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    ECOPETROL   COC04PA00016

ECOPETROL S.A.

(ECOPETROL)
  Report
End-of-day quote. End-of-day quote Bolsa De Valores De Colombia - 09/16
2615 COP   -0.19%
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Ecopetrol S A : opposes to the preliminary injunctive relief requested in a public action (“Acción Popular”) filed against the sale of ISA (Form 6-K)

07/29/2021 | 07:38am EDT

Ecopetrol opposes to the preliminary injunctive relief requested in a public action ('Acción Popular') filed against the sale of ISA

Ecopetrol S.A. (BVC: Ecopetrol; NYSE: EC) hereby reports that on July 28, 2021, it filed a statement in opposition to the preliminary injunctive relief requested within a public action (acción popular) to which it was named as defendant by means of a judicial order notified on July 21, 2021.

The acción popular is being processed by the First Section of the Administrative Court of Cundinamarca and was filed by Fundación Defensa de la Información Legal y Oportunidad - Dilo Colombia. The claimant is requesting the Court to issue a preliminary injunctive relief measure to cause the Ministry of Finance and Public Credit and Ecopetrol '... to refrain from continuing the process to sell the Nation's share ownership in ISA to Ecopetrol ...'

Ecopetrol opposes to the injunctive relief on the grounds that the claim has no legal basis. In its statement, Ecopetrol exposes the technical, financial, and legal arguments that show that Fundación Dilo Colombia did not comply with the legal requirements for said preliminary injunctive relief measure to be granted. In addition, Ecopetrol explained that the potential sale of the Nation's ownership in ISA is allowed by Colombian legislation, maximizes benefits to the Nation and to Ecopetrol, and does not threaten or violate any of the collective rights invoked by the claimant.

Ecopetrol will continue to defend the legality of the potential ISA transaction in all stages of the judicial process described herein.

Bogotá D.C., July 29, 2021

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

Ecopetrol is the largest company in Colombia and one of the main integrated oil and gas conglomerates in Latin America, with more than 13,000 employees. It accounts for more than 60% of the hydrocarbon production in Colombia, and it owns the largest refineries and most of the country's oil-pipelines and multi-purpose pipelines network. It also participates in the commercialization of energy and in the distribution of gas. At the international level, Ecopetrol focuses on strategic basins on the American continent, with E&P operations in the United States (the Permian basin and the Gulf of Mexico), Brazil and Mexico. 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

Disclaimer

Ecopetrol SA - Empresa Colombiana de Petroleos published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 11:36:15 UTC.


© Publicnow 2021
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Analyst Recommendations on ECOPETROL S.A.
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Financials
Sales 2021 82 694 B 21 666 M 21 666 M
Net income 2021 15 986 B 4 188 M 4 188 M
Net Debt 2021 40 512 B 10 614 M 10 614 M
P/E ratio 2021 6,10x
Yield 2021 4,67%
Capitalization 107 520 B 28 158 M 28 170 M
EV / Sales 2021 1,79x
EV / Sales 2022 1,72x
Nbr of Employees 13 977
Free-Float 10,4%
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Technical analysis trends ECOPETROL S.A.
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TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 8
Last Close Price 2 615,00 COP
Average target price 2 607,00 COP
Spread / Average Target -0,31%
EPS Revisions
Managers and Directors
Felipe Bayón Pardo President & Chief Executive Officer
Jaime Caballero Uribe Chief Financial Officer
Luis Guillermo Echeverri Velez Chairman
Andrés Mantilla Zárate Vice President-Innovation & Technology
Alberto Consuegra Granger Chief Operating Officer
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