Ecopetrol S.A. completed the joint venture transaction announced last July 31, 2019. Through this deal, the Company and Occidental Petroleum Corp. agreed to form a strategic alliance or Joint Venture ("JV") for the development of unconventional reservoirs in approximately 97,000 acres of the Permian Basin in the State of Texas (US).

For these purposes, Ecopetrol Permian LLC, 100% owned by Ecopetrol S.A., has acquired a 49% stake in Rodeo Midland Basin LLC, a company incorporated in the State of Delaware, meeting the capital requirements of such jurisdiction and whose economic activity will be directed towards the execution of the joint development plan under the JV. After the transaction, which has an already announced value of approximately 1.5 billion dollars (50% in cash and 50% in carry), Occidental will retain 51% of Rodeo Midland Basin LLC, through its affiliate Occidental Midland Basin LLC.