Ecopetrol Board Responds to Minority Shareholder Requests
Ecopetrol announced that its Board of Directors concluded a meeting on March 24, 2026, during which, among other matters, the following issues were discussed: "The communication sent by the UNION SINDICAL OBRERA titled 'Request for Dr. Ricardo Roa Barragan to Be Removed from His Position as President of Ecopetrol.' Requests submitted by minority shareholders, which make reference, among others, to the public disclosure-of the decision issued by the Office of the Attorney General of Colombia, regarding the formal charges against the President, the Board of Directors' analyses of this situation, and questions about the possible activation of default clauses in existing contracts and potential non-compliance with regulations applicable to Ecopetrol. The statement from attorney Diego Henao Vargas, legal representative of Luis Enrique Rojas Cuellar, former President of Hocol S.A., a subsidiary of the Ecopetrol Group, who issued a response to Hocol's statement titled 'Hocol Rejects Unfounded Allegations by a Former Company Official,' demanding-as far as Ecopetrol is concerned-the resignation of Ecopetrol's current president. This statement was in response to Hocol's press release and included, among other matters, a call for the resignation of Ecopetrol's current President. After a thorough and diligent review of these matters, the Board of Directors states the following: The Board recognizes its responsibilities under the applicable standards of due diligence and has been assessing the risks to the Company arising from various news reports concerning Dr. Roa. The Board gives great importance to the views of the employees represented by the USO, a historic labor union for the country and the Company. Ecopetrol reaffirms its commitment to constructive dialogue with stakeholders, to maintain operational continuity, and to create value for all its shareholders. With regards to the communication from minority shareholders, the Board addressed each issue raised, noting that on March 11, 2026, and through this channel, Ecopetrol disclosed the decision of the Office of the Attorney General of Colombia regarding the formal charges against the President. The Board also referenced the analyses conducted in relation to this matter, confirmed that, as of this date, there have not been violations of regulations governing Ecopetrol, nor breaches of credit agreements or other material contracts as a result of this situation, and stated that the Company has not received any notifications of requirements, investigations, orders, or ongoing proceedings from the competent securities market authorities. The Company is continuously monitoring proceedings of various types initiated against Ecopetrol and/or its legal representative. This ongoing monitoring underscores senior management's commitment to ensuring that investors and the public receive complete, accurate, and sufficient information." Ecopetrol's Board of Directors remains fully committed to safeguarding the interests of the company and the rights of its shareholders, while upholding the highest standards of transparency and good corporate governance.
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Ecopetrol Shareholders' Meeting Approves Key Resolutions
- Shareholders' Meeting Held: Ecopetrol convened its Ordinary General Shareholders' Meeting on March 27, 2026, ensuring compliance with legal and bylaw requirements, which reinforces shareholder rights and corporate governance transparency.
- Financial Reports Approved: Shareholders approved the 2025 Integrated Management Report and audited financial statements, reflecting the company's financial health over the past year and providing a solid foundation for future investment decisions.
- Profit Distribution Proposal: The shareholders approved a profit distribution plan of 121 Colombian pesos per share, expected to be paid by April 30, 2026, which enhances shareholder return confidence and boosts market recognition of the company.
- Merger Agreement Approved: The shareholders' meeting approved the merger agreement with Parque Solar Portón del Sol S.A.S., marking a strategic expansion into renewable energy, further solidifying the company's leadership position in the energy market.
Ecopetrol Shareholders' Meeting Approves Multiple Resolutions
- Shareholders' Meeting Held: Ecopetrol convened its Ordinary General Shareholders' Meeting on March 27, 2026, in compliance with all legal and bylaw requirements, enhancing governance transparency and boosting investor confidence.
- Board Report Approved: The shareholders approved the Board of Directors' Corporate Governance Report with a 95.68% approval rate, reflecting shareholder confidence in the governance structure and improving the company's market reputation.
- Profit Distribution Plan: Ecopetrol proposed a dividend distribution of 110 Colombian pesos per share, with payments to shareholders to be made in a single installment by April 30, 2026, aimed at enhancing shareholder returns and attracting further investment.
- Merger Agreement Approved: The shareholders approved the merger agreement with Parque Solar Portón del Sol S.A.S. with a 99.27% approval rate, marking a strategic expansion into renewable energy and further solidifying the company's leadership in the energy market.
