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McAllister will remain in the position through March 9. Alejandro Piñeros will fulfill CFO responsibilities until a permanent replacement is appointed

Cardona Delgado is a mechanical engineer by trade who served as Colombia’s national energy director from 2012 to 2013.

"The rating upgrade reflects Frontera's ability to stabilize its operational and financial performance," stated Fitch Ratings.

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

The two state oil companies have already partnered to look for resources off the coast of Mexico.

Bayón is expected to formally take over on September 15. The company did not reveal why Echeverry was stepping down.

The five top winners of the Ecopetrol Awards may receive more than $8,000 USD, and another 12 winners will walk away with $2,000 USD or more.

The new Ecopetrol subsidiary will be responsible for the subscription and execution of the petroleum contracts that the company has in Mexico.

The early payment is the result of what Ecopetrol called a “solid cash position" that left it with more than $6 billion USD on hand at the end of the first quarter.

Moody's cited Ecopetrol's "improving credit metrics and strong liquidity," but recognized the remaining risk associated with its low 6.7 years of reserve life.