation contract would provide for a ship or pay commitment of 10,000 bbls/day for approximately 3.8 years at a current fee of $4.0/bbl.

The new transportation contracts with CENIT and Bicentenario for use of the CLC Pipeline and BIC Pipeline (and certain related facilities) will become effective within a six-month period as of the closing of the transaction. The new ship or pay commitment is projected to be approximately 3,900 bbls/day, based on the current oil price, for a term of five years subject to adjustments, at a current tariff of $11.5/bbl. Frontera will not have to make payments for oil it may have to ship through alternate pipelines. These contracts will allow CENIT and Bicentenario to obtain payment of certain amounts included in the settlement, during the term of the contracts.

The arrangement is conditional upon certain regulatory approvals, including approval of the settlement arrangement as a conciliation under Colombian law, which requires an opinion from the Attorney General´s Office (Procuraduría General de la Nación) and approval of the Administrative Tribunal of Cundinamarca, an Appeals Court that is also entrusted with reviewing certain arrangements in which state owned enterprises are a party. The settlement documentation provides that if such approvals are not obtained by June 30, 2021 or such later date as may be agreed, then either party will become entitled to terminate the settlement arrangement, and that the legal rights of the parties with respect to the disputes are not. There can be no assurance that the required approvals will be received on a timely basis or at all.

Cenit is an Ecopetrol Group subsidiary company that is dedicated to hydrocarbon transportation and logistics activities, leading the Midstream segment in the Colombian Oil chain.  It is the second largest company in the country in terms of assets and is among the 10 largest companies by operating revenue and profits in the country. It has close to 9,000 kilometers of oil and multi-purpose pipelines transporting the majority of Colombia's crude oil and refined products.  It has three ports, 51 stations and seven loading and unloading docks. In turn, the companies Oleoducto Central S.A -Ocensa-, Oleoducto de Colombia S.A. -ODC-, Oleoducto de los llanos Orientales S.A -ODL- and Oleoducto Bicentenario de Colombia S.A.S. are all Cenit subsidiary companies.

Ecopetrol is the largest company in Colombia; it is a comprehensive oil chain company, one of the 40 largest oil companies in the world, and one of the top four in Latin America. In addition to Colombia, where it generates more than 60% of domestic production, it has exploration and production activities in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol owns the largest refinery in Colombia, most of the country's oil and pipeline network and is significantly increasing its participation in the biofuel sector.

This press release includes statements on business prospects, estimates for operating and financial results and statements related to Ecopetrol's growth prospects. All of them are projections and, as such, are based solely on its Director's expectations on the future of the Company and their continued access to capital in order to finance the Company's business plan. The future realization of these estimates depends on market behavior, regulations, competition, and performance conditions of the Colombian economy and industry, among other factors; and as such, they are subject to change without notice.

For more information please contact:
Media Relations (Colombia)
Jorge Mauricio Tellez
Telephone: + 571-234-4329
Fax: +571-234-4480
Email: mauricio.tellez@ecopetrol.com.co

Paola Aguilar Santos
Head of Corporate Communications
Cenit - Transporte y Logística de Hidrocarburos
paola.aguilar@cenit-transporte.com
Phone: +57 (1) 319-8800 – Ext: 18725
http://www.cenit-transporte.com

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SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, Oct. 27, 2020 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announced today the Ecopetrol Group's financial results for the third quarter and the first nine months of 2020. Financial results were prepared in accordance with the International Financial Reporting Standards applicable in Colombia.

*Ebitda adjusted to exclude the effect of the Voluntary Retirement Plan amounts to COP 5,419 billion in 3Q20 and COP 12,843 billion in 9M20.

The figures included in this report are not audited. The financial information is expressed in billions of Colombian pesos (COP), or US dollars (USD), or thousands of barrels of oil equivalent per day (mboed) or tons, as noted. For presentation purposes, certain figures in this report were rounded to the nearest decimal place.

In words of Felipe Bayón Pardo, CEO of Ecopetrol:

"The operating and financial results of the third quarter reflect a better price environment, the gradual reactivation across the entire value chain within Ecopetrol Group and the progressive effect of the adjustment measures we undertook in the first half of the year. Thus the Ecopetrol Group reverted the downward trend of the previous quarters and obtained a net income of COP 855 billion and an EBITDA of COP 5.3 trillion, corresponding to an EBITDA margin of 43%, the highest recorded during the year and comparable to those reported in 2019. This quarter´s outcome stands for 85% of the accumulated net income year to date, and the results are comparable to the first quarter figures, previous to the crisis originated by the pandemic.

A worldwide improved balance between supply and demand provided a significant recovery of the average Brent price, which rose 30% between the second and third quarter of the year, from 33 to 43 USD per barrel. This environment enabled better realization prices along with higher volumes of crude oil and fuels sold, primarily due to the reactivation of the local demand once the mandatory lockdown measures were lifted and the resumption of economic activities began.

The increase in the total cost in the third quarter versus the second quarter (from 21.3 to 24.5 USD per barrel) was due to higher operating activity. However, total cost per barrel year to date decreased compared to the same period a year ago (26.1 versus 34.8 USD per barrel) as a result of the initiatives to optimize our cost and lower purchases and imports, both in price and volume.  

To address this historic turning point, the Ecopetrol Group's has remained committed to the well-being of Colombians and the strengthening the local economy after the health emergency created by COVID-19. Through our social assistance program Apoyo País, aids totalling COP 52 billion have been delivered to date, out of COP 88 billion initially announced, in the form of medical equipment, personal protective elements, cleaning products and food supplies, as well as contributions to research and development foundations and institutions through alliances and support to initiatives assisting vulnerable populations like "Comparto mi Energía", among others.

The operational sustainability plan implemented ensured the continuity of Ecopetrol Group's operation under the minimum vital, striving for the lowest potential exposure of our employees and allies to the virus. In the process of adapting to the new normal, a pilot plan was launched in October for the safe and gradual return of administrative employees to the Company's facilities. This pilot plan will be subject to the evolution of the pandemic and to the provisions of local and national authorities.

Our proactive commercial strategy has allowed us to continue diversifying our customer base and to guarantee crude exports for the remainder of the year. Whereas 12 years ago 90% of our international crude oil sales were headed to the Gulf of Mexico (US) and only 8% to Asia, today this ratio is 43% and 49%, respectively. In keeping with the above mentioned, on October 19 we achieved a new commercial milestone with the fulfillment of the first shipment of one million barrels of crude delivered at place (DAP) to one of the leading private refiners in South Korea. The Company is also pursuing other anchor markets for Colombian oil in countries such as Sweden and Spain. This commercial strategy, along with better conditions for placing our products on the market, resulted in a significant improvement in the crude oil basket price realization, which increased from 20.4 USD per barrel in the second quarter to 38.4 USD per barrel in the third quarter.

The Ecopetrol Group's operating results are in line with the targets of the 2020-2022 business plan, which was recently updated. In exploration, Ecopetrol completed the drilling of three wells operated directly, reaching a total of ten year to date, maintaining activities in strategic areas such as Piedemonte and Brazil. It is worth highlighting the signing of a commercial agreement between Hocol and Lewis Energy for the exploration of natural gas in a frontier play in the Perdices block, located in the department of Atlántico.

Cumulative average production for this quarter reached 697.7 mboed by September, out of which gas represented 20%, driven by the gradual recovery of gas demand from thermal power plants and the industrial sector, and the reactivation of crude oil production, which in turn was primarily due to a better price scenario. This helped mitigate to a certain extent the negative effect of some operational and public order situations that impacted production in the third quarter.

Natural gas remains a strategic priority for the Ecopetrol Group, and reached an EBITDA margin of 55% and contributed on 34% to the upstream EBITDA, year to date. The aforementioned is the result of the stability of its US dollars-denominated prices and a positive commercial dynamism over the period.

As we mentioned in the second quarter, our Permian operations resumed at the end of July and five wells were drilled within the third quarter. By the end of 2020, we expect an estimated net average production for Ecopetrol between 5 to 5.5 mboed (before royalties).

Regarding the development of the Comprehensive Research Pilot Projects (PPII) for unconventional hydrocarbon reservoirs in Colombia, with the issuing of the regulatory framework (technical, environmental, social and contractual terms), Colombia now has the guidelines required to advance towards the execution of the pilot tests. Ecopetrol has stated its interest to participate in such projects. We wait the results of process launched by the National Hydrocarbon Agency to select contractors for the Special Research Project Contracts (CEPI), which will take place during the month of November 2020. Once granted, the next step would be launching the process for obtaining the environmental licenses.

In the midstream segment, we highlight a recovery in the transported volumes of gasoline and diesel during September, reaching 94% and 86% of pre-pandemic levels, respectively. Continuing our search for dilution efficiencies, successful technical tests to transport heavy crude oil at 650 cSt^[1] were carried out in Cenit, Ocensa, Oleoducto de los Llanos (ODL) and Oleoducto de Colombia (ODC) pipeline systems. A large-scale implementation of this scheme could bring about relevant efficiencies for the transport chain, subject to its economic feasibility.

We would also like to mention the optimization achieved in the handling of Castilla crude in the port of Coveñas, by which a 250,000 barrel tank was released, increasing the available storage capacity and providing flexibility should another potential COVID-19 outbreak occur, affecting demand again.

The downstream segment exhibited operating stability during the quarter in all business units and an improvement of margins and throughput when compared to the second quarter of 2020. The Cartagena Refinery reported 100% use of national crude oil in September, the maximum level since the beginning of its operations. The use of local feedstock maximizes its margins and enables production increases for the Ecopetrol Group. Esenttia continued to report solid operating results, achieving two historical quarterly records: the highest polypropylene production, 173.6 thousand tons (kton), and the highest sales volume, 147.2 kton, delivering an important contribution towards the consolidated results of the segment.

As part of the Ecopetrol Group's commitment to energy transition, during the third quarter we signed a contract for the construction of the San Fernando solar farm with a capacity of 59 MW, the construction of which is expected to begin in November 2020. Moving forward towards our goal of having 300 MW of generation capacity from renewable sources by 2022, we also launched a competitive bidding process for a new wave of solar powered projects for 112 MW.

In the execution of our strategy regarding climate change and complying with the commitments acquired from our endorsement of the Climate and Clean Air Coalition (CCAC), we approved the fugitive emissions and venting management strategy. Further, as part of our biodiversity agenda, we announced our participation in the Sembrar Nos Une ("Planting Unites Us") initiative, sponsored by the National Government, in which we envisage the planting of six million trees by 2022. We have planted 1.8 million trees since 2018 and expect to plant 457,000 more trees in the last quarter of 2020, completing in this way the one million anticipated for 2020, with four million additional trees expected to be planted during the next two years.

Technology has been an essential enabler to maintain operation during the pandemic. In the last quarter, in average, 7,423 meetings per day were made digitally, with 4,500 concurrent connections each day. We are incorporating into the operation digital tools based on artificial intelligence, analytics and self-management. We have been reaping the benefits of the digital agenda, mainly from the Petrotechnical Database, Gross Refining Margin, Integrated Fields, Volumetric Management and Investment Management projects.

Throughout 2020, Ecopetrol has demonstrated its resilience, adaptability and the commitment to confront an unprecedented situation. With preservation of life as a priority, and in strict accomplishment to our strategic pillars, we remain devoted to the generation of sustainable value for society and the social and economic development of the regions where we operate".

To review the full report please visit the following link:

http://www.ecopetrol.com.co/wps/wcm/connect/cb558d01-a59b-4f9b-b1bb-611ac77c289c/Ecopetrol+-+Q3+2020+Earnings+Release+VF.pdf?MOD=AJPERES&attachment=true&id=1603838520178

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:
Juan Pablo Crane de Narváez
Head of Capital Markets
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co  

Jorge Mauricio Tellez
Media Relations (Colombia)
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

^[1]   cSt: centistock, unit of viscosity

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SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, Oct. 20, 2020 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company) announces that on October 27^th, 2020 after market close, it will release its financial and operating results for the third quarter 2020. On Wednesday, October 28^th, 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:

To access the webcast, the following links will be available:

Spanish:
https://onlinexperiences.com/Launch/QReg/ShowUUID=D468CD68-83BE-4668-9562-F5797516F2A5&LangLocaleID=1034

English:
https://onlinexperiences.com/Launch/QReg/ShowUUID=9062F110-6D2B-4438-AF44-6AFE1E7C8816

To ask a question, you will have to access through the telephone lines specified at the top of this release. 

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=UhmeMcOiiSonaP

The earnings release, slide presentation, live webcast and replay of the conference call will be available on Ecopetrol's website: www.ecopetrol.com.co.

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

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:                 

Juan Pablo Crane de Narváez
Head of Capital Markets
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Jorge Mauricio Tellez
Media Relations (Colombia)
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

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SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, Sept. 14, 2020 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reports that it will prepay its short-term obligations with local and international banks entered into in March and April 2020, in the form of trade finance instruments and short-term bank loans.

The total principal to be prepaid amounts to COP 775 billion (in respect of the local debt) and USD 221.5 million (in respect of the international debt), plus accrued interest.

The aforementioned prepayments are possible thanks to the improvement in prices observed in recent months, and the progress in cost optimizations implemented to guarantee Ecopetrol Business Group's financial sustainability and to preserve its value promise in the medium and long term.

