Shearman & Sterling acted as U.S. counsel to Ecopetrol S.A. for the Rule 144A/Regulation S offering of its US$1.5 billion 7.625% Notes due 2019 with registration rights. The Notes are expected to be listed on the New York Stock Exchange following registration. The deal closed on July 23, 2009. This deal represented Ecopetrol's debut offering into the international capital markets following its approximately $4 billion IPO in Colombia in 2007 and the listing of its ADRs on the New York Stock Exchange ADR in 2008.

The Shearman & Sterling team representing Ecopetrol included partners Antonia Stolper (New York-Capital Markets) and Don Lonczak (Washington, DC-Tax) and associates Alejandro Gordano (New York-Capital Markets), Grissel Mercado (New York-Capital Markets) and Matthew Tsiaras (Washington, DC-Tax).