BOGOTA, Colombia, May 10, 2016 /CNW/ -- Ecopetrol S.A. (BVC:
ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company") announces that
the risk rating agency, Moody's Investors Service ("Moody's"), has
maintained Ecopetrol's credit rating at Baa3.
This confirmation means that the Company will retain its
investment grade rating, which had been assigned to it by Moody's
on January 18, 2016, and concludes
the ratings review initiated on January 16,
2016.
In its report, Moody's highlighted the Company's adjustment to
its investment plan to protect its liquidity, the increase in
refining capacity due to the start-up of the Cartagena Refinery,
and favorable results in the midstream segment. It also noted the
efficiency program, which has enabled Ecopetrol to successfully
face the challenging low crude oil price environment.
Moody's also established the Company's outlook as negative, due
to the impact that low international crude oil prices may have on
the exploration and production segments.
Ecopetrol is the largest company in Colombia. It is part of the oil production
chain and is one of the 40 largest oil companies in the world, and
among the four main oil companies in Latin America. In addition to
Colombia, where it generates more
than 60% of its domestic production, it is present in exploration
and production activities in Brazil, Peru,
and the United States
(Gulf of
Mexico). Ecopetrol has the largest refinery in
Colombia, the majority of the oil
pipeline and multi-use pipeline network in the country, and it is
significantly increasing its stake in biofuels.
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
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SOURCE Ecopetrol S.A.