BOGOTÁ, Colombia, June 29,
2016 /CNW/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC)
hereby announces that the rating agency Standard & Poor's
(S&P) maintained the company´s investment grade at BBB.
Within the report, S&P mentioned the
Company's leading position in Colombia, its low lifting cost, and its basis
of proven reserves. S&P also highlighted the greater operating
efficiencies achieved by Ecopetrol through its austerity plan and
cost-cutting measures, as well as its focus on profitable
barrels.
In its report, the agency kept the Company's
negative outlook, considering the impact that volatility in crude
oil prices might have on its financial metrics, and in line with
the current outlook for the Republic of Colombia (BBB, negative outlook).
Ecopetrol is the largest company in
Colombia and is an integrated oil
& gas company; it is among the top 50 oil companies in the
world and among the four top ones in Latin America. Besides Colombia - where it generates over 60% of the
national production - it has exploration and production activities
in Brazil, Peru & the US (Gulf of Mexico). Ecopetrol owns the largest
refinery in Colombia and most of
the pipeline and multi-product pipeline network in the country, and
is significantly increasing its participation in bio-fuels.
This release contains statements that may be
considered forward looking statements within the meaning of Section
27A of the U.S. Securities Act of 1933 and Section 21E of the U.S.
Securities Exchange Act of 1934. All forward-looking statements,
whether made in this release or in future filings or press releases
or orally, address matters that involve risks and uncertainties,
including in respect of 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 the forward-looking statements: market prices of oil
& gas, our exploration and production activities, market
conditions, applicable regulations, the exchange rate, the
Company's competitiveness and the performance of Colombia's economy and industry, to mention a
few. We do not intend, and do not assume any obligation to update
these forward-looking statements.
For further information, please contact:
Head of Corporate Finance and Investor Relations
(E)
Lina María Contreras
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co
Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: + 571-234-4329
e-mail: mauricio.tellez@ecopetrol.com.co
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SOURCE Ecopetrol S.A.