The prepayment reduces financial expense, improves leverage metrics and confirms Ecopetrol's commitment to cash efficiency and capital discipline.

Ecopetrol is Colombia's largest firm and is an integrated oil company that is among the 50 largest in the world and the four largest in Latin America. In addition to Colombia, where it generates over 60% of the country's production, it is active in exploration and production in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol operates the largest refinery in Colombia, most of the country's oil-pipeline and polyduct network, and is significantly increasing its share of bio-fuels. This press release contains statements relating to business prospects, estimates of operating and financial results, and Ecopetrol's growth prospects. All are projections, and therefore are based solely on management's expectations of the company's future and its continuous access to capital to finance the company's sales plan. Achieving these estimates in the future depends on its performance under given market conditions, regulations, competition, performance of the Colombian economy and industry, among other factors; therefore, they are subject to change without prior notice.

For further information, contact:

Juan Pablo Crane De Narváez
Head of Capital Markets
Phone: (+571) 234 5190
Email: investors@ecopetrol.com.co

Media Relations (Colombia)
Jorge Mauricio Tellez
Telephone: + 571-234-4329
Email: mauricio.tellez@ecopetrol.com.co 

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SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, Aug. 4, 2020 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announced today the Ecopetrol Group's financial results for the second quarter and the first half of 2020 and the update of the Business Plan 2020-2022. Financial results were prepared in accordance with the International Financial Reporting Standards applicable in Colombia.

Table 1: Financial Summary Income Statement - Ecopetrol Group

In words of Felipe Bayón Pardo, CEO of Ecopetrol:

"In line with the guidance announced at the end of the first quarter, results for the second quarter reflect the impact of the unprecedented situation caused by the global spread of COVID-19. April reported the worst performance of crude prices since the beginning of the crisis. The inventory build-up and the contraction in demand as a result of the lockdown measures implemented worldwide led to a 38% decline in the Brent, compared to 2019 year-end, even with negative levels for WTI, and below USD 20 for Brent during some days. Likewise, during the second quarter, sales of our main products reported a decrease of 46%, mainly in jet fuel (-89%), gasoline (-46%) and diesel (-35%).

This new reality required a rapid financial and operational adjustment that we executed decisively, while reinforcing our three strategic pillars: strict capital discipline, cash protection and cost efficiency, as well as reserve growth and profitable production.

Thanks to this intervention, along with the gradual improvement in market conditions reported since mid-May, our operating and financial results, although impacted, were positive. As a result, the Ecopetrol Group reached a net income of COP 158 billion and an EBITDA of COP 7.3 trillion by the end of the first half of the year.

In response to the COVID-19 health emergency, we adapted our operations prioritizing the care and safety of our employees and contractors, through strict biosafety protocols and prevention measures, both in our operation areas and for those working remotely.

As part of Ecopetrol Group's commitment to the country, we continue allocating social investment resources to confront the pandemic, for a cumulative total of COP 88 billion to date, which includes: humanitarian aid, biosafety elements supply, aid for vulnerable families, provision of medical equipment to strengthen the healthcare system, in addition to our participation in the "Comparto mi Energía" program to support the payment of electricity services for low income families, the "Ayudar Nos Hace Bien" campaign which benefits the most vulnerable families, as well as initiatives in technology and innovation for medical equipment.

We continued to structure the economic reactivation program, which aims to support territorial entities in the implementation of short-term projects to help promote local productive employment. As part of this initiative and to alleviate the financial crisis of our small and medium suppliers, Ecopetrol implemented advance payments or "early payments" without discount for nearly COP 60 billion per month, which has allowed them to preserve  their economic activities, leverage their cash flow, safeguard employment and mitigate the negative impact from the COVID-19 pandemic.

In order to address the health emergency caused by the pandemic, the COVID-19 Crisis Committee continues its operations,  deploying the protocols and guidelines for the prevention, control and mitigation of the pandemic's effects on our employees, and to ensure the continuity of our operations during this health emergency.

Likewise, our Oil Price Committee has deployed the financial contingency plan through which we have managed the economic impact of the international oil price drop and changes in demand.

In response to the aforementioned, we were able to promptly reassess the 2020-2022 Business Plan, which responds to the crisis and protects the business sustainability going forward.

The new Plan includes: i) an organic investment of USD 11 - 13 billion, of which between USD 3.0 - 3.4 billion will be invested in 2020, similar to the investment levels that of 2019, and higher than the announced in May; ii) sustainable levels of profitable production in a range between 700 – 720  mboed, maintaining the focus on exploration, where more than 30 wells are expected to be drilled; enhance recovery in higher value opportunities; Comprehensive Research Pilot Projects  development for unconventional reservoirs in Colombia (PPII for its Spanish acronym); and continuity of highest potential international investments; iii) stable transported volumes in a range between 1,100 – 1,025 mbd, iv)  increasing consolidated throughput in a range between 300 - 380 mbd by 2022, focusing on developing initiatives to increase the refining margin and iv) a continued focus on reducing operating cost and expenses without affecting the reliability and safety of our operations, which will allow us to achieve cumulative savings of up to COP 6.5 trillion by 2022.

The Technology, Environmental, Social and Governance (TESG) front remains a priority. Therefore, we maintain our decarbonization target of 1.8 - 2.0 MtCO₂e/year in 2022, renewable energy generation capacity of ~300 MW by 2022, and social and environmental investment of COP 1.7 trillion between 2020 and 2024. Likewise, in an effort to accelerate digital transformation, we will invest around USD 158 million in innovation and technology. The commitment to the continuous strengthening of our corporate governance has been reflected in a greater periodicity of the Board of Directors meetings, which has followed up on all the strategic aspects to confront the current exceptional environmental conditions.

Regarding the results for the first half of the year, we highlight the strength of our commercial strategy which has allowed us to maintain the combined refineries operation above their minimum levels and ensure the necessary revenues to make operations in our fields viable.

In the exploration campaign, during the first half of the year, the Group and its partners completed the drilling of seven wells, five in Colombia and two in Brazil. Ecopetrol and Shell continue to move forward with the COL-5, Purple Angel and Fuerte Sur projects, highlighting the start in the second half of the year of the environmental monitoring activities in the area where the appraisal well will be drilled, which is expected to occur in 2021.

In the first half of 2020 Ecopetrol Group's average production closed at 706 mboed, 19 mboed less than first semester of 2019, mainly explained by the current situation, as well as by public order events and blockages in the Rubiales and Suroriente fields. These impacts were partly offset by higher sales of white products from the LPG Plant in Cupiagua, and the operations reversal in the Pauto and Floreña fields.

The gas business made a significant contribution to the country's energy safety, whose hydric reserves reached critical levels during May and June. Transitional regulation allowed gas to replace hydro generation, compensating for the impact on the Group's demand as a result of the health emergency.

Regarding Non-conventionals, the Ministry of Mines and Energy published the technical regulation on July 7^th, and we expect that the environmental, civil and contractual regulation will be published released in the coming months, completing the regulatory framework for the development of the Comprehensive Research Pilot Projects (PPII). The activity planned in the Mid-Magdalena Valley remains within the new 2020–2022 Plan, with an investment of around USD 127 million, and we recently announced a preliminary agreement with ExxonMobil to jointly work on these pilots.

We highlight the reactivation of operations of our activity with Oxy in the Permian during the second half of 2020. Activities will mainly focus on the drilling of 22 new wells, additional to the 22 already producing, and that will be completed and begin production in the first quarter of 2021. We estimate an average net production for the Ecopetrol Group of ~5.5 mboed in 2020, higher than the 4 - 5 mboed announced in the first quarter of the year. In addition to the economic rationale, this reactivation allows us to continue with the knowledge transfer and confirms the competitiveness of the position and the alignment with our strategic partner.

In the midstream segment, transported volume decreased 10% as compared to the first half of 2019, impacted by lower domestic production, as well as lower consumption of crude by our refineries. Given the exceptional situation and, with the aim of mitigating permanent impacts on volumes, a temporary relief program was activated that resulted in total financing of USD 8.7 million and commercial tariffs discounts between 5.5% and 10%s, for April and May.  Also, volume requirements were relaxed for some ship-or-pay contracts. No reversal cycles have been carried out this year, thanks to reduced maintenance times for the repair of the Caño Limón oil pipeline. 

The downstream segment performance was negatively impacted by the drop in demand associated to the lockdowns, as well as in the prices for major refined products worldwide. However, given the gradual recovery in demand, refineries have increased their throughput, reaching a combined throughput of 300 mbd and an integrated refined gross margin of 8.1 USD/Bl, compared to 364 mbd and 9.7 USD/Bl for the first half of 2019.

On June 25, 2020, the Superintendence of Companies decreed the termination of the reorganization process of Bioenergy, a subsidiary of the Ecopetrol Group, and the opening of a judicial liquidation process within the framework of the corporate insolvency law 1116 of 2006. The liquidation process will be carried out under the rules that govern this kind of processes, under the direction of the Superintendence of Companies.

Continuing with our commitment towards the energy transition and the preservation of the environment, during the first semester we achieved a reduction of 687,769 tons of CO₂ equivalent, verified by Ruby Canyon Engineering firm, which will be registered in order to obtain an equivalent number of Certified Emission Reductions. Likewise, in line with the announcement made in the first quarter, the competitive bidding process for the procurement of the San Fernando Solar Park received six bids for its construction. This is the Group's second mega solar farm, which will have a capacity of 50 MW and will be located in the municipality of Castilla La Nueva in Meta, and whose contract is expected to be signed in August. Additionally, we continue to make progress in the maturation of other projects for nearly 100 MW of solar generation that are expected to be awarded during the second half of 2020.

Ecopetrol remains committed to generating sustainable value for society. Today more than ever, the safety and care of our employees and contractors, the reliability of our operations and the financial discipline that leverages results are at the core of our business. With our actions, we continue to promote the implementation of better environmental, as well as the social and economic development of the regions where we operate."

To review the full report please visit the following link:

http://www.ecopetrol.com.co/wps/wcm/connect/41e44fb5-ed1a-4bc9-b410-4d01219c28d6/Q2+Earnings+Release+-+ENG+-+VF.pdf?MOD=AJPERES&id=1596535705431 

Bogotá, August 4, 2020

For further information, please contact:

Juan Pablo Crane de Narváez
Head of Capital Markets
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Jorge Mauricio Tellez
Media Relations (Colombia)
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

View original content to download multimedia:http://www.prnewswire.com/news-releases/ecopetrol-business-group-announces-second-quarter-2020-results-and-the-update-of-its-business-plan-2020-2022-301105506.html

SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, Aug. 3, 2020 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announces that the rating agency Moody's kept the Company's long-term international rating at Baa3, with stable outlook.

Moody's highlighted the Company's strength as a leading firm in Colombia, the benefits of being an integrated company, as well as the adequate liquidity levels required to navigate the current situation.

Moody's maintained Ecopetrol's individual credit rating (Stand - Alone/ without incorporating government support) at ba1.

Ecopetrol is Colombia's largest firm and is an integrated oil company that is among the 50 largest in the world and the four largest in Latin America. In addition to Colombia, where it generates over 60% of the country's production, it is active in exploration and production in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol operates the largest refinery in Colombia, most of the country's oil-pipeline and polyduct network, and is significantly increasing its share of bio-fuels. This press release contains statements relating to business prospects, estimates of operating and financial results, and Ecopetrol's growth prospects. All are projections, and therefore are based solely on management's expectations of the company's future and its continuous access to capital to finance the company's sales plan. Achieving these estimates in the future depends on its performance under given market conditions, regulations, competition, performance of the Colombian economy and industry, among other factors; therefore, they are subject to change without prior notice.

For further information, contact:

Juan Pablo Crane De Narváez
Head of Capital Markets
Phone: (+571) 234 5190
Email: investors@ecopetrol.com.co

Media Relations (Colombia)
Jorge Mauricio Tellez
Telephone: + 571-234-4329
Email: mauricio.tellez@ecopetrol.com.co

View original content:http://www.prnewswire.com/news-releases/moodys-confirms-ecopetrol-sas-investment-grade-rating-301105082.html

SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, July 29, 2020 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company) announces that on August 4^th, 2020 before market opens, it will release its financial and operating results for the second quarter 2020, and its 2020-2022 Business Plan Update. On Wednesday, August 5^th, Ecopetrol's senior management will host two conference calls to review the results and the Company's perspectives for the next three years. Please find below the timing, dial-in and links to access the conferences calls:

For this opportunity the presentation and Q&A session will be held by video conference. To access, the following links will be available:

Spanish: https://onlinexperiences.com/Launch/QReg/ShowUUID=3B48F7D0-2CCC-4D59-901E-790CD279DD8A&LangLocaleID=1034

English: https://onlinexperiences.com/Launch/QReg/ShowUUID=BF09E60F-C83D-4833-B28C-3B5E12042917

To participate in the Q&A session, you will have to access through the telephone lines specified at the top of this release.

Participants from different countries may look for different international numbers to the ones mentioned above by consulting the following link: https://www.conferenceplus.com/AlternateNumbers/alternatenumbers.aspx?100875&t=P&o=UJCktVOJndARHm

The earnings release, presentation, live webcast and replay of the conference call will be available on Ecopetrol's website: www.ecopetrol.com.co.

