Ecopetrol Loses Two Board Members on Occidental Oil Deal Fallout (EC, OXY)

Ecopetrol's Board Resignations

In the wake of controversy surrounding Occidental Petroleum's (OXY) acquisition of Anadarko Petroleum (APC), Ecopetrol has lost two of its board members.

Luis Guillermo Escobar and Hernán Martínez resigned from their positions on the board, citing concerns about the deal.

Reasons for Resignation

Escobar and Martínez expressed concerns about the governance and transparency of the acquisition process.

They also raised questions about the potential impact on Ecopetrol, which is a major stakeholder in Anadarko.

Implications of Resignations

The resignations of Escobar and Martínez have raised concerns about the stability of Ecopetrol's board.

The company is facing pressure from investors and the government to address the issues raised by the board members who quit.

Impact on Occidental Deal

The resignations could also have implications for Occidental's acquisition of Anadarko.

Ecopetrol has a significant stake in Anadarko and could potentially block the deal.

Additional Notes

• Escobar and Martínez were appointed to Ecopetrol's board in 2018.
• Ecopetrol is Colombia's largest oil company.
• Occidental Petroleum is an American oil and gas company.
• Anadarko Petroleum is an American independent oil and gas exploration and production company.

Sources:

https://www.reuters.com/article/us-ecopetrol-oxy-ma-exclusiv-idUSKBN23T1FR https://www.bloomberg.com/news/articles/2019-05-08/two-ecopetrol-directors-resign-in-protest-over-occidental-deal