Ecopetrol S.A. Presents the Details of the 2014 Earnings Distribution Proposal Approved at the Ordinary Shareholders Assembly
June 24, 2015 at 20:20 PM EDT
BOGOTA, Colombia, June 24, 2015 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) at the direction of the Finance Superintendence, hereby publishes the earnings distribution proposal that was approved by the Shareholders Assembly of March 26, 2015.
Accordingly, regarding the capitalization of the occasional reserve by means of an increase in the nominal value of each of our shares from COP$250 to COP$609, which was approved by 99.9942882% of the shares represented at the meeting on March 26, 2015, Ecopetrol reports that of the total capitalized amount of COP$14,760,894,745,774, 13.1%, or COP$1,938,434,206,789, corresponds to earnings for the year 2014 that were allocated within the 2014 Earnings Distribution Proposal for the building up of occasional reserves, and 86.9%, or COP$12,822,460,538,985, correspond to reserves of prior fiscal periods.
Ecopetrol is the largest company in Colombia and is an integrated oil and gas company; it is among the top 40 oil companies in the world and among the top four oil companies in Latin America. Besides Colombia – where it generates over 60% of the national production – it has exploration and production activities in Brazil, Peru, the US (Gulf of Mexico) and Angola. Ecopetrol owns the largest refinery in Colombia, most of the pipeline and multi-product pipeline network in the country, and is significantly increasing its participation in bio-fuels.
This release contains statements that may be considered forward looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil and gas, our exploration and production activities, market conditions, applicable regulations, the exchange rate, Ecopetrol's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend, and do not assume any obligation to update these forward-looking statements.
For further information, please contact:
Head of Corporate Finance and Investor Relations (a)
Media Relations (Colombia)
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SOURCE Ecopetrol S.A.