Moody’s Affirms Ecopetrol’s Ratings and Investment Outlook, Lowers BCA

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Bogotá – Colombia, August 25, 2022 /PRNewswire/ — Ecopetrol SA (BVC: ECOPETROL; NYSE: EC) announces that Moody’s Investors Service (“Moody’s”) has affirmed the overall credit rating of Ecopetrol SA (“Ecopetrol” or the “Company”) at Baa3 with a negative outlook and downgraded its individual rating (BCA) from Ba1 to Ba3.

The rating agency noted that it believes the Company would be able to meet its financial obligations even in a volatile crude oil price environment, noting the Company’s access to global and local capital markets, availability a committed bank credit facility in the amount of $1.2 billionthe treasury of its subsidiaries ISA and Cenit and the financial support of the Colombian national government.

The decision to modify the individual rating was mainly based on: (i) debt maturities in 2023, and (ii) the potential impact for the Company of possible changes in environmental and energy policies.

Ecopetrol is the largest company in Colombia and one of the leading integrated energy companies in the Americas, with more than 18,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most of the transport, logistics and hydrocarbon refining systems, and holds leading positions in the petrochemical and gas distribution segments. With the acquisition of 51.4% of the shares of ISA, the company participates in the transmission of energy, the management of real-time systems (XM) and the Barranquilla – Cartagena coastal highway concession. Internationally, Ecopetrol holds interests in strategic basins on the American continent, with drilling and exploration activities in United States (Permian Basin and the Gulf of Mexico), Braziland Mexicoand, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission sector in Brazil, Chile, Peruand Bolivia, road concessions in Chile, and the telecommunications sector. This press release contains statements of business outlook, estimates of operating and financial results and statements relating to Ecopetrol’s growth prospects. These are all projections and as such are based solely on executives’ expectations regarding the future of the company and their continued access to capital to fund the company’s business plan. The achievement of such estimates in the future depends on the behavior of market conditions, regulations, competition and the performance of the Colombian economy and industry, among other factors, and are therefore subject to change without notice. .

This release contains statements that may be deemed forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended. 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 with respect to the company’s growth prospects. Company and its continued access to capital to fund the Company’s activities. plan, among other things. Accordingly, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices for oil and gas, our exploration and production activities, market conditions, applicable regulations, stock exchange rates, the competitiveness of the Company and the performance of Colombia economy and industry, to name a few. We do not intend and assume no obligation to update these forward-looking statements.

For more information please contact:

Head of Capital Markets
Tatiana Uribe Benninghoff
E-mail: [email protected]

Corporate Communications Manager
Mauricio Tellez
E-mail: [email protected]

SOURCE Ecopetrol SA

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