Ecopetrol S.A. reports on the changes to the accounting classification of one of its investments
February 03, 2020 at 22:14 PM EST
BOGOTÁ, Colombia, Feb. 3, 2020 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reports that having completed all legal and accounting analyses regarding the ruling issued by the Supreme Court of Justice dated October 30, 2019, reported by this same means, whereby the Company obtained a 51.88% shareholding of INVERCOLSA, this investment will be classified in Ecopetrol S.A's Separate Financial Statements as a subsidiary, rather than an associated company, whereby its consolidation process will begin, including all accounting matters, as of December 2019.
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.