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

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact: 

Juan Pablo Crane De Narváez
Head of Capital Markets
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Jorge Mauricio Tellez
Media Relations (Colombia)
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

View original content:http://www.prnewswire.com/news-releases/ecopetrol-announces-the-dates-of-the-second-quarter-2020-earnings-report-and-its-2020---2022-business-plan-update-301101814.html

SOURCE Ecopetrol S.A.

• The anticipated investment level is increased versus the initial adjustment announced in May.
• The new plan is supported by and aligned with the pillars of the Business Group's strategy: strict capital discipline, cash protection and costs efficiency and profitable growth.
• The plan will ensure a reliable, clean, and safe operation, maintaining an estimated production of hydrocarbons of approximately 700 thousand barrels per day in 2020, with an expected joint refining throughput of 300 to 320 thousand barrels per day.
• 78% of investments are anticipated to be focused on exploration and production projects, prioritizing those providing the greatest contributions towards reserves and production and continuing to invest in enhanced recovery technologies. Downstream and Midstream segments are expected to account for 11% and 8% of the total investment, respectively, focusing mostly on reliability and integrity of the operation, fuel quality and the Cartagena Crude Plants Interconnection Project (IPCC for its Spanish acronym). The remaining 3% is expected to be assigned to implement the innovation and technology agenda of the Ecopetrol Group.
• 80% of the investment is expected to be allocated to projects in Colombia, with the remaining 20% mostly to investments in the United States and Brazil.
• In line with the strategic importance of short-cycle hydrocarbons in unconventional reservoirs, the plan continues assigning resources towards the development of Integral Research Pilot Projects (PPII for its Spanish acronym) in Colombia and to the operations in the Permian basin in the United States.
• The Ecopetrol Group ratifies its commitment to energy transition and sustainability. The plan calls for investments in gas of more than USD$130 million, highlighting the Piedemonte field's development and the maturity of the offshore gas discoveries in the Colombian Caribbean. Additionally, it foresees investments of over USD$140 million in areas such as decarbonization, renewable energy and the management of water from operations.
• The plan includes resources allocated to social and environmental investment for the development and well-being of communities amounting to approximately $470 billion pesos for 2020, reaching an estimated total of $1.7 trillion pesos between 2020-2024.

BOGOTÁ, Colombia, July 17, 2020 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company") informs that the Board of Directors approved a new organic investment plan for the Ecopetrol Group (GE) for an estimated amount between USD$3.0 billion and USD$3.4 billion for 2020. This level of organic investment is similar to what was deployed in 2019 and higher than the investment plan announced in early May.

As a result of the solid financial results reported in 2019, Ecopetrol announced in November of last year an increase in its investment levels for 2020, to a range of between USD$4.5 to USD$5.5 billion (a plan set with an average Brent price of USD$57 per barrel). The unprecedented crisis suffered during the first quarter of 2020, instigated by the simultaneous shocks to the supply (price war) and demand (COVID-19) of oil, resulted in an downward adjustment of the investment level to a range between USD$2.5 and USD$3 billion (with an expected average Brent price of between USD$30 and USD$40 per barrel). After a thorough review of the Company's portfolio and the progression of its interventions, and with the gradual recovery of economic activity, the current outlook allows for an investment increase to a new estimated level of between USD$3 and USD$3.4 billion for 2020.

The new plan ensures the sustainability of the business in a low-price environment, prioritizing cash generating opportunities with better breakeven prices, maintaining growth dynamics focused on the execution of the key assets development plans and on the protection of the value of the asset base through investments that provide for the reliability, integrity and continuity of the operations of its refineries, transport systems and production fields.

The plan was developed based on an expected average Brent price of USD$38 per barrel for 2020. Despite the current low-price environment, this plan remains resilient and competitive, with a cash breakeven price of close to USD$30.

80% of the investments are expected to be focus on projects in Colombia and the remainder in the development of existing resources and reserves, mostly in the United States and Brazil.

In line with Ecopetrol Group's strategic priorities, the plan focuses on disciplined growth in the Upstream segment, to which 78% of the total investment is expected to be allocated, enabling organic production to reach levels of approximately 700,000 barrels of oil equivalent per day (oil and gas) for 2020, with emphasis on enhanced recovery technologies.

With regard to unconventional deposits (YNC for its acronym in Spanish), firm investments in the amount of USD$221 million continue for the scaling up of development activities in the Permian basin in Texas, United States, and of USD$13 million for the maturation of the initiatives associated with Integral Research Pilot Projects for Unconventional Deposits (PPII for its acronym in Spanish) in the Mid-Magdalena Valley basin.

USD$583 million is projected to be invested in Exploration, which is expected to make high-value opportunities viable for the Company, with a core focus on gas. The investments in the Colombian Piedemonte fields and Brazil are worth highlighting, as well as those for the continued evaluation and development of offshore gas discoveries in the Colombian Caribbean. In 2020, 13 exploratory wells are expected to be drilled, 11 of which would be located in Colombia in the Llanos Orientales, Mid-Magdalena Valley, Low-Magdalena Valley and Sinú-San Jacinto basins, and the remaining two in Brazil. Seismic activities are also planned in the amount of USD$17 million.

Investment in the Downstream segment is expected to represent 11% of the total investment and is expected to focus primarily on ensuring the reliability and sustainability of the operation of the Barrancabermeja and Cartagena refineries, as well as continuing the fuel quality and wastewater management programs, thus ensuring increasingly clean effluents. The joint throughput expected from the refineries for 2020 is ranging between 300 and 320 thousand barrels per day. Looking at growth opportunities, the project to interconnect the original crude unit of the Cartagena refinery with the new refinery is expected to continue, with investments of USD$60 million in 2020. This project would increase the refinery's capacity to more than 200,000 barrels per day by 2022.

The Midstream segment is expected to account for 8% of the total investment; these resources  are expected to be mostly aimed at guaranteeing the integrity and reliability of the infrastructure, while achieving greater flexibility and efficiency in the logistics for the transportation of heavy crude oil. These investments are also expected to allow for the optimization of future operating costs through the upgrading of equipment and improved performance. The volumes transported are estimated at one million barrels per day, in line with the country's crude oil production expectations and the demand for refined products.

Furthermore, the plan includes funds for maturing and advancing into the incorporation of renewable energy sources, continuing with the digital transformation program and accelerating the development and implementation of technologies to optimize the Group's operation throughout the whole chain, as well as strengthening social and environmental investment programs.

During 2020, more than USD$50 million are expected to be invested in decarbonization projects, among them energy efficiency projects, leakage and vent reduction, and the construction of the San Fernando Solar Park (50 MW) in the department of Meta, to be developed through a PPA (power purchase agreement). In this manner, progress is expected to continue to be made towards the goal of reducing between 1.8 and 2.0 million tonnes of CO2e in 2022, in addition to the 6.6 million tonnes reduced between 2010 and 2019, and the goal of incorporating 300 MW of power generation based on renewable energy sources by 2022.

The plan contemplates allocating resources to the socio-environmental investment program in an approximate amount of $1.7 billion pesos by 2024, with the aim to close social gaps and promote the development and well-being of the communities where we operate, through strategic projects in infrastructure, public services, education, sports and health, rural development and entrepreneurship and business development. In addition, we will continue to provide support to meet specific needs arising from the COVID-19 pandemic in our areas of operation. To date, the resources approved to aid Colombia in the management of the pandemic amount to $88 billion pesos.

In an effort to accelerate the digital transformation process, nearly USD$70 million is expected to be allocated to capture benefits associated with artificial intelligence technologies, blockchain, and bots, among others.

Based on the Company's financial projections as of today, no additional debt requirements are estimated for the current year.

"This new investment plan we are presenting ensures the sustainability of the business and reflects our strategic pillars of cash protection, cost efficiency, capital discipline and profitable and sustainable growth. We maintain a stable level of investment, which demonstrates the Company's resilience, and continue to develop opportunities in natural gas and unconventional reservoirs, as well as move forward with our roadmap towards a profitable and orderly energy transition, in line with our commitment to produce more and increasingly clean energy," said Ecopetrol's CEO, Felipe Bayón Pardo.

Likewise, the plan responds to the best Corporate Governance practices of the Ecopetrol Group, whose priority is the commitment to the life and care of its workers, operational excellence, environmental protection, ethics and transparency, and joint growth with the communities where it operates.

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact: 
Juan Pablo Crane de Narváez
Head of Capital Markets
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Jorge Mauricio Tellez
Media Relations (Colombia)
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

View original content:http://www.prnewswire.com/news-releases/ecopetrol-sa-further-adjusts-its-2020-investment-plan-to-a-range-of-between-usd3-0-billion-to-usd3-4-billion-301095451.html

SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, May 11, 2020 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announced today the Ecopetrol Group's financial results for the first quarter of 2020, prepared in accordance with International Financial Reporting Standards (IFRS) applicable in Colombia.

Table 1: Financial Summary of Income Statement – Ecopetrol Group

The figures included in this report were extracted from the audited financial statements. The financial information is expressed in billions of Colombian pesos (COP) or US dollars (USD), or thousands of barrels of oil equivalent per day (mboed) or tons, and are so noted as applicable. For presentation purposes, certain figures of this report have been rounded to the nearest decimal place.

In words of Felipe Bayón Pardo, CEO of Ecopetrol:

"2020 began as a year with growth prospects and a defined path. However, by the end of the first quarter, we confronted challenging and unexpected market conditions, reflected in a Brent price decline over 65% in comparison to year-end 2019. This change was triggered by external shocks, such as the substantial increase in oil supply, and the COVID-19 pandemic, which has generated a significant contraction of the demand for crude oil and products.

The Group is in a stronger operational and financial position, with a competitive investment portfolio from an industry standpoint, and a level of leverage that provide the flexibility to navigate through this environment. Although this scenario demands a quick response and major adjustments in the short-term, our focus on capital discipline, cash protection, production and reserves growth remain as pillars of the Company's sustainable value promise in the mid and long-term.

The life and safety of our employees across our operations remain our maximum priority. In response to the COVID-19 emergency, we promptly implemented remote work, even prior to authorities' decree of the mandatory lockdown measures. We have developed the "Minimum Operating Vital" concept in order to ensure reliable operations. Currently, out of the 13,000 employees of the Ecopetrol Group, more than 9,000 are working remotely through a secure digital connection.

Furthermore, Ecopetrol Group has contributed with COP 69 billion in social investment to confront the pandemic. These resources are been allocated in strengthening the country's healthcare system and providing humanitarian aid to different regions across the country.

From a financial standpoint, Ecopetrol has set an intervention plan that includes optimization and austerity measures in order to timely align the capital efficiency and costs to a volatile market, preserving the Company's long term value. On March 17, 2020 we announced the first stage of this plan that includes a set of actions in four fronts: i) An increase in revenues; ii) A COP 2 trillion  reduction in costs and expenses in order to strengthen the Company's competitiveness; iii) A USD 1.2 billion decrease in the 2020 investment plan, and iv) Ensure  financing and cash protection.

We have successfully completed the first stage, achieving optimizations in costs and expenses of COP 3.5 trillion. Furthermore, we have raised around USD 3.1 billion equivalent in financing through the disbursement of the contingent line of credit, short-term facilities, and a bond  within international markets. With these actions, we have strengthened our cash position and anticipate any liquidity requirements caused by the deterioration of market conditions. These interventions will be reflected during the following quarter results.

During the first quarter of the year Ecopetrol Group achieved a consolidated net income, including impairment effect, of COP 133 billion and a consolidated EBITDA of COP 5.3 trillion. These results are mainly explained by the decrease in the international Brent price, which declined from 64 USD/Bl in 1Q19 to 51 USD/Bl in 1Q20, and a weakening of crude oil and product basket. By the end of this quarter, the crude basket spread vs. Brent was -10.5 USD/Bl versus -7.6 USD/Bl vis-à-vis the same period in 2019. These results were partially offset by the strengthening of gasoline, naphtha and diesel spreads and a average exchange rate devaluation of 13% during the first quarter of 2020.

The strenghtening of our commercial strategy has allowed us to promptly respond and quickly adapt to the new market conditions. We have been able to anticipate the sale of export crude, diversify end customers, and execute tactical hedges.

On the exploratory campaign, the Group and its partners completed the drilling of three wells in Colombia. In the international front, it is worth to highlight Gato do Mato-4 appraisal well, located offshore in the Santos basin in Brazil's Pre-salt. Currently, Ecopetrol and Shell continue to move forward with the COL-5, Purple Angel and Fuerte Sur project, and negotiations for the Joint Operating Agreement (JOA) are underway as scheduled.

During the first quarter, Ecopetrol Group's average production reached 735 mboed, 7.1 mboed more than in the first quarter of 2019, despite public order events and the deterioration of market conditions. Two important milestones stand out: i) on March 1st, Ecopetrol recovered the operation of the Pauto Sur and Floreña fields, with the termination of the Piedemonte association contract that Equion operated for 9 years, and ii) on April 7 the Superintendence of Industry and Commerce approved the agreement signed between Hocol, subsidiary of the Ecopetrol Group, and Chevron Petroleum Company to acquire the participation of the latter in the Chuchupa and Ballena fields, located in the Department of La Guajira. We continue to move forward with our energy transition strategy and increase our natural gas portfolio.

