08:41 AM EDT, 03/12/2026 (MT Newswires) -- Ecopetrol ( EC ) said Thursday the Colombian Attorney General's Office brought formal charges against Ricardo Roa, the company's president, for alleged influence peddling by a public servant.

The legal indictment initiates criminal proceedings but does not constitute a conviction nor a decision on the merits.

"The Board of Directors plans to continue to deliberate to adopt a formal decision on the compatibility of Mr. Ricardo Roa's continuity with Ecopetrol's ( EC ) regulatory obligations," the company said.

Corporate leadership is also monitoring financial data to address any potential impacts the legal situation could have on Ecopetrol ( EC ) securities, Ecopetrol ( EC ) said.

Shares of the company were up over 1% in Thursday premarket activity.