Ecopetrol approves creation of subsidiary in Mexico
July 13, 2017 at 06:58 AM EDT
BOGOTA, Colombia, July 13, 2017 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reports that in line with its strategy of diversification and strengthening of its exploration and production portfolio, and as a result of the allocation of exploration and extraction contracts in Mexico, its Board of Directors has approved the establishment of a subsidiary in that country.
The new subsidiary's shareholders are the subsidiaries i) Ecopetrol Global Energy SLU, a company incorporated in Spain, with a 99% equity interest, and ii) Ecopetrol America Inc., incorporated in the United States, with a 1% equity interest. These two companies are owned by Ecopetrol S.A.
This new subsidiary, the sole corporate purpose of which will be the exploration and extraction of hydrocarbons, will be responsible for the subscription and execution of the petroleum contracts in which Ecopetrol participates in Mexico, starting with the recently awarded Blocks 6 and 8 of Round 2.1.
This decision is part of Ecopetrol's strategy to advancing toward a new growth stage.
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 & gas, our exploration and production activities, market conditions, applicable regulations, the exchange rate, the Company'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 Capital Markets (A)
Media Relations (Colombia)
SOURCE Ecopetrol S.A.