In the international front, within the framework of the JV with Oxy, a change in the 2020 Plan was agreed, which focuses on prioritizing the preservation and protection of the Company's cash flows. This new plan will result in an average 2020 production of between 4 and 5 mboed, with a total of 21 to 23 operating wells in production by year-end. This plan is already executed thanks to the flexibility of short-cycle assets.

In the midstream segment, transported volumes remained consistent when compared to 1Q19 and maintained its operational stability. We highlight the increase in volumes towards Coveñas through the Ayacucho-Coveñas and ODC corridors due to the decrease in maintenance times for the Caño Limón -Coveñas Pipeline repairs. No reversals cycles were reported for this quarter.

The downstream segment was affected by the decrease in demand for its main products, especially in March, as a result of the COVID-19 pandemic.  The gross margin for downstream was 9.5 USD/Bl and the average throughput was 345,000 barrels per day, a 1.7% decrease as compared to the same period of 2019.

We continue our commitment to provide Colombia with cleaner fuels. During the first quarter, the diesel distributed had an average of 10 part per million of sulfur (ppm), and 100 ppm in gasoline. Both levels are below those required by Colombian legislation of 50 ppm for diesels and 300 ppm for gasoline. 

As part of our efforts to contribute to the conservation of the environment and move towards decarbonization, during the first quarter we achieved a reduction of 178,099 tons of CO2 equivalent, verified by Ruby Canyon Engineering, which will be registered in order to obtain an equivalent number of Certified Emission Reductions.

In February, the competitive bidding process of the San Fernando Solar Park began through a Power Purchase Agreement scheme which, with an installed capacity of 50 MW, will be the largest solar self-generation park in the country. Likewise, progress continues in the maturation of other projects for an additional 120 MW of solar generation expected to be awarded in 2020.

It would like to highlight two events which took place during this quarter: first, we conducted the first 100% virtual Ecopetrol's General Shareholders' Meeting, in compliance with the measures decreed by the Government in response to the COVID-19 pandemic; and second, a COP 180 dividend per share was approved by the General Shareholders' Meeting, supported by the solid financial performance of the Company in 2019. The latter, in line with the current situation, will be paid out in its majority during the second half of this year. 

Current low price environment and a weak demand determined the new reality that we need to incorporate. Therefore, we have decided to move forward with the implementation of additional measures, with the objective of ensuring a sustainable operation and a positive cash flow in the short term, in a Brent price environment between 30 - 40 USD/Bl during 2020. This measures include: i) revenue protection through a profitable production, a proactive commercial strategy and the execution of strategic hedging; ii) an additional COP 1.5 trillion reduction of costs and expenses, reaching a reduction of COP 3.5 trillion to date, to achieve a target of between COP 3.5 - 4.5 trillion in 2020; iii) an adjustment to the investment level to a new range between USD 2.5 - 3.0 billion. We have prioritized those strategic projects which allow us to fulfill our long-term vision and generate value to our shareholders.

Certainly the current environment and the measures adopted to address it will affect the former targets established in the 2020 business plan, which must be reviewed and adjusted to the current price scenario. We will provide an update of the Plan during the second half of the year.

Now, more than ever, Ecopetrol reaffirms its commitment to operational excellence, the safety and care of its employees, the environment protection, joint growth with communities, and the value creation for our shareholders.

To review the full report please visit the following link: https://www.ecopetrol.com.co/wps/portal/Home/en/Investors/Financial%20Information/Quarterly%20Earnings/!ut/p/z1/nZDBDoIwEES_xS_olJLaKyAUlFiLFrAXw8k0UfRg_H6JiYkYU4l7282b2ckQS1pi--7ujt3NXfruNOx7yw8qygUVIZRMVhl0zjKzqxk0BWnGgJozPtyXfAtZMylCYqfoMZoIcRXEDJAq-Ef_7jRN7wGs374h1vdCcXwCXyp6AuuAJ7QI6QbcLKDTVOiqLKmUL8BX0q-Y17MxpoUrXDR7AKAvSJo!/dz/d5/L2dBISEvZ0FBIS9nQSEh/

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:

Juan Pablo Crane de Narváez 
Head of Capital Markets
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Jorge Mauricio Tellez
Media Relations (Colombia) 
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

View original content:http://www.prnewswire.com/news-releases/ecopetrol-business-group-announces-first-quarter-2020-results-301057148.html

SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, May 5, 2020 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company) announces that on May 11, 2020 after market close, it will release its financial and operating results for the first quarter of 2020. On Tuesday, May 12, 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:

https://www.conferenceplus.com/AlternateNumbers/alternatenumbers.aspx?100875&t=P&o=UBjCWZyRqpQRbj

Questions for the Q&A session should be submitted through the webcast chat:

https://event.on24.com/wcc/r/2263597/FEB6CAD7518043B61275C152A41DCDA7 
(Spanish)

https://event.on24.com/wcc/r/2291417/A3A007F529285119354B08F27E383687 
(English)

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

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).

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:

Juan Pablo Crane de Narváez
Head of Capital Markets
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Jorge Mauricio Tellez
Media Relations (Colombia)
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

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SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, April 20, 2020 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol") announced the filing of its annual report under Form 20-F for the fiscal year ended December 31, 2019 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 U.S. Securities and Exchange Commission (SEC), the New York Stock Exchange (NYSE), its bondholders and lenders.

The annual report includes, among others, the financial statements of Ecopetrol in accordance with International Financial Reporting Standards (IFRS) as adopted by the International Accounting Standards Board that were audited and certified in compliance with internal control over financial reporting by the auditing firm Ernst & Young Audit S.A.S. for the years 2017, 2018 and 2019.

Investors may receive a hard copy of Ecopetrol's 2019 Form 20-F free of charge by requesting a copy from the contact below:

Investor Relations Officer
Lina Maria Contreras Mora
Phone: +571-234-5190
E-mail: investors@ecopetrol.com.co  

The 2019 Form 20-F can also be accessed by visiting the SEC's website at www.sec.gov or Ecopetrol's website at www.ecopetrol.com.co.

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:

Head of Capital Markets
Juan Pablo Crane de Narváez
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

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SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, March 28, 2020 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) informs that the ordinary General Shareholders' Meeting, held on March 27, 2020, approved the earnings distribution proposal presented for their consideration,  which establishes the distribution of an ordinary dividend per share of one hundred and eighty pesos (COP$ 180).

The dividend of the minority shareholders will be paid in a single installment on April 23, 2020.

The dividend of the majority shareholder will be paid in two installments: 14% of the dividend on April 23, 2020, and the payment of the remaining 86% of the dividend to be disbursed in the second half of 2020.

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:

Juan Pablo Crane de Narváez
Head of Capital Markets
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Jorge Mauricio Tellez
Media Relations (Colombia)
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

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SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, March 25, 2020 /PRNewswire/ -- In accordance with the authorizations and recommendations provided by the Colombian Financial Superintendence and the Superintendence of Companies, the President of Ecopetrol S.A. (the "Company") is permitted to publicize the call notice published on February 25, 2020 and its reminder published on March 22, 2020 in order to specify that:

The ordinary General Shareholders' Meeting (the "Meeting") of Ecopetrol S.A. scheduled for 9 a.m. on Friday, March 27, 2020, will be held remotely due to public health reasons and as required by the mobility restrictions imposed by the Colombian Government.

The Meeting will be streamed live on the Ecopetrol website at www.ecopetrol.com.co and via a public televised broadcast on the Institutional Channel (Canal Institucional), beginning at 9 a.m. on Friday, March 27, 2020.

To ensure shareholders' rights, Ecopetrol has provided a mechanism whereby shareholders may be represented by one of the attorneys the Company will appoint as proxies. These proxies are independent lawyers from a nationally-recognized firm. This proxy process will be free of charge for the shareholders. The instructions for using this system, the list of available proxies and the required forms are available on the Company's website at www.ecopetrol.com.co.

Shareholders of legal age must record their vote on a digital form. For proxies of shares currently subject to inheritance processes, as well as those held by underage shareholders, legal entities and/or persons with disabilities that require legal guardians, the Company will accept their respective proxy forms, votes and supporting documents by email to the following email address: asamblea2020@ecopetrol.com.co. The proxy process will be in effect until 9:00 am on March 26, 2020 (the day prior to the Meeting).

Contributions from shareholders who have completed the proxy process may be sent during the meeting to the following email address: intervencionesaga2020@ecopetrol.com.co. These contributions will be addressed outside the meeting as rights to petition. In these communications, shareholders must include their full names, identification documents, and the names of the attorneys representing them.

FELIPE BAYÓN PARDO
CEO

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:

Juan Pablo Crane de Narváez
Head of Capital Markets
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Jorge Mauricio Tellez
Media Relations (Colombia)
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

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SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, Feb. 18, 2020 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company) announces that on February 25, 2020 after market close, it will release its financial and operating results for the fourth quarter and full year 2019, and the 2020-2022 Business Plan. On Wednesday, February 26, Ecopetrol's senior management will host two conference calls to review the results and the company's' perspectives for the next three years. 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: https://www.conferenceplus.com/AlternateNumbers/alternatenumbers.aspx?100875&t=P&o=UWzWlwdZpqgsdP

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:

https://event.on24.com/wcc/r/2189986/468F54015B1BABCBB07BEE4EE94F9C56 (Spanish)

https://event.on24.com/wcc/r/2189990/0220A0FCD7060EFA418E7761651D2DC8 (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).

-----------------------------------------

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:                 

Juan Pablo Crane de Narváez
Head of Capital Markets
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co   

Jorge Mauricio Tellez
Media Relations (Colombia)
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

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SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, Feb. 7, 2020 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL, NYSE: EC) and Shell, through its subsidiary Shell EP Offshore Ventures Limited ("Shell"), signed an agreement whereby Shell will acquire a 50% stake in Fuerte Sur, Purple Angel and COL-5 blocks, located in the Colombian Caribbean deep-water, where a new gas province was discovered including the Kronos (2015), Purple Angel and Gorgon (2017) wells, which were previously announced to the market.

Following this commercial agreement, which includes the financing of Ecopetrol's investments by Shell, the latter will assume the operation of the blocks, the drilling of an appraisal well in the area by the end of 2021 and the completion of the first production test, once the approvals from the authorities are received. If these activities provide positive results, the discoveries could be further developed and consequently, expand the country's gas supply in the medium term, potentially exceeding 3 TCF (tera cubic feet) according to Ecopetrol's estimations.

The agreement between Ecopetrol and Shell is subject to approval by the National Hydrocarbon Agency and the fulfillment of other customary transaction conditions.

-----------------------------------------

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:

Juan Pablo Crane de Narváez
Head of Capital Markets
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Jorge Mauricio Tellez
Media Relations (Colombia) 
Phone: (+ 571) 234 4329  
E-mail: mauricio.tellez@ecopetrol.com.co

View original content:http://www.prnewswire.com/news-releases/ecopetrol-and-shell-join-efforts-to-develop-the-gas-province-of-the-colombian-caribbean-301000941.html

SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, Feb. 3, 2020 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reports that having completed all legal and accounting analyses regarding the ruling issued by the Supreme Court of Justice dated October 30, 2019, reported by this same means, whereby the Company obtained a  51.88% shareholding of INVERCOLSA, this investment will be classified in Ecopetrol S.A's Separate Financial Statements as a subsidiary, rather than an associated company, whereby its consolidation process will begin, including all accounting matters, as of December 2019.

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:                                                                          

Head of Capital Markets (a)
Fernando Suárez Tello
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Media Relations (Colombia) 
Jorge Mauricio Tellez
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co 

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SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, Dec. 3, 2019 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL, NYSE: EC) reports that the risk-rating agency Fitch Ratings has maintained the company's credit rating at BBB with negative outlook, and its stand-alone rating (without incorporating government support) at bbb.

In the press release, Fitch noted the strength of Ecopetrol's financial profile, due to the continuous improvement in its credit metrics in 2019. The agency also emphasized the company's solid liquidity position, supported by its cash deposits, positive cash flow generation, strong access to the capital markets and adequate debt maturity profile.

In its report, the rating agency noted the improvement in reserves life in 2018 to 7.2 years, from 6.8 years in 2016, as a result of a reserves replacement ratio of 129%.

The rating agency also highlighted the company's close relationship with the Colombian government and its strategic importance for the country. The negative outlook is in line with the outlook for the Republic of Colombia (BBB/ negative).

Ecopetrol is Colombia's largest firm and is an integrated oil company that is among the 50 largest in the world and the four largest in Latin America. In addition to Colombia, where it generates over 60% of the country's production, it is active in exploration and production in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol operates the largest refinery in Colombia, most of the country's oil-pipeline and polyduct network, and is significantly increasing its share of bio-fuels. This press release contains statements relating to business prospects, estimates of operating and financial results, and Ecopetrol's growth prospects. All are projections, and therefore are based solely on management's expectations of the company's future and its continuous access to capital to finance its sales plan. Achieving these estimates in the future depends on its performance under given market conditions, regulations, competition, the performance of the Colombian economy and industry, and other factors; therefore, they are subject to change without prior notice.

For further information, contact:

Capital Markets Manager
Fernando Suárez Tello
Telephone: +571-234-5190 
Email: investors@ecopetrol.com.co

Media Relations (Colombia)
Jorge Mauricio Tellez
Telephone: + 571-234-4329
Email: mauricio.tellez@ecopetrol.com.co 

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SOURCE Ecopetrol S.A.

