Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) has entered into a formal payment agreement with the Government of Colombia to settle outstanding balances from the Fuel Price Stabilization Fund, known in Spanish as the Fondo de Estabilización de Precios de los Combustibles (FEPC). The agreement, reached through the Ministerio de Hacienda y Crédito Público and the Ministerio de Minas y Energía, addresses $1.6 trillion COP owed for the first quarter of 2025.

Under the terms of Resolutions 00368 and 00369 issued by the Dirección de Hidrocarburos, the total amount is divided between Ecopetrol S.A., which is owed $1.2 trillion COP, and Refinería de Cartagena S.A.S. (Reficar), which is owed $0.4 trillion COP. The repayment schedule began with a cash transfer of $2.89 billion COP on April 1, 2026. The remaining balance of approximately $1.55 trillion COP is scheduled to be paid on December 15, 2026, through the issuance of Treasury Securities, or Títulos de Tesorería (TES). The Colombian state has acknowledged the financial costs associated with the time elapsed until the final December payment.

“The Ecopetrol Group continues to work in close coordination with the Ministries of Finance and Public Credit and of Mines and Energy — the authorities responsible for fuel pricing policy — in the implementation of payment mechanisms and the reduction of FEPC balances.” — Ecopetrol S.A.

Concurrent with the subsidy settlement, Ecopetrol received authorization from the Ministerio de Hacienda y Crédito Público via Resolution 0666 to execute an external public debt management transaction totaling $1.25 billion USD. The five-year loan was secured through a consortium of international lenders including BBVA (BME: BBVA; NYSE: BBVA), Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM), and Bank of China (HKG: 3988). The credit facility carries a floating interest rate indexed to the Secured Overnight Financing Rate (SOFR) and will be repaid in four equal installments.

The proceeds from the $1.25 billion USD loan are designated for the repayment of existing obligations. Specifically, $1.2 billion USD will be used to settle a 2024 loan previously authorized for the acquisition of the state’s interest in Interconexión Eléctrica S.A. E.S.P. (ISA), while the remaining $50 million USD will be applied to an outstanding balance from a 2025 credit agreement. The loan agreement is governed by the laws of the State of New York and includes standard covenants regarding the borrower’s payment capacity and financial integrity.

These financial maneuvers are intended to optimize the maturity profile of the Ecopetrol Group, which remains responsible for over 60% of hydrocarbon production in Colombia. The company continues to operate integrated systems in transportation, refining, and petrochemicals, with additional international operations in the US Permian basin, the Gulf of Mexico, Brazil, and Mexico.

JPMorgan Chase has reached a deal to take over operation of the Apple Card, reports The Wall Street Journal. Barring any "last minute hiccups," the deal should be announced shortly after over a year of negotiations.


Reports began circulating over two years ago that current Apple Card issuer Goldman Sachs was looking to end its partnership with Apple as part of an effort to scale back on consumer banking products amid steep losses.

According to The Wall Street Journal, Goldman Sachs is unloading its roughly $20 billion of outstanding Apple Card balances at a discount of more than $1 billion, a rare move for co-branded account deals like this. But higher-than-average delinquency rates and high exposure to subprime borrowers made it more difficult for Goldman Sachs to find a buyer.

JPMorgan Chase's interest in taking over as Apple Card issuer was reported over a year ago, and by this past summer Chase appeared to be the front-runner.

Alongside its new Apple Card partnership, JPMorgan Chase will reportedly launch a new Apple savings account, but existing users with Apple savings accounts at Goldman Sachs will not be automatically transitioned and will need to decide whether they want to stay at Goldman Sachs or open new accounts with Chase.

Update 2:27 pm: Apple has officially announced the change to Chase, with the transition expected to occur in approximately 24 months. Apple Card will remain on the Mastercard network following the shift.

"We're incredibly proud of how Apple Card has transformed the credit card experience for customers by delivering innovative tools that empower users to make healthier financial decisions," said Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet. "Chase shares our commitment to innovation and delivering products and services that enhance consumers' lives. We look forward to working together to continue to provide a best-in-class experience and exceptional customer service with Apple Card."

Apple has also posted an FAQ about the transition.
This article, "Apple Card Will Move From Goldman Sachs to JPMorgan Chase" first appeared on MacRumors.com

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