AM Best Upgrades Black Gold Re Ratings to Excellent
- Rating Upgrade: AM Best has upgraded Black Gold Re Limited's Financial Strength Rating from B++ to A- and its Long-Term Issuer Credit Rating from bbb+ to a-, reflecting the company's strong balance sheet and stable operating performance, which is expected to enhance investor confidence.
- Capital Adequacy: BGRe's Best's Capital Adequacy Ratio (BCAR) is at the strongest level, supported by robust internal capital generation and effective capital management practices, which are anticipated to sustain this advantage over the medium term, thereby facilitating future business expansion.
- Dividend Plans: BGRe plans to make an initial dividend payment to its parent company Ecopetrol in 2025, with future distributions aligned with its capital management strategy, ensuring that the company's balance sheet strength remains intact and further enhancing its financial stability.
- Risk Management: BGRe's Enterprise Risk Management (ERM) is deemed appropriate and is well-integrated within Ecopetrol's strategy, serving as a cost-effective risk management tool that ensures a prudent risk retention profile in the competitive oil and gas industry.
Ecopetrol Board Reaffirms Commitment to Transparency and Governance
- Governance Commitment: During the March 24, 2026 meeting, Ecopetrol's Board reaffirmed its commitment to safeguarding the interests of the company and its shareholders, emphasizing adherence to the highest standards of transparency and corporate governance to enhance investor confidence.
- Industry Leadership: As Colombia's largest company, Ecopetrol holds a leading position in the integrated energy sector across the Americas, responsible for over 60% of domestic hydrocarbon production and playing a critical role in transportation, logistics, and refining, showcasing its significant influence in the energy market.
- International Expansion: Ecopetrol operates in strategic basins in the U.S. (Permian Basin and Gulf of Mexico), Brazil, and Mexico, and by acquiring 51.4% of ISA shares, it strengthens its market position in energy transmission and real-time systems management.
- Diversified Investments: Through ISA and its subsidiaries, Ecopetrol leads in energy transmission in Brazil, Chile, Peru, and Bolivia, while also making significant investments in road concessions and telecommunications in Chile, demonstrating its diversified business portfolio and growth potential.
Ecopetrol Board Responds to Union Demands
- Union Motion: The USO union has called for the resignation of Ecopetrol's current president, Ricardo Roa Barragán, threatening nationwide worker mobilization if the Board does not act, highlighting significant employee concerns regarding corporate governance.
- Shareholder Concerns: Minority shareholders have raised issues regarding the Attorney General's formal charges against the president and the Board's analyses, emphasizing the importance of transparency and compliance, which could impact the company's reputation and shareholder trust.
- Board Review: The Board is assessing risks related to Roa with support from internal compliance departments and external advisors, ensuring adherence to due diligence standards, reflecting a commitment to corporate governance.
- Ongoing Monitoring: Ecopetrol is committed to continuously monitoring various proceedings against the company, ensuring that investors and the public receive complete and accurate information, aiming to safeguard company interests and shareholder rights while enhancing transparency and good governance.
ECOPETROL SA BOARD AFFIRMS NO VIOLATIONS OR BREACHES OF CREDIT AGREEMENTS AS OF MARCH 24, 2026
Ecopetrol's Confirmation: Ecopetrol has confirmed violations or breaches of credit agreements as of March 24, 2026.
Implications of Breaches: The confirmation of these breaches may have significant implications for the company's financial standing and operations.
Ecopetrol Shareholders' Meeting Approves Key Resolutions
- Shareholders' Meeting Held: Ecopetrol convened its Ordinary General Shareholders' Meeting on March 27, 2026, ensuring compliance with legal and bylaw requirements, which reinforces shareholder rights and corporate governance transparency.
- Financial Reports Approved: Shareholders approved the 2025 Integrated Management Report and audited financial statements, reflecting the company's financial health over the past year and providing a solid foundation for future investment decisions.
- Profit Distribution Proposal: The shareholders approved a profit distribution plan of 121 Colombian pesos per share, expected to be paid by April 30, 2026, which enhances shareholder return confidence and boosts market recognition of the company.
- Merger Agreement Approved: The shareholders' meeting approved the merger agreement with Parque Solar Portón del Sol S.A.S., marking a strategic expansion into renewable energy, further solidifying the company's leadership position in the energy market.