BOGOTA, Colombia, Nov. 28, 2019 /PRNewswire/ -- In accordance to Colombian Corporate Law and Securities Regulations concerning illegal, unauthorized and unsafe practices by the issuers of securities, the Board of Directors of Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company") approved the following measures to guarantee the adequate representation of the shareholders at the Extraordinary General Shareholders' Meeting to be held on Monday, November 16, 2019 (the "Meeting"):

1. Order the Company's management to inform shareholders of their right to be represented at the Meeting through a proxy and the legal requirements that those proxies must satisfy.
2. Instruct the Company's employees to participate in reviewing shareholder proxies and not to accept proxies that do not comply with the requirements established by Colombian law.
3. Instruct the Company's management to inform the Company's managers and employees that they may not recommend to shareholders that they vote a certain way on any specific item.
4. Instruct the Company's management to inform the Company's managers and employees not to suggest, coordinate, or agree with shareholders on the submission of shareholder proposals during the Meeting.
5. Instruct the Company's management to inform the Company's managers and employees not to suggest, coordinate or agree with shareholders voting in favor or against any given shareholder proposal presented at the General Shareholders' Meeting.
6. Instruct the Company's management to inform shareholders that they cannot grant proxies to persons who are directly, or indirectly, part of the Company's management or employees.
7. Instruct the Company's managers to adopt all measures necessary to ensure that the Company's employees act in neutrally when interacting with shareholders.
8. Appoint the General Secretary of Ecopetrol as the person responsible for verifying adequate compliance with these measures.
9. Appoint the Legal Vice-Presidency as the internal division responsible for reviewing shareholders' proxies.

The measures listed above, adopted by the Board of Directors of Ecopetrol will be made public to the market by the Chairman of the Board of Directors, acting through the Superintendent for Issuers, prior to the Meeting.

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:

Head of Capital Markets (a)
Fernando Suárez Tello
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

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SOURCE Ecopetrol S.A.

BOGOTA, Colombia, Nov. 28, 2019 /PRNewswire/ -- In connection with the convening of an Extraordinary Shareholders' Meeting of Ecopetrol S.A.'S shareholders, requested by the majority shareholder (the Ministry of Finance and Public Credit of Colombia), for the purpose of (i) submitting the proposed modification of the Company's occasional reserve and (ii) its subsequent distribution as an extraordinary dividend for consideration at such extraordinary General Shareholders' Meeting, the table below provides the details of the distribution project proposed by the Ministry of Finance and Public Credit:

The aforementioned Company's occasional reserve was approved by the Ordinary General Shareholders' Meeting held on March 29, 2019 from the net profits generated during the years ended December 31, 2016, 2017 and 2018. The reserve was allocated based on the earnings distribution proposal approved by the General Shareholders' Meeting in accordance with the financial statements of the company for the year ended December 31, 2018, which were subject to inspection in accordance with applicable law and the Company Bylaws.

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:

Head of Capital Markets (a)
Fernando Suárez Tello
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

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SOURCE Ecopetrol S.A.

BOGOTA, Colombia, Nov. 28, 2019 /PRNewswire/ -- The Chief Executive Officer of Ecopetrol S.A. invites the Shareholders of the Company  to attend the Extraordinary General Shareholders' Meeting to be held on Monday, December 16, 2019, starting at 7:30 a.m., at the Auditorium of the International Center of Business and Exhibitions (Centro Internacional de Negocios y Exposiciones, Corferias), located at Carrera 37 No. 24 – 67 in Bogotá.

The agenda for the meeting will be:

1. Safety guidelines
2. Quorum Verification
3. Opening by the Chief Executive Officer
4. Approval of the Agenda
5. Appointment of the President of the Shareholders Meeting 
6. Appointment of the Commission responsible of scrutinizing elections and polling
7. Appointment of the Commission responsible of reviewing and approving the minute of the meeting
8. Modification of the occasional reserve destination, approved by the shareholders on the Annual General Shareholders' Meeting held on March 2019 with the purpose of distributing the reserve
9. Distribution of the occasional reserve as dividends

The Shareholders may consult the supporting information of the agenda on the website of Ecopetrol S.A. The Shareholders who are unable to attend the Shareholders´ Meeting may be represented by proxy, granted in writing and it has to meet the requirements established on Article 184 of the Colombian Code of Commerce. The proxy form can be obtained from the web site of Ecopetrol S.A.

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

Shareholders´ representation shall be subject to the Basic Legal Principles Issued by the Financial Superintendence of Colombia, concerning illegal, unauthorized and unsafe practices by the issuers of securities.

FELIPE BAYÓN PARDO

Chief Executive Officer

For more information, you can consult the following link: https://www.ecopetrol.com.co/wps/portal/web_es/ecopetrol-web/our-company/Press-Room/Press-Release/2015/2015/extraordinary-gsm-2019

The meeting will be broadcasted live on Ecopetrol´s web site.

Recommendations:

• Have your identity document at hand, and, if you are representing other shares, the respective proxy.
• To avoid congestions and ensure proper participation of shareholders, the doors of Corferias and the registration tables will be open from 6:30 a.m.
• Entry of accompanying persons will be allowed only for physically handicapped shareholders, elderly adults and minors.
• Any advertising material that could affect the normal development of the Assembly will not be allowed to the meeting and may not be distributed.
• Kit or refreshments will not be provided.

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:

Head of Capital Markets (a)
Fernando Suárez Tello
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

View original content to download multimedia:http://www.prnewswire.com/news-releases/extraordinary-general-shareholders-meeting-of-ecopetrol-sa-300966698.html

SOURCE Ecopetrol S.A.

BOGOTA, Colombia, Nov. 25, 2019 /PRNewswire/ --

• The investment plan is oriented towards maintaining the profitable and sustainable growth path initiated in recent years, while also promoting energy transition, with specific goals of carbon reduction, innovation, technology and digital transformation. The investment plan also aims to strengthen positive social and environmental impact for the regions in which the Company operates.
• The solid financial results obtained during the 2019-2021 Business Plan have demonstrated the Ecopetrol Group's resilience to price volatility and are expected to allow for increased investment in 2020 in a range of 25% to 53%, based on estimated figures for the year ended December 31, 2019.
• This increased investment retains the principals of strict capital discipline and a focus on efficiencies to reduce the break-even price of projects and protect cash position. It is expected that the Ecopetrol Group would generate net positive earnings at approximately US$30 per barrel.
• Eighty percent of investments are expected to be concentrated on upstream activities. The Ecopetrol Group is expected to organically produce 750,000 to 760,000 barrels of oil-equivalent per day in 2020.
• The Barrancabermeja and Cartagena refineries are expected to collectively process an average throughput of 380,000 barrels per day. Investments in the Downstream segment are expected to be oriented toward optimization of maintenance costs, extending the use life of assets and continuing to improve diesel and gasoline quality, with expected sulfur levels of 10-15 ppm and 50 ppm, respectively.
• US$85 million is expected to be invested in the Cartagena refinery on the project to connect the original crude unit, boosting its capacity to over 200,000 barrels per day in 2021, increasing the production of clean fuels and positioning the Ecopetrol Group to take advantage of commercial opportunities associated with the global reduction in maximum sulfur content for maritime fuels (Marpol International Convention for the Prevention of Pollution from Ships).
• Ecopetrol is expected to invest over US$150 million in energy transition, carbon reduction and management of wastewater from operations, with emphasis on three key sustainability elements: energy, emissions and water.
• The digital transformation is ongoing, with expected investments of US$126 million for innovation and technology, focusing on the use of artificial intelligence, block chain and bots to improve productivity and efficiency.
• The Ecopetrol Group's solid capacity to generate cash and produce efficiencies are expected to afford it a healthy level of leverage, with an expected gross debt/EBITDA ratio under 1.5x, in line with the 2019-2021 Business Plan.

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reports that in 2020 the Ecopetrol Group (GE) plans to invest an expected US$4.5 to US$5.5 billion, 25% to 53% higher than the estimated 2019 figure for organic investment.

The plan approved by the Board of Directors, which prioritizes opportunities under strict capital discipline, is aimed at maintaining the Ecopetrol Group's growth and consolidation momentum, producing efficiencies that ensure profitability with a focus on energy and environmental and social sustainability.

The plan was developed under the assumption of a projected Brent price of USD 50 to 60 per barrel. Within this range, the plan's goal is to ensure a return on average capital employed (ROACE) of over 12%, which is expected to position Ecopetrol as one of the best value-generators among its peers, with projected efficiencies of COP 1.6 trillion, to be added to the over COP 11 trillion achieved in the past five years.

The plan assumes an equilibrium price of some US$30 per barrel at which positive net earnings would be generated in 2020, thus demonstrating the Ecopetrol Group's resilience to fluctuating oil prices.

In line with the strategic priorities of the GEE, the plan focuses on disciplined growth in the upstream sector, to which 80% of total expected investments are projected to be allocated, thus affording organic production of 750 to 760 thousand barrels of oil-equivalent per day (oil and gas), and the incorporation of new proven reserves equivalent to at least 100% of annual production.

Seventy-eight percent of these investments are expected to be allocated to projects in Colombia, with the remainder to be invested in positioning and developing the Ecopetrol Group's operations in the United States, Mexico and Brazil.

It is anticipated drilling 18 exploratory wells in the basins with the highest potential, particularly in Colombia, which represents a total of 16 of the 18 wells to be drilled.

The Ecopetrol Group also intends to continue its evaluation and development of offshore natural gas discoveries in the Colombian Caribbean, with investments expected to total US$76 million. In terms of non-conventional deposits, we expect to continue with the maturing of initiatives associated with the Comprehensive Non-Conventional Deposits Research Pilot Project (PPII) at Valle Medio del Magdalena and the scaling of development activities in the Permian Basin of Texas, United States.

Investment in the Downstream segment is expected to represent 11%, with the Midstream segment expected to represent 7% of investment allocation under the plan. These investments are expected to be oriented primarily toward ensuring the sustained reliability and profitability of operations at the Barrancabermeja and Cartagena refineries, and of the entire network of oil pipelines and poly-duct lines. The investments are also expected to allow for the optimization of future operating costs, through equipment upgrades and enhanced performance.

We highlight the project to connect the original crude unit of the Cartagena refinery with the new refinery, which is expected to result in increased capacity of over 200,000 barrels per day in 2021. This initiative calls for an expected investment of US$85 million in 2020, which is expected to increase the availability of clean products, promote improvement in the national fuel supply and position the Group to take advantage of commercial opportunities associated with Marpol.

In the Downstream segment, expected throughput for the refineries in 2020 is projected to be some 380 thousand barrels per day. Funds for fuel quality and wastewater management programs are also being considered, to ensure that effluents are increasingly clean.

The Midstream segment is expected to continue strengthening its profitability, supported by greater volumes for both oil pipelines and poly-ducts, better operating results and lower capital employed. Transported volumes are estimated at 1.2 million barrels per day, in line with expectations for the Colombia's production of crude oil and the higher demand for refined products.

Finally, the plan includes funds for maturing projects in order to incorporate sources of renewable energy, the digital transformation program and the development and implementation of technologies to optimize the Ecopetrol Group's operations along the entire production chain, as well as a strengthening of socio-environmental investment programs.

US$150 million is expected to be invested in energy transition and carbon reduction in 2020. Further, progress is expected to be made toward the goal of reducing 1.8 million tons of CO2 by 2022, in addition to the 5 million tons already reduced in the past five years.

The plan includes funding for the medium-term socio-environmental investment program, with an expected investment of COP 1.7 trillion for the upcoming three years, with a view to help close socioeconomic gaps and boost community sustainable development and wellbeing. The priority areas for the socio-environmental investment program are public and community infrastructure, public services, education, sports and health, rural development and business entrepreneurship.

To strengthen the digital transformation, US$91 million are expected to be allocated at capturing benefits associated with artificial intelligence, block chain and bot technologies, among others. An additional US$35 million are expected to be invested in leveraging new innovation processes, including creating strategic alliances and innovation ecosystems.

"This plan includes a significant increase in our investment to continue along the path of profitable and sustainable growth. It also blazes the trail for the Ecopetrol Group to make an orderly energy transition, in line with our commitment to contribute to the country's energy security and to produce more clean energy that contributes to the wellbeing of all Colombians," said Ecopetrol CEO Felipe Bayón Pardo.

The investment plan is expected to be financed with own resources. The Group's solid cash position and low level of debt afford financial flexibility to take advantage of inorganic opportunities consistent with the Group's strategy, while maintaining its capacity to react to potential changes in the macroeconomic environment.

It is also consistent with the best corporate governance practices of the Ecopetrol Group, which priorities continue to be operational excellence, a commitment to industrial safety and care for its workers, protection of the environment, ethics and transparency, and growth in collaboration with the communities.

Bogotá D.C., November 25, 2019

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:                 

Head of Capital Markets (a)
Fernando Suárez Tello
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

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SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, Nov. 13, 2019 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("the Company") informs that today it completed the joint venture transaction announced last July 31, 2019.  Through this deal, the Company and Occidental Petroleum Corp (NYSE: OXY) agreed to form a strategic alliance or Joint Venture ("JV") for the development of unconventional reservoirs in approximately 97,000 acres of the Permian Basin in the State of Texas (US). 

