BOGOTÁ, Colombia,
July 16, 2018 /CNW/ -- Ecopetrol S.A. (BVC: ECOPETROL;
NYSE: EC) reports that the risk-rating agency Moody's increased
Ecopetrol's baseline credit assessment (BCA) two notches, to
ba1 from ba3.
Moody's notes that the higher BCA was due to the Company's solid
metrics and progress in its strategy of growth and adding to
reserves, with a reserves replacement index of 126% at the end of
2017. In the press release, Moody's highlighted the Company's four
areas of growth:
- Implementation of improved recovery and infill projects.
- Exploration.
- Assessment of opportunities in non-conventional deposits.
- Inorganic growth leveraged on its strong cash position.
The rating agency noted the Company's solid liquidity and the
management team's commitment to protecting credit metrics.
It maintained the Company's rating at Baa3 with a stable
outlook.
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 contact:
Capital Markets Manager (e)
Lina María Contreras
Telephone: +571-234-5190
Email: investors@ecopetrol.com.co
Media Relations (Colombia)
Jorge Mauricio Tellez
Telephone: + 571-234-4329
Email: mauricio.tellez@ecopetrol.com.co
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SOURCE Ecopetrol S.A.