Ecopetrol: era of records ends with concerns about the future

Ecopetrol: era of records ends with concerns about the future

This March 30 will meet the Ecopetrol Shareholders Meetingto present your management reportapprove the distribution of profits and elect the members of its Board of Directors for the remainder of the 2021-2025 period.

This will be the last one she’ll be in Felipe Bayon as president of the largest company in the country. In this way, the 5-year cycle at the head of the company is closed, in which the maximum historical results that it has delivered were also achieved.

(Division in the European Union over ‘pink’ hydrogen).

It should be remembered that the revenues were $159.5 billionwhich represent 10.9% of GDP last year, and profits of $33.6 trillion attributable to shareholders.

With a part of these resources, those corresponding to the Nation, the Government will pay to the same company the debt acquired by the Fuel Price Stabilization Fund (Fepc).

During this session, the list of candidates for the board will be voted on. The one presented by the Treasury In March, it contemplates three incomes: Claudia González, Luis Alberto González and Juan José Echavarría.

(Caño Limón – Coveñas pipeline operation suspended after attackeither).

The latter as representation of the minority shareholders, which are six pension funds. This means that they would come out Luis Santiago Perdomo, Sergio Isaza and Carlos Gustavo Cano.

Being the Nation owner of 88.45% of the shares of the oil companythe power of decision will be in the hands of the Treasury portfolio.

It should be remembered that this would be the second movement in the oil company’s board, since in October of last year, they had entered Gonzalo Hernández Jiménez, Mónica de Greiff, Saúl Kattan and Sandra Ospina.

(Biomass plant for Ecopetrol will be the first project for EDF).

Of them Kattan was named the chairman of the board, after being informed that it would be Cano who would be in this position.

Once the new board is formed, this will be the one that will decide on the new president of the Groupwhose position will be temporarily occupied by Alberto Consuegra.

Ómar Suárez, Equity Strategy Manager at Casa de Bolsaexplained that it is necessary to evaluate to what extent these changes in the body can have an impact on the company’s plan.

(Everything you need to know about the first green hydrogen bus in Colombia).

It should be remembered that Ecopetrol has a plan for 2040, with which it aims for its zero and low emission solutions to represent between 30% and 50% of its Ebitda by that year, in line with the environmental commitments it acquired.

For this reason, the expert believes that it is important to analyze what it could mean with respect to the development and investment of the hydrocarbon business line.
About, Kattan has highlighted that the 2040 strategy will be maintained, although they would like to even speed up this process.

Likewise, the Minister of Mines and Energy, Irene VélezHe stressed that in fact the Government aims for the oil company to become an energy generator.

(The letters with which Emerald sought to prevent the takeover of the oil field).

Currently this is not possible, since by law, companies that transmit energy cannot generate. This means that after the acquisition of ISA, the oil company was blocked from selling energy to the National Interconnected System.

For this, the Government presented an article within the National Development Plan that would make it possible to fully integrate all the components of the energy chain.
Currently, Ecopetrol can only generate for its own operation and cannot deliver to the system.

Response on the politicization of the company

A few days after leaving the presidency of Ecopetrol, Felipe Bayon faces controversy. These are the statements that the director of the state oil company made in an interview with the Financial Times about the politicization of the company.

The leader, in dialogue with the media, pointed out that there was a risk of politicization in the company. The outlet quoted “It has been politicized. Independence must be respected and must be run as a business”. This led to the Ministry of Finance responding to this message, rejecting the claim. However, the company responded that this statement published in the media is inaccurate and that its intention is to state that it should remain technical.


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