For these purposes, Ecopetrol Permian LLC, 100% owned by Ecopetrol S.A., has acquired a 49% stake in Rodeo Midland Basin LLC, a company incorporated in the State of Delaware, meeting the capital requirements of such jurisdiction and whose economic activity will be directed towards the execution of the joint development plan under the JV. After the transaction, which has an already announced value of approximately 1.5 billion dollars (50% in cash and 50% in carry), Occidental will retain 51% of Rodeo Midland Basin LLC, through its affiliate Occidental Midland Basin LLC. 

For the acquisition and closing of the transaction, Ecopetrol S.A. made an initial payment of approximately 876.5 million dollars (equivalent to 50% of the total transaction value) comprised as follows: (i) approximately 750 million dollars corresponding to its share of the transaction value of the JV and (ii) 126.5 million dollars corresponding to the estimated expenditures of the development plan in 2019 between  the effective date of the JV (August 1, 2019) and the rest of the year.  

Presently, there are two rigs in operation in the area. Two wells have been drilled and are in completion in order to achieve their first production by the end of 2019. Activity levels are expected to continue to increase through next year, with four rigs expected to be in operation by the end of 2020. The JV is expected to allow the Ecopetrol Group to incorporate proven reserves of approximately 160 million boe by the end of 2019.

This transaction is aligned with Ecopetrol's strategic priorities outlined in the 2019-2021 business plan, which are focused on reserves and production growth under strict capital discipline, supported by exploration activities, enhanced oil recovery, unconventional resources and the internationalization of operations.  It also strengthens Ecopetrol's relationship with a respected, strategic partner, highly experienced in the development of unconventional resources.

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:  

Head of Capital Markets (a)
Carolina Tovar Aragon
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

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SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, Nov. 7, 2019 /PRNewswire/ -- Ecopetrol reports that its US subsidiary, Ecopetrol America LLC, has participated in the drilling of the Esox-1 well under a Farmout Agreement with Chevron U.S.A. Inc. The well which resulted in the discovery of light oil is located in Mississippi Canyon Block No. 726 in the deep waters of the Gulf of Mexico (USA).

Ecopetrol has elected to participate in the completion of the Esox-1 well earning a 21.43% interest in the well and the Esox Prospect (restricted to depths above the Tubular Bells Field pay sands).

As a result of the collective effort, last week Hess announced that the Esox-1 well was drilled in 1,405 meters (4,609 feet) of water, and 58 meters (191 feet) of net sand with light oil were found.

The well is located approximately 10 kilometers (6 miles) from the Tubular Bells production facilities, which will allow production to begin in the first quarter of 2020 with competitive costs, and solid financial returns are also expected, as reported by the operator.

"This transaction, with a partner such as Chevron allows us to strengthen our presence in one of the basins with the greatest potential in the world, the Gulf of México, in the United States, and maintain a strategy focused on production and reserves growth. This acquisition formalizes an exploratory operation in which we have participated from its inception, and for which Hess, another world-class partner, recently reported a high-quality oil discovery, one that will be in production in a few months," said Felipe Bayón, President of Ecopetrol.

Ecopetrol has an interest in 51 blocks in the Gulf of Mexico (USA). Between January and September of 2019, Ecopetrol America's production reached 13,200 barrels of oil equivalent per day (kbped), which represented an increase of 14% compared to the same period over the previous year.

Ecopetrol is the largest company in Colombia; it is a comprehensive oil chain company, one of the 40 largest oil companies in the world, and one of the top four in Latin America. In addition to Colombia, where it generates more than 60% of domestic production, it has exploration and production activities in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol owns the largest refinery in Colombia, most of the country's oil and pipeline network and is significantly increasing its participation in the biofuel sector.

This press release includes statements on business prospects, estimates for operating and financial results and statements related to Ecopetrol's growth prospects. All of them are projections and, as such, are based solely on its Director's expectations on the future of the Company and their continued access to capital in order to finance the Company's business plan. The future realization of these estimates depends on market behavior, regulations, competition, and performance conditions of the Colombian economy and industry, among other factors; and as such, they are subject to change without notice.

For more information please contact:
Media Relations (Colombia)
Jorge Mauricio Tellez
Telephone: + 571-234-4329
Fax: +571-234-4480
Email: mauricio.tellez@ecopetrol.com.co

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SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, Nov. 6, 2019 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL, NYSE: EC) reports that, as mentioned in certain media and in searches on the Judiciary website, the Colombian Supreme Court of Justice has handed down a ruling upholding the Superior Court of Bogotá's decision invalidating the acquisition in 1997 of 145 million ordinary shares of INVERCOLSA by Mr. Fernando Londoño Hoyos, which means these shares will revert to the property of Ecopetrol S.A., thus increasing its equity stake in INVERCOLSA from 43.35% to 51.88%.

It is important to clarify that the ruling has not been notified to date, and therefore its legal and financial implications will be evaluated in detail once the Company has received the complete text of the court decision.

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:
Capital Markets Manager (a)
Fernando Suárez
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

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SOURCE Ecopetrol S.A.

BOGOTA, Colombia, Oct. 29, 2019 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announced today the Ecopetrol Group's financial results for the third quarter and the first nine months of 2019, prepared in accordance with International Financial Reporting Standards applicable in Colombia.

Table 1: Income Statement Financial Summary – Ecopetrol Group

The figures included in this report are not audited. The financial information is expressed in billions of Colombian pesos (COP) or US dollars (USD), or thousands of barrels of oil equivalent per day (mboed) or tons, and this is so indicated where applicable. For presentation purposes, certain figures of this report were rounded to the nearest decimal place.

In words of Felipe Bayón Pardo, CEO of Ecopetrol:

"The Ecopetrol Group achieved sound operational and financial results during the first nine months of the year, in particular net profit of 9.2 trillion pesos and EBITDA of 23.9 trillion pesos, equivalent to an EBITDA margin of 46%.

As of the close of the quarter, we reported a solid cash position of 16 trillion pesos, even after paying the third installment of dividends to the government on 2018 earnings, totaling 2.7 trillion pesos.

These results demonstrate the good operational performance in all segments and the positioning of our crudes in markets that generate greater value. The above, coupled with the devaluation of the average exchange rate, the financial savings associated with the prepayment of the debt and the lower nominal tax rate. All this allowed to compensate, the lower Brent price, which went from USD 76 per barrel in the third quarter of 2018 to USD 62 per barrel at the end of this quarter. We positively highlight the spread of crude oil basket of -5 USD/bl in the third quarter compared to -8.4 USD/bl for the same period of 2018.

On the international arena, I am pleased to highlight two very important milestones: the first, our entry to the Midland in the Permian basin, the most prolific in the world, through a Joint Venture (JV) with Occidental, to participate in the exploitation of unconventional resources. The JV would allow the company to incorporate proven reserves (P1) of around 160 million barrels of oil equivalent and increase production progressively until 2027, when it would contribute a net production for Ecopetrol estimated at about 95 thousand barrels of oil equivalent per day. The JV will also allow Ecopetrol to strengthen its knowledge in the evaluation, development and exploitation of unconventional resources.

Second, the execution of an agreement with Shell Brasil Petróleo Ltda. to acquire 30% stake in the "Gato do Mato" discovery, located in two offshore areas of Brazil's Santos basin, in the so-called Pre-Salt.

Under this agreement, Shell will reduce its stake from 80% to 50% and continue as operator, while the French oil company Total will retain the remaining 20%. With this purchase, Ecopetrol deepen its strategic position in Brazil's Santos basin.

It is important to note that these invesments are aligned with the strategic priorities of the 2019-2021 business plan, focused on the growth of reserves and production under strict capital discipline. The transactions will be paid with our cash.

On the other hand, we receive in a respectful, prudent and responsible manner, the provision of the State Council that allows us to advance to a research stage through the Pilot Projects (PPII, by its acronym in Spanish) recommended by the Experts Committee.

We believe that advancing to a research stage is a key opportunity to rigorously evaluate the possibility of developing unconventionals in Colombia. For Ecopetrol, this is a step forward that will be assuming responsibly, in strict compliance with the regulations and provisions of the authorities, while ensuring deep respect for the environment and communities.

In the production segment, during the quarter we faced a challenging environment and some operational limitations that forced us to temporarily shut down our Tibú, Caño Limón and Gibraltar fields, causing our average production for the quarter to be at 720 thousand barrels of oil-equivalent per day. However, accumulated average production to September was 723 thousand barrels of oil-equivalent per day, 8 thousand barrels higher than in the same period last year, in line with the 2019 target.

We note the positive results of the Group's subsidiaries, which contributed more than 60 thousand barrels of oil-equivalent per day during the first nine months of the year, some 8.4% of total production. The recovery program, which is the strategic pillar for adding hydrocarbon reserves, contributed 30% of the Group's daily production.

In the exploration campaign, the Group and its partners completed the drilling of 13 exploratory wells, exceeding the goal of 12 wells for the year, with a success rate of 38%. We note the success of the Flamencos-1 well, in the Valle Medio del Magdalena basin, 100% operated by Ecopetrol. This discovery forms part of the Near Field exploration strategy, which consists in identifying and testing opportunities in the vicinity of already existing fields and facilities.

In the transport segment, we highlight the higher volumes of crude transported. It is also worth to highlight the logistical improvements made at Buenaventura, facilitating the port's use as an alternate route for supplying fuels to the country's south western region, as well as the commissioning of the Chinchiná-Pereira bypass. This project demonstrate our commitment to emphasizing safety as a pillar of our operations.

During the third quarter, the oil pipeline network continued to suffer from attacks by third parties; nevertheless, contingent operations on the Bicentenario oil pipeline have succeeded in mitigating these impacts.

In the Downstream segment, during the third quarter of the year we achieved a new historic maximum average throughput of 389 thousand barrels per day for the two refineries, thus demonstrating their effective performance despite unscheduled operating events. Gross combined refining margin was 10.2 USD/bl, impacted mainly due to lower product prices and the strengthening of medium and heavy crudes, consistent with the behavior of the international market.

With regards the investment plan, between January and September 2019 the Group executed investments totaling USD 2,317 million, up 29% versus the same period in 2018. Eighty-one percent of investments were concentrated in the upstream segment, in line with the Group's strategic priorities.

As part of our efforts to contribute to preserving the environment, we have committed to reducing greenhouse gas emissions by 20% by the year 2030, and reducing our operational vulnerability to climate change. It is important to highlight that Ecopetrol S.A. was the first company in Colombia's Oil and Gas sector to verify its reduction in greenhouse gas emissions from operating processes. The firm Ruby Canyon Engineering verified the reduction of over one million tons of CO2-equivalent between 2013 and 2017.

Along these same lines, Ecopetrol has entered into an agreement with the Colombian Ministry of Environment and Sustainable Development to improve the country's environmental quality and sustainable development, in areas such as water resources, biodiversity, climate change, circular economy and improved air quality.

In addition to the above, we have met an important milestone in our energy transition process. On October 18th, we inaugurated the largest solar farm for self-generation of energy in Colombia, located in the city of Castilla La Nueva, in the Department of Meta. It has installed capacity of 21 peak megawatts and will supply energy for the next 15 years to the Castilla field, Ecopetrol's second largest. The tariff of the energy produced by the solar farm represents savings of more than 30%  compared to that supplied by the national electricity grid.

The entry into solar energy demonstrates Ecopetrol's commitment to renewable energies. This operation will prevent the emission of over 154,000 tons of CO2 into the atmosphere.

Over the year, we have focused our efforts on activities such as water recycling. During the third quarter, we reused some 66 million cubic meters of water, up 4% versus the same period the year.

We maintain our commitment to profitable growth in production and reserves with sustainable results, reducing the impacts of our operations, encouraging good environmental practices and promoting the socio-environmental development of the regions in which we are active."

To review the full report please visit the following link:
https://www.ecopetrol.com.co/english/documentos/Reporte%203Q19%20-%20ENG%20FINAL.pdf

Ecopetrol is Colombia's largest firm and is an integrated oil company that is among the 50 largest in the world and the four largest in Latin America. In addition to Colombia, where it generates over 60% of the country's production, it is active in exploration and production in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol operates the largest refinery in Colombia, most of the country's oil-pipeline and polyduct network, and is significantly increasing its share of bio-fuels.
This press release contains statements relating to business prospects, estimates of operating and financial results, and Ecopetrol's growth prospects. All are projections, and therefore are based solely on management's expectations of the company's future and its continuous access to capital to finance the company's sales plan. Achieving these estimates in the future depends on its performance under given market conditions, regulations, competition, performance of the Colombian economy and industry, among other factors; therefore, they are subject to change without prior notice.

For further information, contact:

Capital Markets Manager (e)
Fernando Alexander Suarez
Telephone: +571-234-5190 - Email: investors@ecopetrol.com.co

Media Relations (Colombia)
Jorge Mauricio Tellez
Telephone: + 571-234-4329 - Email: mauricio.tellez@ecopetrol.com.co

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SOURCE Ecopetrol S.A.

BOGOTA, Colombia, Oct. 23, 2019 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company) announces that on October 29, 2019 after market close, it will release its financial and operating results for the third quarter of 2019. On Wednesday, October 30, 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: https://www.conferenceplus.com/AlternateNumbers/alternatenumbers.aspx?100875&t=P&o=UralAieLIeFEmO

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:

https://event.on24.com/wcc/r/2104281/3AD1B259354A60DA139521B483BFC956 (Spanish)

https://event.on24.com/wcc/r/2104367/9282D876BB266F2D0B10AD27078FF208 (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).

