Enhanced Investments - Financial Portal

Establishment of a Special Committee for ISA's valuation

Published: 2021-03-26 12:08:00 ET

BOGOTA, Colombia, March 26, 2021 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reports that its Board of Directors, within the context of the potential acquisition of the 51.4% of the outstanding shares currently owned by the Ministry of Finance and Public Credit in ISA, approved today the establishment of a Special Committee that will act as a temporary mechanism to evaluate the valuation of ISA, the price range and/or the price of the potential transaction and make the necessary recommendations to the Board of Directors. The committee will be comprised of the following independent members of Ecopetrol's Board of Directors:

Carlos Gustavo Cano
Sergio Restrepo
Esteban Piedrahita
Santiago Perdomo, who will chair the committee

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 the United States (Permian basin and Gulf of Mexico), Brazil and 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 details, please contact:

Head of Capital Markets Tatiana Uribe Benninghoff Phone: +571-234-5190 Email: investors@ecopetrol.com.co

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

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SOURCE Ecopetrol S.A.

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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.