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Ecopetrol SA (EC.N)

EC.N on New York Stock Exchange

9.55USD
24 Apr 2017
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Latest Key Developments (Source: Significant Developments)

Ecopetrol announces oil discovery at Santander
Thursday, 30 Mar 2017 09:59am EDT 

Ecopetrol SA : Ecopetrol announces oil discovery at Santander . Finding occurred at Boranda-1 well, at a depth of 3.6 kilometers . Region shows oil sands with a total thickness of 40 meters . Potential of mature basins in Colombia has been confirmed .For 2017, Ecopetrol has an exploration budget of us$652 million, with which it will drill 17 wells directly and with partners.  Full Article

Ecopetrol updates its 2020 business plan
Friday, 30 Sep 2016 12:26am EDT 

Ecopetrol Sa : By 2020, at an average price of $50 USD/BL, estimated production would reach 760 mboed, equivalent to a 6% growth vis a vis 2016 . As for exploration, at least, 1.000 million barrels of contingent resources are expected by 2020 . New 2020 plan of Ecopetrol Group modifies plan presented in May 2015 . Plan contemplates a cash surplus of more than $4.800 million, a dividend distribution policy of about 40% .Plan contemplates proceeds in a range of USD 700 million to USD 1.000 million from asset divestments.  Full Article

Ecopetrol SA files for potential mixed shelf offering
Tuesday, 9 Aug 2016 06:34am EDT 

Ecopetrol Sa : Files for potential mixed shelf offering size not disclosed - SEC filing Source: http://bit.ly/2bg5Ubu Further company coverage: [ECO.CN] ((bangalore.newsroom@thomsonreuters.com;)).  Full Article

Ecopetrol says minority shareholders nominated Juan José Echavarría Soto to board
Thursday, 4 Aug 2016 06:01pm EDT 

Ecopetrol Sa : Minority shareholders have nominated Juan José Echavarría Soto as an independent member of board of directors of company .Ecopetrol discloses minority shareholders' agreement.  Full Article

Ecopetrol creates new units in Colombia, Peru
Monday, 11 Jul 2016 11:15am EDT 

Ecopetrol SA : Said on Saturday creates three new units that will form part of Ecopetrol group and will contribute to 2020 strategic plans . To create a Colombian company, 100 percent indirectly owned by Ecopetrol through Propilco SA, to which Ecopetrol will transfer its indirect stakes in Comai Ltda and Sociedad Portuaria de Oleofinas y Derivados . To create a company based in Peru, 100 percent indirectly owned by Ecopetrol, dependent directly on Propilco and aimed at Peruvian market . To create a Colombian company, 100 percent owned directly by Ecopetrol, in order to bring the share of 43.35 percent and litigious rights possessed by Ecopetrol in Sociedad en Inversiones de Gases de Colombia .Says litigious rights are from an ordinary process underway in the civil chamber of the supreme court in which Ecopetrol is acting as plaintiff.  Full Article

Moody's says credit quality to remain weak for LatAm national oil companies
Monday, 13 Jun 2016 11:37am EDT 

Moody's: Moody's: credit quality to remain weak for Latin American national oil companies . Credit quality to remain weak for Latin American national oil companies through at least mid-2017, as they are hampered by weak liquidity . Asset sales, reduced operating spending through mid-2017 will lead to execution risks .Since no Latin American NOC has enough cash to cover negative free cash flow in the next few years, credit metrics will worsen for all.  Full Article

Ecopetrol sells shares of Empresa Energia de Bogota for COP 347.8 bln
Friday, 3 Jun 2016 09:44am EDT 

Ecopetrol SA : Said on Thursday, on June 1 Ecopetrol sold 191.6 million shares of Empresa Energia de Bogota for 347.83 billion Colombian pesos ($114.87 million), that is at 1.815 pesos per share .The offer was placed for 278.2 million shares and 86.6 million shares have not been sold yet.  Full Article

Results of second auction for Ecopetrol's equity divestment plan for its shares in Empresa De Energía De Bogotá
Thursday, 2 Jun 2016 12:29pm EDT 

Ecopetrol SA: On June, second auction was held to divest and sell 278.2 million of its shares of company Empresa De Energía De Bogotá S.A. E.S.P. . Ecopetrol has option of holding up to two additional auctions for remaining number of shares, 86.6 million .Results of the second auction for Ecopetrol's equity divestment plan for its shares in Empresa De Energía De Bogotá (EEB).  Full Article

Ecopetrol to sell remaining shares of Empresa de Energia de Bogota
Tuesday, 24 May 2016 11:25am EDT 

Empresa de Energia de Bogota SA ESP (EEB) : Said on Monday Ecopetrol plans to run a second public offer to sell EEB shares that weren't acquired in the first take . Public tender will take place before the market opens on June 1 .Ecopetrol holds 3.03 percent in EEB.  Full Article

Ecopetrol SA - Bombings halt pumping of crude on Colombia's No. 2 oil pipeline - Reuters
Tuesday, 9 Feb 2016 11:44am EST 

Ecopetrol SA:Pumping of crude on Colombia's Cano Limon pipeline has been halted after two bomb attacks late on Monday, state-run oil company Ecopetrol said - RTRS.Ecopetrol operates the 780 km (485 mile) pipeline, which has the capacity to transport 210,000 barrels of crude per day from the northeastern province of Arauca to the Caribbean coast, on behalf of U.S.-based Occidental Petroleum Corp.The two attacks, one in Boyaca province and the other in Arauca, required the company to suspend the pipeline's pumping operations, a spokesman told Reuters.Colombian rebel groups the Revolutionary Armed Forces of Colombia (FARC) and National Liberation Army (ELN) have often targeted oil infrastructure, bombing pipelines and trucks carrying crude oil.Ecopetrol did not say who was responsible for the attacks.  Full Article

More From Around the Web

Colombia's Ecopetrol restarts Cano-Limon oil pipeline after attacks

BOGOTA, April 5 Colombian state oil company Ecopetrol has restarted the country's second-largest oil pipeline, the Cano-Limon Covenas, after a series of bomb attacks halted movement of crude for seven weeks.