Ecopetrol SA (EC) has released an update.
Ecopetrol S.A. has announced the resignation of board members Juan José Echavarría and Luis Alberto Zuleta following their disagreement with the majority decision to halt a significant investment in the Crownrock Project, which they believed was crucial for the company’s future and shareholder value. The project, involving a 30% acquisition of assets in the Permian Basin from Occidental Petroleum, was initially seen as beneficial for the company’s income and reserves but was later abandoned due to concerns about fracking, increased leverage, and the redirection of Colombian resources. This development could potentially impact Ecopetrol’s financial contributions to Colombia’s GDP, taxes, and social expenditures.
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