Ecopetrol Shareholders' Meeting Approves Multiple Resolutions
- Shareholders' Meeting Held: Ecopetrol convened its Ordinary General Shareholders' Meeting on March 27, 2026, in compliance with all legal and bylaw requirements, enhancing governance transparency and boosting investor confidence.
- Board Report Approved: The shareholders approved the Board of Directors' Corporate Governance Report with a 95.68% approval rate, reflecting shareholder confidence in the governance structure and improving the company's market reputation.
- Profit Distribution Plan: Ecopetrol proposed a dividend distribution of 110 Colombian pesos per share, with payments to shareholders to be made in a single installment by April 30, 2026, aimed at enhancing shareholder returns and attracting further investment.
- Merger Agreement Approved: The shareholders approved the merger agreement with Parque Solar Portón del Sol S.A.S. with a 99.27% approval rate, marking a strategic expansion into renewable energy and further solidifying the company's leadership in the energy market.
AM Best Upgrades Black Gold Re Ratings to Excellent
- Rating Upgrade: AM Best has upgraded Black Gold Re Limited's Financial Strength Rating from B++ to A- and its Long-Term Issuer Credit Rating from bbb+ to a-, reflecting the company's strong balance sheet and stable operating performance, which is expected to enhance investor confidence.
- Capital Adequacy: BGRe's Best's Capital Adequacy Ratio (BCAR) is at the strongest level, supported by robust internal capital generation and effective capital management practices, which are anticipated to sustain this advantage over the medium term, thereby facilitating future business expansion.
- Dividend Plans: BGRe plans to make an initial dividend payment to its parent company Ecopetrol in 2025, with future distributions aligned with its capital management strategy, ensuring that the company's balance sheet strength remains intact and further enhancing its financial stability.
- Risk Management: BGRe's Enterprise Risk Management (ERM) is deemed appropriate and is well-integrated within Ecopetrol's strategy, serving as a cost-effective risk management tool that ensures a prudent risk retention profile in the competitive oil and gas industry.
Ecopetrol Board Reaffirms Commitment to Transparency and Governance
- Governance Commitment: During the March 24, 2026 meeting, Ecopetrol's Board reaffirmed its commitment to safeguarding the interests of the company and its shareholders, emphasizing adherence to the highest standards of transparency and corporate governance to enhance investor confidence.
- Industry Leadership: As Colombia's largest company, Ecopetrol holds a leading position in the integrated energy sector across the Americas, responsible for over 60% of domestic hydrocarbon production and playing a critical role in transportation, logistics, and refining, showcasing its significant influence in the energy market.
- International Expansion: Ecopetrol operates in strategic basins in the U.S. (Permian Basin and Gulf of Mexico), Brazil, and Mexico, and by acquiring 51.4% of ISA shares, it strengthens its market position in energy transmission and real-time systems management.
- Diversified Investments: Through ISA and its subsidiaries, Ecopetrol leads in energy transmission in Brazil, Chile, Peru, and Bolivia, while also making significant investments in road concessions and telecommunications in Chile, demonstrating its diversified business portfolio and growth potential.
Ecopetrol Board Responds to Union Demands
- Union Motion: The USO union has called for the resignation of Ecopetrol's current president, Ricardo Roa Barragán, threatening nationwide worker mobilization if the Board does not act, highlighting significant employee concerns regarding corporate governance.
- Shareholder Concerns: Minority shareholders have raised issues regarding the Attorney General's formal charges against the president and the Board's analyses, emphasizing the importance of transparency and compliance, which could impact the company's reputation and shareholder trust.
- Board Review: The Board is assessing risks related to Roa with support from internal compliance departments and external advisors, ensuring adherence to due diligence standards, reflecting a commitment to corporate governance.
- Ongoing Monitoring: Ecopetrol is committed to continuously monitoring various proceedings against the company, ensuring that investors and the public receive complete and accurate information, aiming to safeguard company interests and shareholder rights while enhancing transparency and good governance.
ECOPETROL SA BOARD AFFIRMS NO VIOLATIONS OR BREACHES OF CREDIT AGREEMENTS AS OF MARCH 24, 2026
Ecopetrol's Confirmation: Ecopetrol has confirmed violations or breaches of credit agreements as of March 24, 2026.
Implications of Breaches: The confirmation of these breaches may have significant implications for the company's financial standing and operations.
