September 18, 2008
Ecopetrol Lists American Depositary Shares on the New York Stock Exchange
BOGOTA, Colombia and NEW YORK, Sept. 18 /PRNewswire-FirstCall/ -- Ecopetrol S.A., the only vertically integrated crude oil and natural gas company with operations in Colombia and overseas and Colombia's largest company as measured by revenue, profit, assets and shareholders' equity, today announced the listing of its American Depositary Shares (ADSs) on the New York Stock Exchange (NYSE). Each ADS represents 20 ordinary shares of Ecopetrol common stock. The ADSs will begin trading today on the NYSE under the ticker symbol "EC".
Members of senior management, including Javier Gutierrez, President and Chief Executive Officer of Ecopetrol, as well as representatives of the Colombian Government and members of Ecopetrol's Board of Directors will visit the NYSE and ring the Opening Bell today to mark the listing. The ADSs are being listed following Ecopetrol's successful initial public offering on the Colombian Stock Exchange (BVC) in November 2007, which raised $5.7 trillion Colombian Pesos (US$2.8 billion) from the sale of a 10.1% stake. Ecopetrol is not issuing new shares or raising additional capital through its ADS listing.
"Ecopetrol has a nearly 60 year track record of growth. We also have a number of attractive expansion opportunities before us," said Mr. Gutierrez. "We are currently transforming ourselves into a global energy player by diversifying our portfolio, entering new geographic regions and continuing to expand through strategic alliances. Our successful IPO in Colombia last year was an important step in our transformation, and with our ADS listing we have become a part of the world's most liquid and transparent market."
JPMorgan Chase Bank, N.A. will act as depositary for the ADS program and LaBranche & Co Inc. will serve as the specialist for trading the ADSs.
About Ecopetrol S.A.
Ecopetrol S.A., with revenues of approximately US$15 billion for the last 12 months as of June 30, 2008 and a market capitalization of approximately US$47 billion as of the close of trading on September 17, 2008, is the largest company in Colombia as measured by revenue, profit, assets and shareholders' equity. Ecopetrol also is Colombia's only vertically integrated crude oil and natural gas company with operations in Colombia and overseas with an average daily production capacity of approximately 440,000 barrels of oil equivalent and net reserves in the amount of approximately 1.2 billion barrels of oil equivalent. Ecopetrol is majority owned by the Republic of Colombia and its shares trade on the BVC. The company divides its operations into four business segments that include exploration and production; transportation; refining; and marketing of crude oil, natural gas and refined products. Ecopetrol is focused on transforming itself into a global company with an emphasis on crude oil and natural gas and the development of alternative fuels. It also intends to become one of Latin America's leading oil and natural gas companies and is committed to developing into a key player with high competitive standards, strong human resources and clear social responsibility policies. For more information about Ecopetrol, please visit the company's Web site at: http://www.ecopetrol.com.co/.
CONTACT: Media Contact: Mauricio Tellez, Corporate CommunicationsDirector, Ecopetrol, +57-1-234-4329, +57-310-618-0726 (mobile),[email protected], or Chuck Dohrenwend, +1-212-371-5999, of TheAbernathy MacGregor Group, for Ecopetrol; Investor Contact: Oscar Bravo,Investor Relations Officer, Ecopetrol, +57-1-234-5190,[email protected]
Web site: http://www.ecopetrol.com.co/