BOGOTA, Colombia, May 10, 2016 /PRNewswire/ -- 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
Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: + 571-234-4329
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SOURCE Ecopetrol S.A.