Report of Foreign Issuer (6-k)
April 27 2016 - 6:14AM
Edgar (US Regulatory)
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
April, 2016
Commission File Number 001-34175
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ECOPETROL S.A.
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(Exact name of registrant as specified in
its charter)
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N.A.
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(Translation of registrant’s name
into English)
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COLOMBIA
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(Jurisdiction of incorporation or organization)
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Carrera 13 No. 36 – 24
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BOGOTA D.C. – COLOMBIA
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(Address of principal executive offices)
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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
Ecopetrol Adjusts its 2016 Investment
Plan
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The adjustments to Ecopetrol’s
2016 Investment Plan are part of the measures taken by Ecopetrol to navigate the low crude oil price environment, ensure capital
discipline and focus on cash generation and the financial sustainability of the Ecopetrol Group.
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In 2016, the capital expenditures will
be between US$3.0 and US$3.4 billion.
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With this level of investment, the
Ecopetrol Group expects to produce approximately 715 thousand barrels of petroleum equivalent per day during 2016.
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The Ecopetrol Group will focus its
investments on the most profitable exploration and production opportunities and on completing the transportation and refinery projects
currently under way.
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Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC)
(“Ecopetrol” or the “Company”) reports that in light of the current low crude oil price environment, and
with the aim of protecting the Company’s cash flow and financial sustainability, its Board of Directors approved an adjustment
to the 2016 Investment Plan, from US$4.8 billion, as approved on December 2015, to a range between US$3.0 and US$3.4 billion.
2016 is a year of transition for the Ecopetrol Group, during
which investments will be made to finish transportation projects and complete the start up the new Cartagena Refinery. Starting
in 2017, the Company will dedicate a larger portion of its investments to the exploration and production segments.
In exploration and production, resources will be allocated to
the development of principal fields and the assessment of exploratory findings. 93% of funds will be invested in Colombia and the
rest overseas.
Investments by segment are as follows:
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2016 Investment Plan of Ecopetrol
S.A., Affiliates and Subsidiaries
Figures (in US$ millions)
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Total
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3,000
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Business areas
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2,966
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Exploration
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282
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Production
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1,116
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Transportation
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433
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Refining and Petrochemicals
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1,135
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Other
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34
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The resources required for the investment
plan will be obtained from internal cash generation, divestment of non-strategic assets and financing. Financing needs for 2016
remain within the range of US$1.5 billion and US$1.9 billion for the Ecopetrol Group.
Bogota, April 26, 2016
-----------------------------------------
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
María Catalina Escobar
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
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.
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Ecopetrol S.A.
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By:
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/s/
María Fernanda Suárez
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Name:
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María Fernanda Suárez
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Title:
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Chief Financial Officer
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Date: April 26, 2016
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