Ecopetrol S.A. Clarifies Information Concerning Distribution in Dollars of Third Dividend Payment for 2010
October 14, 2010 at 19:31 PM EDT
BOGOTA, Colombia, Oct. 14 /PRNewswire-FirstCall/ -- Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) ("Ecopetrol" or the "Company") hereby clarifies information published by certain media sources concerning the Company's third dividend payment for 2010.
In order to avoid pressure on the Colombian foreign exchange market, Ecopetrol and the Finance Ministry have agreed that the third dividend payment corresponding to the Colombian Nation will be made in dollars in foreign accounts.
The aforementioned measure only applies to shares belonging to the Nation (89.9% of all shares), and all of the Company's other shareholders will receive their dividends in the usual manner in Colombian pesos.
Ecopetrol is Colombia's largest integrated oil & gas company, where it accounts for 60% of total production. It is one of the top 40 oil companies in the world and the fourth largest oil company in Latin America. The Company is also involved in exploration and production activities in Brazil, Peru and the United States Gulf Coast, and owns the main refineries in Colombia, most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and it is entering into the biofuels business.
This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Ecopetrol. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Colombian economy and the industry, among other factors; therefore, they are subject to change without prior notice.
SOURCE Ecopetrol S.A.