6-K 1 v199425_6k.htm Unassociated Document
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
                        
 
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934

October 2010
                        
 
Commission File Number: 333-153452
                        
 
ECOPETROL S.A.
(Exact name of registrant as specified in its Charter)
                        
 
Carrera 7 No. 37 – 69
BOGOTA – COLOMBIA
(Address of registrant’s principal executive offices)
                        
 
 
 Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
 
 
Form 20-F
x
Form 40-F
o
 
 Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
 
 
Yes       
o
No
x
 
 Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
 
 
Yes       
o
No
x
 
 Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
 
 
Yes       
o
No
x
 
 If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  82-      N/A   
 
 
PRESS RELEASE
 
   
   
 
FITCH RATINGS RAISES OUTLOOK FOR ECOPETROL S.A. FROM STABLE TO POSITIVE

Ecopetrol S.A. announced today that the credit rating agency Fitch Ratings published a report on October 15 in which it raised the company’s rating outlook from Stable to Positive, maintaining the long-term foreign and local currency ratings at BB+ and BBB-, respectively.

According to the Fitch Ratings report, the improved outlook for Ecopetrol S.A. follows that of the Republic of Colombia, which also went from Stable to Positive.

As highlighted by the rating agency report, the Ecopetrol rating reflects a solid financial profile, increases in production and adequate levels of reserves. The company’s growth strategy and capital investments are considered aggressive; nonetheless, the rating agency expects the company to maintain a financial profile and credit metrics consistent with the assigned rating while it implements its growth strategy. The rating also reflects the close link with the Republic of Colombia, which owns 89.9% of the company and appoints the majority of board members in accordance with established corporate governance practices.

The report is available at www.fitchratings.com
Bogota, October 19 - 2010

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Ecopetrol is Colombia’s largest integrated oil & gas company, where it accounts for 60% of total production. It is one of the top 40 oil companies in the world and the fourth largest oil company in Latin America. The Company is also involved in exploration and production activities in Brazil, Peru and the United States Gulf Coast, and owns the main refineries in Colombia, most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and it is entering into the biofuels business.

This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Ecopetrol. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Colombian economy and the industry, among other factors; therefore, they are subject to change without prior notice.
 
   
Dirección de Relacionamiento con el Inversionista Tel: 2345190 – Fax: 2345648    investors@ecopetrol.com.co
www.ecopetrol.com.co
 
PRESS RELEASE
 
   
   
 
Contact us for any additional information:

Investor Relations
Alejandro Giraldo
Phone: +571-234-5190
Email: investors@ecopetrol.com.co

Media Relations (Colombia)
Mauricio Téllez
Phone: + 571-2345377
Fax: +571-2344480
Email: mtellez@ecopetrol.com.co

Website: www.ecopetrol.com.co 

 
 
 
 
Date:   October 19, 2010
 
 
Ecopetrol S.A.
  
       
       
 
By:
/s/ Adriana M. Echeverri
  
 
Name: 
Adriana M. Echeverri
  
 
Title: 
Chief Financial Officer