Continuation of the customs adjustment process initiated by the Tax Authority
BOGOTA, Colombia, June 26, 2025 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC, the "Company" or "Ecopetrol" and together with its subsidiaries, the "Ecopetrol Group") informs that on May 29, 2025, the Dirección de Impuestos y Aduanas Nacionales (the "Tax Authority") notified Refinería de Cartagena S.A.S. (the "Refinery") of two resolutions mandating the Refinery to conduct correction assessments in relation to customs import declarations for gasoline. In accordance with the Tax Authority's interpretation of the law, the Refinery owed approximately COP 1.0 trillion, plus estimated interests to date of COP 2.1 trillion, for the import of gasoline between 2022 and 2024. On June 26, 2025, the Refinery filed the corresponding motions for reconsideration against the aforementioned customs correction assessments.
The official assessments notified by the Tax Authority to the Refinery reflect the continued differences in regulatory interpretation between the Tax Authority and the Ecopetrol Group—an issue that the Refinery has detailed in its motions for reconsideration.
Considering that the Tax Authority has decided to apply its regulatory interpretation, Ecopetrol and the Refinery have been making VAT payments on gasoline and diesel imports at the 19% rate since January 2025. It is important to note that these VAT payments do not affect Ecopetrol's and the Refinery's rights to challenge the Tax Authority's interpretation at the appropriate time and before the relevant authorities.
Ecopetrol and the Refinery reaffirm their commitment to fully comply with their customs and tax obligations and will respect the decisions issued in this matter by the competent authorities, as stated on May 6, 2025 in a communication published through this medium.
Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the Company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector.
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, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. 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 more information, please contact:
Head of Capital Markets Carolina Tovar Aragón Email: investors@ecopetrol.com.co
Head of Corporate Communications (Colombia)Marcela Ulloa Email: marcela.ulloa@ecopetrol.com.co
View original content to download multimedia:https://www.prnewswire.com/news-releases/continuation-of-the-customs-adjustment-process-initiated-by-the-tax-authority-302492953.html
SOURCE Ecopetrol S.A.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
15 minutes ago
- Yahoo
Retail investors among Lithium Argentina AG's (TSE:LAR) largest shareholders, saw gain in holdings value after stock jumped 13% last week
Significant control over Lithium Argentina by retail investors implies that the general public has more power to influence management and governance-related decisions 39% of the business is held by the top 25 shareholders Insiders have bought recently We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. Every investor in Lithium Argentina AG (TSE:LAR) should be aware of the most powerful shareholder groups. And the group that holds the biggest piece of the pie are retail investors with 60% ownership. In other words, the group stands to gain the most (or lose the most) from their investment into the company. As a result, retail investors were the biggest beneficiaries of last week's 13% gain. Let's delve deeper into each type of owner of Lithium Argentina, beginning with the chart below. See our latest analysis for Lithium Argentina Many institutions measure their performance against an index that approximates the local market. So they usually pay more attention to companies that are included in major indices. Lithium Argentina already has institutions on the share registry. Indeed, they own a respectable stake in the company. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. So it is worth checking the past earnings trajectory of Lithium Argentina, (below). Of course, keep in mind that there are other factors to consider, too. Hedge funds don't have many shares in Lithium Argentina. General Motors Company is currently the company's largest shareholder with 9.3% of shares outstanding. In comparison, the second and third largest shareholders hold about 9.3% and 2.7% of the stock. Our studies suggest that the top 25 shareholders collectively control less than half of the company's shares, meaning that the company's shares are widely disseminated and there is no dominant shareholder. While it makes sense to study institutional ownership data for a company, it also makes sense to study analyst sentiments to know which way the wind is blowing. There are a reasonable number of analysts covering the stock, so it might be useful to find out their aggregate view on the future. The definition of an insider can differ slightly between different countries, but members of the board of directors always count. The company management answer to the board and the latter should represent the interests of shareholders. Notably, sometimes top-level managers are on the board themselves. Insider ownership is positive when it signals leadership are thinking like the true owners of the