Key Developments: Ecopetrol SA (EC)
43.82USD
22 May 2013
$0.82 (+1.91%)
$43.00
$42.97
$43.92
$42.97
612,986
612,867
$64.06
$42.29
Latest Key Developments (Source: Significant Developments)
Standard & Poor's Upgrades and Maintains Its Ratings On Ecopetrol SA
Ecopetrol SA announced that Standard & Poor's has upgraded its short-term credit rating on the Company in the foreign currency from BBB- to BBB; its long- term credit rating in the foreign currency from A3 to A2. It was also announced that Standard & Poor's has affirmed its long- term credit rating in the local currency on the Company at BBB+ and its short- term credit rating in the local currency at A2, as well as stand alone rating at bbb-. Full Article
Ecopetrol SA Obtains Two New Patents In Colombia
Ecopetrol SA announced that the Superintendency of Commerce and Industry of Colombia has granted the Company with two invention patents to two its newly developed systems to eliminate contaminants. The first patent purifies wastewater from the production of hydrocarbons, and the second patent separates crude oil from heavy elements like sand. These patents have a maturity period of 20 years. Full Article
Ecopetrol SA Completes Transfer Of Transportation Assets To Wholly Owned Subsidiary
Ecopetrol SA announced that it has completed the transfer of hydrocarbon transport and logistics assets to its wholly owned subsidiary, Cenit-Transporte y Logistica de Hidrocarburos S.A.S. The total assets transferred to Cenit are valued at COP13.6 trillion. Cenit is a company 100% owned by Ecopetrol. Full Article
Ecopetrol SA Announces Eximbank Guaranteed Credit Facility
Ecopetrol SA announced that on March 22, 2013, it entered into a credit facility guaranteed by the US EximBank that was being structured since the end of 2009. The four international lender banks are JPMorgan Chase Bank, N.A., The Bank of Tokyo-Mitsubishi UFJ LTD, Mizuho Corporate Bank, ltd. and Citibank N.A. The facility consists of two parts, whose terms are governed by: A Facility Agreement for USD420,442,800, amortized over 7 years at a rate of LIBOR + 0.65; and a Credit Agreement for USD426,616,323, amortized over 10 years at a rate of Libor + 0.90. The funds can only be disbursed abroad and used exclusively to pay for goods and services purchased from U.S. providers. Therefore, none of the foreign currency disbursed pursuant to these facilities will be entering in Colombia. Ecopetrol has not yet drawn on either of these facilities Full Article
Ecopetrol SA Announces FY 2012 Ordinary And Extraordinary Dividend Payments
Ecopetrol SA announced that it has decided to distribute an ordinary dividend payment for fiscal year 2012 in the amount of COP 9,278,121,148,385 at a value of COP 255 per share. The ordinary dividend will be paid in six installments, effective on April 15, 2013; September 16, 2013; October 16, 2013, November 14, 2013; December 6, 2013 and between December 15, 2013 and January 15, 2014. The Company also announced that it will distribute an extraordinary dividend payment for fiscal year 2012 in the amount of COP 1,309,852,397,419 at a value of COP 36 per share, which will be paid between December 16, 2013 and January 31, 2014. Full Article
Ecopetrol SA Appoints External Auditor For Fiscal 2013
Ecopetrol SA announced that it has decided to appoint PricewaterhouseCoopers as the new External Auditor for the fiscal year 2013 for the company, following the recommendation of the Audit Committee. Full Article
Ecopetrol SA Wins Arbitration Against Pacific Rubiales Energy Corp-DJ
Dow Jones reported that a Colombian arbitration court ruled in favor of state-run oil firm Ecopetrol SA in a legal battle with Toronto-based oil company Pacific Rubiales Energy Corp over windfall payments from one of the country's top-producing oil fields. The arbitration tribunal ruled that Pacific Rubiales Energy Corp must pay 100% of windfall income from the Quifa oil field to Ecopetrol after production in the Quifa field reached the 5 million barrels of oil. Pacific Rubiales had offered to pay 60%. The court essentially upheld the legality of a clause in a contract between Pacific Rubiales, which operates the field, and Ecopetrol, which has control of the field. Full Article
Fitch Ratings Changes Outlook On Ecopetrol SA
Ecopetrol SA announced that Fitch Ratings has changed its outlook on the Company from Stable to Positive. Meanwhile, Fitch Ratings also affirmed foreign currency rating at BBB- and local currency rating at BBB. Full Article
Fitch Ratings Affirms Its Corporate Credit Ratings On Ecopetrol SA
Fitch Ratings announced that it has affirmed its long-term corporate credit rating on Ecopetrol SA at AAA (col) on the Colombian national scale. The outlook is stable. The agency also affirmed its short-term corporate credit rating on the Company at F1+(col). Full Article
Ecopetrol SA Proposes Ordinary Dividend Payment and Extraordinary Dividend Payment For FY 2012
Ecopetrol SA announced that it proposes to distribute an ordinary dividend of COP 255 per share and an extraordinary dividend payment of COP 36 per share. The number of installments for the payment of the dividends will be decided at the Shareholders Meeting on March 21, 2013. Full Article
UPDATE 1-Colombia's Ecopetrol wins case against Pacific Rubiales
BOGOTA, March 13 - A Colombian arbitration tribunal on Wednesday ruled in favor of state-run oil company Ecopetrol in a dispute with Canada's Pacific Rubiales over the revenues generated by an oil field run by the companies.
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