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:                 

Capital Markets Manager (a)
Fernando Suárez
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Media Relations (Colombia)
Jorge Mauricio Tellez 
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

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SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, Oct. 22, 2019 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reports that regulatory approvals were received today in the United States to form the joint venture between Ecopetrol and OXY, announced last July 31 in a press release.

The transaction is expected to close by year end.

-----------------------------------------

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact: 

Capital Markets Manager (a)
Fernando Suárez
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: (+ 571) 234 4329 
E-mail: mauricio.tellez@ecopetrol.com.co

View original content:http://www.prnewswire.com/news-releases/ecopetrol-and-oxy-receive-us-approval-for-investment-agreement-in-permian-basin-300943004.html

SOURCE Ecopetrol S.A.

• The Company will hold a 30% interest. Shell will continue as operator with 50%, while Total will retain 20%.
• Ecopetrol could incorporate some 90 million barrels of crude oil in contingent resources as of 2020, with production that could total around 20,000 barrels of crude per day in 2025.

BOGOTÁ, Colombia, Oct. 21, 2019 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL, NYSE: EC) reports that its subsidiary Ecopetrol Óleo e Gás do Brasil Ltda has entered into an agreement with Shell Brasil Petróleo Ltda. to acquire 30% of the interests, rights and obligations in two areas corresponding to the BM-S-54 Concession Agreement and the Sul de Gato do Mato Shared Production Agreement, located offshore in Brazil's Santos basin, in the so-called Pre-Salt, where a hydrocarbon deposit known as "Gato do Mato" was discovered.

Under this agreement, Shell will reduce its stake from 80% to 50% and continue as operator, while the French company Total will retain the remaining 20%. In addition to these oil companies, the Brazilian government also participates in the Shared Production Agreement, through Pré-Sal Petróleo S.A. (PPSA). After discounting this share, the consortium will proportionally maintain the above percentages.

Three wells that have discovered light hydrocarbons have been drilled in these two blocks. The consortium will continue executing activities and operations in order to initiate production in coming years.

"Joining this discovery in the Brazilian Pre-Salt with world-class companies is part of our growth and internationalization strategy, focused on high potential basins such as Santos in Brazil. This acquisition balances our production portfolio by adding light hydrocarbons. In 2018 we announced the entrance into the Pre-Salt, an area with one of the greatest potential in the continent. Today we strengthen our presence by being part of a discovery that will give us production in a few years" said Felipe Bayon, president of Ecopetrol.

According to Ecopetrol's estimates, the company could incorporate some 90 million barrels of crude in contingent resources as of 2020, which will be gradually added to its balance of reserves. Ecopetrol also estimates that its share of production could total around 20,000 barrels per day of crude in 2025.

This agreement is in line with the company's strategy of capital discipline and sustainable growth in reserves and production and strengthens Ecopetrol's position in the Santos basin in Brazil. The Gato do Mato stake will add to our current position at Pau-Brasil and Saturno blocks.

The agreement signed by Ecopetrol Óleo e Gás do Brasil Ltda. and Shell Brasil Petróleo Ltda. is subject to the respective approvals of assignment to Ecopetrol by Brazil's Ministry of Mines and Energy, the country's National Agency of Petroleum, Natural Gas and Biofuels and other customary transaction conditions.

-----------------------------------------

Ecopetrol is Colombia's largest firm and is an integrated oil company that is among the 50 largest in the world and the four largest in Latin America. In addition to Colombia, where it generates over 60% of the country's production, it is active in exploration and production in Brazil, Mexico, Peru and the United States (Gulf of Mexico). Ecopetrol operates the largest refinery in Colombia, most of the country's oil-pipeline and polyduct network, and is significantly increasing its share of bio-fuels.

This press release contains statements relating to business prospects, estimates of operating and financial results, and Ecopetrol's growth prospects. All are projections, and therefore are based solely on management's expectations of the company's future and its continuous access to capital to finance the company's sales plan. Achieving these estimates in the future depends on its performance under given market conditions, regulations, competition, performance of the Colombian economy and industry, among other factors; therefore, they are subject to change without prior notice.

For further information, contact:

Capital Markets Manager (e)
Fernando Alexander Suárez
Telephone: +571-234-5190  
Email: investors@ecopetrol.com.co

Media Relations (Colombia) 
Jorge Mauricio Tellez
Telephone: + 571-234-4329 
Email: mauricio.tellez@ecopetrol.com.co

View original content:http://www.prnewswire.com/news-releases/ecopetrol-acquires-30-of-the-gato-do-mato-discovery-in-brazils-pre-salt-300941988.html

SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, Aug. 12, 2019 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announced today the Ecopetrol Group's financial results for the second quarter of 2019, prepared in accordance with International Financial Reporting Standards applicable in Colombia.

The figures included in this report are not audited. The financial information is expressed in billions of Colombian pesos (COP) or US dollars (USD), or thousands of barrels of oil equivalent per day (mboed) or tons, and this is so indicated where applicable. For presentation purposes, certain figures of this report were rounded to the nearest decimal place.

In words of Felipe Bayón Pardo, CEO of Ecopetrol:

"In the first half of 2019 the Ecopetrol Group reported a net profit of COP 6.2 trillion and an EBITDA of COP 15.7 trillion, equivalent to an EBITDA margin of 45.7%.

These results demonstrate the financial and operational strength of the company, which faced a challenging market environment during the second quarter, given the decline in international prices for Brent, naphtha and gasoline, as well as operating restrictions throughout the first half of the year, due to the scheduled maintenances in some fields and at the refineries, in order to achieve the highest standards of integrity in our operations.

On the positive side, we note the spread in the crude basket of -6.4 USD/bl in the first half of the year, supported by the strengthening of heavy crudes in the region and the commercial strategy of seeking higher-value markets, which helped offset the performance of international refined product prices. The 12% devaluation in the exchange rate compared to the first half of 2018 also favored our results.

The Ecopetrol group's first-half production totaled 726,000 barrels of oil-equivalent per day, increasing 2% compared to the same period the previous year, in line with the 2019 target. The positive results of the drilling campaign in fields such as Akacias and Rubiales, and the solid performance of the recovery program, which contributed 30% of production in the semester, partially mitigated the impact of the scheduled maintenances at the Oripaya, Cusiana and Cupiagua fields.

Sales volumes totaled 913,000 barrels-equivalent per day, increasing 4.2% compared with the first half of 2018, primarily driven by higher crude exports, and refined products from the Cartagena refinery.

On the exploratory front, the Ecopetrol Group continued to expand its presence throughout Colombia, with the award of five blocks by the National Hydrocarbons Agency during the 2019 Permanent Area Allocation Process (PPAA). Further, three of the 10 exploratory wells that were drilled demonstrated the presence of hydrocarbons.

In July, the process of setting new crude transport tariffs was completed, which will allow a moderate increase in the midstream segment's revenues, ensuring its financial stability for the next four years and the generation of cash for the group. Operationally, we highlight that production barrels that had been being transported by tanker, are now being transported by pipeline, as a result of the segment's commercial management.

In the downstream segment, during the second quarter we carried out a scheduled maintenance at the hydrocracking unit of the Cartagena refinery, which together with the one completed at the Barrancabermeja refinery in the first quarter, will ensure operational stability, the quality of the diesel produced and will prepare us to take advantage of future benefits of the MARPOL (International Convention for the Prevention of Pollution from Ships) regulation. Throughput for the quarter totaled 379,000 barrels of oil per day, in line with the business plan target.

This segment's financial results continued to be impacted by the unfavorable pricing environment for international refined products, primarily naphtha and gasoline, combined with the appreciation in heavy crudes, which comprise our refineries' feedstock.

Regarding the investment plan, the Ecopetrol Group executed USD 1,392 million in the first half of 2019, increasing 38% versus the first half of 2018, of which 81% was allocated in the upstream segment, consistent with the Ecopetrol Group's growth strategy.

Continuing with the efficiency strategies, we launched the new 2019 – 2023 phase, with a target of COP 8.0 trillion, involving initiatives which seek efficiencies mainly through the optimization of capex and operating costs as well as the increase of revenues and margins. During the first half of the year, COP 958 billion in efficiencies were incorporated, concentrated largely in optimizing investments in drilling and facilities construction. This is in addition to the COP 10.2 trillion of accumulated savings between 2015 and 2018.

On the environmental front, Ecopetrol S.A. was the first company in Colombia's Oil and Gas sector to verify its reduction in greenhouse gas emissions from operating processes. The firm Ruby Canyon Engineering verified the reduction of over one million tons of CO2-equivalent between 2013 and 2017. In environmental terms, this would be equivalent to reforesting 100,000 hectares of forest.

Social and environmental investments in the first half of 2019 totaled COP 28,339 million, confirming our commitment to the environment and communities.

Additionally, in the first half of 2019 we prepared the logistics system to ensure the delivery of the ultra-low-sulfur diesel and natural gas required by the new buses of the Bogotá Mass Transportation System (Transmilenio), which began operating in June. We thus contributed to the technological renovation of this important transportation system's fleet.

Finally, in our international expansion front, I would like to highlight two very important events. The first one is the approval by the Brazilian Ministry of Mines and Energy of Ecopetrol's 10% stake in the Saturno block, located in the central region of the Santos Basin in the Brazilian Pre-salt; and second, our entry into the Midland in the Permian basin, the area with the fastest growth and highest yield in the United States, to participate in exploiting non-conventional reservoirs. This is transformational news for Ecopetrol and the country.

All this became possible through our strategic alliance with a first-tier operator as Occidental. This will facilitate an increase in our reserves and production, as well as consolidate our knowledge in the exploitation of non-conventional reservoirs. This is a critical step forward along the path of sustainability and profitable growth that we have been laying out for over two years, with a view to generating more value added for our shareholders.

We remain committed to profitable growth in production and reserves, with sustainable results, safe operation and operational excellence, generating integrated value in harmony with the environment and our communities."

To review the full report please visit the following link:
https://www.ecopetrol.com.co/english/documentos/Reporte%202Q19%20-%20ENG.pdf

Ecopetrol is Colombia's largest firm and is an integrated oil company that is among the 50 largest in the world and the four largest in Latin America. In addition to Colombia, where it generates over 60% of the country's production, it is active in exploration and production in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol operates the largest refinery in Colombia, most of the country's oil-pipeline and polyduct network, and is significantly increasing its share of bio-fuels.

This press release contains statements relating to business prospects, estimates of operating and financial results, and Ecopetrol's growth prospects. All are projections, and therefore are based solely on management's expectations of the company's future and its continuous access to capital to finance the company's sales plan. Achieving these estimates in the future depends on its performance under given market conditions, regulations, competition, performance of the Colombian economy and industry, among other factors; therefore, they are subject to change without prior notice.

For further information, contact:

Capital Markets Manager
María Catalina Escobar
Telephone: +571-234-5190 - Email: investors@ecopetrol.com.co

Media Relations (Colombia)
Jorge Mauricio Tellez 
Telephone: + 571-234-4329 - Email: mauricio.tellez@ecopetrol.com.co

View original content:http://www.prnewswire.com/news-releases/ecopetrol-group-announces-second-quarter-2019-results-300900357.html

SOURCE Ecopetrol S.A.

BOGOTA, Colombia, Aug. 6, 2019 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company) announces that on August 12, 2019 after market close, it will release its financial and operating results for the second quarter of 2019. On Tuesday, August 13, 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=UMGThyMLWfHvTD

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:

https://event.on24.com/wcc/r/2041716/4593B6901DFBEC6EC1482960B30ABABB (Spanish)

https://event.on24.com/wcc/r/2041720/36A544CDA66868A53378070E599F732C (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).

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:                 

Capital Markets Manager
María Catalina Escobar
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

View original content:http://www.prnewswire.com/news-releases/ecopetrol-announces-timing-of-the-second-quarter-of-2019-earnings-report-and-conference-call-300897642.html

SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, July 31, 2019 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company) announces that on August 1^st, Ecopetrol's senior management will host two conference calls to review the joint venture with Occidental Petroleum Corporation to develop Occidental's Midland Basin properties in the Permian Basin. 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=UIytMcSKvkZdyb

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:

https://event.on24.com/wcc/r/2059759/E240216F46EAFB49309D196E39AE00A3 (Spanish)

https://event.on24.com/wcc/r/2059744/4CBBA0FF8C9AFEF0495AEC07B14D1AEA (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).

-----------------------------------------

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:                 

Capital Markets Manager
María Catalina Escobar
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

View original content:http://www.prnewswire.com/news-releases/ecopetrol-announces-conference-call-about-strategic-partnership-with-occidental-to-develop-acreage-in-midland-basin-300894538.html

SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, July 31, 2019 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announced today that it formed a joint venture with Occidental Petroleum Corporation to develop 97,000 net acres of Occidental's Midland Basin properties in the Permian Basin.

The JV enables Ecopetrol to book ~160 MMboe of proved undeveloped reserves at transaction closing and provides access to one of the most prolific resource plays in the world. The JV will progressively increase production until 2027, when production for Ecopetrol in the JV is estimated to reach circa 95 kboed.

