The share of the Colombian oil company Ecopetrol fell 2.34 percent this Friday in the negotiations of the Colombian Stock Exchange (BVC) where in the first hour of the country’s stock market the title was traded at 2,630 pesos. Said fall occurs just hours after the decision of its president, Felipe Bayón, to leave office at the end of next March was known. Earlier the company’s title reached a decrease of 3.34 percent to 2,603 ​​pesos, compared to a close yesterday of 2,693 pesos.

(Also read: The alleged pressure for Felipe Bayón to leave the presidency of Ecopetrol)

Undoubtedly the correction that Ecopetrol’s stock registers at this time is due to the announcement of the departure of its president Felipe Bayón, says Felipe Campos, Manager of Economic Research at Grupo Alianzawho considers is moderate due to the uncertainty that this decision generates in the market, since this is the government’s technical person on these issues.

«It was expected that the president of Ecopetrol would be someone else in line with the current government and the fact that the people who are part of the rattle have been in charge of large companies and that the company is cheap and offers good dividends can lessen this fall. The reaction, however, is in line with how technical or not the handling of oil can be from now on”, points out the analyst.

(You may also be interested in: What comes now for Ecopetrol with the departure of Felipe Bayón?)

At the end of the third quarter of 2022, Ecopetrol accumulated profits of 26.5 trillion pesos in the course of the year, in addition to reporting historical revenues of 119.8 trillion pesos.

Under the direction of Bayón, the Ecopetrol Groupe became a pioneer in the region by setting a goal of reducing net carbon emissions to zero by 2050, as well as the design and implementation of its strategic plan for the development of low-emission hydrogen.

He promoted a deep technological transformation to streamline processes in the company and was a champion of diversity and inclusion programs.

In addition, he led the acquisition of 51.4 percent of ISA’s shares in August 2021, one of the most relevant transactions in the Western Hemisphere in 2021 with already visible results in decarbonization and electrification.

Important offshore gas installations have also been carried out, such as Gorgon-2 and Uchuva-1 in 2022, which ratified the existence of a gas province in the Caribbean Sea that will be essential to preserve the country’s energy sovereignty in the future. In addition, it is on these conclusions that the Government has placed its hopes to ensure the supply of gas in the future.