The General Shareholders' Meeting of Colombian oil company, Ecopetrol, approved the payment of a $280 dividend for each ordinary share.
The endorsement of the company's Board of Directors' proposal, of a dividend of $243 per title (60% of profit) equivalent to a payout of 59.8% of Ecopetrol's net income, and an extraordinary $37 per title (9% of profit), in sum, is 16 times more than that paid in 2020, which was $17.
It should be noted that the proposal was approved by 95.61% of the shareholders who attended the Assembly (which had a quorum of 92.69%).
In addition, those attending the Assembly also endorsed the payment of dividends to minority shareholders on April 21, 2022 in a single installment, and for the majority shareholders it will be made during the year, in four rounds, and with a maximum date of September 30 of this year.
Likewise, the creation of a reserve of 8.88% billion was approved “aimed at supporting the company's financial sustainability and flexibility in the development of its strategy”.
In accordance with the Company's dividend distribution policy. In any case, the distribution of dividends must consider:
1. The Company's ability to fund its investment plan with its operating cash flow
2. The Company's rating before risk rating agencies
During his speech, the president of the oil company, Felipe Bayón, stressed that exploration efforts will focus on a greater percentage for the search for natural gas in the national territory. The company wants to look for more in Casanare, it should be remembered that, currently, there are four felled drilling in the piedmont in this municipality.
Likewise, he stressed that the oil company is looking for more gas in waters of the Caribbean Sea, and announced that on Tuesday, which just passed at 11.30 in the morning, an exploration and limitation well began to be drilled in partnership with Shell in the southern Colombian Caribbean.
Ecopetrol will seek to be in the United States with Isa, just as it has already done in Texas with the Permian.
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