Ecopetrol SA ADREC
Mentioned
Impact on assets 1
Energy
Ecopetrol SA ADREcopetrol names presidential ally Joaquin Gutierrez as new CEO
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Ecopetrol said Thursday it selected businessman Joaquin Gutierrez as its new CEO effective September 28, taking over from acting CEO Alfonso Camilo Barco Muñoz, who has led the company since last week's resignation of Ricardo Roa amid a probe into alleged influence peddling. Gutierrez is a luxury real estate developer and former campaign manager for Colombian President Abelardo De La Espriella, and he has no known experience in the energy sector. De La Espriella has pledged to reverse his predecessor's efforts to transition Colombia away from fossil fuels, refocusing Ecopetrol on oil and gas exploration and production after the company's output fell to an average of 715K boe/day in this year's H1. Ecopetrol, 88.5% owned by the state, is Colombia's biggest company and accounts for most of the country's crude production, owns two refineries, and controls most of the national oil and fuel pipeline network.
Ecopetrol SA ADR