Ecopetrol S.A. Announces Dates for the Third Dividend Payment of 2010
December 09, 2010 at 16:04 PM EST
BOGOTA, Colombia, Dec. 9, 2010 /PRNewswire-FirstCall/ -- Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) has announced that the third payment of COP$30 per share as ordinary dividend for 2010 will be paid from December 15, 2010. As announced in March 25 of 2010, the ex-dividend period began on November 30, 2010.
Pursuant to External Circular No. 13 of 1998 of the Securities Superintendence of Colombia, the-ex dividend period consists of the ten (10) stock market business days immediately preceding the relevant dividend payment date. Anyone buying stock during the ex-dividend period will not be entitled to the dividend. Stockholders who are registered holders of shares prior to the beginning of the ex-dividend period will be entitled to the dividend payment from that date.
The total dividend payment of COP$91 per share for 2010 was approved at the Company's General Shareholders' Meeting on March 25, 2010, to be paid in three installments of COP$31, COP$30 and COP$30 in the months of April, August, and December.
Ecopetrol is the largest company in Colombia and a vertically integrated oil company, among the 40 largest oil companies in the world and four largest in Latin America. In addition to Colombia, where it generates over 60% of the country's production, it maintains exploration and production operations in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol owns the largest refinery in Colombia, the majority of the network of oil pipelines and multi-use pipelines and is increasing significantly its participation in biofuels.
This release contains forward-looking statements related 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 company and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend on changes in market conditions, 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.