In addition to its share of future production from the development acreage, Ecopetrol will second employees to the joint venture. This will enable Ecopetrol to advance its expertise in shale development and ensure technology and knowledge transfer from the Permian Basin to its assets in Colombia. The deal is fully aligned with Ecopetrol's strategic priorities outlined in the 2019-2021 business plan, which focus on reserves and production growth, under a strict capital deployment discipline.

Ecopetrol will pay $750 million in cash plus $750 million of carried capital in exchange for a 49-percent interest in the new venture. Occidental will own a 51-percent interest and operate the joint venture. During the carry period, Ecopetrol will pay 75 percent of Occidental's share of capital expenditures.

The joint venture allows Occidental to accelerate its development plans in the Midland Basin. Occidental will retain production and cash flow from its existing operations in the Midland Basin.

"We are excited to partner with one of the largest operators in the Permian Basin, especially one we have worked successfully with for so many decades," said Ecopetrol CEO President Felipe Bayon. "This is a key step to enhance our reserve base and production growth whilst we strengthen our capabilities in shale development and bring this technology to Colombia for the economic benefit of the country."

The transaction is expected to close around year end.

To develop the JV, Ecopetrol incorporated two new companies, Ecopetrol Permian LLC and Ecopetrol USA Inc., and converted Ecopetrol America Inc. into Ecopetrol America LLC, which will continue to focus on US GoM operations.

Ecopetrol USA Inc. was incorporated in Delaware, and is 100% owned by Ecopetrol S.A. through its subsidiary Ecopetrol Global Energy SLU. Its objective is the exploration and exploitation of hydrocarbons.

Ecopetrol Permian LLC was also incorporated in Delaware, and is 100% owned by Ecopetrol USA Inc. and indirectly by Ecopetrol S.A. Its objective is the exploration, development and production of unconventional resources.

The transaction is subject to approvals from U.S. authorities.

Ecopetrol is receiving financial advice from Credit Suisse, legal advice from Shearman & Sterling and technical advice from DeGolyer and McNaughton. Petrie Partners is advising the Board of Directors of Ecopetrol and rendered a fairness opinion on the transaction.

-----------------------------------------

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:                 

Capital Markets Manager
María Catalina Escobar
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

View original content:http://www.prnewswire.com/news-releases/ecopetrol-and-occidental-form-strategic-partnership-to-develop-acreage-in-midland-basin-300894469.html

SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, July 30, 2019 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announces that the rating agency Moody's has kept the Company's long-term international rating at Baa3, with stable outlook.

In its report, Moody's highlighted the Company's strength as a leading firm in Colombia, its operating performance and capital efficiency, as well as the stable cash generation of its Transportation and Logistics segment.

In the press release, Moody's highlighted the Company's positive cash levels, as well as the strength of its credit metrics, thanks to the debt prepayments it has made in recent years.

Ecopetrol is Colombia's largest firm and is an integrated oil company that is among the 50 largest in the world and the four largest in Latin America. In addition to Colombia, where it generates over 60% of the country's production, it is active in exploration and production in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol operates the largest refinery in Colombia, most of the country's oil-pipeline and polyduct network, and is significantly increasing its share of bio-fuels. This press release contains statements relating to business prospects, estimates of operating and financial results, and Ecopetrol's growth prospects. All are projections, and therefore are based solely on management's expectations of the company's future and its continuous access to capital to finance the company's sales plan. Achieving these estimates in the future depends on its performance under given market conditions, regulations, competition, performance of the Colombian economy and industry, among other factors; therefore, they are subject to change without prior notice.

For further information, contact:

Capital Markets Manager
María Catalina Escobar
Telephone: +571-234-5190
Email: investors@ecopetrol.com.co

Media Relations (Colombia)
Jorge Mauricio Tellez
Telephone: + 571-234-4329
Email: mauricio.tellez@ecopetrol.com.co 

View original content:http://www.prnewswire.com/news-releases/moodys-confirms-ecopetrol-sas-investment-grade-rating-300893180.html

SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, July 18, 2019 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reports that the Ministry of Mines and Energy of Brazil has authorized the transfer of a 10% stake in the Saturno block, located in the Santos basin, to its subsidiary, Ecopetrol Óleo e Gas Brasil. Previously, this percentage was equally held by Shell Brasil Petróleo Ltda and Chevron Brasil Óleo e Gas Ltda.

The authorization was published in the Diario Oficial de Brasil on July 17, 2019.

As reported on December 20, 2018, Ecopetrol S.A. entered into an agreement with both companies to gain a 10% interest in the Saturno block, which was finally approved by the Ministry of Mines and Energy of Brazil. The block was assigned to Shell and Chevron last September 28th in the Fifth Pre-Salt Round held by the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP).

Ecopetrol holds a 10% interest in the block, while Shell, as operator, and Chevron each hold a 45% interest.

This block adds an additional Pre-Salt block, as Ecopetrol already holds a 20% stake in Pre-Salt block, Pau-Brazil, in partnership with CNOOC and BP. With these two Pre-Salt blocks, Ecopetrol has a presence in five blocks in Brazil, located in the Santos, Foz de Amazonas, Potiguar and Ceará basins.

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:                 

Head of Capital Markets (a)
Fernando Suárez Tello 
Phone: (+571) 234 5190  
E-mail: investors@ecopetrol.com.co

Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: (+ 571) 234 4329 
E-mail: mauricio.tellez@ecopetrol.com.co

View original content:http://www.prnewswire.com/news-releases/ministry-of-mines-and-energy-of-brazil-authorizes-the-transfer-of-10-stake-in-saturno-block-to-ecopetrol-300887507.html

SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, July 11, 2019 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reports that the Boranda-2 ST well, located in Rionegro (Santander), has discovered the presence of crude in the Eoceno basal sands.

The well was drilled from the same platform as the Boranda-1 discovery well (finding reported in 2017 in the Playón block, now known as Boranda), some 1,200 meters to the southeast.

In initial tests the well produced a total of 2,397 barrels of oil accumulated and posted average daily production of 960 barrels, with a water cut of less than 2%. The final depth achieved was 13,932 feet, and it confirmed the finding of medium crude with API of 23º.

The production unit at Boranda-2 ST is considered independent from the one found in the Boranda-1 production well, and is approximately 1,000 feet deeper.

Ecopetrol owns a 50% stake in the block, with the other 50% owned by Parex, who is the operator.

The proximity to Payoa and Provincia crude oil receiving stations and the Barrancabermeja refinery generate a competitive and operational advantage for this block, whose findings confirm its prospectivity.

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:                 

Head of Capital Markets (a)
Fernando Suárez Tello
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Media Relations (Colombia) 
Jorge Mauricio Tellez 
Phone: (+ 571) 234 4329 
E-mail: mauricio.tellez@ecopetrol.com.co

View original content:http://www.prnewswire.com/news-releases/ecopetrol-reports-discovery-of-crude-in-boranda-2-st-well-at-rionegro-santander-300883839.html

SOURCE Ecopetrol S.A.

BOGOTA, Colombia, May 27, 2019 /PRNewswire/ -- Ecopetrol (BVC: ECOPETROL, NYSE: EC) reports that, Fitch Ratings revised Ecopetrol´s Outlook to Negative from Stable, as a consequence of the adjustment made to the Colombia´s Sovereign Rating Outlook.

Fitch Ratings affirmed Ecopetrol's credit rating at BBB which is investment grade.

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 forwardlooking 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 further information contact:

Capital Markets Manager
María Catalina Escobar
Phone: +571-234-5190
Email: investors@ecopetrol.com.co 

Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: + 571-234-4329
Email: mauricio.tellez@ecopetrol.com.co

View original content:http://www.prnewswire.com/news-releases/fitch-ratings-revises-ecopetrol-sas-outlook-in-line-with-the-action-taken-on-the-colombias-sovereign-rating-outlook-300857014.html

SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, April 29, 2019 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company) announces that on May 6, 2019 after market close, it will release its financial and operating results for the first quarter of 2019. On Tuesday, May 7, 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=UAuRTSGACHMpgK

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:

https://event.on24.com/wcc/r/1992777/91B803BF6A6C9D4CDE758DA70D3E3E39 (Spanish)

https://event.on24.com/wcc/r/1992768/6E00F7AC5760C44EE9EDFC81CEE50208 (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).

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:                 

Capital Markets Manager
María Catalina Escobar
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

View original content:http://www.prnewswire.com/news-releases/ecopetrol-announces-timing-of-the-first-quarter-of-2019-earnings-report-and-conference-call-300840268.html

SOURCE Ecopetrol S.A.

BOGOTA, Colombia, April 5, 2019 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol") announced today the filing of its annual report under Form 20-F for the fiscal year ended December 31, 2018 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 U.S. Securities and Exchange Commission (SEC), the New York Stock Exchange (NYSE), its bondholders and lenders.

The annual report includes, among others, the financial statements of Ecopetrol in accordance with International Financial Reporting Standards (IFRS) as adopted by the International Accounting Standards Board that were audited and certified in compliance with internal control over financial reporting by the auditing firm Ernst & Young Audit S.A.S. for the years 2016, 2017 and 2018.

Investors may receive a hard copy of Ecopetrol's 2018 Form 20-F free of charge by requesting a copy from the contact below:

Investor Relations Officer
Andrés Felipe Sánchez
Phone: +571-234-5190
E-mail: investors@ecopetrol.com.co

The 2018 Form 20-F can also be accessed by visiting the SEC's website at www.sec.gov  or Ecopetrol's website at www.ecopetrol.com.co .

-----------------------------------------

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:                 

Head of Capital Markets
María Catalina Escobar
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

View original content:http://www.prnewswire.com/news-releases/ecopetrol-files-its-form-20-f-for-the-fiscal-year-2018-300825644.html

SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, March 29, 2019 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company") announces that, at the General Shareholders' Meeting held on March 29, 2019, the Company's Shareholders approved the following:

1. The plan for distribution of profits, which establishes a distribution of an ordinary dividend per share of one hundred sixty-nine Colombian pesos (COP $169) and an extraordinary dividend per share of fifty-six Colombian pesos (COP $56), for a total dividend per share of two hundred twenty-five Colombian pesos (COP $225).

The dividend for the minority shareholders will be paid in one installment on April 25, 2019 (100% of the ordinary and extraordinary dividend).

The dividend for the majority shareholder, the Colombian State, will be paid in three installments on April 25 (50% of the ordinary dividend), June 25 (50% of the ordinary dividend), and September 25, 2019 (100% of the extraordinary dividend).

2. The appointment of its Board of Directors as follows:

Non Independent Representative:

• General Secretary from the Ministry of Finance and Public Credit

Independent Representatives:

• Orlando Ayala Lozano
• Luis Guillermo Echeverri Vélez
• Juan Emilio Posada Echeverri
• Sergio Restrepo Isaza
• Santiago Perdomo Maldonado
• Esteban Piedrahita Uribe
• Hernando Ramírez Plazas (postulated by the oil producing departments in which Ecopetrol operates)
• Carlos Gustavo Cano Sanz (postulated by ten (10) minority shareholders with major shareholding)

3. The appointment of Ernst & Young Audit S.A.S as the External Auditor for the period 2019-2020 for the Company.

4. The revision to the bylaws proposed by Company Management.

Once this is duly signed and recorded with the commercial registry, Ecopetrol will report the event in a release. The text of the approved revision may be consulted at the following link:

https://www.ecopetrol.com.co/Asamblea2019/190225%20Propuesta%20de%20reforma%20estatutaria%20(VF).pdf

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:                 

Head of Capital Markets
María Catalina Escobar
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

View original content:http://www.prnewswire.com/news-releases/decisions-of-the-ecopetrol-general-shareholders-meeting-300821350.html

SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, Feb. 27, 2019 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company") informs the 2018 earnings distribution proposal, approved by a majority of the members of its  Board of Directors, which will be submitted for the consideration of the Shareholders Meeting (Asamblea de Accionistas) that will take place on March 29, 2019:

The proposed earnings distribution follows the Company's dividend policy to distribute between 40%-60% of net income for the year.  Pursuant thereto, the Board approved an earnings distribution of 60% of 2018 net income as an ordinary dividend payment. In addition, considering the solid financial performance of the Company, the over delivery of its targets and its robust cash position at the end of 2018, the Board is also proposing an extraordinary dividend, of exceptional nature, of 20% of net income as well as the establishment of a reserve for the future sustainability of the Company.

Given the above, a $169 peso per share is proposed as earnings distribution in line with the 60% dividend policy in place and $56 pesos per share of an extraordinary dividend as a response to the over delivery of the financial performance of the company, which does not compromise the 2019-2021 business plan announced on February 26, 2019.

The proposed payment dates will be April 25, 2019 (100% ordinary and extraordinary dividend to minority shareholders / 50% of the ordinary dividend to the majority shareholder), June 25, 2019 (50% of the ordinary dividend to the majority shareholder) and September 25, 2019 (100% of the extraordinary dividend to the majority shareholder).

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 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 further information, please contact:                 

Head of Capital Markets
María Catalina Escobar
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co

Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co

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View original content:http://www.prnewswire.com/news-releases/ecopetrol-2018-earnings-distribution-proposal-300803325.html

SOURCE Ecopetrol S.A.

BOGOTÁ, Colombia, Feb. 26, 2019 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announced today the Business Group's 2018 fourth quarter and full-year financial results, prepared in accordance with International Financial Reporting Standards (IFRS) applicable in Colombia.