BOGOTA, Colombia, March 6, 2016 /CNW/ -- The management of Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company") hereby presents its plan for the distribution of profits of the Company, which will be submitted for consideration at the General Shareholders' Assembly scheduled to take place on March 31, 2016.
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PROFIT DISTRIBUTION PROPOSAL
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YEAR 2015 (Colombian pesos)
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Net loss after provision for income tax
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(3,987,726,309,553)
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+ Release of reserves from previous years
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406,982,989,214
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Regulatory Decree 2336/95 previous year reserve (taxable)
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1,394,635,395
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Excess of fiscal depreciation reserve (Art. 130 ET)
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404,265,400,000
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Investment projects reserve (non taxable)
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1,322,953,819
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- Legal reserves of the current year
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289,164,245,140
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Appropriation of Legal Reserve (10%)
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-
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Regulatory Decree 2336/95 previous year reserve (taxable)
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1,927,967,826
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Excess of fiscal depreciation reserve (Art. 130 ET)
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287,236,277,314
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0
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Net loss after appropiation of regulatory reserves
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(3,869,907,565,479)
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Available to the Shareholders
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0
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Given that during the 2015 fiscal year the Company registered a net loss, the Company does not plan to distribute dividends.
Ecopetrol is the largest company in Colombia and is an integrated oil & gas company; it is among the top 50 oil companies in the world and among the four top ones in Latin America. Besides Colombia - where it generates over 60% of the national production - it has exploration and production activities in Brazil, Peru & the US (Gulf of Mexico). Ecopetrol owns the largest refinery in Colombia and most of the pipeline and multi-product pipeline network in the country, and is significantly increasing its participation in bio-fuels.
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, please contact:
Head of Corporate Finance and Investor Relations
María Catalina Escobar
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co
Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: + 571-234-4329
e-mail: mauricio.tellez@ecopetrol.com.co
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/distribution-proposal-for-fiscal-year-2015-300231468.html
SOURCE Ecopetrol S.A.
