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 September, 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/ Alfonso Camilo Barco
Name: Alfonso Camilo Barco
Title: Chief Financial Officer
Date: September 3,2024
Decisions of the Board of Directors of Ecopetrol S.A.
Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol"or the "Company")
announces that the directors Juan Jose Echavarria and Luis Alberto Zuleta
presented their resignationsas independent members of the Company's Board of
Directors, in the terms of the communication that the media previously
released to thepublic. This resignation was presented and made known to the
Board of Directors on August 30, 2024. This resignation will become
effectiveon the date that the minutes of the previous meetings of the Board of
Directors and Support Committees in which they participated areapproved.
The Company informs that the content of the following resignationletter
corresponds exclusively to the opinions of the directors Juan Jose Echavarria
and Luis Alberto Zuleta. Below is aconvenience translation of their
resignation letter:
"[Convenience Translation]
Bogota, August 30
th
, 2024
Sirs.
Ecopetrol S.A.
Attn. Board of Directors
Attn. Ricardo Roa, CEO of Ecopetrol
Attn. German Gonzalez, General Secretary, Ecopetrol
Attn. Nation - Ministry of Finance
Attn. Andres Velazco - President of Asofondos
Resignation from Ecopetrol's Board of Directors
After extensive deliberations, in February 2024,the Business and Audit
Committees from Ecopetrol unanimously recommended to the Board of Directors
that the company pursue the activitiesrelated to the acquisition of an amount
between 20% and 30% of the assets of the Crownrock Project, owned by
Occidental Petroleum Company(Oxy) in the Permian Basin in the United States.
The approval of this project considered the favorableimpact it would have on
the company's net income, production, and reserves, and highlighted its
minimal environmental impacts. It wasnoted that the level of indebtedness was
considerable but manageable. In May 2024, the Board of Directors approved, by
majority vote (sevenin favor and two against), the acquisition of 30% of this
project, and on July 17th, it was announced to the market that negotiationswith
Oxy were underway.
In the afternoon of July 31
st
, 2024,we were informed that during an informal meeting in Piedecuesta,
Bucaramanga, President Gustavo Petro expressed to Ricardo Roa and
variousmembers of the Board his disagreement with the project for three main
reasons: it involved investment in fracking, it would increase Ecopetrol'slevera
ge, and it meant directing resources from Colombia abroad. The Board then
decided, by majority, not to proceed with the deal (ourvote remained in favor,
of course). Furthermore, it was considered impossible to execute the project
without the Government's support.July 31
st
was the last day to communicate our decision to Oxy without incurring in any
penalties.
We believe that the project was essential to protectthe future of Ecopetrol
and its more than 250,000 shareholders, for the reasons outlined in this
document, and its rejection motivatesour resignation from the Board of
Directors of Ecopetrol S.A.
Without the resources that the project would providein the future, Ecopetrol's
finances will deteriorate, and the transfers to the National Government will
be reduced. Ecopetrol currentlycontributes approximately 4 points of the GDP
to the Nation through taxes, investment, royalties, and dividends-an amount
equivalentto the Government's total spending on education, 1.5 times
retirement expenses, and 2.1 times the healthcare expenditure. It
contributesbetween 10% and 15% of the Nation's total revenues each year. The
lack of contribution from Ecopetrol and the Oslo project will come outof the
pockets of the Colombian citizens. Ecopetrol produces 80% of the natural gas
used by more than 10 million consumers.
This resignation will become effective once wehave the opportunity to approve
the minutes of the previous Board of Directors meetings, which we hope will be
provided to us for approvalwithin the next month from the date of this notice.
We kindly request that, in compliance with applicablelaw, and given that these
decisions have an evident material impact, this communication be released as
relevant information."
The Board of Directors will continue to be comprised of itsother members, in
accordance with current and applicable regulations.
Bogota D.C., August 30, 2024
-----------------------------------------
Ecopetrol is the largest companyin Colombia and one of the main integrated
energy companies in the American continent, with more than 19,000 employees.
In Colombia, itis responsible for more than 60% of the hydrocarbon production
of most transportation, logistics, and hydrocarbon refining systems, andit
holds leading positions in the petrochemicals and gas distribution segments.
With the acquisition of 51.4% of ISA's shares, thecompany 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, through ISA and its subsidiaries,
Ecopetrol holdsleading positions in the power transmission business in Brazil,
Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunicationss
ector.
For more information, please contact:
Head of Capital Markets (a)
Lina Maria Contreras Mora
Email:
investors@ecopetrol.com.co
Head of Corporate Communications
Marcela Ulloa
Email:
marcela.ulloa@ecopetrol.com.co
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