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"The board of directors as a whole has a wide mix of profiles that will allow them to take on the challenges of the organization," said EPM.

President Gustavo Petro, a petroleum industry opponent, is making move to align the board of directors to his ideology.

With the culmination of the purchase of a controlling 51.4% stake in Interconexión Eléctrica ("ISA"), the quarterly figures include the consolidated results of this subsidiary for one month.

The president of Colombia’s largest company, oil giant Ecopetrol (NYSE: EC)) is facing arrest after a judge in the capital of Colombia’s Nariño department issued a warrant for his detention.

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

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).

The environmental harm is ongoing, and Ecopetrol’s response to the catastrophe has drawn widespread criticism.

The wells are held jointly with U.S.-based Occidental Petroleum Corp. and have hit a combined 2,800 barrels per day in testing.

The net profit of 6.62 trillion pesos ($2.3 billion USD) is more than four times above the results of 2016 and the highest since 2013.