Partial distribution of the occasional reserve and modification of the dividend payment schedule for the majority shareholder

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BOGOTA, June 21, 2022 /PRNewswire/ — Ecopetrol SA (BVC: ECOPETROL; NYSE: EC) (“Ecopetrol” or the “Company”) announces that, at the Extraordinary General Meeting of Shareholders held on June 17, 2022the shareholders of the Company approved the modification of:

i) deadline for payment of dividends to the Nation, approved in ordinary session of March 30, 2022of September 30 to October 31, 2022.

ii) modification of the destination of the occasional reserve of the Company which had been set up at the General Meeting of Shareholders held on March 30in order to distribute it in the form of an extraordinary dividend of one hundred and sixty-eight Colombian pesos per share (168 COP$), as follows:

Occasional reserve distribution

Total occasional reserve available:

$COP 8,889,900 168,629

Number of shares:

41116694690.1959

Distributable value per share:

COP$168

Amount of the occasional reserve to be distributed

COP$6,907,604 707,953

Value of undistributed reserve:

$COP1,982,295,460,676

The payment of the dividend to minority shareholders will be made in one go on June 30, 2022and for the majority shareholder, the total payment of the dividend will be offset against the debit account within the Fuel Price Stabilization Fund (FEPC for its acronym in Spanish) with Ecopetrol SA no later than June 30, 2022in accordance with the provisions of paragraph 2 of article 90 of law 2159 of 2021.

Ecopetrol is the the biggest in Colombia and one of the leading integrated energy companies in the Americas, with more than 18,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transport, logistics and hydrocarbon refining systems, and it holds leading positions in petrochemicals and gas Distribution segments. With the the acquisition of 51.4% of the shares of ISA, the company participates in the transmission of energy, the management of real-time systems (XM) and the concession of the coastal highway Barranquilla – Cartagena. Internationally, Ecopetrol holds interests in strategic basins on the American continent, with Drilling and Exploration operations in the United States (Permian basin and Gulf of Mexico), Brazil and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in electricity transmission activities in Brazil, Chile, Peru and Bolivia, road concessions in Chile and the telecommunications sector. This press release contains statements of business outlook, estimates of operating and financial results and statements relating to Ecopetrol’s growth prospects. These are all projections and as such are based solely on executives’ expectations regarding the future of the company and their continued access to capital to fund the company’s business plan. The achievement of such estimates in the future depends on the behavior of market conditions, regulations, competition, the performance of the Colombian economy and the industry, among other factors, and is therefore subject to change without prior notice.

This release contains statements that may be deemed forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US 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 with respect to the Company’s growth prospects and its continued access to capital to fund the Company’s business plan, among others. Therefore, changes in the following

The factors, among others, could cause actual results to differ materially from those included in forward-looking statements: market prices for oil and gas, our exploration and production activities, market conditions, applicable regulations, the stock market assess, the Company the competitiveness and performance of the Colombian economy and industry, to name just one little. We do not intention and do not presume any obligation to update these forward-looking statements.

For more information, please contact:

Head of Capital markets
Tatiana Uribe Benninghoff
E-mail: [email protected]

Head of Business communication
Mauricio Tellez
E-mail: [email protected]

SOURCE Ecopetrol SA

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