BOGOTA, Colombia, June 24, 2015 /PRNewswire/ -- Ecopetrol S.A.
(BVC: ECOPETROL; NYSE: EC; TSX: ECP) at the direction of the
Finance Superintendence, hereby publishes the earnings distribution
proposal that was approved by the Shareholders Assembly of
March 26, 2015.
PROFIT
DISTRIBUTION PROPOSAL
|
YEAR
2014
|
Net
Profit
|
7,812,615,136,858
|
|
|
(-) Legal
reserves of the current year
|
405,660,035,395
|
Legal Reserve
(10%)
|
0
|
Regulatory Decree
2336/95 current year reserve (taxable)
|
1,394,635,395
|
Excess of fiscal
depreciation reserve (Art. 130 ET)
|
404,265,400,000
|
|
|
(+) Reserves
from previous years
|
12,823,783,492,805
|
New explorations
reserve (taxable)
|
2,377,437,667,069
|
New explorations
reserve (non taxable)
|
1,477,674,767,575
|
Unrealized profit
from previous years reserve (non taxable)
|
5,328,453,059,529
|
Regulatory Decree
2336/95 previous year reserve (taxable)
|
20,989,231,477
|
Investment projects
reserve (taxable)
|
1,694,926,323,108
|
Investment projects
reserve (non taxable)
|
1,924,302,444,047
|
|
|
Available to the
Shareholders
|
20,230,738,594,268
|
|
|
It is proposed to
distribute as follow:
|
|
Ordinary dividend
non taxable (70% Net Profit)
|
5,468,520,894,674
|
|
|
Unrealized profit
from previous years reserve (non taxable)
|
1,895,917,328,756
|
Unrealized profit
current year reserve (non taxable)
|
2,551,223,317,037
|
New explorations
reserve (taxable)
|
2,377,437,667,069
|
New explorations
reserve (non taxable)
|
1,477,674,767,575
|
Future Investments
reserve (taxable)
|
238,240,787,010
|
Future Investments
reserve (non taxable)
|
6,221,723,832,147
|
|
|
Ordinary dividend
payable per share
|
$
133.00
|
Accordingly, regarding the capitalization of the occasional
reserve by means of an increase in the nominal value of each of our
shares from COP$250 to COP$609, which was approved by 99.9942882%
of the shares represented at the meeting on March 26, 2015, Ecopetrol reports that of the
total capitalized amount of COP$14,760,894,745,774, 13.1%, or
COP$1,938,434,206,789, corresponds to earnings for the year 2014
that were allocated within the 2014 Earnings Distribution Proposal
for the building up of occasional reserves, and 86.9%, or
COP$12,822,460,538,985, correspond to reserves of prior fiscal
periods.
Ecopetrol is the largest company in Colombia and is an integrated oil and gas
company; it is among the top 40 oil companies in the world and
among the top four oil companies 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) and
Angola. Ecopetrol owns the largest
refinery in Colombia, 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
and gas, our exploration and production activities, market
conditions, applicable regulations, the exchange rate, Ecopetrol'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
(a)
Maria Catalina Escobar
Hoyos
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.