Business

Ecopetrol Announces Leadership and Committee Reforms

BOGOTA, Colombia, April 5, 2024 /PRNewswire/ – In a strategic move to fortify its governance structures, Ecopetrol S.A., Colombia's largest and a leading integrated energy company in the Americas, has today announced significant leadership changes. The Board of Directors, in a meeting held on April 5, 2024, appointed Guillermo García Realpe as the new Chairperson of the Board and Mónica de Greiff Lindo as the Vice-Chairperson.

This leadership revamp signals a renewed corporate commitment to growth and forward-thinking oversight of the company's expansive operations.

Strengthened Oversight through Specialized Committees

The Board of Directors' enhancements also included the approval of the composition of its vital committees. Ensuring a robust audit and risk management framework is critical for the sustainable growth of a company, and to this end, Luis Alberto Zuleta Jaramillo has been designated as Chairperson of the Audit and Risk Committee. Other esteemed committee members include Álvaro Torres Macias, Guillermo García Realpe, Angela María Robledo Gómez, and Juan José Echavarría Soto, bringing a diverse array of expertise to bear on the committee's crucial mandate.

The Business Committee, envisioned to spearhead strategic commercial initiatives, will be chaired by Mónica de Greiff Lindo. She will be joined by figures like Álvaro Torres Macias, Gonzalo Hernández Jiménez, Edwin Palma Egea, and Luis Alberto Zuleta Jaramillo. The composite experience of this group promises a dynamic push for business excellence across the company’s various ventures.

Reflecting on the imperative for sustainable corporate practices, Juan José Echavarría Soto will take the helm of the Corporate Governance and Sustainability Committee. His team will include Mónica de Greiff Lindo, Gonzalo Hernández Jiménez, Luis Alberto Zuleta Jaramillo, and Angela María Robledo Gómez. Together, they will ensure that corporate governance aligns with global sustainability standards.

In addressing human capital and cultural facets, the Remuneration, Appointments, and Culture Committee will play a pivotal role. Mónica de Greiff Lindo, in her capacity as Chairperson, will work closely with Guillermo García Realpe, Juan José Echavarría Soto, Tatiana Roa Avendaño, and Edwin Palma Egea to oversee critical matters related to remuneration and organizational culture.

The company’s dedication to Health, Safety, and Environment (HSE) is underpinned by the establishment of a dedicated HSE Committee. Angela María Robledo Gómez will preside as Chairperson over this committee, which includes Tatiana Roa Avendaño, Edwin Palma Egea, Mónica de Greiff Lindo, and Guillermo García Realpe, reflecting Ecopetrol's commitment to safety and environmental stewardship.

Lastly, the Technology and Innovation Committee is set to be led by Alvaro Torres as Chairperson, with Tatiana Roa Avendaño and Guillermo García Realpe adding their insights to the mix. This committee is key to advancing the company's strategic interests in technological development and innovation, which are vital for sustaining competitiveness in the energy sector.

Ecopetrol: At the Heart of Colombia's Energy Landscape

Ecopetrol stands as a colossus in Colombia, employing over 18,000 individuals and holding responsibility for above 60% of the country's hydrocarbon production. Its tentacles extend through the most prominent transportation, logistics, and hydrocarbon refining systems, and it maintains commanding positions in the realms of petrochemicals and gas distribution segments.

With its strategic acquisition of a 51.4% interest in ISA's shares, Ecopetrol has expanded its influential presence into the energy transmission domain, managing real-time systems (XM), and it plays a significant role in the concession of the pivotal Barranquilla - Cartagena coastal highway.

Ecopetrol's Global Ventures and Strategic Alliances

Ecopetrol's footprint on the international stage is impressive, with a presence in strategic basins across the American continent. It engages in Drilling and Exploration operations in the United States, notably the Permian basin and the Gulf of Mexico, as well as in countries like Brazil and Mexico. These international endeavors underscore the company's ambition and commitment to being a global player in the energy sector.

Through its subsidiary ISA and its subsidiaries, Ecopetrol has also established a stronghold in the power transmission business within Brazil, Chile, Peru, and Bolivia. Additionally, it is involved in road concessions in Chile and is making substantial inroads into the telecommunications sector, diversifying its portfolio and reinforcing its resilience against industry-specific risks.

Forward-Looking Statements and the Company's Future

In its press release, Ecopetrol included forward-looking statements reflective of current expectations and assumptions about future events. These statements encompass projections, forecasts, budgets, and are laced with anticipatory language such as "may," "will," "expect," and similar terms, suggesting a proactive approach to the company’s trajectory.

However, the company cautions stakeholders that such forward-looking statements are naturally subject to risks and uncertainties, and actual outcomes may significantly diverge from those projected. These risks could stem from a variety of external factors beyond Ecopetrol's control. Thus, while these statements offer insight into the company's plans and expectations, they should be considered with careful discernment.

Contact and Corporate Communications

Ecopetrol makes it a priority to maintain open channels of communication with its investors and the public. Members of the media or investors seeking further information are encouraged to reach out to the appointed contacts.

The Head of Capital Markets, Carolina Tovar Aragón, can be contacted via email at [email protected], ensuring that financial stakeholders are well-informed on developments regarding the market performance of Ecopetrol.

For news pertaining to corporate happenings and communications within Colombia, Marcela Ulloa is the designated Head of Corporate Communications. She can be reached at [email protected], ready to provide information and clarifications on the company's ongoing and future initiatives.

About Ecopetrol S.A.

Ecopetrol S.A. is a vanguard of the energy industry, representing more than just an oil company—it is a symbol of national pride and a beacon of progress for Colombia. This news release signifies not only a turning point in the company’s leadership, but also an affirmation of its steadfast commitment toward a prosperous and sustainable future.

Ecopetrol remains at the forefront of innovation and sustainability, assuring stakeholders that its journey into the future is navigated with a firm hand on governance and a clear vision for technological and operational advancement. With its recent committee and leadership restructuring, the company is poised to meet the evolving demands of the energy market and continue driving growth for Colombia and beyond.

For more detailed information, visit the Ecopetrol official website or directly access the contacts listed above for personal inquiries.

Contact Information

• Head of Capital Markets: Carolina Tovar Aragón Email: [email protected]

• Head of Corporate Communications (Colombia): Marcela Ulloa Email: [email protected]

SOURCE:

Ecopetrol S.A.

It is understood that Ecopetrol does not assume any obligation to supplement, update, or correct any information in this press release, whether as a result of new information, subsequent events, or otherwise. Each forward-looking statement is made only as of the date of its initial publication, and reliance should not be placed upon these as guarantees of future performance.

In conclusion, as Ecopetrol S.A. strides forward under its new leadership and revitalized committees, the company continues to affirm its role as a central pillar in the energy landscape of Colombia and the broader American continent. With a comprehensive strategy and robust governance, Ecopetrol is set to navigate the challenges and opportunities of the energy market, driving innovation and spearheading initiatives that will shape the industry's future.