Shearman & Sterling acted as counsel to Ecopetrol S.A. in connection with a public offering of US$1,200,000,000 aggregate principal amount of its 8.625% notes due 2029 and $300,000,000 aggregate principal amount of its 8.875% notes due 2033. J.P. Morgan Securities LLC, Scotia Capital (USA) Inc. and SMBC Nikko Securities America, Inc. acted as underwriters. The net proceeds of the offering were used by Ecopetrol to finance its 2021-2023 investment plan.

Ecopetrol is partially owned by the Colombian government and the only vertically integrated crude oil and natural gas company in Colombia, as well as the largest company in the country as measured by revenue, profit, assets and shareholders’ equity. It is engaged in a broad range of oil and gas related activities, including exploration and production, refining and petrochemicals, transportation, distribution and marketing, and natural gas.

The Team