Colombia’s four pension fund administrators—Colfondos, Porvenir, Protección, and Skandia—have called for an Extraordinary Shareholders’ Assembly at Ecopetrol (NYSE: EC) to address recent vacancies on the company’s Board of Directors.
Ecopetrol (NYSE: EC) announced plans to construct a state-of-the-art data center in collaboration with Arab investors.
Ecopetrol has raised alarms about possible gas restrictions after members of the Movimiento Político de Masas Social y Popular del Centro Oriente de Colombia (MPMSPCOC) seized control of the Gibraltar gas processing plant on November 24.
Local media reported allegations of contract steering and influence-peddling within Cenit, a subsidiary of Ecopetrol (NYSE: EC). Ricardo Roa, CEO of ECP, addressed the claims.
Citibank, one of the world’s leading financial institutions, has further lowered its target price for Ecopetrol (NYSE: EC).
How bad is it? ECP’s 3Q24 results came out recently and Net Income fell once again. The share price continues to fall. Reputable investment banks question the NOC’s governance and suggest the share price could fall further. But do the numbers justify the gloom and doom?
Ecopetrol’s (NYSE: EC) stock price has dropped to levels reminiscent of the global market crash caused by the COVID-19 pandemic, raising concerns about the financial health of Colombia’s state-owned oil company.
Ecopetrol’s (NYSE: EC) President, Ricardo Roa, outlined a robust austerity and efficiency strategy to address the challenges facing Colombia’s largest oil company.
Fitch Ratings has maintained Colombia’s long-term and short-term credit ratings at AAA and F1, respectively, but issued significant warnings regarding governance issues at Ecopetrol (NYSE: EC), the nation’s largest and most profitable state-owned oil company.
Despite resigning from Ecopetrol’s Board of Directors over two months ago, Juan José Echavarría and Luis Alberto Zuleta remain unable to formally leave their positions.
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