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"The increase in the stand-alone credit profile is a recognition of the company's stable operating performance," stated Ecopetrol.

"We were able to capture the profit coming from the higher international oil prices," said Ecopetrol CEO Felipe Bayón.

Ecopetrol says it may draw upon the credit line to strengthen its "liquidity position in the face of eventual growth opportunities" or "mitigate risks associated to unexpected fluctuations in crude prices."

Despite a major oil spill and below-target production, Ecopetrol reported its best quarterly results in four years amid higher oil prices.

The Colombian government, which owns the vast majority of Ecopetrol shares, will receive a dividend of $1.17 billion USD (3.2 trillion pesos).

Others with outlook drops include Seguros Generales Suramericana, Confianza, ISA, EPM, and Enel Americas.

Ecopetrol claimed proven reserves of 1.659 billion barrels of oil equivalent at the end of 2017, up from the 1.598 billion barrels in 2016.

Ecopetrol says the main purpose of the the new subsidiary “will be energy generation, conversion, and marketing."

The company said that its Spanish subsidiary “is currently inactive and is no longer needed by the business group.”

After receiving approval from Mexican authorities, Ecopetrol has formally launched ECP Hidrocarburos México S.A. de C.V.