company. However, high insider ownership can also give immense power to a small group within the company. This can be negative in some circumstances. Our most recent data indicates that insiders own some shares in Lithium Argentina AG. In their own names, insiders own CA$26m worth of stock in the CA$471m company. It is good to see some investment by insiders, but it might be worth checking if those insiders have been buying. The general public, who are usually individual investors, hold a substantial 60% stake in Lithium Argentina, suggesting it is a fairly popular stock. With this amount of ownership, retail investors can collectively play a role in decisions that affect shareholder returns, such as dividend policies and the appointment of directors. They can also exercise the power to vote on acquisitions or mergers that may not improve profitability. Public companies currently own 19% of Lithium Argentina stock. It's hard to say for sure but this suggests they have entwined business interests. This might be a strategic stake, so it's worth watching this space for changes in ownership. I find it very interesting to look at who exactly owns a company. But to truly gain insight, we need to consider other information, too. Take risks for example - Lithium Argentina has 1 warning sign we think you should be aware of. If you are like me, you may want to think about whether this company will grow or shrink. Luckily, you can check this free report showing analyst forecasts for its future. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
Yahoo
5 hours ago
- Yahoo
Morgan Stanley Maintains a Buy Rating on MercadoLibre (MELI) With a $2,850 PT
MercadoLibre, Inc. (NASDAQ:MELI) is one of the 13 Best Long Term Growth Stocks to Invest in Right Now. On June 18, analyst Andrew R. Ruben of Morgan Stanley maintained a 'Buy' rating on MercadoLibre, Inc. (NASDAQ:MELI), with a price target of $2,850. The analyst supported the positive rating by citing the company's growth potential and strategic initiatives, noting that one of the primary reasons behind this approach is its decision to expand its free shipping policy in Brazil. A customer using their phone to access an online commerce platform. The firm considers this decision a positive factor for MercadoLibre, Inc. (NASDAQ:MELI), as it can help the company capture more e-commerce purchase occasions. The company's efficient logistics network supports this move, aiming to expedite delivery and slash shipping costs to improve customer satisfaction and increase order frequency. The firm also stated that MercadoLibre, Inc. (NASDAQ:MELI) has demonstrated stable credit performance in its digital banking operations and expects significant long-term growth opportunities. Additionally, the analyst reasoned that a potential economic recovery in Argentina could provide MercadoLibre, Inc. (NASDAQ:MELI) with additional support to expand its regional credit operations, thereby strengthening its financial performance. MercadoLibre, Inc. (NASDAQ:MELI) operates an online commerce platform that focuses on e-commerce and associated services. Its operations are divided into the following geographical segments: Brazil, Argentina, Mexico, and Other Countries. While we acknowledge the potential of MELI as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
7 hours ago
- Associated Press
S&P Global Ratings affirms Ecopetrol's Stand-Alone Credit Profile (SACP) while adjusting its global credit rating
BOGOTA, Colombia, June 27, 2025 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC, the 'Company') informs that on June 27, 2025, the credit rating agency S&P Global Ratings downgraded Ecopetrol's global credit rating from BB+ to BB and maintained the negative outlook. This action is aligned with the downgrade of the Republic of Colombia's sovereign rating on June 26, 2025. Additionally, the agency affirmed Ecopetrol's Stand-Alone Credit Profile (SACP) at bb+. In its report, S&P stated that Ecopetrol's global rating was adjusted in line with Colombia's sovereign rating and remains capped by it, due to the Company's significance in national revenue generation, its status as a government-related entity, and its role in the country's energy transition. The negative outlook on Ecopetrol reflects the sovereign's outlook. Regarding the stand-alone rating, the agency expects Ecopetrol to maintain its leverage ratio (debt/EBITDA) between 2.0x and 2.5x, with an EBITDA margin close to 40%. S&P also positively highlighted the Company's 2040 strategy, which focuses on growth prospects, reserve replacement, high operational availability of refineries, and strengthening the investment portfolio through business diversification. The full report issued by the agency on June 27, 2025, announcing the rating action, can be accessed in the link below: Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector. 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, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. 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 more information, please contact: Head of Capital Markets Carolina Tovar Aragón Email: [email protected] Head of Corporate Communications (Colombia) Marcela Ulloa Email: [email protected] View original content: SOURCE Ecopetrol S.A.
