Ecopetrol Elects Employee to Board of Directors Amid Government Nomination

Ecopetrol S.A. has announced that its employees have elected Cesar Eduardo Loza Arenas to the company’s Board of Directors. This decision follows a voting process as part of the slate proposed by the Government of Colombia. Loza Arenas is the seventh director included in this nomination, which awaits the completion of necessary corporate procedures for formalization.

Founded in Colombia, Ecopetrol is the largest company in the nation and one of the most significant integrated energy firms on the American continent, employing over 19,000 individuals. The company plays a crucial role in Colombia’s energy sector, accounting for more than 60% of the country’s hydrocarbon production, along with leading positions in transportation, logistics, and refining.

Ecopetrol has also expanded its reach through the acquisition of 51.4% of shares in ISA, which allows it to engage in energy transmission and manage real-time systems. Furthermore, the firm operates the Barranquilla – Cartagena coastal highway concession, enhancing its infrastructure capabilities.

Internationally, Ecopetrol is active in strategic basins across the Americas. Its exploration and drilling operations extend to the United States, particularly in the Permian Basin and the Gulf of Mexico, as well as in Brazil and Mexico. Through ISA and its subsidiaries, Ecopetrol maintains a strong presence in power transmission in Brazil, Chile, Peru, and Bolivia, also holding interests in road concessions in Chile and the telecommunications sector.

In a statement regarding the election, the company emphasized the importance of employee representation on the Board. This election is viewed as a significant step in reinforcing communication between the workforce and management, thereby aligning company objectives with employee interests.

Ecopetrol’s future prospects hinge on several factors, including market conditions, regulatory frameworks, and the competitive landscape within the industry. The company acknowledges that various uncertainties could affect its growth trajectory and access to capital, crucial for implementing its business plans.

As the company moves forward, it aims to leverage its diverse operations to enhance its market position while navigating the evolving energy landscape. For further inquiries, please contact Carolina Tovar, Head of Capital Markets, at [email protected] or Marcela Ulloa, Head of Corporate Communications (Colombia), at [email protected]