Ecopetrol files a Collective Labor Agreement Claim
June 28, 2018 at 21:36 PM EDT
BOGOTÁ, Colombia, June 28, 2018 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reports that it filed a collective labor agreement claim with the Ministry of Labor.
As prescribed by law, signatories of collective labor agreements are authorized to state their intentions to amend them through a claim and, if petitions are filed by the unions, the company, in this case Ecopetrol S.A., and the union organizations would have to initiate negotiations for a new collective labor agreement.
The collective labor agreement between Ecopetrol S.A. and its direct employees is for a four (4) year period that began in 2014 and expires on June 30, 2018. Therefore, as explained in the paragraph above, the purpose of the claim filed by Ecopetrol S.A. is to state its intention to modify certain provisions of the agreement, consistent with Ecopetrol S.A.'s growth and future prospects.
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.
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SOURCE Ecopetrol S.A.