Citi has kept Ecopetrol at Neutral with an unchanged US$18 per ADR target, calling the appointment of Joaquín Gutiérrez as president a missed chance to signal independent governance.
Luis Felipe Henao, an independent member of Ecopetrol’s board, has filed a complaint for aggravated insult and slander against Alberto Vergara Monterrosa, the company’s former compliance chief.
Ecopetrol’s board named Joaquín Gutiérrez Caballero president on Sept 24, completing a leadership overhaul in which close allies of President Abelardo de la Espriella now run the company.
The lead graph shows the price of Ecopetrol’s ADR’s (Symbol: EC) from January 1st, up nearly 70% from the start of the year. But then oil prices are up, “thanks” to the Iran War, now a wider Middle East conflict and a favorable change in government.
Colombia’s environmental licensing authority (ANLA) has granted Ecopetrol an environmental license for the Bucare development area in Acacías, Meta, moving the project toward its production stage.
Joaquín Gutiérrez Caballero, who takes over as Ecopetrol president on September 28, opened with a warning that Colombia has reserves of just 7.4 years of oil and 5.9 years of gas, figures he called “paltry”.
Armando Cuello, Colombia’s Vice Minister of Energy, is expected to leave the ministry for a post tied to Ecopetrol’s gas business, according to an exclusive report.
Ecopetrol has received CoP$684B in overdue payments from the government’s Fuel Price Stabilization Fund (FEPC) and has named three new vice presidents.
I don’t think I’m at much risk of being fired from my own business. If my clients don’t like what I’m writing they can stop reading me or if chronic, not renew. Maybe.
Ecopetrol president Joaquín Gutiérrez Caballero traveled to Caracas on September 30 to attend the International Petroleum and Gas Congress, framing the trip as an exploratory mission rather than the start of any deal.
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