UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of May, 2024
Commission File Number 001-34175
ECOPETROL S.A.
(Exact name of registrant as specified in its charter)
N.A.
(Translation of registrant's name into English)
COLOMBIA
(Jurisdiction of incorporation or organization)
Carrera 13 No. 36 - 24
BOGOTA D.C. - COLOMBIA
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F
x
Form 40-F
..
Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1)
Yes
..
No
x
Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7)
Yes
..
No
x
Indicate by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes
..
No
x
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-
N/A
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Ecopetrol S.A.
By: /s/ Maria Catalina Escobar
Name: Maria Catalina Escobar
Title: Chief Financial Officer
Date: May 22
,2024
Moody'schanges Ecopetrol's credit rating to Ba1 and its outlook from negative
to stable
EcopetrolS.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company")
reports that credit rating agency Moody'sdowngraded its global credit rating
from Baa3 to Ba1 and changed the outlook from negative to stable.
Additionally, the agency reducedthe individual rating (BCA
[1]
) from Ba3 to B1.
Thedecision to modify the individual rating was based primarily on its review
of debt management, dividend distribution above the Company'spolicy and cash
generation expectations in 2025.
Moody'smentioned that the overall Ba1 rating reflects the Company's position
as Colombia's principal producer of oil and gas, aswell as its significant
power transmission business in Colombia and in other Latin American countries,
the strong and stable cash flowat its subsidiaries Interconexion Electrica
S.A. E.S.P. and Cenit SAS. The rating agency stated that Ecopetrol will be
ableto meet its financial obligations through access to the global capital
market and the support of the Colombian government.
Theevaluation of the aforementioned factors supports an overall rating three
levels above the Company's individual rating.
Thereport issued by the rating agency on May 22, 2024, announcing the rating
change, can be consulted at the link below:
https://www.moodys.com/research/Moodys-Ratings-downgrades-Ecopetrol-to-Ba1-and-c
hanges-outlook-to-Rating-Action--PR_490593
Bogota D.C., May 22, 2024
-----------------------------------------
Ecopetrol is the largestcompany in Colombia and one of the main integrated
energy companies in the American continent, with more than 18,000 employees.
In Colombia,it is responsible for more than 60% of the hydrocarbon production
of most transportation, logistics, and hydrocarbon refining systems,and it
holds leading positions in the petrochemicals and gas distribution segments.
With the acquisition of 51.4% of ISA's shares,the company participates in
energy transmission, the management of real-time systems (XM), and the
Barranquilla - Cartagena coastal highwayconcession. At the international
level, Ecopetrol has a stake in strategic basins in the American continent,
with Drilling and Explorationoperations in the United States (Permian basin
and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its
subsidiaries, Ecopetrolholds leading positions in the power transmission
business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and
the telecommunicationssector. This press release contains business prospect
statements, operating and financial result estimates, and statements related
toEcopetrol's growth prospects. These are all projections and, as such, they
are based solely on the expectations of the managers regardingthe future of
the company and their continued access to capital to finance the company's
business plan. The realization of said estimatesin the future depends on the
behavior of market conditions, regulations, competition, and the performance
of the Colombian economy andthe industry, among other factors, and are
consequently subject to change without prior notice.
-------------------------------------------------------------------------------
[1]
Baseline Credit Assessment
This release containsstatements that may be considered forward-looking
statements within the meaning of Section 27A of the U.S. Securities Act of
1933, asamended, and Section 21E of the U.S. Securities Exchange Act of 1934,
as amended. All forward-looking statements, whether made in thisrelease or in
future filings or press releases, or orally, address matters that involve
risks and uncertainties, including in respectof 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
theforward-looking statements: market prices of oil & gas, our exploration,
and production activities, market conditions, applicableregulations, the
exchange rate, the Company's competitiveness and the performance of Colombia's
economy and industry, to mentiona few. We do not intend and do not assume any
obligation to update these forward-looking statements.
For more information, please contact:
Head of Capital Markets
Carolina Tovar Aragon
Email: investors@ecopetrol.com.co
Head of Corporate Communications
Marcela Ulloa
Email: marcela.ulloa@ecopetrol.com.co
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